1st Quarter Results

Banco Bilbao Vizcaya Argentaria SA
26 April 2004


                    Results: January - March 2004

     Attributable net income at BBVA rises 29.9% to 667 million euros


•    BBVA started 2004 with a clear strategy of profitable growth: activity is
     accelerating, recurrent earnings are growing and the Bancomer take-over was
     concluded successfully

•    Attributable net income from domestic businesses grew 27.2% to 447
     million euros and net income in the Americas increased 35.7% to 220 million
     euros

•    All recurrent business margins were up and operating profit rose to 1,279
     million euros - an increase of 5.2% at current exchange rates and 12.5% at
     constant rates

•    Return on equity (ROE) improved to 20.3% compared to 16.9% in March 2003
     and earnings per share (EPS) increased by 25.1%

•    Non-performing loans fell further to 1.23% compared to 1.78% a year
     earlier and coverage increased to 209.8%

•    The cost/income ratio improved to 46.0% against 47.1% in March 2003. This
     confirms BBVA's position among the leaders in the euro zone

•    Retail Banking increased operating profit by 8.1% and attributable net
     income by 12.7% on the back of growth in lending (up by 16.3%) and 
     customers' fund-gathering activities (10.9%)

•    Wholesale and Investment Banking maintained the high level of recurrent
     earnings with operating profit of 192 million euros - 17.4% higher than the
     quarterly average in 2003

•    The Americas recorded a rise of 35.7% in attributable net income (54.2%
     in local currency terms)

•    Attributable net income in Mexico came to 132 million euros, an increase
     of 36.8% (61.6% at constant exchange rates)


In the first quarter of 2004 BBVA achieved attributable net income of 667
million euros. This was the best quarterly figure in the last two years and
represents growth of 29.9% over the first quarter of 2003. All the Bank's
recurrent business 7margins rose. Operating profit increased 5.2% to 1,279
million euros and activity grew significantly faster, especially in the retail
banking market in Spain. Attributable net income from domestic business grew
27.2% to 447 million euros and in the Americas it increased 35.7% to 220 million
euros.



The higher activity and recurrency of earnings strengthened BBVA's position. By
the end of the quarter the return on equity (ROE) had increased to 20.3% from
16.9% a year earlier, the cost/income ratio improved to 46% from 47.1% and it
recorded new advances in risk quality with the non-performing loan ratio
improving to 1.23% from 1.78%. Following the success of the bid to acquire the
minority interests of Bancomer, BBVA maintained its high level of capital
adequacy. The BIS ratio was 12.1% and core capital 5.7% - in line with the
target set for the end of this year (6%).



BBVA started 2004 on a firm footing, based on faster growth of activity in the
entire Group and on the generation of recurrent earnings. The increase of the
holding in BBVA Bancomer to 99.6% was a step forward in a new approach announced
at the recent General Shareholders Meeting under the overall strategy adopted at
the beginning of 2002. Since the second half of 2003 this strategy has a central
theme: profitable growth.



These positive earnings figures confirm the trend noted towards the end of 2003.
Growth in the US and Asia is clearly higher than the European Union. The EU is
weighed down by consumer weakness in countries such as France and Germany
although Spain continues to perform better than average and better than the euro
zone as a whole. Latin America shows signs of recovery and in 2004 it could
achieve growth in accordance with its potential. In the securities markets the
increased uncertainty caused by the attacks in Madrid on 11th March was overcome
relatively quickly and the main stock exchanges recovered their upward trend.
Currency markets continued to be unstable.



In view of the progressive normalisation of the financial situation in
Argentina, this quarterly report solely considers the consolidated public
accounts. Furthermore, the business figures and results of Group subsidiaries in
Argentina are once again reported as part of the Americas Area.




The most relevant aspects of the BBVA Group in the first quarter of 2004 are
summarised below:



•    Attributable net income rose to 667 million euros with an increase of
     29.9% over the 514 million euros obtained in the first quarter of 2003. At
     constant exchange rates this increase was 35.0%. This level of quarterly 
     income is the highest in the last two years.

•    Earnings per share increased by 25.1% while return on equity improved to
     20.3% compared to 16.9% in the first quarter of 2003. Return on assets 
     increased to 1.04%.

