Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
01 Februar 2023 - 05:05PM
Edgar (US Regulatory)
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2023
Commission file number: 1-10110
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
(Exact name of Registrant as specified in its
charter)
BANK BILBAO VIZCAYA ARGENTARIA, S.A.
(Translation of Registrant’s name into
English)
Calle Azul 4,
28050 Madrid
Spain
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F X
Form 40-F
Indicate by check mark if the registrant is
submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):
Yes
No X
Indicate by check mark if the registrant is
submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):
Yes
No X

2022 Results February 1,
2023“

Disclaimer This document is only provided for
information purposes and does not constitute, nor should it be
interpreted as, an offer to sell or exchange or acquire, or an
invitation for offers to buy securities issued by any of the
aforementioned companies. Any decision to buy or invest in
securities in relation to a specific issue must be made solely and
exclusively on the basis of the information set out in the
pertinent prospectus filed by the company in relation to such
specific issue. No one who becomes aware of the information
contained in this report should regard it as definitive, because it
is subject to changes and modifications. This document contains or
may contain forward looking statements (in the usual meaning and
within the meaning of the US Private Securities Litigation Reform
Act of 1995) regarding intentions, expectations or projections of
BBVA or of its management on the date thereof, that refer to or
incorporate various assumptions and projections, including
projections about the future earnings of the business. The
statements contained herein are based on our current projections,
but the actual results may be substantially modified in the future
by various risks and other factors that may cause the results or
final decisions to differ from such intentions, projections or
estimates. These factors include, without limitation, (1) the
market situation, macroeconomic factors, regulatory, political or
government guidelines, (2) domestic and international stock
market movements, exchange rates and interest rates,
(3) competitive pressures, (4) technological changes,
(5) alterations in the financial situation, creditworthiness
or solvency of our customers, debtors or counterparts. These
factors could cause or result in actual events differing from the
information and intentions stated, projected or forecast in this
document or in other past or future documents. BBVA does not
undertake to publicly revise the contents of this or any other
document, either if the events are not as described herein, or if
such events lead to changes in the information contained in this
document. This document may contain summarised information or
information that has not been audited, and its recipients are
invited to consult the documentation and public information filed
by BBVA with stock market supervisory bodies, in particular, the
prospectuses and periodical information filed with the Spanish
Securities Exchange Commission (CNMV) and the Annual Report on Form
20-F and information on
Form 6-K that are filed
with the US Securities and Exchange Commission. Distribution of
this document in other jurisdictions may be prohibited, and
recipients into whose possession this document comes shall be
solely responsible for informing themselves about, and observing
any such restrictions. By accepting this document you agree to be
bound by the foregoing restrictions.

2022: outstanding year of growth CUSTOMERS
ACQUIRED DIGITAL SALES1 SUSTAINABLE BUSINESS CONTINUED PROGRESS IN
THE EXECUTION OF OUR STRATEGY +11 million 78% €50 billion
NET ATTRIBUTABLE PROFIT EPS GROWTH HIGHEST RESULTS EVER (RECURRENT)
(RECURRENT) €6.6 billion +31% vs. 20212 +48% vs. 20212 ROTE
TBV + DIVIDENDS ACCELERATING PROFITABLE (RECURRENT) (PER SHARE)
GROWTH AND VALUE CREATION 15.3% +19.5% vs. 2021 SIGNIFICANT
INCREASE OF SHAREHOLDERS’ DISTRIBUTION CET1 FULLY LOADED equivalent
to SHAREHOLDERS’ DISTRIBUTION AND SOLID CAPITAL POSITION
€3.0 billion € 50 cents/share3 12.61% (1) Digital sales
based on total units sold. (2) Growth in current Euros. (3)
€12 cents (gross) in Oct. 22 already paid, and €31 cents (gross) in
Apr.23 (to be proposed for the consideration of the governing
bodies), and the Share Buyback Program for an amount of
€422 million, equivalent to €7 cents/share (to be proposed for
the consideration of the governing bodies and supervisory
approval)

Setting a record with more than
11 million new customers NEW CUSTOMERS1 (BBVA GROUP, MILLION;
% ACQUISITION THROUGH DIGITAL CHANNELS) Total active clients
reached 67.3 million in December 2022

Growing and delivering extraordinary customer
service driven by digital DIGITAL ENGAGEMENT HIGHER CLIENT
SATISFACTION MOBILE CUSTOMERS (MILLION CUSTOMERS) 47.4 NPS2
LEADERSHIP POSITION IN ALL COUNTRIES +19% 18.0 vs. 2021 # 1 # 1
2017 2022 # 2 # 2 # 2 # 2 # 2 DIGITAL SALES (%, UNITS AND VALUE
(PRV1)) 78 UNITS BBVA GROUP 40 VALUE +5pp 61 NPS vs. 2021 25 2017
2022 (1) Product Relative Value as a proxy of lifetime economic
representation of units sold. (2) Net Promoter Score among
large banks in their respective countries.

