6-K 1 d528690d6k.htm 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2013

Commission file number: 1-10110

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

Paseo de la Castellana, 81

28046 Madrid

Spain

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

Ángel Cano, BBVA’s President & Chief Operating Officer Madrid, April 26th 2013 First quarter results 2013

2 1Q13 Results / April 26th 2013 Disclaimer This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. Nobody who becomes aware of the information contained in this report must regard it as definitive, because it is subject to changes and modifications. This document contains or may contain forward looking statements (in the usual meaning and within the meaning of the US Private Securities Litigation Act of 1995) regarding intentions, expectations or projections of BBVA or of its management on the date thereof, that refer to miscellaneous aspects, including projections about the future earnings of the business. The statements contained herein are based on our current projections, although the said earnings may be substantially modified in the future by certain risks, uncertainty and others factors relevant that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could condition and result in actual events differing from the information and intentions stated, projected or forecast in this document and other past or future documents. BBVA does not undertake to publicly revise the contents of this or any other document, either if the events are not exactly as described herein, or if such events lead to changes in the stated strategies and estimates. This document may contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and public information filed by BBVA with stock market supervisory bodies, in particular, the prospectuses and periodical information filed with the Spanish Securities Exchange Commission (CNMV) and the Annual Report on form 20-F and information on form 6-K that are disclosed to the US Securities and Exchange Commission. Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about, and observing any such restrictions. By accepting this document you agree to be bound by the foregoing Restrictions.

3 1Q13 Results / April 26th 2013 Quarter highlights Resilient revenue & good earnings Reduction of liquidity gap In line with expectations Stronger capital ratios Strong fundamentals

4 1Q13 Results / April 26th 2013 Quarter highlights Reduction of liquidity gap In line with expectations Stronger capital ratios Gross income €5,471m (+3.9% YoY) Strong fundamentals

5 1Q13 Results / April 26th 2013 Quarter highlights Reduction of liquidity gap In line with expectations Stronger capital ratios Gross income €5,471m (+3.9% YoY) Strong fundamentals

6 1Q13 Results / April 26th 2013 Quarter highlights Reduction of liquidity gap Stronger capital ratios Gross income €5,471m (+3.9% YoY) NPA ratio 5.3% Coverage ratio 71% Strong fundamentals

7 1Q13 Results / April 26th 2013 Quarter highlights Reduction of liquidity gap Stronger capital ratios Gross income €5,471m (+3.9% YoY) NPA ratio 5.3% Strong fundamentals Coverage ratio 71%

8 1Q13 Results / April 26th 2013 Quarter highlights Reduction of liquidity gap Gross income €5,471m (+3.9% YoY) NPA ratio 5.3% Core Capital - Basel 2.5 +42bp (this quarter) Strong fundamentals Coverage ratio 71%

9 1Q13 Results / April 26th 2013 Quarter highlights Strong fundamentals NPA ratio 5.3% Gross income €5,471m (+3.9% YoY) Core Capital - Basel 2.5 +42bp (this quarter) Reduction of liquidity gap Coverage ratio 71%

10 1Q13 Results / April 26th 2013 Quarter highlights Strong fundamentals NPA ratio 5.3% Reduction of liquidity gap €9bn (€ balance sheet, this quarter) Gross income €5,471m (+3.9% YoY) Core Capital - Basel 2.5 +42bp (this quarter) Coverage ratio 71%

11 1Q13 Results / April 26th 2013 Significant aspects Revenue includes good NTI, which supports net interest income in developed markets Advantage taken of opportunities: sale of Afore Bancomer and the life insurance portfolios Adjustment of equity-accounted income in Eurasia One-off provisioning 1 2 3 4 Inter-quarter effect of Venezuelan devaluation absorbed 5

12 1Q13 Results / April 26th 2013 +0.8% Net interest income Quarter by quarter €m Net interest income in emerging markets +11.9% Earnings: 3,173 3,594 3,623 1Q11 1Q12 1Q13 resilient revenue despite pressure on spreads …

13 1Q13 Results / April 26th 2013 5,130 5,265 5,471 4,158 4,657 4,675 1Q11 1Q12 1Q13 Gross income NII + fee income … with gross income at high levels … +3.9 % Gross income vs NII + fee income Quarter by quarter €m Supported by a good quarter in NTI +0.4%

