BBVA Raises Profitability Outlook, Plans $2.3 Billion Buyback

By Adria Calatayud

Spain's BBVA raised its annual profitability guidance and said it plans to launch a new 2 billion-euro ($2.29 billion) stock-buyback program.

The bank, formally called Banco Bilbao Vizcaya Argentaria, said Thursday that it now expects a return on tangible equity--a key profitability measure for banks--of around 21% this year. It had previously forecast the metric at more than 20%.

BBVA's return on tangible equity was 22.2% for the first half of the year, it said.

The bank has set out goals to boost profitability and step up returns to shareholders after its attempt to take over smaller Spanish rival Banco de Sabadell failed last year due to a lack of support among the target's shareholders.

BBVA said it plans to launch a new buyback after receiving approval from the European Central Bank, with a first tranche of up to 1 billion euros due to start next week.

For the second quarter, BBVA said it made a net profit of 3.06 billion euros compared with 2.75 billion euros for the same period last year. Analysts had expected 2.93 billion euros, according to consensus estimates compiled by the bank.

Gross income, the bank's top-line figure, rose to 10.51 billion euros from 8.71 billion euros.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

July 30, 2026 01:44 ET (05:44 GMT)