6-K 1 d528690d6k.htm 6-K

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

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invitation

for

offers

to

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securities

issued

by

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of

the

aforementioned

companies.

Any

decision

to

buy

or

invest

in

securities

in

relation

to

a

specific

issue

must

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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

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in

other

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comes

shall

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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