1st Quarter Results

Banco Bilbao Vizcaya Argentaria SA
25 April 2007


PRESS RELEASE                                                      25 April 2007


                         First quarter results for 2007


BBVA increases net profit 23% to €1,254m, excluding extraordinary items


The BBVA Group expands further in high growth regions. It signed a strategic
agreement with CITIC Group for China and other parts of Asia, and it announced
the purchase of Compass Bancshares in the USA

•    Net attributable profit rose 91.2%, to €1,950m if the sale of the holding
     in Iberdrola is included. Earnings per share (EPS) excluding non-recurrent 
     items increased 17.4% to €0.35

•    Operating profit excluding non-recurrent items set a new record for a
     single quarter, rising 21.4% to €2,349m on strong revenues and business
     activity, and on an improvement in spreads

•    The cost/income ratio (without non-recurrent items) improved further,
     from 42.4% to 39.5% (from 45.9% to 42.4% with depreciation)

•    BBVA remains at the head of European banks in terms of profitability with
     a return on equity (ROE) of 30.5% and a return on assets (ROA) of 1.26%
     excluding non-recurrent items

•    All business areas improved efficiency and recorded significant growth in
     revenues, operating profit and net profit

•    Spain & Portugal increased operating profit 21.1% and its net
     attributable profit rose 26.9% to €601m

•    Global Businesses increased operating profit 30.2% and its net
     attributable profit climbed 29.5% to €189m

•    Mexico & USA increased operating profit 35% at constant rates and net
     attributable profit rose 26.1% to €484m

•    South America increased operating profit 22% at constant exchange rates
     and net attributable profit rose 20.1% to €166m

BBVA today announced net attributable profit before non-recurrent items of
€1,254m for the first quarter of 2007. This is an increase of 23% compared to
the same period last year. Operating profit for the quarter set a new record at
€2,349m (up 21.4%) - all excluding non-recurrent earnings. Thus the BBVA Group
is starting the year off with recurrent earnings of high quality thanks to
strong revenues associated with the high level of business activity and an
improvement in spreads.

In the first quarter BBVA advanced its expansion strategy in international
regions with fast-growing economies. It signed a strategic agreement with CITIC
Group for China and other parts of Asia. Furthermore, it announced the
acquisition of Compass Bancshares in an operation that will make it one of the
top 20 banks in America and the main banking franchise in the Sun Belt. The BBVA
Group also achieved new improvements in efficiency including depreciation, which
fell to 42.4% (45.9% a year earlier) and it maintains a solid position in
profitability, risk management and capital adequacy.

Including the sale of Iberdrola shares, BBVA's net attributable profit jumped
more than 90% in the first quarter to €1,950m. But even without this
non-recurrent operation, the first quarter of 2007 has confirmed the upward
trend of recent years at global level and in all business areas. Greater
business volumes boosted net interest income, which is the main source of
revenue. Total revenues grew faster than expenses and this brought new
improvements in efficiency and sharp increases in operating profit and net
attributable profit.

In February BBVA announced an agreement to acquire 100% of Compass Bancshares
Inc for $9,600m. It will finance this operation by an exchange of shares and
internal funds. The latter include proceeds from the sale of its holding in
Iberdrola, which produced capital gains of €696m after tax.

The BBVA Group's new North American franchise will have $47 billion in assets,
$32 billion in loans, $33 billion in deposits and 622 branches in 7 states. This
will make BBVA one of the top 20 banks in the country with a leading position in
the Sun Belt region. Projected US operations will represent about 10% of the
total BBVA Group. This is the biggest acquisition ever announced by BBVA and a
decisive step in its growth strategy for America.

BBVA's investments in CITIC Group took shape in March when the Group recorded
the 4.83% interest in China CITIC Bank (the third retail bank in mainland China)
and 14.58% of CITIC International Financial Holdings in Hong Kong (CITIC's
international finance unit).

These two operations meet BBVA's criteria for non-organic growth: they match the
BBVA Group's strategy and they create value for shareholders. Moreover they help
to put BBVA in a prominent position in regions with high economic growth.

