BBVA got the best result in its history in 2024. It exceeded 10,000 million euros of benefit (25.4% more), exceeded 11.4 million new clients and announced an increase in compensation to the shareholder charged to the 2024 accounts. With these economic arguments on the table , the bank led by Carlos Torres much of the success of its OPA on Banco Sabadell to the Political Charter is played and in this sense, the entity begins to detect a change in the government’s position towards the operation.
Neither the tone nor the story are the same as nine months ago. From the initial message with which Moncloa made it clear that “the last word” had them until yesterday’s words of the Minister of Economy, Carlos Body, who opened to “update” his opinion once the CNMC pronounced, there are nuances that suggest that something has moved.
Torres himself slid yesterday between the lines during the presentation of the entity’s results in Madrid. “It is well summarized by the statements of the President of the Government in Davos,” replied the president of BBVA. At the Swiss Summit, Sánchez located the CNMC verdict: “Let’s wait to see what our say Competition authorities in this regard. “
So all eyes are now put in the National Commission of Markets and Competition, which must be pronounced on whether or not the operation approves and, if so, about whether or not it establishes conditions (remedies) To keep going. Carlos Torres was convinced yesterday that the CNMC will approve the OPA “in the coming weeks” and that the “unpublished” measures in terms of competition that the entity has raised will convince all parties, including the Executive. In fact, he said that if the CNMC approves the offer without imposing conditions, the government would not. This phase 3 “has only passed, in the fusion of Antena 3 with the sixth,” he said yesterday.
However, for BBVA the scenario of an OPA without fusion “remains attractive” and continues “generating synergies.” Torres rules out that this is a Red line To back down in their plans and also discard an improvement in the price. “There is no space,” he reiterated yesterday, despite the historical result of 10,054 million euros. The only thing that could alter an eventual fusion would be the Special Bank Tax, which could delay the deadlines of a hypothetical integration to “minimize the damage” of the tax.
In his opinion, that the premium they offer to Sabadell’s shareholders practically missing It is not a symptom of investors’ rejection to the proposal, but quite the opposite. “The correlation between the two actions is very clear. Sabadell’s value [en bolsa] He is supported by the offer he has put on the BBVA table, “said the president of the Basque Group. The BBVA titles closed the session at the Ibex yesterday with an advance of 1.36%, up to 11,215 euros, compared to 2,304 euros that conquered Sabadell’s actions.
However, BBVA considers that the market does not grant the entity the value that corresponds to it and for this reason, as explained yesterday Carlos Torres, the bank has announced the launch of a new repurchase program worth 993 million euros, in addition of a 27% increase in the dividend charged to the accounts of 2024, to complete 0.70 cents per share. In total, the compensation to the shareholder charged to the 2024 year will be 5,027 million euros, 50% of the attributed benefit (pay out).
BBVA points out the impulse of the recurring income of the banking business as its main growth lever, while the interest margin and the net commissions grew together 13.2%. The entity indicates, in fact, that the “positive evolution” of recurring income has allowed to compensate “the increase in exploitation expenses such as the increase in sanitation due to deterioration of financial assets.”
Credit investment rose 14.3% and commissions income, 30.8%. For its part, the interest margin advanced 9.4% in euros currents, up to a record of 25,267 million euros, while the net margin increased by 23.5% reaching 21,288 million euros. In this way, the increase in the gross margin of 20.1% closing at 35,481 million euros.
Profitability on own funds (ROE) reached 18.9% while profitability on tangible capital (rot) stood at 19.7%, “notably”, above the 14% target that the bank had marked for the closing of 2024.
The default rate was located on December 31, 2024 at 3%, 28 basic points below the previous quarter, with generalized decreases in the quarter in all geographical areas and with an improvement of 37 basic points with respect to the closure of 2023.
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