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What is a BBVA account?
Banco Bilbao Vizcaya Argentaria, S.A., better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain.
It is one of the largest financial institutions in the world, and is present mainly in Spain, South America, North America, Turkey, and Romania.
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BBVA is the first and only Spanish bank to commit to PCAF´s measurement of financed emissions. The Partnership for Carbon Accounting Financials is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the GHG emissions associated with their loans and investments.
With more than 120 banks and investors from five continents already participating, this initiative, which was launched globally in September 2019, is expanding rapidly in North America, Latin America, Europe, Africa, and Asia Pacific. The total financial assets of all PCAF members currently total more than $39 trillion.
A core team of 16 financial institutions developed the Global (GHG) Accounting and Reporting Standard for the Financial Industry (“the Standard”), which aims to harmonize the accounting of greenhouse gas emissions and which was launched in November 2020.
Measuring financed emissions with the Standard is a critical step for financial institutions to assess the transition risks associated with climate change, set objectives in line with the Paris Agreement, and develop effective strategies to decarbonize the economy.
A core team of 16 financial institutions developed the Global (GHG) Accounting and Reporting Standard for the Financial Industry (“the Standard”), which aims to harmonize the accounting of greenhouse gas emissions and which was launched in November 2020. Measuring financed emissions with the Standard is a critical step for financial institutions to assess the transition risks associated with climate change, set objectives in line with the Paris Agreement, and develop effective strategies to decarbonize the economy.
BBVA quarterly results
All operating units recorded results above analysts’ expectations in the second quarter, especially Spain (thanks to a higher recurring income and a lower cost of risk), Mexico and Turkey (mainly due to a lower than expected CoR).
In general, analysts note the Group’s solid second quarter results, the forecasts for fee income improvement in Spain and the CoR in Spain, Mexico and Turkey. Analysts are increasing their EPS estimates as a result of this.
Regarding the cost of risk, the positive biases that emerged three months ago have been confirmed with the indicator’s good performance in the second quarter of the year.
The bank’s management now expects it to be around 110 basis points at Group level for 2021, with estimated levels below 40 basis points in Spain (compared to the previous estimate of around 50 basis points), around 300 basis points in Mexico (compared to the previously estimated 380) and below 150 in Turkey (around 180 basis points forecasted three months ago).
In the case of recurring revenues in Spain, its semester growth at 4 percent stands out compared to the same period last year.
This solid performance, largely supported by commissions linked to the area’s activity, justifies that BBVA’s forecast for net commissions has risen from a high single-digit growth environment (somewhat below 10 percent) to a medium double-digit one ( around 15 percent) for 2021.
However, the forecast for net interest income is maintained, with an estimated decrease of between 1 percent and 2 percent for the year.
Analysts point to management’s confidence for recurring revenue in Mexico thanks to the dynamism of cards and commercial activity, as well as the positive impact of interest rates that will become more significant in 2022.
In Turkey, analysts noted the strong activity in the second quarter and the upward bias to the current mid-teens TL loan growth guidance.
Regarding capital, analysts highlight the message from the bank’s management that regulatory impacts are not expected on the fully-loaded CET1 ratio for the remainder of 2021, and that they would be limited in 2022 and 2023.
This is the first data analysis carried out in the country using machine techniques to identify the existence of non-linearities for determining usage patterns within different payment channels, in addition to the importance of financial development for consumer decision-making.
The study of household consumption patterns and payment channels is relevant for inclusive development policies, especially in countries such as Mexico, where 56 out of every 100 workers work in the informal sector.
The identification of target variables on which public policies can have an impact to encourage the use of non-cash payment methods is of primary importance and ensures the rapid adoption of new technologies (such as CoDi) or a further deepening of traditional payment channels (cards).
The results of the study point to the income level of individuals as the main variable that determines the type of payment channel used most intensively. Lower income levels are associated with higher cash spending, and machine learning models find stronger non-linear relationships for the lowest income levels.
This suggests that a positive shock to the income of the poorest households has a greater effect in terms of reducing the use of cash as a means of payment, compared to the effect of a positive shock to the income of households in the highest deciles.
On the other hand, in addition to income, the depth of the financial system and the urbanization level of the municipality determine more intensive card use; machine learning models identify stronger non-linear relationships for higher levels of financial inclusion (measured as the number of loans per 10,000 inhabitants).
These results indicate that, in more urbanized areas, a positive shock in the number of people accessing financial services has the greatest effect on card use, compared to less urban areas with a smaller network of access points to the financial system.
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