3rd Quarter Results

Banco Bilbao Vizcaya Argentaria SA
30 October 2002

                    BBVA Group in the Third Quarter of 2002


The pace of global economic activity slowed down in the third quarter, bringing
further widespread uncertainty that triggered more heavy market losses and
negatively impacted the investment banking and asset management business. The
emerging markets, and Latin America in particular, were hit hard by investors'
risk aversion, with Argentina and Brazil causing most concern. As a result, the
Latin American currencies lost further ground

against the euro, thus enhancing the negative effect seen when the BBVA Group's
Latin American business figures are converted into euros and increasing the
impact on the income statement as depreciation increasingly hits the cumulative
average exchange rates.

In spite of this scenario, the BBVA Group still reported growth in the most
recurrent items and additional efficiency gains; even so, Group attributable
profit was dampened by the lower volume of income from companies carried by the
equity method and Group transactions and the higher provisions, ended 3Q02 at
1,655 million euros, 8.9% lower than on the same date last year, and similar to
the percentage recorded at the end of 2Q02.

As a consequence of the continuation of the special circumstances facing
Argentina's financial system, just as in the previous quarters, a pro forma
account is being presented with Argentina carried by the equity method, thus
allowing a more precise analysis of the Group's performance compared against the
preceding year. The figures relating to the balance sheet and business activity
include Argentina, although the figures and performance excluding this country,
as regards the most relevant magnitudes, appear as a memorandum item.

Operating income amounted to 3,962 million euros with Argentina by the equity
accounting method, representing y-o-y growth of 5.7%, or 7.6% excluding
dividends and income from market operations, which occur on a more irregular
basis throughout the year. Disregarding the exchange rate effect, the rates of
growth would be 10.5% and 12.8%, respectively, underscoring the Group's capacity
to generate recurrent earnings. The contributions of the areas of Spanish and
Portuguese Retail Banking and Banking in America are noteworthy. Excluding
Argentina, and as per a constant exchange rate, lending grew 7.3% year-on-year,
and total customer funds managed 3.7%. The domestic business performed well
again, reporting growth of around 10% in net lending (15%-plus in mortgages) and
nearly 6% in transactional deposits. Operating expenses fell 8.4%, with
reductions in all business areas, while adequate income and expense management
yielded an improvement of almost 3 points in the efficiency ratio, which now
stands at 47.7%.




The operating income's healthy performance contrasted with the remaining income
statement items up to profit, most noteworthy being the y-o-y decline in income
from companies carried by the equity method and net income on Group
transactions, as well as total provisions, which rose 7.1% to 1,685 million
euros.

Consequently pre-tax profit for January-September amounted to 2,651 million
euros, 22.2% down in y-o-y terms. The smaller capital gains tax and the
deductibility of certain provisions, together with the decrease in minority
interests by the greater stake in Bancomer, brought about a net attributable
profit of 1,655 million euros, while return on equity ended unchanged at 17.2%.

At the end of 3Q02, the NPL ratio stood at 1.76% (excluding Argentina), and the
coverage ratio at 184.2%. Furthermore, the Group continues showing a solid
financial strength, with a BIS Ratio of 12.6% and of 10.7% as per Bank of Spain
regulations. The fact that the markets hold BBVA in high regard was borne out by
the success of the 3,000 Mn euro mortgage bond issue, BBVA's biggest
fixed-income issue to date, and which was geared to Spanish and international
institutional investors.

At the last General Shareholders' Meeting, the group announced that BBVA had
embarked on a new stage, and as such is launching projects that entail new
approaches to business. These include Personal Financial Services, BBVA's new
model of Spanish residential banking, with the present different segment-based
networks being replaced by a single BBVA network. The network, which also
embraces Privanza's Spanish branches, will offer customers more personal
services, fully tailored to their needs. BBVA has also reorganized the Asset
Management and Private Banking area so as to support the Group's distribution
network and prepare for the breaking of the asset management business value
chain, while the Wholesale and Investment Banking area has implemented a more
global approach to the equities business and reinforced the Institutional
Banking unit.

