BBVA BBVA Bilbao Vizcaya Argentaria SA

Results for January - September 2011

BBVA earns €3.14bn
in the first nine months of 2011

&#-3983; Resilient earnings: the net attributable profit of BBVA Group in the first
nine months of 2011 came to €3.14 billion, which was 14% less than the same
period last year due to the erratic behavior of markets in the third quarter.
Excluding net trading income, profit was down 4.8%

&#-3983; Solvency: Boosted by organic generation of capital, core capital rose to 9.1%
in September. The ability to generate capital organically resulted from a
capital management model that is defined by prudence and anticipation.
Demonstrated by its high percentage of capital over tangible assets, BBVA is
less leveraged than peers

&#-3983; Liquidity: BBVA´s privileged position in terms of liquidity is an advantage of
growing importance in the market’s current environment of distrust. BBVA has the
smallest balance sheet among big European banks, the least long-term maturities,
and the highest deposit-to-asset ratio

&#-3983; Stable risk indicators: this was the seventh consecutive quarter in which the
NPA ratio was contained. In September the ratio was 4.1%, unchanged from a year
earlier, and the coverage ratio was 60%. At the end of September, the cumulative
risk premium improved 28 basis points to 1.10%

BBVA’s customer-centric business model and its diversified asset portfolio
generated solid and recurrent earnings in high-stress environments and this is
demonstrated by the gains obtained in the first nine months. The resilience of
its income statement is accompanied by superior liquidity and risk indicators
that have remained stable since December 2009.

All business areas contributed to earnings in the first nine months of the year.
Gross income came to €15.05 billion, down 5.7% compared to the same period in
2010 because the exceptional market situation in the third quarter resulted in a
complete absence of net trading income. Excluding this impact, income fell 2.3%
in the first nine months. This is further proof of the recurrence of BBVA’s
business model. About 54% of income from the business areas originated in
emerging markets.

Net interest income continues to demonstrate considerable resilience. It came to
€9.68 billion in the first nine months, which was 5% lower compared to a year
earlier. In the third quarter this item was €3.29 billion, 1.3% higher than the
same quarter last year and 2.2% higher than the preceding quarter. The Group's
investments in human resources, in infrastructure in emerging markets, and in
the technology platform accounted for operating expenses of €7.30 billion. At
the end of September BBVA had 110,625 employees, up 5.1% compared to the same
period a year earlier. As a result operating income came to €7.75 billion. Gross
lending to customers at the end of September rose 2.8% year-over-year to €353
billion, driven by the growth in emerging markets.

BBVA’s net attributable profit in the first nine months of 2011 came to €3.14
billion, down 14% compared to the same period last year due to the erratic
behavior of markets in the third quarter. Excluding net trading income, profit
was down 4.8%.

Customer funds are another relevant factor contributing to the bank’s strength.
As of September 30th customers’ deposits rose 10.3% to €282 billion. The
increase helped to strengthen the Group's liquidity. BBVA has two advantages in
this regard. Its balance sheet (€584 billion) is smaller than any in its peer
group and its deposit-to-asset ratio (49% as of June) is higher than any other
major European bank.

In June BBVA had already completely covered its funding needs for 2011. Moreover
its funding requirements in the coming years are smaller than those of its
rivals. Furthermore there are no relevant concentrations of maturities in
specific periods. The lack of dependency on short-term U.S. funding for
operations is another factor that distinguishes BBVA from many big European
banks.

BBVA’s the core capital ratio has improved from 9% in June to 9.1% in September
thanks to organic generation of capital. The ability to generate capital
organically resulted from a capital management model that is defined by prudence
and anticipation. Demonstrated by its high percentage of capital over tangible
assets, BBVA is less leveraged than peers.

The non-performing asset ratio (NPA ratio) at the end of September stood at
4.1%, unchanged from a year earlier, and thus completing seven consecutive
quarters at a contained level (4.3% in Dec. 2009). Net impairment on financial
assets came to €2.89 billion in the first nine months of 2011. This was 19.9%
less than the same period last year. Moreover the Group's cumulative risk
premium improved 28 basis points to 1.10% and the coverage ratio stood at 60%.

 .


In Spain BBVA gained market share in lending as well as in customer funds and
the customer spread remained stable. The NPA ratio at the end of September was
4.9% (4.7% in June). The increase was mainly due to a decline in lending while
balance of NPAs remained stable during the quarter. Attributable profit for the
first nine months came to €1.16 billion.

In Eurasia business is buoyant in Turkey and the Asian contribution is growing.
In the year to date Eurasia generated attributable profit of €705 million (up
69% year-over-year). Thus in the first nine months of 2011 Eurasia has
contributed 17.2% of the profit from all BBVA business areas.

In Mexico thriving business has boosted year-over-year growth in lending and
customer funds. In constant euros, net interest income was up 6% to €2.87
billion and net attributable profit rose 2.9% to €1.27 billion. The NPA ratio in
September stood at 3.5% with the coverage ratio at 128%.

The strong growth continues in South America. The average balance of lending is
up 30.8% year-over-year and customer funds on the balance sheet have risen
26.2%. Net attributable profit in the area rose 11.2% in constant euros to €754
million. The NPA ratio improved from 2.4% (end of June) to 2.3% and the coverage
ratio widened from 138% to 140% in the same period.

In the United States the selective growth of business continues and risk
indicators have improved. The NPA ratio improved from 4.2% (end of June) to 3.9%
and the coverage ratio increased from 67% to 69% in the same period. Net
attributable profit for the first nine months in this area rose 1.5% to €218
million based on a constant exchange rate.

Lastly, in the year to date Wholesale Banking & Asset Management has
demonstrated a superior resilience of its customer-focused business model.
Despite a very complex period in the markets, gross income was only slightly
lower than the same period last year in constant euros, declining 2.1% to €2.08
billion. Net attributable profit came to €862 million.
The earnings of the Group’s wholesale activities are included in the
corresponding geographic regions.

Contact details:
comunicacion.corporativa@grupobbva.com
+34 91 374 69 88

For more financial information about BBVA visit:
http://inversores.bbva.com/TLBB/tlbb/jsp/rie/home/index.jsp

For more BBVA news:
http://prensa.bbva.com/


 General note: These quarterly statements have not been audited. The
consolidated accounts of the BBVA Group have been drawn up according to the
International Financial
Reporting Standards (IFRS) adopted by the European Union and in conformity with
Bank of Spain Circular 4/2004, together with the changes introduced therein.
(1) Excluding Garanti.