3rd Quarter Results

Banco Bilbao Vizcaya Argentaria SA
27 October 2005

BBVA                                               Press release 10.27.2005


                        Results for January - September 2005


           Net attributable profit at BBVA rises 24.9% to €2.72 billion


O  Earnings per share (EPS) rise 24% and return on equity (ROE) now stands
   at 35.2%, the highest among European banks



O  Operating profit is growing faster, at 19.7%, thanks to a sharp increase
   in profitable business and revenues in all three business areas and in the 
   group as a whole



O  All margins are growing faster: net interest income is up 14.5%, core
   revenues 14.1% and ordinary revenues 14.3%



O  Efficiency (cost/income ratio) has improved to 43.6% against 44.7% a year
   ago. Including depreciation it has improved 1.9 percentage points to 47%



O  Retail Banking in Spain and Portugal has increased lending by more than
   20% and fund-gathering by 11.6%. Its operating profit rose 14.3% and net
   attributable profit increased 13.3% to €1.2 billion.



O  Wholesale and Investment Banking increased operating profit by 42.6% and
   net attributable profit rose 59.8% to €447m



O  In the Americas business activity is up sharply, operating profit is
   growing faster (at 36.4%) and net attributable profit rose 60.2% to €1.3 
   billion


O  BBVA Bancomer increased growth in the more profitable business lines,
   operating profit increased 50.2% and net attributable profit jumped 73.4% to
   €835m



O  The group improved loan quality yet again. The non-performing loan ratio
   fell to 0.98% (previously 1.29%) and coverage increased to 246.4% (211.7%)



O  BBVA reinforced capital adequacy. The BIS ratio increased to 12.7% and
   core capital stands at 5.9% (compared to 12.2% and 5.8%, respectively, in 
   June 2005)


BBVA today announced net attributable profit for the year to September of €2.72
billion, an increase of 24.9%. Earnings per share (EPS) are up 24%. The
favourable performance is a result of the high level of activity in all
recurrent margins, which led to an increase of 19.7% in operating profit. This
validates the group's strategy of growth in profitable activities and it was
supported by important increases in revenue in all three business areas. Net
attributable profit in the quarter climbed 35.7% to €914m.


In the year to September, BBVA strengthened its position as the most profitable
bank in Europe with ROE (return on equity) of 35.2%, compared to 33.3% a year
earlier. Furthermore the cost/income ratio improved to 43.6% and 47% with
depreciation (44.7% and 48.9%, respectively, a year ago). The BIS ratio has
risen to 12.7%, core capital stands at 5.9% (12.2% and 5.8%, respectively, in
June). The non-performing loan ratio is now 0.98% (1.29% a year earlier) and
coverage is 246.4% (previously 211.7%). In summary, the figures demonstrate the
success of the group's strategy of profitable growth and creation of value.


The figures for the first nine months of the year reflect the surge in
profitable business activity in all business areas and the sharp rise in
revenues. There were significant advances in all margins on the group income
statement, net interest income grew 14.5%, core revenues 14.1% and ordinary
revenues 14.3%.


The group's total assets grew 15.2% to €374.8 billion, total lending stands at
€208.2 billion (up 23.7%) and customer funds are €380.0 billion (up 19.4%).


BBVA paid a second interim dividend of €0.115 per share on 10th October, an
increase of 15%. It is the top European bank in terms of profitability with an
ROE of 35.2%. Earnings per share (EPS) have increased 24%.


The third quarter results were obtained in a context of higher oil prices,
rising rates in the USA and stable rates in Europe. The Spanish economy
continued to outperform the rest of the euro zone although inflation is higher
and the trade deficit is widening. Latin-American growth rebounded; debt spreads
were lower and inflation is under control. This opens the door to lower interest
rates in the future.


The most relevant aspects of the BBVA Group in the first nine months of 2005 are
summarised below:


O      In the third quarter the group generated net attributable profit of
€914m. This was 35.7% higher than the €674m obtained in the same period last
year. Like previous quarters, recurrent revenues were the main driver behind the
increase in profit.



O      Progressive acceleration of growth in all margins on the income statement
brought net attributable profit in the first nine months to €2.72 billion, a
year-on-year increase of 24.9%. Earnings per share increased 24% and return on
equity rose to 35.2%.



O      The positive performance of revenues, especially net interest income, net
fee income and insurance (with year-on-year increases that were higher than in
June) resulted in a 19.7% increase in operating profit (17.7% at the half-year).
Growth of revenues and operating profit was higher in all business areas.



O      Ordinary revenues increased 14.3% in the first nine months, exceeding the
half-year figure of 11.8%. This was the result of a 14.5% rise in net interest
income (11.1% at the half-year), driven by higher business volume, and of net
fee income and insurance, which grew 13.6% (10.5% in June).



O      Operating expenses including depreciation increased 10.3%, which was less
than revenues. On a like-for-like basis (ie, excluding Laredo National
Bancshares, Hipotecaria Nacional and  Valley Bank) the increase in expenses was
7.4%.



