What is the market's earnings forecast for Banco BBVA next quarter?

What is the revenue and EPS growth rate for Banco BBVA year over year?

What is Banco BBVA's latest dividend and current dividend yield?

What guidance did Banco BBVA's management provide for the next earnings period?

What factors drove the changes in Banco BBVA's revenue and profit?

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Did Banco BBVA beat or miss consensus estimates last quarter?

What is Banco BBVA's gross profit margin?

- **Market Share Expansion**: Private sector loan market share rises to 11.39%, deposits reach 10.09% amid high interest rate volatility.
- **Resilient Asset Quality**: NPL ratio at 3.28% (vs. system average ~4%), with commercial loans performing strongly (0.10% NPL).
- **2026 Guidance**: ROE targeting mid-single digits, loan growth 45-50% YoY, and capital ratio ~17%.
- **Policy Impact**: Central Bank reserve rule changes to improve liquidity, supporting Q4 NIM recovery and 2026 growth.

**【Management Opening Remarks】**
- Q3 2025 revenue growth driven by 6.7% real-term loan expansion to private sector, achieving a market share of 11.39%.
- Deposits grew 10.2% in real terms, with market share rising to 10.09%, despite 70% peak deposit rates during the quarter.
- NPL ratio at 3.28% (below system average of ~4%), with prudent risk management maintaining asset quality.
- Liquidity ratio at 44.3% and capital ratio at 16.7%, despite temporary sovereign debt valuation impacts.

**【CFO Financial Commentary】**
- Inflation-adjusted net income ARS 38.1 billion (-39.7% QoQ), driven by higher loan loss provisions (+37.1%) and lower net interest income (-6.6%).
- Net fee income surged 37.5% QoQ, offsetting margin pressure through active pricing and cost control.
- Operating expenses down 3.4% QoQ, with efficiency improvements in software, advertising, and armored transport.
- Guidance for 2026: ROE in mid-single digits, capital ratio ~17%, and loan growth 45-50% YoY (real terms).

**【Q&A Key Highlights】**
- **Loan Growth Sustainability**: CFO confirms 45-50% real-term loan growth target, driven by U.S. dollar-denominated commercial loans, not refinancing. Retail loan growth cautious due to NPL risks.
- **NPL Outlook**: NPL ratio expected to peak in Q4 2025, stabilizing in 2026 as high interest rates ease. Cost of risk ~6.6% in Q3, projected to decline next year.
- **Central Bank Policy**: Relaxation of reserve requirements (75% daily compliance vs. 100% prior) and reduced reserve ratios will improve liquidity and NIM in Q4.
- **Capital Management**: Target capital ratio ~17% by year-end, with no immediate plans for capital raises despite regulatory changes impacting risk-weighted assets.
- **NIM Trends**: Q3 NIM pressure temporary; Q4 NIM expected to improve as asset repricing outpaces liability costs. 2026 NIM outlook stable due to pricing power in corporate lending.

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