BBVA reported a profit of €9.066 billion for the first nine months of 2026, an increase of 13.6% on the same stretch of 2025, according to La Voz de Galicia. The Spanish lender, chaired by Carlos Torres, also posted a return on tangible equity (ROTE) of 22%, a level the newspaper describes as the highest among European banks.
The results, presented to the market on Thursday, were driven by what the outlet calls a combination of three things: a presence across markets including Mexico, Spain and Turkey; disciplined management of the business; and heavy banking activity that pushed lending up 20.4%.
Why it matters
The 22% ROTE is the headline figure for a reason. ROTE measures how much capital a bank generates relative to its tangible assets, and La Voz de Galicia reports that no European peer currently matches BBVA's level. For investors, that number matters more than the profit total itself, because it signals how efficiently the bank turns its balance sheet into earnings.
The loan growth figure is the other standout. A 20.4% increase in lending over a year is well above what most European banks have managed, and it comes as the sector's core revenue engine — the gap between what banks pay depositors and what they charge borrowers — has been under pressure elsewhere. BBVA's answer has been volume, and it is working.
Revenue outpaces costs across the group
Net interest income, the money the bank earns from lending minus what it pays for funding, reached €22.243 billion, up 17.8% year on year, according to the report. Fees from asset management and payment services added €6.909 billion, a rise of 14.5%.
Total banking revenue came to €32.072 billion, an 18.2% increase. Operating costs grew 17.4% to €12.168 billion — slightly slower than revenue. La Voz de Galicia notes that the bank refers to this pattern, with income rising faster than expenses, as "positive jaws," and treats it as a guiding principle for how it runs the business.
Chief executive Onur Genç called the nine-month results "excellent," saying they show year-on-year improvement and continue to demonstrate what he described as the bank's unique ability to combine growth with profitability. He said the loan book had expanded by more than 20% over the past year, far ahead of European competitors, while the 22% return remained the highest in Europe, the newspaper reports.
Mexico remains the largest contributor
Mexico accounted for 45% of the group's profit, contributing €4.522 billion, up 8.5%. Spain was the second-largest source at €3.106 billion, or 31% of the total, an increase of 7.3%.
Turkey delivered €789 million, 8% of group earnings, and posted the fastest growth at 21.8%. South America contributed €821 million, up 42%. The remainder of the business — which the bank groups together as digital banking in Europe and corporate activity in the United States — earned €801 million, a jump of 58.8%.
Lending growth varied sharply by market: 7.3% in Spain, 12% in Mexico and 40% in Turkey, according to the report.
Shareholder returns and capital strength
Earnings per share rose 17.5%, helped by dividends and share buybacks, the outlet reports. BBVA closed a €4 billion buyback in March and has a further €2 billion programme running; the first tranche finished this summer and the second is under way. On 15 October the bank paid a dividend of 37 cents per share against this year's results.
The bank reaffirmed its 2025–2028 strategic plan, which targets €48 billion in cumulative profit, of which €19.6 billion has already been booked. The plan also aims to return €36 billion to shareholders through dividends and buybacks; more than €14.2 billion has been paid so far.
Its CET1 ratio, a measure of high-quality capital against assets, stood at 12.2%, above the roughly 11.5%–12% level the European Central Bank has set for the lender.
Investors will now watch whether BBVA can hold the 22% return through the rest of the year, and whether Turkey's 40% lending growth continues without straining asset quality.