•    Operating profit came to 1,279 million euros and for the first time in
     recent years this is greater at current exchange rates than the same 
     quarter of the previous year (up by 5.2%). It is also greater than the 
     other quarters of 2003. At constant exchange rates it grew by 12.5% 
     including 15.0% in the aggregate of the domestic businesses (Retail 
     Banking, Wholesale Banking and Corporate Activities) and by 9.7% in the 
     Americas. Excluding trading income, the most recurrent part of operating 
     profit grew 9.3% at current exchange rates and 17.8% at constant rates.

•    The increase in operating profit carried over to net attributable income.
     The intermediate items on the income statement had a neutral effect and the 
     net amount was similar to the first quarter of 2003.

•    The increase in recurrent earnings is supported by activity which
     continues to accelerate quarter by quarter. Thus, in Retail Banking in 
     Spain and Portugal the year-on-year rate of increase in lending activities 
     rose to 16.3% at 31-Mar-04, compared to 13.9% at the end of 2003. The sum 
     of deposits, mutual and pension funds rose by 10.9% (10.5% on average 
     balances, against 7.4% in December 2003).

•    In the Americas, lending (excluding the old mortgage portfolio at
Bancomer and NPLs) grew 10.2% in local currency (6.8% in December 2003) and
traditional fund-gathering including repos placed through the branch network and
mutual funds, recorded an increase of 9.7% (7.4% in December).

•    The significant increase in activity in the euro zone and in the Americas
compensated the effect of the decline in interest rates since the first quarter
of 2003. Therefore the year-on-year increase in net interest income was 2.1% at
current exchange rates and 9.0% at constant rates.

•    Net fee income increased 2.3% at current exchange rates and 9.1% at
constant rates, mainly due to the increase in business activity.

•    Furthermore costs continued to be contained, falling 1.7% at current
exchange rates and increasing 4.1% at constant rates. As a result, the cost/
income ratio improved by more than 1 point to 46.0% compared to 47.1% in the
first quarter of 2003. This confirms that BBVA is one of the most efficient
large financial entities in the euro zone.

•    Retail Banking in Spain and Portugal continues to broaden activity
through the branch network in terms of lending and customer funds. This helped
net interest income to grow by 2.1% despite the decline in interest rates. Net
fee income also increased by 7.8% and this, together with cost control, led to a
further improvement in the cost/income ratio, which stands at 44.1% (45.5% in
the first quarter of 2003) and year-on-year increases of 8.1% in operating
profit and 12.7% in attributable net income.

•    Wholesale and Investment Banking generated high operating profits in the
quarter. This is similar to the first quarter of last year and 17.1% higher than
the 2003 quarterly average. Attention is drawn to the trend in net fee income
which grew 14.7% year-on-year.

•    The Americas Area (including Argentina) was also helped by price
management and greater growth in lending and customer funds. Net interest income
increased 7.7% at constant exchange rates and this, together with the strength
of net fee income (up by 12.7%), helped operating profit to grow 9.7%. Thus,
with the lower provisioning required and the smaller minority interests,
attributable net income grew 54.2% (35.7% at current exchange rates).

•    The picture in Mexico was particularly positive with an increase of 7.9%
in net interest income calculated at constant exchange rates, despite the
decline in interest rates. Note that in the first quarter of 2003 interest rates
were at the highest level for the year. Operating profit also grew by 18.9% and
net income by 20.8%. Lower minority interests caused the growth in attributable
net income to rise to 61.6% in local currency, an increase of 36.8% in current
euros. Activity continued to grow strongly, especially in the more profitable
segments. Thus, traditional fund-gathering grew by 11.8% while transactional
deposits in pesos grew 19.1%. Likewise, lending grew 17.5% while consumer credit
and cards achieved year-on-year growth of 34.2%.

•    The Group's non-performing loan ratio continued falling to 1.23% at the
end of the quarter (1.37% at 31-Dec-03 and 1.78% at 31-Mar-03). Coverage
increased to 209.8% (184.9% at 31-Dec-03 and 167.5% at 31-Mar-03).

•    Following an investment of 3,254 million euros for the acquisition of
Bancomer's minority interests, the Group's capital base continues to be solid:
core capital was 5.7% (in line with the figure of 6.0% set as the target at the
end of last year), Tier I capital was 8.0% and the BIS ratio 12.1%.