Strong increase in our sustainable business,
exceeding our initial expectations COMMITMENT IN PORTFOLIO
ALIGNMENT 2030 decarbonization goals set in selected CO intensive
industries 2 REDUCTION IN 2030 Power -52% kg CO2e/MWh Auto -46% g CO2/km Steel -23% kg CO2/tn Cement -17% kg CO2/tn Coal Phase out1
Oil & Gas -30% Mn
tCO2e SUSTAINABLE BUSINESS ANNUAL GROWTH (CLIMATE CHANGE AND
INCLUSIVE GROWTH) GOAL: NET ZERO 2050 (1) 2030 for developed
countries and 2040 for emerging countries. BBVA top-ranking European bank in Dow Jones
Sustainability Index for third year in a row

Highest annual Net Attributable Profit ever
RECURRENT NET ATTRIBUTABLE PROFIT1 (CURRENT €M) Reported NAP (€M)
3,519 5,324 3,512 1,305 4,653 6,420 (1) Recurrent Net Attributable
Profit and recurrent EPS figures exclude the extraordinary impacts
as reported in each year’s result presentation. For 2022, EPS is
calculated considering the total outstanding number of shares as of
31/12/22 excluding the average treasury shares. For the prior
periods, EPS is calculated considering the average number of shares
for each period, excluding the average treasury shares (2021
treasury shares included 112 M acquired under the SBB program). (2)
EPS calculated according to IAS33 would be 0.46, 0.75, 0.47, 0.14,
0.67 and 0.99 for the years 2017, 2018, 2019, 2020, 2021 and 2022
respectively.

Accelerating value creation for our
shareholders TBV + DIVIDENDS (€ / SHARE) PROFITABILITY
METRICS2 (%) (1) April 2022 dividend per share 0.23 € (gross)
and October 2022 dividend per share 0.12 € (gross). (2)
Profitability metrics excluding discontinued operations and
non-recurring
results.

Exceptional shareholder value creation and
profitability metrics, with differential success vs. competition
TBV + DIVIDENDS GROWTH (per share, 2022 % YOY Var.) ROTE1 (2022, %)
EFFICIENCY (2022, %) Leading the European banking
industry

2022 key financial messages 1 OUTSTANDING
CORE REVENUES AND ACTIVITY GROWTH 2 LEADING AND IMPROVING
EFFICIENCY WITH POSITIVE JAWS 3 HIGHEST ANNUAL OPERATING INCOME
EVER 4 SOLID ASSET QUALITY TRENDS, ALIGNED WITH GUIDANCE 5 STRONG
CAPITAL POSITION ABOVE OUR TARGET CORE REVENUES (NII+FEES) TOTAL
LOAN GROWTH1 +30.7% vs. 2021 +13.3% vs. DEC 2021 EFFICIENCY RATIO
43.2% -277 BPS. vs. 2021
OPERATING INCOME +29.2% vs. 2021 COST OF RISK (YTD) 0.91% 0.93% IN
20212 CET1 FL 12.61% vs. 11.5%-12% TARGET RANGE NOTE: Variations
in Constant €. (1) Performing loans under management excluding
repos. (2) CoR excludes the US business sold to PNC for
comparison purposes. 2022: outstanding year of growth

2022 Profit & Loss Change 2022/2021
BBVA Group (€M) 2022 % constant % Net Interest Income 19,153
35.8 30.4 Net Fees and Commissions 5,353 15.3 12.3 Net Trading
Income 1,938 9.4 1.5 Other Income & Expenses -1,555 n.s. n.s. Gross Income 24,890
22.9 18.2 Operating Expenses -10,760 15.5 12.9 Operating Income
14,130 29.2 22.5 Impairment on Financial Assets -3,379 12.9 11.4 Provisions and Other
Gains and Losses -261
-4.6 -0.3 Income Before Tax 10,490 36.7 27.3
Income Tax -3,462 66.0 56.9
Non-controlling Interest
-407 -30.3 -57.8 Net Attributable Profit (ex
non-recurring impacts) 6,621 32.3 30.6 Discontinued operations and
non-recurring results1
-201 -47.7 -51.6 Net Attributable Profit
(reported) 6,420 39.0 38.0 (1) Discontinued operations and
non-recurring results
include US business sold to PNC and net cost related to the
restructuring process in 2021 and the negative impact of € 201
M due to the agreement reached with Merlin for the purchase of 662
branches in Spain in 2022.

4Q22 Profit & Loss Change Change
4Q22/4Q21 4Q22/3Q22 BBVA Group (€M) 4Q22 % constant % %
constant % Net Interest Income 5,342 49.0 34.3 12.0 1.6 Net Fees
and Commissions 1,323 12.0 6.1 2.5 -4.2 Net Trading Income 269
-9.1 -38.6 -38.7 -53.1 Other Income & Expenses
-410 n.s. n.s. n.s. n.s.
Gross Income 6,524 34.7 19.1 6.6 -4.8 Operating Expenses -2,889 20.5 13.1 10.1 2.5 Operating
Income 3,636 47.5 24.4 4.2 -10.0 Impairment on Financial Assets
-998 34.6 20.0 12.4 6.2
Provisions and Other Gains and Losses -57 n.s. 75.7 -42.6 -48.7 Income Before Tax 2,581 50.4 25.4
3.4 -13.6 Income Tax
-856 115.4 75.8
-0.1 -14.8 Non-controlling Interest -147 45.6 -36.3 69.4 2.4 Net Attributable Profit
(reported) 1,578 29.8 17.6 -0.3 -14.3

Record core revenue growth with solid trend
through the year NET INTEREST INCOME1 NET FEES AND COMMISSIONS
(CONSTANT €M) (CONSTANT €M) NET TRADING INCOME GROSS INCOME
(CONSTANT €M) (CONSTANT €M) Outstanding NII growth driven by
activity and customer spread improvement Sound fee income levered
on payments and transactional business NTI evolution explained
mainly by the impact of FX hedges Strong quarterly and
year-over-year performance thanks to core revenues growth
(1) CPI linkers accrual in Turkey is registered in “Net
Interest Income” heading in 2021, and from 2022 is reclassified in
“Other Income and Expenses” heading.