The third quarter saw the Group receiving public recognition for several lines
of its diversified business. The specialised journal Global Finance named BBVA
the best on-line bank for private individuals in Europe, the best Trade Finance
bank and the best bank in Latin America, where, according to a survey conducted
by the consultancy firm FutureBrand, BBVA is the bank with the greatest
competitive brand strength. Furthermore, The Banker journal has chosen Banco
Continental and Banco Provincial as the best banks of Peru and Venezuela,
respectively, while the journal Risk's annual ranking places BBVA among the
world's top five banks on the euro short-term derivatives market.

Finally, a Corporate Governance survey conducted by the German fund manager DWS
identified BBVA as one of Europe's best governed companies. In this respect,
Richard C. Breeden, former chairman of the Securities and Exchange Commission
(SEC), has joined the Board of Directors as an independent director, BBVA
presented its new Code of Good Governance at the New York SE and participated,
alongside other Spanish corporations, in setting up the Forum for Corporate
Reputation.

BBVA Group highlights                                                                             (Consolidated figures)

                                                                                   30-09-02     30-09-01      D% (YoY)
BALANCE SHEET (millions of euros)
Total assets                                                                        280,253      297,752            -5.9
Total lending (gross)                                                               146,412      144,895             1.0
Customer funds recorded on balance sheet                                            177,502      187,911            -5.5
Other customer funds managed                                                        108,962      115,311            -5.5
Total customer funds managed                                                        286,464      303,222            -5.5
Shareholders' funds (including profit of the year)                                   13,073       14,477            -9.7

INCOME STATEMENT (millions of euros) (3Q)
Net interest income                                                                   5,995        6,517            -8.0
Basic margin                                                                          8,743        9,534            -8.3
Ordinary revenue                                                                      9,277        9,965            -6.9
Operating income                                                                      4,251        4,169             2.0
Operating income (Argentina consolidated by equity method)                            3,962        3,747             5.7
Pre-tax profit                                                                        2,656        3,507           -24.3
Net attributable profit                                                               1,655        1,816            -8.9

PER SHARE DATA AND MARKET CAPITALISATION (30-09)
Share price                                                                            7.56        11.30           -33.1
Market capitalisation (millions of euros)                                            24,161       36,113           -33.1
Net attributable profit (3Q)                                                           0.52         0.57            -8.9
Book value                                                                             4.09         4.53            -9.7
PER (Price Earnings Ratio; times) (1)                                                  11.3         15.3
P / BV (Price /Book value; times)                                                       1.8          2.5

RELEVANT RATIOS (%)
Operating income / ATA                                                                 1.95         1.84
ROE (Net attributable profit / Average equity) (2)                                     17.2         19.1
ROA (Net income / Average total assets) (2)                                            0.93         1.12
RORWA (Net income / Risk weighted assets) (2)                                          1.62         2.00
Cost / income ratio                                                                    46.8         50.3
NPL ratio                                                                              2.09         1.72
Coverage ratio                                                                        164.2        206.5

CAPITAL ADEQUACY RATIOS (BIS regulations) (%)
Total                                                                                  12.6         12.4
TIER I                                                                                  8.5          9.5
OTHER INFORMATION
Number of shares (millions)                                                           3,196        3,196
Number of shareholders                                                            1,189,047    1,220,550
Number of employees                                                                  93,949      100,395
• Spain                                                                              31,520       32,306
• America (3)                                                                        60,374       66,026
• Rest of the world                                                                   2,055        2,063
Number of branches                                                                    7,578        8,515
• Spain                                                                               3,396        3,604
• America (3)                                                                         3,972        4,699
• Rest of the world                                                                     210          212

N.B.: Non-audited data. Consolidated statements follow generally accepted accounting principles of Bank of Spain
Circular 4/91 and Later Circulars.
(1) The 3Q02 PER is calculated taking into consideration the mean of the analysts' estimates (October
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 wich it ispresent.



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