Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q3 FY25 earnings call

BBVA's thesis is that rate-cut headwinds are largely behind it—terminal rates are near in both Europe and Mexico—so unmatched loan growth and proactive price management now compound into strengthening core revenue rather than being offset by NIM compression. With the Sabadell chapter closed, management is pivoting to organic growth and returning excess capital, framing a solid quarter despite Turkey/Argentina macro drag and an FX-hedge hit to trading income.