NII growth driven by activity and customer
spread improvements LOAN GROWTH (YOY, CONSTANT €) CUSTOMER SPREAD
(%) NET INTEREST INCOME (YOY, CONSTANT €)

Positive jaws and continue leading efficiency
POSITIVE JAWS AND COSTS GROWING BELOW INFLATION (2022 YOY, CONSTANT
€) EFFICIENCY RATIO (COST-TO-INCOME, % CONSTANT €)
(1) Weighted by operating expenses and excluding Venezuela.
(2) European Peer Group: BARC, BNPP, CASA, CMZ, CS, DB, HSBC,
ISP, LBG, NWG, SAN, SG, UBS, UCG. Peers data as of 9M22.

Asset quality remains solid FINANCIAL ASSETS
IMPAIRMENTS NPL (CONSTANT €M) (€BN) 4Q21 1Q22 2Q22 3Q22 4Q22
Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 2019 at 1.04% 12M21 3M22 6M22
9M22 12M22 Dec-21
Mar-22 Jun-22 Sep-22 Dec-22 2023 Cost of Risk expected
around 100 bps

Significant increase of pay-out TOTAL PAY-OUT
2022 equivalent
to 47% €3.0Bn1 2,3 of reported €50 cents /share 4 attributable
profit CASH DIVIDEND2 €43 cts./share +39% vs. 2021 €31 cts./share
Apr.23 €12 cts./share Oct.22 NEW SHARE BUY €422 M BACK PROGRAM5
1.1% of market cap6 (1) Pending approval from the governing bodies,
and in the case of the Share Buy Back program subject to further
supervisory approval. (2) Gross figures. (3) Includes
cash dividend for an amount of 43 euro cents per share and the
share buy-back program for
€422M which is equivalent to 7 euro cents per share. (4) Pay-out percentage calculated
taking into account the following: (i) 2022 Reported results
(€ 6,420 M) and (ii) considering outstanding shares cum
dividend as of January 31, 2023. (5) The Share Buy Back
program amount would be equivalent to 7 euro cents per share.
(6) As of market price at closing of January 31 2023.
Total shareholders’ distributions represent â^¼8% yield of BBVA’s
market cap6

Above-target capital position thanks to
strong results CET1 FULLY-LOADED (%, BPS) +47 bps -20 bps +19 bps 12.80% -25 bps +14 bps
12.61% 12.45% Target Range 11.5%-12.0% Sep-22 Results Dividend RWAs Others1
Dec-22 NPL CET1
accrual & AT1 (constant €) reported backstop2 proforma
coupons (1) Includes, among others, market related impacts,
minority interests, regulatory impacts, and a positive impact in
OCI equivalent to the Net Monetary Position value loss in
hyperinflationary economies registered in results.
(2) Includes the reversal of the NPL backstop deduction (+19
bps) in January 2023. From that time the SREP Requirement is 8.72%
for BBVA Group.

On-track to achieve our ambitious
long-term goals COST-TO-INCOME ROTE1 TBV/SHARE +
DIVIDENDS (%) (%) (YOY %) 2021-24 CAGR Accelerating profitable
growth

Business Areas

Spain PROFIT & LOSS (€M) Δ (%) Δ
(%) 4Q22 vs. 4Q21 vs. 3Q22 12M22 vs. 12M21 Net Interest Income
1,089 25.6 17.0 3,784 8.1 Net Fees and Commissions 521 -13.0 -0.9 2,156 -1.8 Net Trading Income 67 71.9 62.9
396 30.1 Other Income & Expenses -178 n.s. n.s. n.s. n.s. Gross Income
1,499 8.9 -5.0 6,145 4.3
Operating Expenses -762
-3.4 5.4 -2,919 -4.1 Operating Income 737 25.2
-13.8 3,226 13.3 Impairment
on Financial Assets -190
88.8 36.7 -522 4.0
Provisions and Other Gains and Losses -41 43.4 n.s. -78 -71.2 Income Before Tax 506 10.2
-28.3 2,625 26.6 Income Tax
-140 38.4 -30.5 -743 41.8 Net Attributable Profit (ex
non-recurring impacts) 365 2.1 -27.5 1,879 21.4 Discontinued
operations and non-recurring results — n.s.
-201 n.s. Net Attributable
Profit (reported) 365 2.1 -27.5 1,678 8.4 ACTIVITY (DEC-22) €Bn YoY YoY +2.1% €Bn +1.8%
Mortgages -3.0% Demand
+5.5% Deposits Consumer + Credit Cards +9.1% Very small businesses
+1.2% Time Deposits 18.5% Other Commercial +11.0% Corporate + CIB
+8.4% Off-BS Funds
-7.8% Public sector
-4.2% Others -0.8% Lending1 Cust.Funds1 (1)
Performing loans and Cust.Funds under management, excluding repos
â–° Loan growth (+1.8% YoY) focused on most profitable segments:
consumer and commercials. Recovery of the mortgage new loan
production in 4Q22 leading to a broadly flat stock (-0.3% QoQ). â–° NII growth accelerates
reaching 8% growth in 2022 and 17.0% QoQ growth, levered on loan
growth and customer spread improvement. â–° Solid operating income
growth (+13.3% YoY). Efficiency improves to 47.5% 12M22 (vs. 51.7
in FY21), explained by higher revenues and lower costs. â–° Sound
Asset Quality metrics. CoR increases QoQ due to macro update and
prudent approach to certain sectors.

