1st Quarter Results

Banco Bilbao Vizcaya Argentaria SA
09 May 2005



                           2005 first quarter results


                        BBVA's net attributable profit
                             rises 20% to €815m



•      An increase in activity and revenues boosted Group's profit in all three
business areas.



•      All recurrent margins grew strongly. Operating profit grew 16.3%;
ordinary revenues grew 9%; core revenues 7.3% and net interest income 7.2%.



•      The cost/income ratio improved from 51.2% to 48.5% (before amortization
it improved from 46.9% to 45%). Improvements were noted in all three business
areas thanks to the improvement in revenues and cost control.



•      Earnings per share (EPS) increased 17.4% and return on equity (ROE)
stands at 30.8%.



•      In the Retail Banking area lending grew at 20.4% and customer funds at
8.2% with an increase of 11.5% in operating profit and 13.2% in net attributable
profit.



•      In Wholesale Banking lending grew 11.7% and customer funds 31.9%. There
were increases of 12% in operating profit and 22.7% in net attributable profit.



•      The Americas area recorded increases of 26.2% and 14.6%, respectively, in
lending and customer funds with increases of 15% in operating profit and 61.1%
in net attributable profit.



•      Mexico confirmed the dynamic growth of lending in all segments
(mortgages, SMEs and consumer finance) which grew 36% without including
Hipotecaria Nacional.



•      Once again BBVA improved risk quality with a drop in the non-performing
loan ratio to 1.06% and an increase in coverage to 228.1% (compared to 1.46% and
194.9% a year ago).



•      The group improved its high level of liquidity. The BIS ratio rose from
11.4% to 12.3% and core capital from 5.4% to 6%.



BBVA kicked off 2005 with a sharp rise in profitable growth. In the first
quarter it generated €815m in net attributable profit with an increase of 20%
over the same period last year. There were substantial improvements in all
recurrent margins thanks to an important increase in revenues associated with
higher activity. As a result, operating profit increased 16.3% to €1.43 billion
in the first quarter.



The positive performance of revenues, management and results led to a new
improvement in all the group's fundamentals. Return on equity (ROE) now stands
at 30.8% and the cost/income ratio has improved from 51.2% to 48.5% (45% before
amortisation). The non-performing loans ratio improved to 1.06% and coverage
rose to 228%. Capital adequacy strengthened, the BIS ratio stands at 12.3% and
core capital at 6% (compared to 11.4% and 5.4% a year ago). In summary, BBVA has
further improved its competitive position and is moving forward with its policy
of profitable growth.



During the first quarter of 2005 the group concluded the acquisition of Laredo
National Bancshares in Texas, reinforcing the BBVA USA franchise.



In addition, BBVA launched a takeover bid for 100% of the capital of Banca
Nazionale de Lavoro (BNL), the sixth largest bank in Italy. The Italian bank's
board of directors has accepted the bid and CONSOB and the European Commission
have authorized the operation. The main agencies (S&P, Fitch y Moody's) have
confirmed their ratings for the Group.



Both operations are part of the profitable growth strategy followed by BBVA
since 2002. In terms of organic growth the bank also recorded important
increases in business activity and revenues in the first quarter with a
corresponding improvement in profit. These improvements occurred in all business
areas.



All recurrent margins increased strongly in the quarter. Net interest income
grew 7.2%; core revenues grew 7.3%; ordinary revenues 9% and operating profit
grew 16.3% to €1.43 billion.



The above positive performance led to an increase of 17.4% in earnings per share
(EPS) and return on equity (ROE) now stands at 30.8%.



This quarter the financial statements for 2005 and 2004 are presented in
accordance with the international financial reporting standards (IFRS) and the
new Bank of Spain Circular, 4/2002. Therefore both years are calculated on a
uniform basis.



The most relevant aspects of the BBVA group's financial performance and strategy
in the first quarter are summarized below:



•      Net attributable profit in the first quarter of 2005 came to €815m. This
is a 20% increase over the €679m obtained in the same quarter last year.
Earnings per share increased to 17.4% and return on equity to 30.8%.



•      The higher profit is due to increases in all types of revenue and to a
restricted rise in operating expense. Operating profit was €1.43 billion, a
year-on-year increase of 16.3%.



•     Net interest income grew 7.2% on important increases in volume in the
Spanish market and on the combined effect in Mexico of higher interest rates and
significant growth in the most profitable lines of business.



•      Ordinary revenues increased 9.0% to €2.85 billion. Apart from net
interest income, this figure includes net fee income and insurance (which grew
7.9%) and net trading income (up 27.8%).



•      Operating expenses increased 4.7% (3.5% if depreciation and amortization
are included).



•      The cost/income ratio (an area in which BBVA leads the other large
European banks) improved to 45%, compared to 46.9% in the same period of 2004.
Including amortization, the ratio is 48.5% and the year-on-year improvement is
2.7 percentage points.



•      The amount of non-performing loans (NPLs) continued to decline despite
the sharp growth in customer loans. Thus the NPL ratio improved to 1.06% at
31-Mar-05, compared to 1.46% at 31-Mar-04. Coverage now stands at 228.1% (194.9%
in March 2004).



•      The group's capital base remains sound with core capital at 6% and a BIS
ratio of 12.3% at 31-Mar-05.



•     Following distribution in January of the third interim dividend of €0.10
per share against 2004 earnings and a final dividend of €0.142 in April, the
total dividend per share comes to €0.442, an increase of 15.1% over the previous
year.



•      The strong growth in the Retail Banking area for Spain and Portugal
continued and ordinary revenues increased 6.2% while expenses were practically
flat. Operating profit increased 11.5% and net attributable profit 13.2%. In
terms of average balances, lending grew 20.4% and customer funds 8.2%.



