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17
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Regarding shareholder remuneration, after the lifting of the recommendations by the European Central
Bank, on September 30, 2021, BBVA informed that the BBVAs Board of Directors approved the payment in cash of 0.08 gross per share, as gross interim dividend against 2021 results,
which was paid on October 12, 2021. This dividend is already considered within the capital ratios of the Group. In addition, on February 3, 2022 it was announced that a cash distribution in the amount of 0.23 gross per share was expected to be submitted to the relevant governing bodies for consideration. If approved, the total cash distributions would amount to
0.31 gross per share. Therefore, the total shareholder remuneration will be the result of the cash payments discussed and the share buyback programs.
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SHAREHOLDER STRUCTURE (31-12-2021)
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Shareholders
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Shares issued
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Number of shares
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|
|
Number
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|
%
|
|
|
|
Number
|
|
|
|
%
|
|
Up to 500
|
|
|
341,510
|
|
|
|
41.3
|
|
|
|
63,972,992
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|
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1.0
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501 to 5,000
|
|
|
381,597
|
|
|
|
46.2
|
|
|
|
671,795,023
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|
|
|
10.1
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5,001 to 10,000
|
|
|
55,785
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|
|
|
6.7
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|
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|
392,338,799
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|
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5.9
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10,001 to 50,000
|
|
|
43,159
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|
|
|
5.2
|
|
|
|
824,841,257
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|
|
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12.4
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50,001 to 100,000
|
|
|
3,092
|
|
|
|
0.4
|
|
|
|
210,665,277
|
|
|
|
3.2
|
|
100,001 to 500,000
|
|
|
1,410
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|
|
|
0.2
|
|
|
|
256,532,572
|
|
|
|
3.8
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|
More than 500,001
|
|
|
282
|
|
|
|
0.0
|
|
|
|
4,247,740,660
|
|
|
|
63.7
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Total
|
|
|
826,835
|
|
|
|
100.0
|
|
|
|
6,667,886,580
|
|
|
|
100.0
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With regard to MREL (Minimum Requirement for own funds and Eligible Liabilities) requirements, BBVA must reach, by
January 1, 2022, an amount of own funds and eligible liabilities equal to 24.78%4 of the total RWAs of its resolution group, at a sub-consolidated5 level (hereinafter, the MREL in RWAs). This is currently the most restrictive requirement for BBVA. Given the structure of own funds and admissible liabilities of the resolution group, as
of December 31, 2021, the MREL ratio in RWAs stands at 28.34%6,7, complying with the aforementioned MREL requirement.
With the aim of reinforcing compliance with these requirements, in March 2021, BBVA carried out an issue of a senior preferred debt for an amount of 1 billion, with a maturity of 6 years and an option for early redemption after five years. In September 2021, BBVA issued a 1 billion a
floating rate senior preferred social bond, maturing in 2 years. These issuances have mitigated the loss of eligibility of three issuances, two senior preferred issues and one senior non-preferred issue issued
during 2017 and reaching their maturity in 2021. In this regard, in January 2022, a senior non-preferred bond for 1 billion has been issued, with a
maturity of 7 years and an option for early redemption in the sixth year, with a coupon of 0.875%, although it is not taken into account for the December 2021 ratios.
Lastly, the Groups leverage ratio stood at 6.7% fully-loaded (6.8% phased-in)8 as of December 31, 2021. These figures include the effect of the temporary exclusion of certain positions with the central banks of the different geographical areas where the Group operates,
foreseen in the CRR-Quick fix.
Ratings
During 2021, BBVAs rating has continued to show its strength and all agencies have maintained their rating in the A category. Last December,
S&P upgraded BBVAs rating one notch to A from A-, considering that a sizable enough cushion of bail-inable instruments has been issued, and following a methodological update that recognizes the
strength of the Multiple Point of Entry (MPE) resolution strategy. The outlook changed to negative from stable, now conditioned by the rating given by S&P to the Spanish sovereign (also A, with negative outlook). The following table shows the
credit ratings and outlook given by the agencies:
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Rating agency
|
|
Long term (1)
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|
Short term
|
|
Outlook
|
|
|
DBRS
|
|
A (high)
|
|
R-1 (middle)
|
|
Stable
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|
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Fitch
|
|
A-
|
|
F-2
|
|
Stable
|
|
|
Moodys
|
|
A3
|
|
P-2
|
|
Stable
|
|
|
Standard & Poors
|
|
A
|
|
A-1
|
|
Negative
|
|
|
(1) Ratings assigned to long term senior preferred debt.
Additionally, Moodys and Fitch assign A2 and A- rating respectively, to BBVAs long term deposits.
4 Pursuant to the new applicable regulation, the MREL in RWAs and the subordination requirement in RWAs do not include the combined requirement of applicable capital buffers.
5 In accordance with the resolution strategy MPE (Multiple Point of Entry) of the BBVA
Group, established by the SRB, the resolution group is made up of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries that belong to the same European resolution group. As of December 31, 2019, the total RWAs of the resolution group amounted
to 204,218m and the total exposure considered for the purpose of calculating the leverage ratio amounted to 422,376m.
6 Own resources and eligible liabilities to meet, both, MREL and the combined capital buffer
requirement applicable.
7 As of December 31, 2021, the MREL ratio in Leverage Ratio stands
at 11.35% and the subordination ratios in terms of RWAs and in terms of exposure of the leverage ratio, stand at 24.65% and 9.87%, respectively, being preliminary data.
8 The Groups leverage ratio is provisional at the date of release of this report.