Mexico PROFIT & LOSS (Constant €M)
Δ Constant (%) Δ Current (%) Δ Constant (%) 4Q22 vs. 4Q21 vs.
3Q22 12M22 vs. 12M21 vs. 12M21 Net Interest Income 2,355 35.1 8.5
8,378 43.6 26.8 Net Fees and Commissions 427 21.8 2.5 1,621 33.9
18.3 Net Trading Income 110 -13.5 20.5 439 19.9 5.9 Other
Income & Expenses 58 -17.5 -40.9 400 110.9 86.3 Gross Income 2,950
28.7 6.2 10,839 42.6 25.9 Operating Expenses -919 14.5 5.7 -3,432 28.0 13.0 Operating Income 2,031
36.4 6.5 7,406 50.5 33.0 Impairment on Financial Assets
-394 -3.5 -13.7 -1,693 17.5 3.8 Provisions and Other
Gains and Losses 22 194.8 -160.3 -24 n.s. n.s. Income Before Tax 1,659
52.5 17.3 5,690 62.3 43.4 Income Tax -492 101.6 62.4 -1,507 58.1 39.7 Net Attributable
Profit (reported) 1,167 38.3 5.1 4,182 63.9 44.8 KEY RATIOS
Customer Spread (%) ACTIVITY (DEC-22) (Constant €) €Bn YoY €Bn YoY
+8.7% +15.5% Mortgages +11.2% Consumer +16.0% Demand +9.9% Deposits
Credit Cards +20.7% SMEs +19.6% Time +10.3% Deposits +17.3% Other
Commercial Off-BS +6.3%
Funds Public sector +8.9% Lending1 Cust.Funds1 (1) Performing loans
and Cust.Funds under management, excluding repos, according to
local GAAP. â–° Sound activity dynamics continued both in retail
(+15.3% YoY) and commercial portfolios (+15.7% YoY), leading to a
strong and balanced loan growth across segments. â–° NII better
than expected performance throughout 2022 (+26.8% YoY), driven by
activity growth and continuous improvement in customer spread. â–°
Outstanding Operating Income. Positive jaws with efficiency
improving to 31.7% (-3.6pp
YoY). â–° Positive trends in risk indicators. CoR remains contained
at 247 bps 12M22.

Turkey PROFIT & LOSS (Constant €M)
Δ Current (%) Δ Constant (%) 4Q22 vs. 3Q22 vs. 3Q22 12M22 Net
Interest Income 823 -19.4
4.9 2,631 Net Fees and Commissions 173 -14.5 11.5 587 Net Trading Income 200
-23.5 3.0 741 Other
Income & Expenses 20 -26.0 n.s. -774 Of which: Net Monetary Position
(NMP) loss -253
-34.1 -34.1 -2,323 CPI linkers revenues 267
-36.4 10.3 1,490 Gross
Income 1,215 -18.4 20.9
3,185 Operating Expenses -340 -4.8 19.4 -1,067 Operating Income 875
-23.9 21.5 2,119 Impairment
on Financial Assets -126
-10.3 14.4 -387 Provisions and Other Gains and
Losses -22 -54.2 -38.3 -88 Income Before Tax 728 -24.6 26.5 1,644 Income Tax -285
-16.3 11.7 -1,105 Non-controlling Interest -118 4.3 94.2 -29 Net Attributable Profit (reported)
324 -36.9 25.1 509 KEY
RATIOS Customer Spread (%) ACTIVITY (DEC-22) (Constant €; Bank Only) €Bn
YoY1 FC 1 -22.8% YoY €Bn Time -48.6% FC -16.3% Demand -7.6% TL +79.5% TL +136.5% Commercial
+88.1% Time +141.8% Retail +72.7% Demand +123.3% Lending2
Cust.Funds2 (1) FC evolution excluding FX impact.
(2) Performing loans and deposits under management, excluding
repos, according to local GAAP. â–° Significant de-dollarization of the Balance Sheet
during the year. Deleverage on FC loans continues while TL deposits
grow strongly favoured by the conversion of FC deposits. â–° NII
growth in the quarter driven by TL loan growth and higher FC
customer spread. â–° Sound asset quality: improving trend in the
NPL ratio and the coverage level. CoR stands at 94 bps in FY22.
Note: Quarterly inflation rate: 7.8% in 4Q 22 vs, 7.1% in 3Q22,
15.9% in 2Q22 and 22.8% in 1Q22.

South America NET ATTRIBUTABLE PROFIT
(Constant €M) Δ Constant (%) Δ Current (%) Δ Constant (%) 4Q22
vs. 4Q21 vs. 3Q22 12M22 vs. 12M21 vs. 12M21 Colombia 38
-43.4 -34.0 238 6.6 7.6 Peru 36 -24.5 -25.9 206 74.3 53.1 Argentina 105 n.s.
n.s. 185 218.0 n.s. Other ¹ 23 10.5 -37.1 106 38.3 32.6 South America 202
50.9 11.9 734 54.4 80.0 Note: Venezuela in current €. (1) Other
includes BBVA Forum Chile, Venezuela, Uruguay and Bolivia. KEY
RATIOS Customer Spread (%) Cost of risk (YTD, %) 4Q21 3Q22 4Q22 €Bn
ACTIVITY (DEC-22) YoY
(Constant €) +14.0% YoY €Bn Colombia +13.2% +13.7% Colombia +22.6%
+2.2% Peru Peru -1.9%
Argentina +92.5% Argentina +89.6% Other +3.3% Other +17.6% Lending1
1 Cust.Funds (1) Performing loans and Cust.Funds under
management, excluding repos â–° Colombia: strong loan growth across
the board. Solid NAP supported by higher revenues (+15.4% FY22)
explained by strong activity. CoR improves to 156 bps in FY22 (vs.
185 bps a year ago). â–° Peru: sound loan growth in retail segments
(+12.9% FY22). Strong NAP driven by NII growth (+24.8% FY22)
levered on a better activity mix and customer spread increase (+61
bps YoY). Efficiency improves to 37.2% FY22. â–° Argentina: NAP
(€185M FY22) driven by revenues. Efficiency improves and asset
quality metrics remain sound.