O      Thus the cost/income ratio improved to 43.6% against 44.7% for the first
nine months of 2004. Including depreciation, the ratio is 47.0% and the
year-on-year improvement increases to 1.9 percentage points.



O      Despite higher lending, non-performing loans (NPLs) declined. This
brought the NPL ratio to 0.98% at 30-Sep-05 against 1.29% a year earlier.
Coverage rose to 246.4% (211.7% at 30-Sep-04).



O      Core capital at 30-Sep-05 stands at 5.9%, in line with the group's
target. Tier 1 capital is 7.9% and the BIS ratio 12.7%.



O      On 10th October the group paid a second interim dividend of €0.115
against 2005 results. This was the same amount as the July dividend and 15%
higher than dividends last year.



O      Retail Banking in Spain and Portugal continued to increase lending by
more than 20% year-on-year. This was supported by lending to SMEs and mortgages.
Customer funds  rose faster, at 11.6%. Net interest income, net fee income and
insurance grew faster than at the half-year. This helped ordinary revenues
increase 8.5%, operating profit 14.3% and net attributable profit rose 13.3% to
€1.2 billion.



O      In the third quarter results in Wholesale and Investment Banking were
higher than the same period last year, especially in the markets unit. Ordinary
revenues rose 25.3% in the year to September and operating profit climbed 42.6%.
Net attributable profit came to €447m, an increase of 59.8%.



O      The Americas Area continues to report high growth in banking activity as
well as insurance and pensions. This helped to lift year-on-year growth of net
interest income to 29.3% and operating profit growth to 36.4%. Net attributable
profit came to €1.33 billion, an increase of 60.2%. In a like-for-like
comparison based on the same units, operating profit grew 31.3% and attributable
profit 53.2%.



O        Bancomer continued to be the outstanding performer with sharp gains in
the more profitable business lines (ie, consumer finance and cards on the credit
side and transactional accounts in terms of customer funds). Revenues were
higher (37.7% in net interest income and 19.8% in net fee income). Thus
operating profit rose 50.2% and net profit climbed 62.9% to €836m (53.0%
excluding Hipotecaria Nacional).


BBVA Group Highlights (Consolidated figures)

                                                               30-09-05     30-09-04         %     31-12-04
                                                                                      increase
BALANCE SHEET (million euros)
Total assets                                                    374,828      325,247      15.2      332,743
Customer lending (gross)                                        208,156      168,274      23.7      176,086
On-balance sheet customer funds                                 238,143      197,747      20.4      203,023
Other customer funds                                            141,828      120,473      17.7      121,553
Total customer funds                                            379,971      318,220      19.4      324,576
Equity                                                           16,940       12,773      32.6       13,840
Shareholders' funds (including profit for the year)              12,522       10,556      18.6       11,032

INCOME STATEMENT (million euros)
Net interest income                                               5,187        4,530      14.5        6,131
Core revenues                                                     8,489        7,438      14.1       10,031
Ordinary revenues                                                 9,328        8,159      14.3       11,031
Operating profit                                                  4,867        4,065      19.7        5,501
Pre-tax profit                                                    4,130        3,151      31.1        4,137
Net attributable profit                                           2,728        2,184      24.9        2,923

DATA PER SHARE AND MARKET CAPITALIZATION

Share price                                                       14.59        11.08      31.7        13.05
Market capitalization (million euros)                            49,473       37,571      31.7       44,251
Net attributable profit                                            0.80         0.65      24.0         0.87
Book value                                                         3.69         3.11      18.6         3.25
PER (Price/earnings ratio; times) (1)                              13.4         12.9                   15.1
P/BV (Price/book value ratio; times)                                4.0          3.6                    4.0

SIGNIFICANT RATIOS (%)
Operating profit / ATA                                             1.78         1.70                   1.70
ROE (Net attributable profit / Average equity)                     35.2         33.3                   33.0
ROA (Net profit / ATA)                                             1.07         0.97                   0.96
RORWA (Net profit / Risk weighted average assets)                  1.83         1.60                   1.62
Efficiency ratio                                                   43.6         44.7                   44.9
Efficiency ratio including depreciation and                        47.0         48.9                   49.0
amortization
NPL ratio                                                          0.98         1.29                   1.15
NPL coverage ratio                                                246.4        211.7                  219.4

CAPITAL ADEQUACY RATIOS (BIS Regulation) (%)
Total                                                              12.7         12.1                   12.4
Core capital                                                        5.9          5.9                    5.9
TIER I                                                              7.9          7.8                    8.0

OTHER INFORMATION
Number of shares (million)                                        3,391        3,391                  3,391
Number of shareholders                                        1,012,975    1,117,771              1,081,020
Number of employees                                              91,770       87,625                 87,112
. Spain                                                          31,188       31,106                 31,056
. America (2)                                                    58,643       54,553                 54,074
. Rest of the world                                               1,939        1,966                  1,982
Number of branches                                                7,208        6,979                  6,868
. Spain                                                           3,510        3,382                  3,385
. America (2)                                                     3,526        3,411                  3,303
. Rest of the world                                                 172          186                    180


(1) The 2005 PER is calculated taking into consideration the median of the
analysts' estimates (October 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.


