UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ OR [ ] SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15( ...

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 March, 2024 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) Calle Azul 4, 28050 Madrid Spain (Address of principal executive offices) Indicate by check ...

Investors interested in stocks from the Banks - Foreign sector have probably already heard of Banco Bilbao (BBVA) and United Overseas Bank Ltd. (UOVEY) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy ...

Financial Data and Key Metrics - Net attributable profit reached a record high of EUR8.019 billion in 2023, a 22% increase compared to 2022 [5] - Earnings per share increased by 27% year-over-year, driven by share buyback programs [5] - Return on tangible equity (ROTE) stood at 17%, with tangible book value per share plus dividends growing by 20.2% [5] - CET1 ratio remained comfortably above the target at 12.67% [20] - Total shareholder distribution for 2023 amounted to EUR4 billion, equivalent to EUR0.68 per share [22] Business Line Performance - Loan portfolio grew by 7.6% in 2023, with 11 million new customers acquired [3] - Digital sales accounted for 79% of total unit sales, a record high [4] - Mobile customers surpassed 52 million, with a 74% penetration rate [8] - Sustainable business volumes reached EUR70 billion in 2023, with a total of EUR206 billion since 2018 [10] - Spain's loan origination grew by 10% year-on-year, with NII accelerating by 48.9% [24] - Mexico's loan portfolio grew by 11% year-on-year, with core revenues increasing by 20% [27][28] Market Performance - Market share gains were achieved in all countries, particularly in consumer credit cards and private businesses [9] - Spain's customer spread improved to 3.42%, while Mexico's customer spread stood at 11.67% [16] - Core revenue growth in Spain and Mexico was 32% and 12% year-over-year, respectively [17] - Turkey's net profit reached EUR528 million in 2023, despite a challenging environment [33] - South America's net profit exceeded EUR600 million, driven by NII growth and higher fees [35] Strategic Direction and Industry Competition - The company continues to focus on digital transformation, with 65% of new customers acquired through digital channels [7] - Sustainability remains a key focus, with the company maintaining its top-ranked position in the Dow Jones Sustainability Index for the fourth consecutive year [10] - The company is targeting Net Zero by 2050, with a 19% reduction in emissions in the top six sectors since 2022 [11] - In Mexico, the company expects double-digit loan growth in 2024, supported by nearshoring and a strong labor market [27][31] Management Commentary on Operating Environment and Future Outlook - Management highlighted the importance of delivering profitable growth and creating value for stakeholders [37] - For 2024, the company expects net attributable profit to continue growing, with ROTE in the high-teens and efficiency ratio below 42% [38] - In Spain, NII is expected to grow at mid-single-digit rates, with cost of risk projected at 40 basis points [26] - In Mexico, NII is expected to grow at high single-digit rates, with cost of risk increasing to 325 basis points [31] - Turkey is expected to contribute similarly to 2023, with cost of risk increasing to 110 basis points [34] Other Important Information - The company announced a new share buyback program of EUR781 million, equivalent to 1.6% of BBVA's market cap [23] - Since 2021, total shareholder distribution has reached EUR13.2 billion, including EUR5 billion from 2023 results [23] - The company is on track to meet its long-term targets, with all metrics exceeding original goals [23] Q&A Session Summary Question: NII Sensitivity and Loan Growth Outlook in Spain - NII sensitivity to a 100 basis points change in rates is now plus/minus 5%, down from 20% a year ago [42] - Loan growth in Spain is expected to be flattish, with growth in consumer portfolios and medium-sized enterprises [44] - Deposit costs are expected to increase, with a beta of 25% to 30% in 2024 [47] Question: NII Trends and Fees in Mexico - NII sensitivity in Mexico has been reduced to 2.3% from 3.7% a year ago [50] - Fees in Mexico are driven by payment services, with 59% of fee income coming from this segment [52] Question: Excess Capital and Cost of Risk in Mexico - The company is committed to returning excess capital to shareholders, with a CET1 target of 12% [55] - Cost of risk in Mexico is expected to increase to 325 basis points, driven by growth in retail portfolios [57] Question: Inorganic Growth Opportunities and Competition in Mexico - The company remains focused on organic growth, with no significant inorganic opportunities currently [64] - Competition from neo-banks in Mexico is declining, with BBVA maintaining its market share [65] Question: Regulatory Capital Headwinds - Basel IV is expected to have a limited impact on BBVA, with a fully loaded CET1 impact of less than 40 basis points [68] Question: Core Revenue Growth and Cost Management - Core revenue growth in Spain and Mexico is expected to remain healthy, with NII growing at mid-single-digit and high single-digit rates, respectively [72] - Expense growth in Spain and Mexico is expected to slow down, with efficiency ratios improving [76] Question: NII Sensitivity and Payout Policy - The company expects to maintain a 50% payout policy, split between 40% in cash dividends and 10% in share buybacks [111] Question: Argentina's Profit Outlook and Turkey's Normalization - Argentina's profit is expected to be 20% to 30% lower in 2024, driven by currency devaluation and inflation [115] - Turkey is expected to normalize in two to three years, with inflation projected at 45% in 2024 [118] Question: Structural Hedging and Capital Generation - The ALCO portfolio in Spain is expected to remain stable, with a duration of 3.4% including hedges [95] - Organic capital generation is expected to be around 60 basis points per year, excluding regulatory impacts and model updates [127] Question: Unrealized Losses and Asset Quality - Unrealized losses in the hold-to-maturity portfolio are around EUR400 million, mainly in Turkey [130] - Stage 2 increases in Q4 were driven by mortgage portfolio restructuring in Spain [130] Question: Long-Term Loan Growth Potential in Mexico - Loan growth in Mexico is expected to remain strong, supported by low banking debt to GDP and nearshoring trends [139]