14 1Q13 Results / April 26th 2013 … supported by diversification Note: excludes Holding. Year-on-year variation in constant € With emerging markets as the engines of growth Spain Rest of Europe USA Mexico South America Turkey Asia USA Developed 42% YoY chg. Weight -4.4% Emerging 58% YoY chg. Weight +9.1% Breakdown of gross income 1Q13 % 30% 3% 9% 28% 24% 5% 1%

15 1Q13 Results / April 26th 2013 Emerging Developed Under control Under control Note: excludes Holding Supporting growth Supporting growth • Branches: + 1.9% YoY • Headcount: + 5.6% YoY • ATMs: + 4.7% YoY +9.1% Costs YoY change Preserving growth potential +10.3% Contributions to costs (p.p.) Selective cost management to support growth … 0.9 5.9 2.3 -0.6 -0.8 5.0 Spain ex Unnim USA R. Europe Total ex Unnim Perimeter Total

16 1Q13 Results / April 26th 2013 … which helps us to maintain solid operating income Operating income Quarter by quarter €m Strength and recurrence despite environment Operating income - developed Weight by region Operating income - emerging Weight by region 2,824 2,738 2,712 1Q11 1Q12 1Q13 41% 36% 1Q12 1Q13 Europe (ex Turkey) USA Spain 59% 64% 1Q12 1Q13 Turkey Asia Mexico South America -0.9%

17 1Q13 Results / April 26th 2013 Increase in provisions in line with expectations … Loan-loss provisions Quarter by quarter €m +26.3% Accumulated cost of risk 1.2 1.5 1.2 Focus on Spanish companies 1,022 1,087 1,373 1Q11 1Q12 1Q13

18 1Q13 Results / April 26th 2013 60 66 69 72 71 4.0 4.0 4.8 5.1 5.3 Mar.12 Jun.12 Sep. 12 Dec. 12 Mar.13 NPA ratio … with contained impairment of risk indicators … NPAs – net balance €bn NPA and coverage ratios % 16.1 16.5 20.1 20.6 21.8 3.0 Mar.12 Jun.12 Sep.12 Dec.12 Mar.13 Coverage ratio 1.5% 1.2% 1.8% 1.9% 2.2% Impairment of Spanish companies Unnim Accum. cost of risk

19 1Q13 Results / April 26th 2013 … leading to resilient earnings €m Affected by one-off operations 72.6 Net Attributable Profit R 1,734 + 729 Income Before Tax Gross Income 5,471 + 205 + 213 Net Interest Income 3,623 + 28 0.8 1,513 Operating Income M 2,712 - 25 BBVA Group Accum. 1Q13 Abs. 1Q13/1Q12 Growth 3.9 % 16.4 -0.9

20 1Q13 Results / April 26th 2013 10.8 11.2 0.25 0.17 Dec.12 Sale of Mexican pensions Other generation of capital Mar.13 Core capital ratio (Basel 2.5) % Capital: stronger capital ratios BIS III fully loaded Dec.13e 9%

21 1Q13 Results / April 26th 2013 Liquidity: improvement in funding structure Liquidity gap narrows Active in issues Meeting the LTRO repayment plan +€9bn euro balance sheet this quarter €4.5bn euro balance sheet this quarter

22 1Q13 Results / April 26th 2013 Gross income Good results Solid structure Net attributable profit €1.7bn Capital 5.3% 71% Liquidity Issues €4.5bn Risk NPA ratio Coverage ratio 11.2% Basel 2.5 +3.9% YoY Diversified revenues 58% Emerging Liquidity gap €9bn Meeting LTRO plan Summary: fundamentals remain solid … 9% BIS III fully loaded (Dec.13e)

23 1Q13 Results / April 26th 2013 Afore Bancomer €0.8bn €0.5bn 25bp AFP Provida 12bp Capital gains Capital generated ... which will be reinforced during the year by non-core divestments AFP Horizonte Colombia Note: announced deals based on $1.31/€. The amounts can change depending on the exchange rate. €0.3bn 8bp €0.2bn AFP Horizonte Peru 6bp €1.8bn 51bp Total