Unlike recent periods, this quarter saw local currencies in the Americas fall
against the euro with a significant negative effect on all revenue items and on
the balance sheet. In the case of expenses and provisions the effect was
positive. As the year advances, the difference between current and constant
rates may decline due to changes in average exchange rates and to active
management of structural exchange rate risk by the BBVA Group.

The most relevant aspects of the BBVA Group's financial performance in the first
quarter are summarised below:

•    In the first quarter of 2007 the BBVA Group generated net attributable
     profit of €1,950m. After stripping out the capital gains related to 
     Iberdrola (in view of their non-recurrent nature), net attributable profit 
     comes to €1,254m. This is a 23% increase over the €1,020m obtained in the 
     first quarter of 2006 and this increase would be 31.1% at constant exchange 
     rates. The latter figure compares very favourably with the 21.0% obtained 
     on the same basis for the whole of 2006.

•    Earnings per share came to €0.55 and the return on equity stands at 34.7%. 
     Without non-recurrent items, earnings per share are €0.35 (up 17.3%
     compared to the €0.30 achieved in the first quarter last year) and ROE 
     stands at 30.5% (34.1% in March 2006).

•    The net profits are supported by solid operating profit of €3,196m. Without 
     the Iberdrola capital gains the figure is €2,349m, rising 21.4% over the
     €1,936m obtained in the first quarter of 2006 (up 29.0% at constant 
     exchange rates and thus higher than the 23.2% obtained for the whole of 
     2006).

•    The major source of revenue is net interest income. It increased 14.5%
     year-on-year (22.1% at constant rates), supported by higher business 
     volumes and an improvement in spreads. Net fee income and insurance 
     revenues rose 3.7% (9.5% at constant exchange rates) and net trading income 
     climbed 32.7% (excluding non-recurrent items).

•    The growth in ordinary revenues excluding non-recurrent items (12.3% in
     euros and 18.9% at constant exchange rates) easily offset the increase in
     operating expense including depreciation (4.6% and 9.9%, respectively). 
     This led to a new improvement in the cost/income ratio which stands at 
     42.4% compared to 45.9% at this point a year ago.

•    Lending has risen sharply in recent years and there is a greater proportion 
     of the more profitable forms (consumer finance, credit cards and SME
     lending), which have higher default rates. Despite this, the BBVA Group's
     indices of loan quality continue at excellent levels. At 31-Mar-07 the
     non-performing loan ratio improved to 0.84% (0.90% a year earlier) and the
     coverage ratio stands at 263.4% (261.7% at 31-Mar-06). It should be noted 
     that coverage funds at the end of March came to €7,093m. Those of a generic 
     nature account for €5,061m, compared to €4,119m a year earlier.

•    At 31-Mar-07 the Group's capital base remained sound with core capital at
     6.2% (compared to 6.2% at 31-Dec-06 and 5.6% at 31-Mar-06). Tier I stands 
     at 7.7% and the BIS ratio is 11.6%.

•    After payment of a third interim dividend of €0.132 per share on 10th
     January and the final dividend of €0.241 on 10th April, the total dividend 
     paid against 2006 earnings comes to €0.637 per share. This is 20% more than 
     the amount paid against 2005 results.

•    In the Spain & Portugal area, net interest income grew 13.2% year-on-year
     thanks to higher lending (up 15.7% with positive contributions from all the 
     main units and types) and to the increase in customer funds (up 5.7% aided 
     by an improvement in spreads). Other revenues increased 11.1% and ordinary 
     revenues grew 12.4% whereas expenses rose only 1.4%. Therefore, the 
     cost/income ratio improved once more, increasing operating profit 21.1% and 
     net attributable profit rose 26.9% to €601m.

•    The Global Businesses area also had an excellent quarter with sharp 
     increases in lending and customer funds. Ordinary revenues were up 19.7%,
     operating profit rose 30.2% and net attributable profit increased 29.5% to
     €189m.