2023 Results 2023 Results 2 Disclaimer This document is only provided for information purposes and is not intended to provide financial advice and, therefore, does not constitute, nor should it be interpreted as, an offer to sell, exchange or acquire, or an invitation for offers to acquire securities issued by any of the aforementioned companies, or to contract any financial product. Any decision to purchase or invest in securities or contract any financial product must be made solely and exclusively on the ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, January 29:Independent Bank Corporation (IBCP) : This bank holding company for Independent Bank carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.9% over the last 60 days.Independent Bank Corporation has a price-to-earnings ratio (P/E) of 9.35, compared with 10.60 for the industry. The company possesses a Value Score of B.Banco Bilbao Vizcaya ...

Investors with an interest in Banks - Foreign stocks have likely encountered both Banco Bilbao (BBVA) and United Overseas Bank Ltd. (UOVEY) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores h ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of ...

Financial Data and Key Metrics - Net attributable profit reached €2.83 billion, a 13% YoY increase, with earnings per share growing 18% YoY to €0.33 [3] - CET1 ratio increased by 6 basis points to 12.73%, despite a 32 basis points impact from the ongoing €1 billion share buyback program [4] - Tangible book value per share grew 18% YoY and 5.5% QoQ, with ROTE reaching 17% and ROI at 16.3%, the highest in the last 10 years [5] - Gross income grew 29.1% YoY, operating income grew 32% YoY, and net attributable profit grew 29.6% YoY in constant euros [6] - For the first 9 months of 2023, gross income increased 31.8% YoY, driven by a 36.5% increase in NII and 17.5% growth in fee income [7] Business Line Performance - Net interest income grew 36% YoY and 13.4% QoQ, driven by solid activity growth and customer spread improvements [8] - Net fees and commissions grew 28% YoY and 13.6% QoQ, supported by payments, asset management, and transactional businesses [8] - Spain saw a 39% YoY growth in core revenues, while Mexico grew 19% YoY, with both countries showing over 5% QoQ growth [9] - Spain's customer spread improved to 3.33%, while Mexico maintained a high customer spread of 11.94% [9] - Spain's NII growth expectations for 2023 were upgraded to close to 50%, up from the previous guidance of 40%-45% [10] Market Performance - Spain's loan book remained flat, with growth in consumer and SME segments, while mortgages showed positive evolution due to new production levels [21] - Mexico's economy outperformed expectations, with GDP growth upgraded to 3.2%, driving strong loan portfolio growth, especially in consumer loans and SMEs [24] - Turkey reported a quarterly loss of €158 million due to high inflation and an increase in corporate tax rates, but NII was supported by activity growth in short-term loans [28] - South America showed positive activity trends, with higher provisioning needs in retail portfolios due to a deteriorated macro scenario, especially in Peru [31] Strategy and Industry Competition - The company upgraded its NII growth expectations for 2023, reflecting confidence in continued revenue growth in Spain and Mexico [10] - The efficiency ratio improved to 41.8%, a 328 basis points improvement YoY, maintaining the company's position as one of the most efficient European banks [11] - The company acquired 8.3 million new customers in the first 9 months of 2023, with 65% acquired through digital channels, a key differentiator from competitors [16] - The company channeled €16 billion in sustainable business in Q3, bringing the total to €185 billion since 2018, with a target of €300 billion by 2025 [17] Management Commentary on Operating Environment and Future Outlook - Management expects continued healthy core revenue growth in the coming quarters, driven by spread improvements in Spain and strong lending momentum in Mexico [10] - The company anticipates a slight increase in the group cost of risk for 2023, mainly due to mix effects and a deteriorated macro environment in South America [12] - Management remains confident in the company's ability to deliver strong results, with positive prospects for future growth [32] Other Important Information - The company