24 Business areas

25 1Q13 Results / April 26th 2013 Banking activity in Spain: spreads under pressure in a deleveraging environment Lending +3.6% +2.7% Customer funds Banking activity in Spain YoY change in average balances Net interest income €m Operating income €m -2.3% Gross income €m Increasing market share due to greater discrimination (+184bp) -8.8% Note: the market share includes ODS (retail activity). Year-on-year change. 1,174 1,071 1Q12 1Q13 1,014 901 1Q12 1Q13 1,708 1,669 1Q12 1Q13 -11.1%

26 1Q13 Results / April 26th 2013 453 469 472 458 618 180 1,177 933 1,482 151 633 1,646 1,405 1,940 769 0.95 0.99 0.94 0.91 1.28 -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 1Q12 2Q12 3Q12 4Q12 1Q13 Real-estate loan-loss Banking activity loan-loss Banking activity cost of risk Focus on companies 3.1 3.0 3.7 4.0 4.3 31.9 35.6 42.2 42.8 46.6 43 50 59 63 62 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Mar.12 Jun.12 Sep. 12 Dec.12 Mar.13 Banking activity NPA ratio Real-estate NPA ratio Total coverage ratio Loan-loss provisions and cost of risk Quarter by quarter (€m, %) NPA and coverage ratios % Spain: impairment as expected

27 1Q13 Results / April 26th 2013 €m Banking activity in Spain: income statement Deleveraging continues Market share gains Unnim incorporated 1Q13 highlights Banking activity Accum. Growth 1Q13/1Q12 1Q13 Abs. % Net Interest Income 1,071 - 103 -8.8 Gross Income 1,669 - 39 -2.3 Operating Income MA 901 - 113 -11.1 Income Before Tax RE 823 + 293 55.2 Net Attributable Profit RE 569 + 199 53.9

28 1Q13 Results / April 26th 2013 -14.5% Real-estate: exposure 18.0 15.6 15.4 Note: transparency on like-for-like basis: the figures include Unnim but exclude the investment in Metrovacesa * Other foreclosed assets includes foreclosed assets that do not stem from financing family home buying Reduced developer-related exposure Foreclosed retail assets are in line with non-performing mortgages Net exposure to Real-estate €bn 13.3 9.7 9.5 3.4 4.0 3.9 1.1 1.5 1.7 0.2 0.4 0.4 Dec-11 Dec-12 Mar-13 Others foreclosed assets* Foreclosed assets of residential mortgages Foreclosed assets of Real-estate developers Real-estate developer loans

29 1Q13 Results / April 26th 2013 €m Real-estate: income statement Sales accelerate Marked to market 1Q13 highlights Real-estate Accum. Growth 1Q13/1Q12 1Q13 Abs. % Net Interest Income 16 + 14 n.s. n.s. Gross Income -4 - 14 n.s. Operating Income MA -42 - 25 Income Before Tax RE -465 - 27 6.3 Net Attributable Profit RE -346 - 46 15.2

30 1Q13 Results / April 26th 2013 -4.5% Gross income €m Note: in accordance with IFRS, the investment in Garanti is reported as equity-accounted income but for presentation continuity it is treated as proportional consolidation. Turkey Asia Growth engine Provisioning anticipated 208 292 166 66 161 152 535 511 1Q12 1Q13 Rest of Europe Asia Turkey EurAsia: a region of growth and contribution

31 1Q13 Results / April 26th 2013 EurAsia: income statement €m CNCB anticipating provisions Buoyant retail business Deleveraging of wholesale business 1Q13 highlights EurAsia 1Q13/1Q12 1Q13 Abs. % Growth Accum. Net Interest Income 242 + 58 31.1 - 24 -4.5 335 - 27 -7.4 Gross Income Operating Income MA 511 Income Before Tax RE 227 Net Attributable Profit RE 179 - 120 -40.2 - 101 -30.9

32 1Q13 Results / April 26th 2013 Lending +7.1% +6.2% Customer funds Business activity YoY change in average balances in constant euros Net interest income Constant €m Operating income Constant €m +5.2% +6.1% +6.1% Gross income Constant €m 1,034 1,088 1Q12 1Q13 1,428 1,516 1Q12 1Q13 883 937 1Q12 1Q13 Mexico: growing at a fine pace

