Earnings January - Sept. 2001

Banco Bilbao Vizcaya Argentaria SA
31 October 2001


                          Earnings January-September 2001

          BBVA INCREASES ATTRIBUTABLE PROFIT 16% TO 1,816 MILLION EUROS

                              (302,233 MILLION PESETAS)

In the current context of market volatility and uncertainty, and taking into
consideration the prospects of an economic slowdown in the main countries where
it operates, BBVA has decided to act with extreme caution in this third quarter,
earmarking 200 million euros to cover possible future contingencies, despite  
not having realized any capital gain in the quarter. Therefore, in spite of the
vigorous rhythm of generating ordinary revenues, more than 25%, attributable
profit grew only 16% to 1,816 million euros (302,233 million pesetas) in the
first nine months of the year. Excluding the above-mentioned charge, profit 
would have grown more than 24%. An additional amount, greater than or equal to  
the amount assigned in the third quarter, is scheduled to be earmarked in the 
fourth quarter towards coverage of future contingencies, without this implying  
having to lower the earnings growth rate.

In view of the change of economic scenario which no longer presents doubts 
following recent events, BBVA Group has decided to end Project CRE@ this year,
earlier than scheduled. New medium-term objectives will be announced at the
beginning of next year.

The growth of Group profit was supported by the generation of recurrent items.
Net interest income obtained in January-September rose 37.9% in YoY terms and
fees jumped 24%, while the 20.5% increase in operating costs was only 3.2% in
homogenous terms, so the efficiency ratio is now approaching the 50% goal set
for 2002. Operating income was up 30.5% and business income climbed 25.2% (20.1%
in homogenous terms).

In the third quarter, despite the downturn in growth of the markets in which
the Group operates, heightened by the effects of the events of 11 September, 
business income was 9% higher than in the second quarter and 21.8% up on the 
average of the four previous quarters, which include Bancomer's contributions. 
The sluggish stock markets limited capital gains from the Group's stakes, and 
earnings from group operations in January-September were 33.3% down on the same 
period of 2000. Even so, in accordance with its traditionally conservative 
policy, the Group reinforced its provisions. Thus, the amount earmarked towards 
loan loss, financial asset provisions and amortization of goodwill, 1,350 
million euros, was up 46% on the previous year and more than double the net 
gains on Group operations. Adding special provisions, the total rose to 701
million euros in the quarter, up 37.9% on the average for the previous two 
quarters. All of this leads to the part of the business income not carried to 
profit rising 39% in the third quarter, from 14.3% in the second quarter, with a
clear improvement in the quality and composition of the result.

Moreover, in view of the first effects of the new situation (rate cuts, sluggish
markets, etc.), the Group has implemented product retailing and pricing policies
geared to defending its income and raising the volumes of business. Indeed, the 
third quarter confirmed the upturn in activity seen in the previous quarter, 
with high YoY growth in mortgage loans and additional increases in the mutual 
fund market share.

The Group continues expanding its range of new value-added products for its 
customers, with the launch of the BBVA Gold Household Insurance Policy, the 
Yahoo! Visa Card, improvements in BBVA NET, new factoring services and new  
features in the 'Blue Joven' Program, a basket of products geared towards young 
people, which has attracted 1.4 million customers since May 1999, with a share 
in excess of 20%.

In Latin America, the Group has unveiled plans to raise its stake in BBVA 
Bancomer to 65%, and to complete the division of the Group's business into two  
segments, retail and wholesale, without any geographical limitations, it has set
up an America Wholesale Banking Unit, charged with the mission of developing a 
strong franchise in the region on the basis of global products in corporate 
banking, investment banking, cash management and trade finance. Despite the 
harsh economic climate in Argentina, BBVA Banco Frances continued to perform  
well. Other highlights are the NPL ratio, which in all the countries dropped
in YoY terms by more than one point to 4.22%, the cover ratio, which increased  
to 215.4%, and the high level of capitalization of our subsidiary banks.

BBVA has evaluated the potential impacts of different scenarios on its profit  
and value and adopted measures to mitigate them, establishing contingency plans 
for the different types of risk. Despite its very high level of loan-risk 
coverage, BBVA has conducted a thorough review of all its lending to optimize  
the income-risk binomial. The Group also maintains a profile of low exposure to 
market risk, a comfortable liquidity position and a solvency ratio that exceeds 
requirements.

The Group received recognition for its heavy investments in capital, human 
resources and technology in recent years in the region when the journal The 
Banker named BBVA the best bank of Latin America of 2001, named BBVA Bancomer 
the best bank of Mexico and BBVA Banco Frances as the best bank of Argentina. 
These awards now sit alongside the prizes BBVA has received for its transparent 
information and the quality of its economic and financial documentation, and 
other awards bestowed upon it in 2000: best bank in the world (Forbes) and best 
Spanish bank (The Banker).

The BBVA share was hit by the adverse evolution of the stock markets during the 
third quarter. On 28-9-01 the price of the BBVA share stood at 11.30 euros, 
having dropped 28.7% since the start of the year, a trend similar to the one 
followed by the EuroStoxx banking index (-27%) and by the EuroStoxx 50 (-31%). 
However, in October the price has had a quicker increase than the sector index, 
and on 30-10-01 has been 12.18 euros.