The financial instability of the last week has flown over the BBVA General Shareholders' Meeting this Friday and its president, Carlos Torres, has wanted to settle any doubt in this regard. "It is at times like the present that the strength and solidity of the BBVA model is valued the most," he assured at the beginning of his speech.
Without directly mentioning the situation of any of the entities surrounded by doubts in recent days, Torres acknowledged that the recent rate hikes by central banks have "had an impact on the markets, causing episodes of volatility and uncertainty such as this week", despite which he feels "confident" in 2023.
His words come amid the stock market storm that has hit banks around the world after the fall of Silicon Valley Bank (SVB) in the United States and the problems of Credit Suisse in Europe. Despite this, Torres has insisted on the "profitable" growth prospects of BBVA in its main markets.
In addition to Spain, BBVA is present in a large part of Latin America - it is the largest bank in Mexico - and also in Turkey. However, the banker has recognized during his intervention before the shareholders that high inflation is posing "an enormous challenge for families, reducing their purchasing power, especially that of the most vulnerable".
"We are aware of this and we are looking for solutions. Banking as a whole has anticipated sectoral measures, such as the extension of the Code of Good Practices, to which we have adhered. In addition, at BBVA we offer additional alternatives to our customers to facilitate payment of your mortgage", highlighted the BBVA Chairman.
At the macroeconomic level, Torres has highlighted the improvement in the economic outlook for 2023 in practically all the countries in which BBVA is present, which expects the Spanish economy to grow by 1.6% in 2023.
Internally, this Friday's Meeting has served to approve the distribution of 3,015 million euros through the payment of a cash dividend of 43 euro cents per share -almost 40% more than in 2021-, of which 12 cents were already paid in October, and a new share buyback program of 422 million euros.
For his part, the CEO of BBVA, Onur Genç, has emphasized the record attributable profit of 6,621 million euros, the best in the bank's history, and "the growing trend in profits of the last ten years", except the year of the outbreak of the pandemic.
The meeting, held at the Euskalduna Palace, has also served to approve the appointment of the Mexican Sonia Dulá as the entity's new director, which broadens the international profile of the highest management body and maintains representation at 40% female.
In addition to the appointment of Dulá, who fills the vacancy on the board left by Susana Rodríguez, the shareholders have also given their support to the re-election of directors Raúl Galamba, Lourdes Máiz, Ana Revenga and Carlos Salazar. In this way, the highest management body of BBVA increases the number of members with independent status to 73% (11 out of 15) and increases the international profile of the board. The representation of women continues at 40%, with six directors.
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