2022 Takeaways & 2023
Outlook

2022 takeaways Significant progress in the
execution of our strategy centered on digitalization, innovation
and sustainability The highest net attributable profit ever Growing
our franchise with industry-leading profitability and efficiency
Delivering exceptional value creation for our stakeholders
Increasing distributions to shareholders significantly On track to
achieve our ambitious long-term goals

2023 Outlook Group Core revenues expected to
grow at mid twenties, maintaining our strategic focus towards the
most profitable segments Costs to grow around average inflation1,
focus on positive jaws Cost of Risk around 100 bps Note: Growth
rates in constant €. (1) Footprint opex weighted average inflation
Spain Loans (eop): broadly flat, with positive growth in most
profitable segments NII: growth at low twenties Fees: slight
growth, subject to market volatility Expenses: increase at around
mid single digit CoR: c.35 bps Mexico Loans (eop): double digit
growth NII: grow at mid teens (above loan growth) Expenses: growing
at double digit, maintaining positive jaws CoR: below 300 bps
Turkey In a highly uncertain environment, contribution could be
similar to that of 2022 South America CoR: below 200 bps

Annex 01 Net Attributable Profit evolution 02
Gross Income breakdown 03 P&L Accounts by business unit 04
Customer spread by country 05 Stages breakdown by business area 06
Covid-related loans backed by State guarantees 07 ALCO portfolio,
NII sensitivity and LCRs & NSFRs 08 CET1 Sensitivity to
market impacts 09 CET1 YTD evolution & RWAs by business
area 10 Book Value of the main subsidiaries 11 TBV per
share & dividends evolution 12 Garanti BBVA: wholesale
funding 13 Digital metrics

01 Net Attributable Profit
evolution

Business Areas Contribution to Group’s NAP
4Q22 yoy growth RECURRENT NET ATTRIBUTABLE PROFIT (BUSINESS AREAS
CONTRIBUTION TO 4Q22 YOY GROWTH; CURRENT €M) NAP 4Q22 (€M) 365
1,218 173 121 57 -356 NAP
growth (YoY) +2% +62% +11% -19% +20% n.s.

Business Areas Contribution to Group’s NAP
12M22 yoy growth RECURRENT NET ATTRIBUTABLE PROFIT 1 (BUSINESS
AREAS CONTRIBUTION TO YOY 12M22 GROWTH; CURRENT €M) NAP 12M22 (€M)1
1,879 4,182 509 734 240 -922 NAP growth (YoY)1 +21% +64%
-31% +54% -13% n.s. (1) Net attributable
profit excluding discontinued operations and non-recurring results: (I) the net
impact arisen from the purchase of offices in Spain in 2022; (II)
the net costs related to the restructuring process in 2021 and
(III) the profit (loss) generated by BBVA USA and the rest of
the companies in the United States sold to PNC on June 1,
2021.

02 Gross Income breakdown

Gross Income breakdown 12M22 (€M, %) Rest of
Business 790 €M Spain South America 3% 6,145€M 4,261 €M 17% 24%
Turkey 13% 3,185 €M 43% Mexico 10,839 €M Note: Figures exclude
Corporate Center.

03 P&L Accounts by business unit Rest of
Business Corporate Center Turkey (hyperinflation adjustment)
Argentina (hyperinflation adjustment) Colombia Peru

Rest of Business Profit & Loss €M Δ
(%) Δ (%) 4Q22 vs 4Q21 vs 3Q22 12M22 vs 12M21 Net Interest Income
88 22.6 -0.2 332 17.4 Net
Fees and Commissions 57 -1.2 -10.8 243 0.3 Net Trading Income 58
44.3 22.5 208 -11.7 Other
Income & Expenses 2 -7.6 34.2 7 -57.7 Gross Income 205 19.4 1.9 790 1.7
Operating Expenses -146
16.1 9.4 -513 13.4
Operating Income 59 28.5 -13.0 276 -14.6 Impairment on Financial Assets
-10 n.s. 160.0 -13 n.s. Provisions and Other Gains and
Losses -1 n.s. n.s. 14 n.s.
Income Before Tax 48 -9.2
-28.4 277 -20.0 Income Tax 9 n.s. n.s.
-37 -46.6 Net Attributable Profit 57 20.0
3.9 240 -13.3

Corporate Center Profit & Loss €M Δ
(%) 4Q22 12M22 vs 12M21 Net Interest Income -12 -109 -33.0 Net Fees and Commissions
-6 -31 -11.9 Net Trading Income -213 -294 n.s. Other Income &
Expenses 47 105 -27.7 Gross
Income -185 -329 n.s. Operating Expenses
-259 -852 4.0 Operating Income -444 -1,181 94.6 Impairment on Financial
Assets -1 -2 6.1 Provisions and Other Gains and
Losses 11 8 -73.4 Income
Before Tax -433
-1,175 103.5 Income Tax 109
277 265.3 Non-controlling
Interest -32 -25 21.9 Net Attributable Profit (ex
non-recurring impacts) -356
-922 76.9 Corporate
operations (1) ——Net Attributable Profit (reported) -356 -922 -1.6 (1) Includes the results from US
business sold to PNC in 2021 and the net cost related to the
restructuring process.

