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BBVA in 2017 2017 Contents Letter from the Group Executive Chairman 4 Introduction 6 About BBVA 6 Business organizational chart and structure 7 Environment 8 Strategy and business model 13 Vision and aspiration 13 Progress in BBVA’s transformation journey 15 Our Values 19 Innovation and technology 20 Materiality 21 Responsible banking model 23 Group information 26 BBVA Group highlights 26 Relevant events 27 Results 28 Balance sheet and business activity 34 Solvency 36 Risk management 38 The BBVA share 41 Business areas 43 Banking activity in Spain 46 Non Core Real Estate 49 The United States 51 Mexico 54 Turkey 57 South America 60 Rest of Eurasia 63 Corporate Center 65 Other information: Corporate & Investment Banking 66 2017 Customer relationship 69 Customer experience 69 Customer care 75 People management 79 Professional development 80 Working environment 83 Remuneration 85 Volunteer work 86 Ethical behavior 87 Compliance system 87 Internal control model 92 Commitment to human rights 94 Sustainable finance 97 Sustainable financing 98 Management of environmental and social impacts 103 Engagement 107 Contribution to society 111 Investment in social programs 111 Financial education 112 Entrepreneurship 115 Knowledge, education and culture 118 Fiscal transparency 121 Responsible procurement 124 Corporate Governance 127 Report preparation guidelines 133 Criteria and standards 133 GRI indicators 135 Independent assurance report 145 Annex 148 2017 LETTER FROM THE GROUP EXECUTIVE CHAIRMAN P. 4 Letter from the Group Executive Chairman Dear Shareholder, In 2017, the global economy grew by 3.7%, slightly more than The year 2017 was also one of major corporate transactions, in 2016, and above market forecasts, thanks to the United such as the increase of our stake in Garanti to 49.85%, States, China and Europe. Europe’s economic performance and the agreements to sell both our franchise in Chile was a positive surprise, but uncertainty remained regarding to Scotiabank and much of our real-estate portfolio (to the Brexit negotiations, which are moving forward slowly. In the take place in 2018). We also increased our stake in the UK United States, the risk of an impact of the new tax and trade company Atom Bank, and remain its principal shareholder. policies on Mexico remains, although the Mexican economy continues to demonstrate a great resilience. Emerging markets, particularly in Asia, continue to grow more than In six of the eleven countries where we operate, developed ones. The global economic map is changing, with we reached a turning point in 2017, with over economic power shifting from west to east. Over the coming years, this trend will continue, boosted by the reduction of the 50% of our customers now being digital technological gap and by demographic factors. BBVA’s transformation strategy took some major steps forward in 2017, as recognized by the markets. The For the first time in BBVA’s history, gross consultancy firm Forrester Research named BBVA’s app income exceeded €25 billion, demonstrating in Spain as the best mobile banking app in the world, and the soundness of our business BBVA’s website in Spain received the highest score in the online banking ranking at European level. BBVA’s net attributable profit in 2017 amounted to €3,519m, In 2017, we reached a total of 22.6 million digital customers and slightly higher than in 2016, although it was affected by 17.7 million mobile customers, an increase of 25% and 44%, the negative accounting impact of our stake in Telefónica. respectively. In six of the eleven countries where we operate The impact does not represent any cash outflow, and does we reached a turning point, with over 50% of our customers not affect the Bank’s equity.Not including the effect of now being digital. What is even more important, in eight of our theTelefónica stake, the net attributable profit would have markets we head our peers in the NPS (Net Promoter Score) amounted to €4,642m, 19.7% more than in 2016 in current ranking, which measures our customers’ satisfaction. euros and 26.3% more in constant euros, i.e. not taking into account the exchange-rate impact. The future of the financial industry is closely related to the management of our customers’ information and For the first time in BBVA’s history, gross income exceeded data. That is why in 2017 we created a new division at the €25 billion, demonstrating the soundness of our business. highest organizational level focused on the definition and Operating expenses declined by 2.3% and the efficiency implementation of BBVA’s global data strategy. ratio improved by 276 basis points in constant euros to reach 49.5% at the close of 2017. This figure is far below the average Thanks precisely to the use of data and artificial intelligence, of our peers, and keeps us in the leading group of European we have continued to improve