paid an interim dividend of €0.16, a 33% increase YoY, and expects to complete its €1 billion share buyback program by year-end [15] - The company's loan book increased by 8% YoY, supporting over 100,000 mortgages, 400,000 SMEs, and 70,000 larger corporates [18] - The company is on track to meet its long-term targets announced on Investor Day, with upgraded expectations for 2023 [19] Q&A Session Summary Question: Spain's customer spread and loan volume expectations [35] - Management expects customer spreads to continue improving, with lending yields expected to rise until Q2 2024 [36] - Corporate loan growth in Spain was driven by short-term factoring deals, while mortgage growth was supported by market share gains [38] Question: Cost of risk guidance and cost growth expectations [40] - The company revised its cost of risk guidance to slightly above 111 basis points for 2023, mainly due to mix effects and a deteriorated macro environment in South America [41] - Management did not provide specific cost growth guidance for 2024 but expects better bottom-line results than in 2023 [44] Question: Turkey's cost of risk and capital returns [46] - Turkey's cost of risk is expected to increase from the current 26 basis points as the macro environment normalizes, but remains below historical averages [47] - The company plans to continue its share buyback program and maintain shareholder remuneration, given its strong capital position and profitability [48] Question: Spain's deposit mix and Mexico's cost of risk [50] - Spain's deposit beta is expected to remain relatively capped due to high liquidity in the system, with retail deposit beta currently below 5% [53] - Mexico's cost of risk increased to 308 basis points in Q3, driven by higher provisioning needs in retail segments, but remains in line with guidance [54] Question: Mexico's customer spread and loan-to-deposit ratio [59] - Mexico's customer spread is expected to remain around current levels, with limited sensitivity to potential rate cuts due to the fixed-rate nature of the loan book [60] - The company is comfortable with its current loan-to-deposit ratio of 100% and does not plan to aggressively increase deposit costs [64] Question: CET1 capital composition and digital euro impact [67] - The company repatriates profits from hyperinflationary countries like Turkey, with €350 million repatriated in 2023, and incorporates currency risks into its tangible book value per share growth [68] - Management views the digital euro as a payment-focused initiative and does not foresee major risks at this stage, given the early phase of implementation [70] Question: Mexico's risk appetite and mortgage strategy in Spain [73] - The company remains comfortable with its risk appetite in Mexico, citing strong labor markets and remittances as supportive factors for retail cost of risk [78] - In Spain, 85% of new mortgage production is fixed-rate, with the company gaining market share due to its competitive pricing [74] Question: Turkey's customer spread and cost-to-income ratio [82] - Turkey's customer spread improved from -250 basis points in July to +190 basis points in September, with management expecting further NII growth to offset inflation pressures [83] Question: Group cost of risk and bond swap in Mexico [86] - The company expects the group cost of risk to be slightly above 111 basis points for 2023, driven by mix effects and a deteriorated macro environment in South America [87] - The bond swap in Mexico involved €2.5 billion, with a positive medium-term impact on NII despite a short-term negative impact on NTI [87] Question: Spain's deposit remuneration and ALCO strategy [89] - Spain's deposit beta is 85% for CIB and large clients, 35% for mid-corporates, and below 5% for retail, reflecting the high liquidity in the system [91] - The company has reduced its sensitivity to rate cuts by taking negative carry on longer-term bonds, with NII sensitivity now at 6% [91] Question: ALCO portfolio and capital requirements [93] - Mark-to-market losses in the ALCO portfolio decreased to 2.4% of TNAV, mainly due to changes in Turkey's rate environment [94] - The company expects the single resolution fund to disappear in 2024, with a significant reduction in the deposit guarantee fund [94]

3Q23 Results 3Q23 Results 2 Disclaimer This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such spec ...