33 1Q13 Results / April 26th 2013 116 111 107 114 117 3.8 4.0 4.1 3.8 3.7 Mar.12 Jun.12 Sep. 12 Dec.12 Mar.13 NPA ratio Coverage ratio NPA and coverage ratios % Loan-loss provisions and cost of risk Quarter by quarter (Constant €m, %) 320 314 350 352 351 3.5 3.3 3.4 3.6 3.6 1Q12 2Q12 3Q12 4Q12 1Q13 Loan-loss provisions Cost of risk Mexico: risk indicators remain stable

34 1Q13 Results / April 26th 2013 Constant €m Buoyant business Improvement in funding mix Self-financing investments 1Q13 highlights Note: the pension business is reported as discontinued operations Mexico: income statement -0.7 4.2 Discontinued operations RD 6 - 17 -74.6 Mexico Growth 1Q13/1Q12 1Q13 Abs. % Accum. Net Interest Income 1,088 + 54 5.2 Gross Income 1,516 + 88 6.1 MA 937 Operating Income + 54 6.1 Income Before Tax 571 + 23 Net Attributable Profit 435 - 3

35 1Q13 Results / April 26th 2013 Lending +15.3% +23.9% Customer funds High growth rates Net interest income Constant €m Operating income Constant €m +19.7% +17.1% +14.6% Gross income Constant €m 870 1,042 1Q12 1Q13 1,144 1,340 1Q12 1Q13 673 772 1Q12 1Q13 South America: business continues to grow rapidly Business activity YoY change in average balances in constant euros

36 1Q13 Results / April 26th 2013 141 139 142 146 143 2.3 2.3 2.2 2.1 2.2 Mar.12 Jun.12 Sep. 12 Dec.12 Mar.13 NPA ratio Coverage ratio NPA and coverage ratios % 95 125 160 169 151 1.0 1.3 1.5 1.6 1.3 1Q12 2Q12 3Q12 4Q12 1Q13 Loan-loss provisions Cost of risk Loan-loss provisions and cost of risk Quarter by quarter (Constant €m, %) South America: good risk indicators

37 1Q13 Results / April 26th 2013 Constant €m Buoyant demand and growth Costs in line with growth Solid earnings 1Q13 highlights Note: the pension business is reported under discontinued operations South America: income statement 594 + 34 6.1 South America Growth 1Q13/1Q12 1Q13 Abs. % Accum. 772 Operating Income Net Interest Income 1,042 + 172 19.7 -18.8 Gross Income 1,340 + 196 MA + 98 14.6 17.1 Discontinued operations RD 61 - 14 Income Before Tax - 5 -1.3 Net Attributable Profit 348

38 1Q13 Results / April 26th 2013 560 515 1Q12 1Q13 United States: business growing despite highly competitive environment Lending +8.4% +10.6% Customer funds -19.9% -9.9% -7.9% Net interest income Constant €m Operating income Constant €m Gross income Constant €m Profit and loss account is sensitive to low interest rates 387 348 1Q12 1Q13 197 158 1Q12 1Q13 Compass business activity YoY change in average balances in constant euros

39 1Q13 Results / April 26th 2013 75 82 94 90 109 3.2 2.8 2.4 2.4 1.8 Mar.12 Jun.12 Sep. 12 Dec.12 Mar.13 NPA ratio Coverage ratio NPA and coverage ratios % 27 13 31 2 17 0.3 0.1 0.4 0.0 0.2 1Q12 2Q12 3Q12 4Q12 1Q13 Loan-loss provisions Cost of risk Loan-loss provisions and cost of risk Quarter by quarter (Constant €m, %) United States: improvement in risk indicators

40 1Q13 Results / April 26th 2013 Constant €m Funding costs Companies spreads decline 1Q13 highlights United States: income statement USA 1Q13 Abs. Accum. Growth Net Interest Income 348 - 38 -9.9 Gross Income 515 - 44 MA 158 Operating Income -11.0 Income Before Tax RE 141 - 17 - 13 Net Attributable Profit RE 95 1Q13/1Q12 % -12.3 - 39 -19.9 -7.9

Ángel Cano, BBVA’s President & Chief Operating Officer Madrid, April 26th 2013 First quarter results 2013

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  |  |  | Banco Bilbao Vizcaya Argentaria, S.A.
Date: April 26, 2012 |  |  |  | By: |  | /s/ Eduardo Ávila Zaragoza
|  |  |  | Name: |  | Eduardo Ávila Zaragoza
|  |  |  | Title: |  | Chief Accounting Officer