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    Ignacio Ulargui • BNP Paribas

    Ignacio Ulargui's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership

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

    Question

    Ignacio Ulargui of BNP Paribas questioned the timing of the share buyback relative to the Sabadell offer and asked for more detail on Mexico's lending growth prospects, particularly the expected drivers between corporate and consumer lending.

    Answer

    CEO Onur Genç stated the share buyback would commence after the Sabadell expectation period concludes. Global Head of Finance Luisa Gómez Bravo noted Mexico's loan growth remains solid (2% QoQ ex-FX), driven by retail, and that the outlook is supportive despite NII pressure from rate cuts. Genç added that while growth will be balanced, the bank aims to gain market share in the enterprise segment.

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    Ignacio Ulargui's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q1 2025

    Question

    Ignacio Ulargui from BNP Paribas asked for details on the corporate loan growth in Mexico, seeking to understand if the growth is being driven more by long-term CapEx or by short-term OpEx and working capital needs.

    Answer

    CEO Onur Genç clarified that while there is some natural long-term growth, the recent surge in Mexico's corporate loan book is primarily driven by short-term working capital financing. He explained that many clients are building up inventory in anticipation of potential tariff impacts, which has increased their short-term lending needs.

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    Ignacio Ulargui's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q1 2025

    Question

    Ignacio Ulargui from BNP Paribas asked for more detail on the drivers of corporate loan growth in Mexico, specifically whether it was driven more by long-term CapEx or short-term OpEx and working capital needs.

    Answer

    CEO Onur Genç clarified that while there is some natural long-term growth, the recent surge in Mexico's corporate loan book is primarily driven by short-term working capital needs. He explained that many clients have been building up inventory in anticipation of tariff discussions, which has increased demand for short-term lending.

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

    Question

    Ignacio Ulargui of BNP Paribas asked about the competitive landscape for loan growth in Spain, wanting to know which segments are expected to be the most competitive.

    Answer

    Executive Onur Genç identified mortgages as the most competitive and price-sensitive segment, where BBVA is currently cautious. He contrasted this with consumer lending, where the bank expects strong performance driven by new customer acquisition, and the enterprise segment, where BBVA is actively pushing to increase its market share.

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    Ignacio Ulargui's questions to Banco Santander SA (SAN) leadership

    Ignacio Ulargui's questions to Banco Santander SA (SAN) leadership • Q2 2025

    Question

    Ignacio Ulargui inquired about the future trajectory of group-level costs following the 'One Transformation' initiative and asked about the potential for stronger capital generation and incremental shareholder distributions in H2 2025.

    Answer

    CEO Héctor Grisi Checa reiterated the guidance for lower absolute costs in 2025, explaining that current investments are transitional and greater efficiencies will be realized as legacy platforms are decommissioned. CFO José García Cantera noted that capital generation typically accelerates in the second half of the year due to asset rotation. He confirmed that excess capital above the 13% CET1 ratio would be considered for distribution via share buybacks, subject to regulatory approval.

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    Ignacio Ulargui's questions to Banco Santander SA (SAN) leadership • Q1 2025

    Question

    Ignacio Ulargui asked for more detail on the expected evolution of group costs throughout the year and the performance outlook for the Digital Consumer Bank (DCB) in Europe, given its challenging first quarter.

    Answer

    Executive Hector Blas Grisi Checa reiterated the guidance for lower costs in current euros for 2025 compared to 2024, attributing this to operating leverage from the bank's transformation strategy. Regarding DCB Europe, he explained that while NII remains strong, fee income was impacted by a one-off regulatory change in Germany. CFO José Antonio García Cantera added that the fee line has now been rebased and the unit's return on tangible equity was in the double digits.

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    Ignacio Ulargui's questions to Banco Santander SA (SAN) leadership • Q1 2024

    Question

    Ignacio Ulargui of BNP Paribas asked about the outlook for fee generation, questioning if growth would accelerate driven by CIB and Wealth Management, and if there were any one-off items in the strong U.S. fee performance. He also sought clarity on the expected organic capital generation.

    Answer

    CEO Héctor Grisi confirmed a strong Q1 for fees, driven by Retail and CIB, and stated there were no one-offs in the U.S. He expects the mid-to-high single-digit fee growth trend to continue, driven by the new operating model focused on transactionality. CFO José García Cantera added that organic capital generation is around 15 bps per quarter post-dividends, projecting a year-end CET1 ratio of 12.40% to 12.50%.

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    Ignacio Ulargui's questions to CaixaBank SA (CAIXY) leadership

    Ignacio Ulargui's questions to CaixaBank SA (CAIXY) leadership • Q1 2025

    Question

    Ignacio Ulargui from BNP Paribas questioned the drivers of NPL formation, the outlook for capital distributions given the CET1 ratio is above target, and the expected NII repricing dynamics in Portugal.

    Answer

    Gonzalo Gortázar Rotaeche (executive) stated that NPL inflows are at historical lows, reflecting a true positive trend, and that the lack of portfolio disposals in the quarter affected outflow figures. Javier Pano Riera (executive) reiterated that the capital distribution plan remains unchanged, with the 12.25% threshold for this year. For Portugal, he explained that while the cost of interest-bearing deposits is similar to Spain, their weight is higher, but the NII trough should not be far from the consolidated group's trough in H2.

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    Ignacio Ulargui's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Ignacio Ulargui of BNP Paribas Exane questioned whether the new lending demand is accretive to current profitability targets and asked for the outlook on wholesale funding costs in a lower interest rate environment.

    Answer

    CEO Gonzalo Gortázar confirmed that new loan growth is accretive to profitability due to the bank's efficient platform. CFO Javier Pano explained that since wholesale funding is swapped to floating rates, its cost will decline with the yield curve. He also identified maturing ALCO portfolio assets and deposit hedging as further tailwinds for NII.

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    Ignacio Ulargui's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Ignacio Ulargui of BNP Paribas Exane questioned whether the new lending business is accretive to current profitability targets given the stronger demand. He also asked about the expected evolution of wholesale funding costs in a lower interest rate environment.

    Answer

    CEO Gonzalo Gortázar confirmed that new loan growth is definitely seen as accretive to current profitability, leveraging the bank's large and efficient platform. CFO Javier Pano explained that wholesale funding costs are expected to trend down as the entire stock is swapped to floating rates, which will reprice lower. He also noted that maturing ALCO portfolio assets and new hedges on core deposits will provide further tailwinds for NII.

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    Ignacio Ulargui's questions to CaixaBank SA (CAIXY) leadership • Q1 2024

    Question

    Ignacio Ulargui questioned the expected evolution of deposits and its implications for asset management growth. He also asked for an update on the ALCO portfolio's contribution to NII and its reinvestment strategy for 2025.

    Answer

    CFO Javier Pano stated that the bank is striking the right balance between growing assets under management and maintaining deposit market share, noting they are near the peak of deposit cost migration. Regarding the ALCO portfolio, he explained the bank is favoring derivatives over bond reinvestments in the short term and highlighted a significant positive impact expected from a low-yield €7 billion maturity next year.

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