•    In the Mexico & USA area, lending and customer funds continue to grow
     strongly (up 39.5% and 22.6%, respectively, in local currency). Helped by a
     further increase in customer spreads, net interest income increased 33.9% 
     at constant exchange rates. Net fee income and insurance revenue increased 
     19.5% and this boosted ordinary revenues 28.9%, outpacing the rise in 
     expenses. This meant the cost/income ratio continued to improve and 
     operating profit climbed 35.0%. This increase amply offset loan-loss 
     provisions, which doubled on higher lending, and increased net attributable 
     profit to €484m (up 26.1% at constant exchange rates).

•    In the South America area, business is on the rise (lending is up 29.8% and 
     customer funds are up 20.4% in local currencies). As a result, net interest
     income rose 26.2% at constant exchange rates and net fee income plus 
     insurance income increased 9.4%. Therefore, operating profit grew 22.0% and 
     net attributable profit rose 20.1% to €166m.



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D I S C L A I M E R


Forward-Looking Statements

This document may include 'forward-looking statements' within the meaning of the
'safe harbor' provisions of the United States Private Securities Litigation
Reform Act of 1995.  Forward-looking statements may be identified by the use of
words such as 'anticipate,' 'believe,' 'expect,' 'estimate,' 'plan,' 'outlook,'
and 'project' and other similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.  Investors
are cautioned that such forward-looking statements with respect to revenues,
earnings, performance, strategies, prospects and other aspects of the businesses
of Banco Bilbao Vizcaya Argentaria, S.A. ('BBVA'), Compass Bancshares, Inc. ('
Compass') and the combined group after completion of the proposed transaction
are based on current expectations that are subject to risks and uncertainties. A
number of factors could cause actual results or outcomes to differ materially
from those indicated by such forward-looking statements. These factors include,
but are not limited to, the following risks and uncertainties: those set forth
in BBVA's and Compass's filings with the Securities and Exchange Commission ('
SEC'), the failure to obtain and retain expected synergies from the proposed
transaction, failure of Compass stockholders to approve the transaction, failure
of BBVA stockholders to approve the related capital increase, delays in
obtaining, or adverse conditions contained in, any required regulatory
approvals, failure to consummate or delay in consummating the transaction for
other reasons, changes in laws or regulations and other similar factors.
Readers are referred to BBVA's and Compass's most recent reports filed with the
SEC.  BBVA and Compass are under no obligation to (and expressly disclaim any
such obligation to) update or alter their forward-looking statements whether as
a result of new information, future events or otherwise.


Additional Information and Where to Find It

This filing may be deemed to be solicitation material in respect of the proposed
transaction involving BBVA and Compass.  In connection with the proposed
transaction, BBVA has filed with the SEC a registration statement on Form F-4
(File no. 333-141813) (the 'Registration Statement') to register the BBVA
ordinary shares to be issued in the proposed transaction and that includes a
proxy statement of Compass that also constitutes a prospectus of BBVA. BBVA and
Compass have also filed, and intend to continue to file, additional relevant
materials with the SEC. The Registration Statement and the related proxy
statement/prospectus contain and will contain important information about BBVA,
Compass, the proposed transaction and related matters. SHAREHOLDERS OF COMPASS
ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final proxy
statement/prospectus will be mailed to shareholders of Compass.  Investors and
security holders may obtain a free copy of the disclosure documents (including
the Registration Statement) and other documents filed by BBVA and Compass with
the SEC at the SEC's website at www.sec.gov, from BBVA's Investor Relations
department or from Compass's Investor Relations department.  BBVA will also file
certain documents with the Spanish Comision Nacional del Mercado de Valores in
connection with its shareholders' meeting to be held in connection with the
proposed transaction, which will be available on the CNMV's website at
www.cnmv.es.


Participants in the Transaction

BBVA, Compass and their respective directors and executive officers and other
members of management and employees may be deemed to be participants in the
solicitation of proxies in respect of the proposed transactions.  Information
regarding BBVA's directors and executive officers is available in BBVA's annual
report on Form 20-F, which was filed with the SEC on March 30, 2007, and
information regarding Compass's directors and executive officers is available in
Compass's proxy statement for its 2006 annual meeting of shareholders, which was
filed with the SEC on March 17, 2006.  Additional information regarding the
interests of such potential participants is also included in the Registration
Statement (and will be included in the definitive proxy statement/prospectus for
the proposed transaction) and the other relevant documents filed with the SEC.




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