BBVA Posts €6.1B H1 Profit, Launches €2B Buyback, and Raises Guidance

summarizeSummary

BBVA reported €6.1 billion in first-half net profit, a CET1 ratio of 12.90%, and announced a new €2 billion share buyback program while raising its 2026 ROTE guidance to around 21%.

check_boxKey Events · Earnings and Guidance · BBVA

• H1 2026 Net Profit €6.1B

  Driven by a 17.4% jump in core revenue and a best-in-class efficiency ratio of 37.8%, net attributable profit rose 11.1% year-on-year in constant euros to €6.1 billion.

• CET1 Ratio Strengthens to 12.90%

  Strong organic capital generation lifted the fully-loaded CET1 ratio 7 basis points during the quarter to 12.90%, well above the 11.5%-12.0% target range.

• New €2B Share Buyback Program

  Adding to the roughly €4 billion already returned to shareholders, a new €2 billion share buyback program was announced, with the first €1 billion tranche to begin execution on August 5, 2026.

• 2026 ROTE Guidance Raised to ~21%

  Reflecting sustained loan growth, positive operating jaws, and sound asset quality, management upgraded the full-year 2026 Group ROTE target to around 21%.

auto_awesomeAnalysis · BBVA · Finance

A standout first half saw net profit surge 11% to €6.1 billion, fueled by broad-based loan growth and disciplined pricing. With the CET1 ratio climbing to 12.90%—comfortably above management's target range—the bank has ample room to return capital, announcing a new €2 billion share buyback whose first €1 billion tranche begins August 5. Management also lifted the full-year ROTE target to around 21%, signaling confidence that strong momentum will persist. For a bank already trading near 52-week highs, these results reinforce the thesis of best-in-class profitability and capital return among European peers.