Turkey hyperinflation adjustment
PROFIT & LOSS 1 €M 12M22 12M22 Hyperinflation (reported)
adjustment (2) Ex.Hyperinflation Net Interest Income 2,631 319
2,312 Net Fees and Commissions 587 76 511 Net Trading Income 741
103 638 Other Income & Expenses -774 -2,334 1,561 Gross Income 3,185
-1,836 5,021 Operating
Expenses -1,067
-178 -889 Operating Income 2,119
-2,014 4,132 Impairment on
Financial Assets -387
-51 -336 Provisions and Other Gains and
Losses -88 -10 -79 Income Before Tax 1,644
-2,074 3,718 Income Tax
-1,105 -201 -905 Non-controlling Interest -29 816 -845 Net Attributable Profit 509
-1,459 1,968 (1) All
figures calculated according to end of period FX. (2) Includes
(i) the Net Monetary Position (NMP) loss in the Other Income
heading (ii) re-expression of all P&L
headings according to the inflation rate until end of period,
(iii) amortization expenses after the non monetary assets
revaluation.

Argentina hyperinflation adjustment
PROFIT & LOSS 1 €M 12M22 12M22 Hyperinflation (reported)
adjustment (2) Ex.Hyperinflation Net Interest Income 1,822 398
1,424 Net Fees and Commissions 247 55 192 Net Trading Income 137 39
98 Other Income & Expenses -995 -819 -176 Gross Income 1,210 -328 1,538 Operating Expenses
-742 -217 -525 Operating Income 468 -545 1,014 Impairment on Financial
Assets -171 -38 -133 Provisions and Other Gains and
Losses -42 -11 -31 Income Before Tax 256 -594 850 Income Tax 12 302 -290 Non-controlling Interest -83 98 -180 Net Attributable Profit 185
-194 380 (1) All figures
calculated according to end of period FX. (2) Includes (i) the
Net Monetary Position (NMP) loss in the Other Income heading
(ii) re-expression of
all P&L headings according to the inflation rate until end of
period, (iii) amortization expenses after the non monetary
assets revaluation.

Colombia Profit & Loss €M CONSTANT
Δ (%) Δ (%) 4Q22 vs 4Q21 vs 3Q22 12M22 vs 12M21 Net Interest
Income 215 11.2 3.7 846 11.0 Net Fees and Commissions 25 28.1
-2.8 101 23.2 Net Trading
Income 26 13.9 -6.0 103
47.9 Other Income & Expenses -14 76.5 59.9 -31 -0.5 Gross Income 252 10.6 0.0 1,019
15.4 Operating Expenses -133 56.4 31.8 -414 26.6 Operating Income 119
-16.7 -21.3 605 8.9 Impairment on Financial
Assets -67 64.5 23.2
-228 1.8 Provisions and
Other Gains and Losses 3 n.s. n.s. -7 48.4 Income Before Tax 54
-44.7 -40.5 370 13.1 Income Tax -17 -40.6 -47.6 -126 29.5 Non-controlling Interest 0 n.s. n.s.
-6 -30.3 Net Attributable Profit 38
-43.4 -34.0 238 7.6

Peru Profit & Loss €M CONSTANT Δ
(%) Δ (%) 4Q22 vs 4Q21 vs 3Q22 12M22 vs 12M21 Net Interest Income
303 27.6 6.2 1,080 24.8 Net Fees and Commissions 67 0.4
-4.6 279 6.1 Net Trading
Income 41 24.7 -6.0 162 0.7
Other Income & Expenses -10 18.1 28.8 -36 -9.1 Gross Income 400 22.0 2.4 1,484
18.8 Operating Expenses -152 18.0 5.2 -552 15.8 Operating Income 249 24.6 0.8
932 20.7 Impairment on Financial Assets -123 207.3 40.8 -286 -1.4 Provisions and Other Gains and
Losses -9 -19.7 -20.1 -38 -22.4 Income Before Tax 116
-21.3 -21.3 607 40.4 Income Tax -38 -8.9 -1.1 -166 22.9 Non-controlling Interest -42 -27.6 -30.2 -236 44.4 Net Attributable Profit 36
-24.5 -25.9 206 53.1

04 Customer Spread by country

Customer spreads: quarterly evolution AVERAGE
4Q21 1Q22 2Q22 3Q22 4Q22 Spain 1.73% 1.71% 1.72% 1.85% 2.21% Yield
on Loans 1.73% 1.71% 1.74% 1.93% 2.42% Cost of Deposits 0.00% 0.00%
-0.03% -0.08% -0.21% Mexico MXN 11.23% 11.37% 11.63%
11.92% 12.16% Yield on Loans 12.49% 12.79% 13.31% 13.94% 14.56%
Cost of Deposits -1.26%
-1.42% -1.67% -2.03% -2.40% Mexico FC1 2.88% 2.94% 3.34%
4.20% 5.30% Yield on Loans 2.90% 2.96% 3.38% 4.32% 5.50% Cost of
Deposits -0.02%
-0.02% -0.05% -0.12% -0.19% 4Q21 1Q22 2Q22 3Q22 4Q22 Turkey
TL 4.89% 5.22% 6.65% 9.00% 7.19% Yield on Loans 16.48% 17.75%
18.60% 20.92% 18.67% Cost of Deposits -11.59% -12.53% -11.95% -11.92% -11.49% Turkey FC1 4.65% 4.99% 5.71%
6.51% 7.49% Yield on Loans 4.87% 5.19% 6.02% 7.10% 7.98% Cost of
Deposits -0.21%
-0.20% -0.30% -0.59% -0.49% Argentina 14.67% 14.75% 13.67%
13.70% 15.13% Yield on Loans 27.44% 29.74% 33.13% 38.98% 45.83%
Cost of Deposits -12.77%
-14.99% -19.46% -25.28% -30.69% Colombia 6.12% 6.13% 5.76%
5.24% 4.80% Yield on Loans 8.57% 8.90% 9.63% 10.61% 11.86% Cost of
Deposits -2.45%
-2.77% -3.87% -5.37% -7.06% Peru 5.41% 5.33% 5.72% 5.89%
6.16% Yield on Loans 5.66% 5.71% 6.48% 7.12% 7.85% Cost of Deposits
-0.26% -0.38% -0.76% -1.23% -1.69% (1) FC: Foreign
Currency.