BBVA Consolidated income statement (Million euros)
                                                                                                 Memorandum
                                                                                                 item:

                                               January-September            January-September    Increase % at
                                                              05                           04         constant
                                                                 % increase                      exchange rates

Core net interest income                                   5,003       14.7              4,364             15.1
Dividends                                                    183       10.4                166             10.2

NET INTEREST INCOME                                        5,187       14.5              4,530             14.9
Net income by the equity method                               79       11.6                 70             11.7
Net fee income                                             2,875       13.1              2,541             13.0
Income from insurance activities                             349       18.1                296             18.2

CORE REVENUES                                              8,489       14.1              7,438             14.4
Net trading income                                           839       16.3                722             16.6

ORDINARY REVENUES                                          9,328       14.3              8,159             14.6
Net revenues from non-financial activities                   110       45.9                 76             46.0
Personnel costs                                          (2,620)        9.3            (2,398)              9.4
General expenses                                         (1,562)       15.7            (1,350)             16.1
Depreciation and amortization                              (323)      (4.4)              (338)            (4.7)
Other operating income and expenses (net)                   (66)     (20.9)               (83)           (20.5)

OPERATING PROFIT                                           4,867       19.7              4,065             20.1
Impairment losses on financial assets (net)                (558)      (6.4)              (596)            (6.9)
(S)  Loan-loss provisions                                  (531)     (10.7)              (595)           (11.2)
(S)  Other                                                  (27)       n.m.                (2)             n.m.
Provisions (net)                                           (329)     (53.9)              (714)           (53.8)
Other income / losses (net)                                  151     (62.0)                396           (61.9)
(S)  From disposal of equity holdings                         19     (93.3)                283           (93.3)
(S)  Other                                                   132       16.1                113             17.7

PRE-TAX PROFIT                                             4,130       31.1              3,151             31.7
Corporate income tax                                     (1,207)       46.3              (825)             46.4

NET PROFIT                                                 2,924       25.7              2,326             26.4
Minority interests                                         (196)       38.1              (142)             44.2

NET ATTRIBUTABLE PROFIT                                    2,728       24.9              2,184             25.3

EARNINGS PER SHARE CALCULATION
Average ordinary shares in circulation                  3,390,852       0.7          3,365,943
(thousand)
Basic earnings per share                                     0.80      24.0               0,65
Diluted earnings per share                                   0.80      24.0               0,65


BBVA: Consolidated balance sheet  (Million euros)


                                           30-09-05        %  30-09-04                               30-06-05  31-12-04
                                                    increase

Cash and balances at Central Banks           13,239     51.2     8,757                                 13,799    10,123
Trading portfolio assets                     44,516     12.0    39,732                                 53,437    43,432
Other financial instruments at fair           1,380     63.0       847                                    925     1,118
value
Financial instruments available for sale     52,874      3.0    51,322                                 52,315    58,053
Loans                                       235,305     18.5   198,566                                231,303   197,483
. Due from banks                             25,037      1.1    24,774                                 25,076    17,571
. Loans to customers                        202,894     24.2   163,351                                195,286   171,339
. Other                                       7,374   (29.4)    10,442                                 10,942     8,573
Fixed income portfolio held to maturity       3,930     42.1     2,766                                  3,519     2,195
Investments in associates                     1,416    (7.9)     1,538                                  1,392     1,369
Property and equipment                        4,256      6.6     3,991                                  4,249     3,939
Intangible assets                             1,716     92.7       891                                  1,675       809
Other assets                                 16,195    (3.8)    16,838                                 15,078    14,223

TOTAL ASSETS                                374,828     15.2   325,247                                377,694   332,743

Trading portfolio liabilities                19,595     55.4    12,610                                 18,212    12,379
Other financial liabilities at fair             768    (9.9)       852                                    775       834
value
Financial liabilities at amortised cost     304,209     13.1   269,088                                310,616   271,179
. Deposits by Central Banks and banks        61,363   (10.9)    68,856                                 69,093    64,628
. Due to customers                          166,128     11.8   148,651                                168,204   149,030
. Marketable debt securities                 62,434     50.2    41,564                                 59,666    45,503
. Subordinated debt                           9,581     27.2     7,532                                  9,322     8,490
. Other                                       4,703     89.2     2,485                                  4,330     3,529
Insurance contract liabilities               10,215     25.7     8,128                                  9,680     8,840
Other liabilities                            18,962      4.8    18,100                                 19,265    21,861
Loan capital                                  4,139     12.0     3,695                                  3,589     3,809

TOTAL LIABILITIES                           357,888     14.5   312,474                                362,137   318,903

Minority interests                              924     52.0       608                                    837       746
Valuation adjustments                         3,494    117.1     1,610                                  2,952     2,062
Shareholders' funds                          12,522     18.6    10,556                                 11,767    11,032

EQUITY                                       16,940     32.6    12,773                                 15,556    13,840

TOTAL LIABILITIES AND EQUITY                374,828     15.2   325,247                                377,694   332,743

MEMORANDUM ITEM:
Contingent liabilities                       26,978     34.9    20,003                                 24,640    21,653


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