BBVA - BBVA stock climbs after Q4 earnings caps record year for profit

Banco Bilbao Vizcaya Argentaria ( NYSE: BBVA ) stock gained 4.1% in Wednesday premarket trading after the Argentinean bank posted its highest ever annual net attributable profit, excluding non-recurring items, in 2022.

For the year, that number came to €6.62B ($7.22B), up 31% from 2021. Recurring income from banking activity was helped by a more favorable interest rate environment. Operating expenses, up 13% Y/Y at the Group level, was less than the average inflation rate in all the countries in which BBVA ( BBVA ) operates. Loans and advances to customers grew 12% in 2022.

Q4 adjusted EPS of €0.25 ($0.27) increased from €0.19 in the year-ago quarter and dropped from €0.29 in Q3 2022.

Q4 Profit before tax of €2.58B climbed from €2.06B in Q4 2021, but slid from €2.99B in the previous quarter.

Q4 gross income of €6.52B ($7.11B), exceeding the $6.99B consensus, increased from €5.48B in the year-ago quarter and dropped from €6.86B in the previous quarter.

Q4 net interest income was €5.34B, up from €5.26B in the prior quarter and from €3.98B in the year-ago period.

Net fees and commissions were €1.32B in the most recent quarter, slipping from €1.38B in Q3 and rising from €1.25B in Q4 2021. Net trading income of €269M dropped from €573M in the prior quarter and from €438M in the year-ago period.

Q4 operating expenses of €2.89B vs. €2.82B in Q3 and €2.55B in Q4.

Q4 net attributable profit excluding non-recurring items, at constant exchange rates, was roughly flat with Q3 at €1.77B and rose from €1.36B a year ago.

Tangible book value at Dec. 31, 2022 was €7.44 per share vs. €7.31 at Sept. 30.

See BBVA's ( BBVA ) previous financial statements here.

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