our digital offering, launching banks in terms of efficiency. new products onto the market and adding new functionalities that provide our users with a more complete experience. The NPL ratio declined to 4.4%, 47 basis points down from Examples of this are the new services, such as BBVA Plan, the previous year. The cost of risk stood at 0.87%, similar to launched in Mexico, which helps customers set up and the figure for 2016. The CET1 fully-loaded capital ratio closed achieve savings targets; Bconomy, launched in Spain, which at 11.1%, above our target of 11% and also at the head of our provides users with information on their financial health and European peer group. helps them control their personal finances; and MIA (Mobile 2017 LETTER FROM THE GROUP EXECUTIVE CHAIRMAN P. 5 Interactive Assistant) in Turkey, which allows customers to At the same time, the BBVA Foundation continued to develop operate via a mobile app using natural language. economic, cultural and scientific programs, and the BBVA Microfinance Foundation celebrated its tenth anniversary of We want our customers to benefit from the technological promoting the development of vulnerable sectors in Latin revolution we are experiencing, so last year we continued America. Also in 2017, BBVA reaffirmed its commitment to the to invest in areas such as machine learning, biometrics and principles of the United Nations Global Compact. blockchain, which are some of the cornerstones for the transformation of the industry. Thanks to the efforts of all the people who work at BBVA, we are turning into reality one of BBVA stood out among leading entities in the most ambitious business projects in global promoting a model of sustainable finance banking BBVA has also made significant progress over the year in 2017 has been a good year for BBVA. The Group’s revenues responsible banking. A number of the geographic areas where have reached a historic level, our capital strength has been we operate have been affected by natural disasters. Following reinforced, and our transformation strategy has gathered the earthquake that hit Mexico and the hurricanes that lashed pace as it enters the execution stage. the southern United States, we quickly deployed a battery of measures to ensure that our employees and the community This has all been possible thanks to the Group’s nearly as a whole could return to normal as soon as possible. Our 132,000 collaborators, whom I would like to congratulate on collaborators played an active role in the rescue work and their great work. Thanks to the efforts of all the people who collection of funds. work at BBVA, we are turning into reality one of the most ambitious business projects in global banking. BBVA stood out in 2017 among leading entities in promoting a model of sustainable finance. It granted the first green loan Finally, thank you to you, our shareholders. Your constant to a global company in the energy sector, as well as the first support is what drives us to continue working to offer our green loan with a project finance structure, also at global level. customers the best service possible, and to achieve our Purpose of bringing the age of opportunity to everyone. 1 March 2018 Francisco González Rodríguez 2017 INTRODUCTION P. 6 Introduction About BBVA BBVA is a customer-centric global financial services group BBVA operates in more than 30 countries. The Group has a founded in 1857. Its Purpose is to bring the age of opportunity solid position in Spain, it is the largest financial institution in to everyone. This Purpose reflects the Entity’s role as enabler, Mexico and has leading franchises in South America and the to offer its customers the best banking solutions, helping Sunbelt Region of the United States. It is also Turkish bank them make the best financial decisions and making a true Garanti’s leading shareholder. Its diversified business is biased difference in their lives. We live in the era of opportunities, to high-growth markets and it relies on technology as a key where technology offers universal access to education and sustainable competitive advantage. offers many more people than ever before the possibility of embarking on projects and chasing their dreams. BBVA helps BBVA has a responsible banking model based on seeking people make their dreams come true. out a return adjusted to ethic principles, legal compliance, best practices and the creation of long-term value for all its stakeholders. Europe Germany North America Belgium The nite States yprus exico Spain inlan France ollan Asia-Pacific South America Italy hina Argentina Irelan ong ong Bolivia uxembourg apan Brail alta Singapore hile Portugal Colombia nite ingom Paraguay Romania Peru Switerlan ruguay Turey Veneuela 0 72 0 8,271 1688 11856 billion in total million countries branches ATMs employees assets customers Data at the close of 2017.
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