             BBVA Group Highlights (Consolidated figures)
                                                                     31-03-04      31-03-03       D% (YoY)

             BALANCE SHEET (million euros)
             Total assets                                             304,639       271,830           12.1
             Total lending (gross)                                    157,221       144,168            9.1
             Customer funds recorded on balance sheet                 192,740       178,825            7.8
             Other customer funds managed                             118,500       105,925           11.9
             Total customer funds managed                             311,240       284,750            9.3
             Shareholders' funds (including profit for the year)       15,094        12,385           21.9

             INCOME STATEMENT (million euros)
             Net interest income                                        1,684         1,650            2.1
             Core revenues                                              2,508         2,456            2.1
             Ordinary revenues                                          2,672         2,653            0.7
             Operating profit                                           1,279         1,217            5.2
             Pre-tax profit                                             1,067           892           19.6
             Attributable net income                                      667           514           29.9

             DATA PER SHARE AND MARKET CAPITALISATION
             Share price                                                10.77          7.63           41.2
             Market capitalisation (millions of euros)                 36,519        24,384           49.8
             Attributable net income                                     0.20          0.16           25.1
             Book value                                                  4.45          3.88           14.9
             PER (Price Earning Ratio; times) (1)                        14.6          10.9
             P / BV (Price/Book value; times)                             2.4           2.0

             RELEVANT RATIOS (%)
             Operating income / ATA                                      1.75          1.81
             ROE (Attributable net income / Average equity)              20.3          16.9
             ROA (Net income / Average total assets)                     1.04          1.02
             RORWA (Net income / Risk weighted assets)                   1.76          1.72
             Cost / income ratio                                         46.0          47.1
             NPL ratio                                                   1.23          1.78
             Coverage ratio                                             209.8         167.5

             CAPITAL ADEQUACY RATIOS (BIS rules) (%)
             Total                                                       12.1          12.6
             Core capital                                                 5.7           6.0
             TIER I                                                       8.0           8.5

             OTHER INFORMATION
             Number of shares (millions)                                3,391         3,196
             Number of shareholders                                 1,150,391     1,189,260
             Number of employees                                       85,695        88,960
             . Spain                                                   31,017        31,588
             . America (2)                                             52,678        55,331
             . Rest of the world                                        2,000         2,041
             Number of branches                                         6,943         7,027
             . Spain                                                    3,380         3,415
             . America (2)                                              3,370         3,410
             . Rest of the world                                          193           202

             N.B.: Non-audited data. Consolidated statements follow generally accepted accounting
             principles of Bank of Spain Circular 4/91 and later Circulars.
             (1) The 1Q04 PER is calculated taking into consideration the median of the analysts'
             estimates (April 2004)
             (2) This heading includes BBVA Group' s banking and pension management activities in all
             Latin American countries in which it is present.


Consolidated income statement
 (Million euros)
                                              1st           D%         1st            D%  at
                                                                                     constant
                                           quarter 04               quarter 03       exchange
                                                                                       rates

Financial revenues                             2,932      -13.1        3,375            -7.2
Financial expenses                            -1,392      -23.8       -1,827           -18.7
Dividends                                        144       41.5          102            45.5

NET INTEREST INCOME                            1,684        2.1        1,650             9.0
Net fee income                                   824        2.3          806             9.1

CORE REVENUES                                  2,508        2.1        2,456             9.0
Net trading income                               164      -16.5          197           -14.0

ORDINARY REVENUES                              2,672        0.7        2,653             7.3
Personnel costs                                 -794       -4.2         -829             0.6
General expenses                                -434        3.2         -420            11.2

GENERAL ADMINISTRATIVE EXPENSES               -1,228       -1.7       -1,249             4.1
Depreciation and amortization                   -113      -11.4         -128            -6.5
Other operating revenues and expenses            -52      -12.3          -59            -3.0
(net)


OPERATING PROFIT                               1,279        5.2        1,217            12.5
Net income from companies under the               84      219.3           26           207.8
equity method
Memorandum item: dividends received             -102       49.1          -68            55.4
Amortization of goodwill                        -132        0.5         -131             0.5
Net income from Group transactions               245       22.3          200            22.3
Net loan loss provisions                        -291       -9.8         -323            -2.0
Net securities writedowns                          -          -            -               -
Extraordinary items (net)                       -118       21.4          -97            34.6

PRE-TAX PROFIT                                 1,067       19.6          892            25.7
Corporate income tax                            -309       48.0         -209            55.7

NET INCOME                                       758       11.0          683            16.6
Minority interests                               -91      -46.4         -169           -41.8
. Preference shares                              -51      -22.0          -64           -22.0
. Other                                          -40      -61.6         -105           -55.9

ATTRIBUTABLE NET INCOME                          667       29.9          514            35.0


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