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    Hugo Cruz • Keefe, Bruyette & Woods

    Hugo Cruz's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership

    Hugo Cruz's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q2 2025

    Question

    Hugo Cruz of KBW asked for an explanation of the difference between the €48 billion cumulative profit target and the €39 billion CET1 generation figure. He also inquired about the timing for the €13 billion near-term capital distribution and the planned SRT contributions.

    Answer

    CEO Onur Genç explained the delta between cumulative profit and CET1 generation is primarily due to the negative impact of assumed currency depreciation (FX) over the plan's period. He confirmed the pending €1 billion buyback will start after the Sabadell process concludes. Global Head of Finance Luisa Gómez Bravo added that SRTs are expected to generate a run-rate of 30-40 basis points of CET1 annually.

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    Hugo Cruz's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q4 2024

    Question

    Hugo Cruz of Keefe, Bruyette & Woods asked if the guided deterioration in Mexico's cost of risk was due to a shift in business mix or caution regarding the macroeconomic environment.

    Answer

    Executive Onur Genç gave a direct response, stating that the expected increase in the cost of risk for Mexico is primarily driven by a change in the business mix, specifically the strategy to grow more in the retail segment, which inherently carries a different risk profile.

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