Customer spreads: YoY evolution AVERAGE 12M21
12M22 12M21 12M22 Spain 1.75% 1.87% Turkey TL 3.50% 7.19% Yield on
Loans 1.75% 1.95% Yield on Loans 15.72% 19.08% Cost of Deposits
0.00% -0.08% Cost of
Deposits -12.22%
-11.89% Mexico MXN 11.10%
11.79% Turkey FC1 4.66% 6.21% Yield on Loans 12.28% 13.68% Yield on
Loans 4.95% 6.62% Cost of Deposits -1.18% -1.90% Cost of Deposits -0.29% -0.41% Mexico FC1 2.94% 4.00% Argentina
13.73% 14.53% Yield on Loans 2.96% 4.09% Yield on Loans 26.68%
38.12% Cost of Deposits -0.02% -0.09% Cost of Deposits -12.95% -23.60% Colombia 6.28% 5.46% Yield on
Loans 8.74% 10.30% Cost of Deposits -2.46% -4.84% Peru 5.15% 5.76% Yield on Loans
5.42% 6.80% Cost of Deposits -0.27% -1.03% (1) FC: Foreign
Currency.

05 Stages breakdown by business
areas

Stages breakdown by business areas CREDIT
RISK BUSINESS BREAKDOWN BY AREA (DEC-22, €M) Gross Accumulated Gross
Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN
Exposure impairments MEXICO Exposure impairments Stage 1 372,601
2,067 Stage 1 173,174 503 Stage 1 70,409 956 Stage 2 37,277 2,111
Stage 2 19,318 745 Stage 2 5,402 477 Stage 3 14,463 7,586 Stage 3
7,891 3,560 Stage 3 1,939 1,066 Gross Accumulated SOUTH Gross
Accumulated TURKEY Exposure impairments AMERICA Exposure
impairments Stage 1 43,313 255 Stage 1 37,955 326 Stage 2 5,193 408
Stage 2 5,038 383 Stage 3 2,597 1,686 Stage 3 1,835 1,140 Gross
Accumulated Gross Accumulated Gross Accumulated COLOMBIA Exposure
impairments PERU Exposure impairments ARGENTINA Exposure
impairments Stage 1 12,510 70 Stage 1 17,530 187 Stage 1 3,651 30
Stage 2 1,335 112 Stage 2 2,989 209 Stage 2 340 30 Stage 3 600 454
Stage 3 1,054 560 Stage 3 64 50

06 Covid-related loans backed by State
guarantees

Covid-related loans backed by State
guarantees € Bn; DEC-22 GROUP SPAIN(2) MEXICO TURKEY
(3) ARGENTINA COLOMBIA PERU Loans Weight Loans Weight Loans
Weight Loans Weight Loans Weight Loans Weight Loans Weight
Households 1.3 0.8% 1.2 1.2% 0.0 0.0% 0.0 0.0% 0.0 0.6% 0.0 0.3%
0.1 1.1% Corporates & SMEs 12.6 7.4% 11.1 11.5% 0.0 0.0%
0.0 0.1% 0.0 0.0% 0.1 1.9% 1.4 13.4% Other 0.0 0.0% 0.0 0.1% 0.0
0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% Total Outstanding 14.0(1)
3.6% 12.3 5.4% 0.0 0.0% 0.0 0.0% 0.0 0.3% 0.1 0.8% 1.5 8.2% %
guaranteed by the State 77.8% 76.2%—80.0% 100.0% 76.4% 90.7% Note:
data according to EBA criteria as of December 31, 2022. (1)
Excludes undrawn commitments. (2) Includes mainly Spain, Rest
of business and the NY branch. If we also consider undrawn credit
lines, BBVA Spain has granted a total of 23.6 billion
€ ICO loans as of December 31, 2022 (of which
12.3 billion € is the outstanding drawn amount). (3)
Garanti bank-only.

07 ALCO Portfolio, NII Sensitivity and
LCRs & NSFRs

ALCO Portfolio ALCO PORTFOLIO BREAKDOWN BY
REGION (€ Bn) Amort Cost Fair Value (HTC) (HTC&S)
Dec-22 (€Bn) (€Bn)
(duration) South America 0.2 6.6 0.8 years Turkey 5.3 3.2 4.3 years
Mexico 4.5 7.9 2.6 years Euro 16.8 13.4 4.6 years Spain 12.6 6.0
Italy 3.2 4.2 (1) Rest 1.0 3.2 (1) Figures exclude SAREB senior
bonds (€4.5bn as of Dec-21,
and €4.3bn as of Sep-22 and
Dec22) and High Quality Liquid Assets portfolios (€11.3bn as of
Dec-21, €10.0bn as of
Sep-22 and €7.6bn as of
Dec-22) . EURO ALCO
PORTFOLIO MATURITY PROFILE EURO ALCO YIELD HQLA(2) PORTFOLIO
(€ Bn) (DEC-22, %)
(DEC-22, €) 2.5% 7.6 bn
(2) Note: HQLA – High Quality Liquid Assets