•      The Wholesale and Investment Banking area also recorded high levels of
growth in its main business units and there were strong results in market
trading. Operating profit grew 12% compared to the same quarter last year and
net attributable profit grew even further (22.7%) following a significant drop
in loan provisioning requirements. Lending grew 11.7% and customer funds 31.9%
(on average balances).



•      In the Americas area business activity grew faster in the quarter,
especially in lending to companies as well as to individuals. The important
increase in net interest income helped operating profit to climb 15% (21.8% at
constant exchange rates). Net profit was 37.4% higher than the first quarter of
2004 and net attributable profit 61.1% higher. Lending and customer funds
increased 26.2% and 14.6%, respectively, in terms of average balances.



•      Net interest income at BBVA Bancomer performed particularly well, causing
operating profit to rise 28.4% year-on-year at constant exchange rates. Net
profit grew 50.6% (41.2% excluding Hipotecaria Nacional). Lending activity
continued high, surging 36% before incorporation of Hipotecaria Nacional. With
the incorporation of Hipotecaria Nacional, growth in lending rises to 60.9%.





BBVA Group Highlights (Consolidated figures)

                                                                31-03-05           31-03-04                 D%
BALANCE SHEET (million euros)
Total assets                                                     345.221            315.180                9,5
Customer lending (gross)                                         185.533            156.192               18,8
On-balance sheet customer funds                                  211.389            193.786                9,1
Other customer funds managed                                     125.336            117.335                6,8
Total customer funds managed                                     336.725            311.121                8,2
Equity                                                            14.220             12.287               15,7
Shareholders' funds (including profit for the year)               11.767             10.321               14,0

INCOME STATEMENT (million euros)
Net interest income                                                1.549              1.445                7,2
Core revenues                                                      2.567              2.393                7,3
Ordinary revenues                                                  2.854              2.617                9,0
Operating profit                                                   1.432              1.232               16,3
Pre-tax profit                                                     1.203              1.028               17,0
Net attributable profit                                              815                679               20,0

DATA PER SHARE AND MARKET CAPITALIZATION
Share price                                                        12,56              10,77               16,6
Market capitalization (million euros)                             42.589             36.519               16,6
Net attributable profit                                             0,24               0,20               17,4
Book value                                                          3,47               3,04               14,0
PER (Price/earnings ratio; times) (1)                               12,3               12,5
P/BV (Price/book value; times)                                       3,6                3,5

SIGNIFICANT RATIOS (%)
Operating profit/ATA                                                1,69               1,53
ROE (Net attributable profit/Average equity)                        30,8               32,0
ROA (Net profit/ATA)                                                1,02               0,94
RORWA (Net profit/Risk weighted average assets)                     1,76               1,55
Efficiency ratio                                                    45,0               46,9
Efficiency ratio including depreciation and                         48,5               51,2
amortization
NPL ratio                                                           1,06               1,46
NPL coverage ratio                                                 228,1              194,9

CAPITAL ADEQUACY RATIOS (BIS Regulation) (%)
Total                                                               12,3               11,4
Core capital                                                         6,0                5,4
TIER I                                                               8,0                7,5

OTHER INFORMATION
Number of shares (million)                                         3.391              3.391
Number of shareholders                                         1.058.876          1.150.391
Number of employees                                               88.588             88.750
. Spain                                                           31.033             31.294
. America (2)                                                     55.579             55.456
. Rest of the world                                                1.976              2.000
Number of branches                                                 7.006              6.958
. Spain                                                            3.410              3.390
. America (2)                                                      3.420              3.374
. Rest of the world                                                  176                194


(1) The 2005 PER is calculated taking into consideration the median of the analysts' estimates (April 2005).
(2) Includes those related to the BBVA Group's banking, pension fund managers and insurance companies in all
the American countries in which it is present






Consolidated income statement

 (Million euros)

                                                                                              Memorandum item:
                                                                                               D% at constant
                                                 1Q 05                D%             1Q 04     exchange rates

Core net interest income                         1.528               7,9             1.416                 10,8
Dividends                                           22            (25,0)                29               (25,0)

NET INTEREST INCOME                              1.549               7,2             1.445                 10,1
Net income by the equity method                     23            (10,7)                26               (10,4)
Net fee income                                     899               8,2               831                 10,7
Income from insurance activities                    96               5,8                90                  9,5

CORE REVENUES                                    2.567               7,3             2.393                 10,0
Net trading income                                 286              27,8               224                 29,5

ORDINARY REVENUES                                2.854               9,0             2.617                 11,7

Net revenues from non-financial                     28              33,5                21                 35,2
activities
Personnel costs                                  (838)               3,3             (811)                  5,2
General expenses                                 (479)               7,3             (447)                 10,6
Depreciation and amortization                    (102)             (9,8)             (113)                (7,9)
Other operating income and expenses               (31)            (15,1)              (36)                (9,6)
(net)

OPERATING PROFIT                                 1.432              16,3             1.232                 19,3

Impairment losses on financial assets            (123)            (46,8)             (230)               (45,7)
(net)
   . Loan-loss provisions                        (118)            (47,5)             (225)               (46,4)
   . Other                                         (5)            (18,5)               (6)               (18,5)
Provisions (net)                                 (131)            (54,2)             (286)               (53,9)
Other income/losses (net)                           24            (92,4)               313               (92,4)
   . From disposal of equity holdings                4            (98,5)               240               (98,5)
   . Other                                          20            (72,2)                73               (71,8)

PRE-TAX PROFIT                                   1.203              17,0             1.028                 19,8
Corporate income tax                             (337)               8,5             (311)                 11,3

NET PROFIT                                         866              20,6               718                 23,5
Minority interests                                (50)              31,3              (38)                 50,5

NET ATTRIBUTABLE PROFIT                            815              20,0               679                 22,2






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