BBVA shares fall as Q4 results disappoint on cost concerns

Banco Bilbao Vizcaya Argentaria SA

05/02/2026 08:22

** BBVA BBVA.MC shares fall around 4% as higher-than-expected operating costs and impairments overshadow the Spanish lender Q4 results

** RBC Capital Markets says costs in the Spanish segment are a focus area, with FY26 guidance "significantly higher than consensus expectations," raising concerns about profitability

** J.P. Morgan notes mixed results, citing higher impairments and weaker-than-expected CET1 capital ratio as key drags despite strength in Spain and Mexico

** Analysts highlight limited near-term upside, with RBC stating "further increases in the bank's share price could be much harder to come by"

** Shares are on track for their worst day since April 7, 2025 if losses hold

 (Reporting by Mireia Merino)

 ((Mireia.merino@thomsonreuters.com))