NII sensitivity to interest rates movements
ESTIMATED IMPACT ON NII IN THE NEXT 12 MONTHS TO PARALLEL INTEREST
RATE MOVEMENTS (TO +100 BPS INTEREST RATES INCREASE, %) +10 / 15%
+3.7% EURO BALANCE MEXICO SHEET Note: NII sensitivities to parallel
interest rates movements as of Nov22, using our dynamic internal
model. Mexico NII sensitivity for +100 bps breakdown: MXN
sensitivity c.+2.5%; USD sensitivity +1.2%.

Liquidity and funding ratios BBVA GROUP AND
SUBSIDIARIES LCR & NSFR (DEC-22) LCR NSFR 135% Euro 2 186% 125%
Mexico 199% 143% Turkey 185% 166% S. America All countries >100%
>100% (1) LCR of 159% does not consider the excess liquidity of
the subsidiaries outside the Eurozone. If these liquid assets are
considered the ratio would reach 201%. (2) BBVA, S.A. liquidity
management perimeter: Spain + foreign branches. Both LCR and NSFR
significantly above the 100% requirements at a Group level and in
all banking subsidiaries

08 CET1 Sensitivity to market
impacts

CET1 Sensitivity to Market Impacts TO A 10%
CURRENCY DEPRECIATION TO A 10% DECLINE IN TELEFONICA’S (DEC-22) MXN -5bps -2 bps TRY -5bps TO
+100 BPS MOVEMENT IN THE SPANISH SOVEREIGN BOND USD +19bps -12
bps

09 CET1 YTD evolution & RWAs by
business area

Capital YTD evolution CET1 FULLY-LOADED –
BBVA GROUP YTD EVOLUTION (%, BPS) (1) (2) (1) Includes, among
others, minority interests, market related impacts, regulatory
impacts and the credit in OCIs that offsets the debit in P&L
due to the hyperinflation accounting. (2) Includes the
reversal of the NPL backstop deduction (+19 bps) in January 2023.
From that time the SREP Requirement is 8.72% for BBVA
Group.

Risk-weighted assets by business area
Fully-Loaded RWAs Breakdown by business area (€M) Dec-21 Sep-22 Dec-22 Spain 113,797 108,733 114,474
Mexico 64,573 80,491 71,738 Turkey 49,718 53,435 56,275 South
America 43,334 51,484 46,834 Argentina 6,775 7,574 8,089 Chile
1,636 2,164 2,174 Colombia 14,262 17,134 15,279 Peru 18,016 21,316
17,936 Others 2,645 3,296 3,356 Rest of business 29,280 35,559
35,064 Corporate Center 6,632 11,746 12,536 BBVA Group 307,335
341,448 336,920

10 Book Value of the main
subsidiaries

Book Value of the main subsidiaries(1,2)
€ Bn; DEC-22 Mexico
16.4 Turkey 7.1 Argentina 1.4 Colombia 1.3 Peru 1.3 Chile 0.3
Venezuela 0.1 (1) Includes the initial investment + BBVA’s
undistributed results + FX impact + other valuation adjustments.
The Goodwill associated to each subsidiary has been deducted
from its Book Value (2) Turkey includes Garanti BBVA
subsidiaries

11 TBV per share & dividends
evolution

Shareholders’ return: TBV per
share & dividends evolution TBV PER SHARE &
DIVIDENDS (€ PER SHARE) TBV Dividends +19.5% (1) (1) (1) (1)
(after implementation of IAS29 in Turkey) (1) April 2022
dividend per share (0.23€) and October 2022 dividend per share
(0.12€)

12 Garanti BBVA: wholesale funding

Turkey—Liquidity & funding sources
SOLID LIQUIDITY POSITION: LIMITED FOREIGN WHOLESALE Total LTD ratio
is at 82.4%. FUNDS: Liquidity ratios above requirements: Liquidity
Coverage Ratio (EBA) of 185% vs. USD 5.0 Bn ≥100% required in 4Q22.
FOREIGN WHOLESALE FUNDING MATURITIES2 FC LIQUIDITY BUFFERS (USD BN)
Short Term Swaps TOTAL 12M Ample liquidity buffers and limited
wholesale funding maturities

13 Digital metrics Digital & mobile
customers Digital sales

Digital metrics: digital & mobile
customers DIGITAL CUSTOMERS MOBILE CUSTOMERS (MILLION CUSTOMERS, %)
(MILLION CUSTOMERS, %) +37% +41% CUSTOMER PENETRATION RATE CUSTOMER
PENETRATION RATE 63.5% 68.9% 72.9% 59.5% 65.7% 70.5% Note: data
excludes USA, Paraguay and Chile.

Digital metrics: digital sales (% OF TOTAL
SALES YTD, # OF TRANSACTIONS AND PRV1) GROUP SPAIN MEXICO UNITS PRV
TURKEY COLOMBIA PERU Note: Group excludes USA, Venezuela, Chile,
Paraguay. (1) Product Relative Value as a proxy of lifetime
economic representation of units sold.

BBVA
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
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Banco Bilbao Vizcaya Argentaria,
S.A. |
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Date: February 1, 2023 |
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By: /s/ María Ángeles Peláez
Morón |
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Name: María Ángeles Peláez Morón |
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Title: Authorized representative |
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