1st Quarter Results

Banco Bilbao Vizcaya Argentaria SA
8 May 2002


Highlights

BBVA Group highlights                                    (Consolidated figures)

                                             31-03-02   31-03-01     ^%(YoY)
BALANCE SHEET (millions of euros)

Total assets                                  303,332     311,268      (2.5)
Total lending (gross)                         152,347     144,916       5.1
Customer funds recorded on balance sheet      195,607     189,223       3.4
Other customer funds managed                  126,144     118,800       6.2
Total customer funds managed                  321,751     308,023       4.5
Shareholders' funds (including profit of       13,804      13,839      (0.3)
  the year)                              

INCOME STATEMENT (millions of euros)(1Q)
Net interest income                             2,114       2,081       1.6
Basic margin                                    3,085       2,993       3.1
Ordinary revenue                                3,291       3,039       8.3
Operating income                                1,482       1,197      23.7
Operating income (Argentina consolidated
  by equity method)                             1,372       1,055      30.1
Pre-tax profit                                  1,077       1,147      (6.1)
Net attributable profit                           587         553       6.0

PER SHARE DATA AND MARKET CAPITALISATION (31-03)
Share price                                     13.65       15.45     (11.7)
Market capitalisation (millions of euros)      43,623      49,376     (11.7)
Net attributable profit (1Q)                     0.18        0.17       6.0
Book value                                       4.32        4.33      (0.3)
PER (Price Earnings Ratio; times)(1)             16.7        20.9
P/BV (Price/Book value; times                     3.2         3.6

RELEVANT RATIOS (%)                              
Operating income / ATA                           1.99        1.63
ROE (Net attributable profit/Average equity)(2)  18.1        19.9
ROA (Net income/Average total assets)(2)         0.97        1.12
RORWA (Net income/Risk weighted assets)(2)       1.73        1.94
Cost/income ratio                                47.2        52.6
NPL ratio                                        1.59        1.91     
Coverage ratio                                  219.4       197.0

CAPITAL ADEQUACY RATIOS (BIS regulations)(%)
Total                                            13.1        11.8
TIER I                                            9.0         9.0

OTHER INFORMATION
Number of shares (millions)                     3,196       3,196
Number of shareholders                      1,192,415   1,249,502
Number of employees                            97,072     105,694                   
 * Spain                                       32,133      33,129
 * America (3)                                 62,870      70,458
 * Rest of the world                            2,069       2,107
Number of branches                              7,977       8,898       
 * Spain                                        3,644       3,811
 * America (3)                                  4,131       4,864
 * Rest of the world                              202         223


N.B.: Non-audited data. Consolidated statements follow generally accepted
      accounting principles of Bank of Spain Circular 4/91 and later Circulars.

(1) The 1Q02 PER is calculated taking into consideration the mean of the
    analysts' estimates (April 2002)
(2) Calculated with data from the last four quarters.
(3) This heading includes BBVA Group's banking and pension management activities
    in all Latin American countries in which it is present.


BBVA Group in the First Quarter of 2002

The economic crisis in Argentina and the constant changes in the country's
banking laws and regulations, which are having asymmetrical effects on assets
and liabilities after the peso's devaluation, means that Argentina's financial
statements are fairly inconsistent right now. Therefore, to avoid distorting the
year-on-year comparison of the Group's first-quarter earnings BBVA has isolated
Argentina's contribution by including it in the consolidated financial
statements by the equity-accounting method, without this having any effect on
the net attributable profit figure.
 
Consequently, the report displays the income statements with Argentina by the
equity accounting method for this first quarter and the four quarters of 2001,
and the details of the main lines, in proforma format. As a rule, the business
figures include Argentina, and the evolution of figures ex-Argentina is
displayed in pro memoria when it is deemed relevant. 

The Group's reserves have lost 116 million euros during the first quarter of the
year due to the devaluation of the peso and the special fund set up at the end
of 2001 remains in force.
 
In the first quarter of 2002, the BBVA Group obtained an attributable profit of
587 million euros, 6.0% up on the amount recorded in 1Q 2001. EPS stands at 0.18
euros and is growing at the same pace. ROE is 18.1%, slightly higher than in
2001. 

The highlight this quarter was the excellent performance of recurrent earnings,
which resulted in a y-o-y increase in operating income of 30.1% including
Argentina's contribution by the equity accounting method. Excluding dividends
and market operations, growth would stand at 17.2%. 

The significant growth in net interest income from the banking activities in
Spain and Banking in America easily offset the effect of the Mexican interest
rate cuts, meaning that Group net interest income rose 4.6% in overall terms.
Fee income performed well, jumping 14.4%, and special mention should be made 
of the fee income generated in the Group's transactions in Latin America, 
particularly in Mexico. 

Ordinary income ended the quarter 13.2% higher as income from market operations
topped the figure recorded in 1Q 2001. Meanwhile general administrative expenses
increased a mere 1.4%, widespread containment efforts having been made both in
business areas and by each line of general expenses. This efficient income and
expense management made for a further improvement in efficiency, which ended the
quarter at 47.9%, as compared to 53.5% at the end of 1Q 2001, with advances in
all business areas. 

The increasing volume of recurrent income generated neutralized the 58.9%
decline in income from group operations and the 40.5% drop in equity accounting
income, allowing the Group to allocate 19.8% more than in 1Q 2001 to provisions,
in line with the prudential criteria it usually applies.
 
The realized capital gains were far lower this quarter in comparison with the
large amount recorded the previous year. In addition, there were smaller
contributions made by the companies of the industrial portfolio with interests
in Argentina, and the 57 million euro lower contribution made by the Group's
subsidiaries in the country.
 
The large bad debt provisions allocated during the quarter boosted bad debt
cover to 217.7%, as compared to 207.4% on 31-3-01, while the NFL ratio dropped
to a record low of 1.53%.
 
The Group has further bolstered its net worth, and at the end of the quarter its
BIS-regulation capital ratio stood at 13.1%, as compared to 12.6% and 11.8% in
December and March 2001, respectively. Tier I equity represents 9.0% of the
risk-weighted assets. The Bank of Spain-based capital ratio also improved to
11.8% by the end of the quarter. 

BBVA paid a third interim dividend of 0.085 euros on 10 January and the final
dividend of 0.128 euros on 10 April, with which the total dividend for 2001
added up to 0.383 euros per share, 5.5% more than in 2000. 

In line with the organizational structure that the Group implemented at the end
of 2001 to optimise the EPS and value-creation in each line of business, this
quarter a new business area section has been laid out. The BBVA Group's business
activities are now classified so as to provide greater detail and fuller,
better-quality information, mirroring the Group's permanent commitment to
improve levels of transparency in its financial information. 
 
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