BBVA Registers Record-Breaking Profits, Adds 11 Million Customers
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BBVA Registers Record-Breaking Profits, Adds 11 Million Customers

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Emilio Aristegui By Emilio Aristegui | Junior Journalist and Industry Analyst - Thu, 02/02/2023 - 18:05

In 2022, BBVA recorded the highest profits in its history, which it attributed to an increase in customer acquisition and digital sales. The bank has also continued to pour efforts toward sustainable financing solutions for Mexican customers.

During the year, BBVA added more than 11 million new customers while increasing its digital sales, which accounted for nearly 80% of total sales. The bank also channeled €50 billion (US$54.6 billion) into sustainable businesses. The increase in customers and digital sales led to a net attributable profit of €6.42 billion (US$6.98 billion) in 2022, an increase of 38% compared to the previous year. The bank explained that the increase in profit is its highest to date. 

BBVA attributed its success in 2022 to a solid income growth, which also saw a 13.3% increase in constant euros. The company’s operating income recorded a record-breaking high of €14.13 billion (US$15.4 billion). The bank highlighted that it would distribute a significantly higher dividend, which will reach €0.43 (US$0.47) per share, and a new €422 million (US$460.5 million) share buyback program. BBVA will distribute over €3 billion (US$3.27 billion) through a significantly higher dividend, explained the company via a press release.

“2022 was a year of growth for BBVA. We had the highest profit in our history, with significant growth in lending and major advances in our strategy, focused on digitization, innovation and sustainability. Looking ahead, and despite the uncertainty, in 2023 we will continue to create opportunities for everyone and to contribute to the economic and social growth of the countries in which we have a presence,” says Carlos Torres Vila, Chair, BBVA.

BBVA attracted 11.2 million customers in 2022 and highlighted that 55% of customer acquisitions occurred through its digital channels. The bank now has 47.4 million mobile customers. BBVA highlighted that customers have grown exponentially since 2017, when the company had 18 million clients. Digital sales also grew from 40% to 78% of the company’s total units sold. BBVA’s NPS (Net Promoter Score) grew 5 percentage points in 2022, which shows an increased satisfaction from its customers. 

In January 2023, BBVA announced a collaboration with SEV, a Mexican subsidiary of Solarever, to boost sustainable mobility in Mexico. The collaboration aims to provide financing solutions for the most demanded hybrid and EVs available in the market. SEV explained that having a major banking institution behind this financial solution is vital to increase access to automotive loans for more Mexicans, as reported by MBN. 

Photo by:   Image by dawnfu from Pixabay

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