Final Results

Banco Bilbao Vizcaya Argentaria SA
30 January 2002


                                                                January 30, 2002
2001 Earnings

BBVA ATTRIBUTABLE PROFIT RISES 5.9% IN 2001 TO €2.36 BILLION

THE GROUP EARMARKS €1.35 BILLION TO PROVISIONING ITS RISK IN ARGENTINA, 
INCLUDING CONSOLIDAR AND INDUSTRIAL SHAREHOLDINGS

> The growth in recurrent Earnings permits strong provisions to be made, in 
  spite of having materialized lower capital gains
> Net Interest Income grew 26%, Basic Margin 24%, Ordinary Revenue 20% and 
  Operating Income 28%
> Efficiency improved from 53.3% to 50.4% thanks to cost control in Spain and 
  America
> The Group maintains financial and economic soundness and raises its BIS Ratio 
  from 11.9% to 12.6% last year
> NPL's declined to 1.71% (0.92% in Spain and 3.73% in America) and coverage 
  rose to 221.6%
> Business in Spain showed growing dynamism, with significant recovery of 
  lending and asset and deposit gathering
> BBVA America recorded prudent lending performance and positive performance in 
  asset and deposit gathering

 
BBVA achieved in 2001 an attributable profit, after taxes and minority interest, 
of €2.36 billion, up 5.9% on 2000.  In an environment of greater economic 
uncertainty and an important crisis in Argentina, the Group has chosen an 
extremely cautious provisioning policy, which has been possible thanks to the 
positive performance of recurrent business, with growth greater than or equal to 
20% in all margins, and in spite of the lower capital gains recorded in the 
year. BBVA closes the year with substantial improvements in the BIS Ratio, which 
stands at 12.6%, efficiency (50.4%), NPL's (1.71%) and coverage (221.6%).

The crisis in Argentina has triggered total provisions of €1.35 billion charged 
against 2001 earnings, the effect of which at the level of attributable profit 
is €743 million.

With this provision, all risks at BBVA Banco Frances (writedown of notional book 
value, amortization of goodwill and subordinated debt of BBVA Banco Frances), as 
well as the entire goodwill of AFP Consolidar and the impact on the industrial 
shareholdings carried by the equity method, are covered. 

Growth in all margins

The high provisions have been possible thanks to the favorable performance of 
all recurrent business margins, growing 20% or more in the year.

In 2001, BBVA's Net Interest Income grew 26.2% to €8.82 billion; Basic Margin 
24.1% to €12.85 billion; and Ordinary Revenue 19.8% to €13.35 billion.

For its part, an effective cost control allowed an increase of 27.9% in 
Operating Income, to €5.60 billion. Excluding Financial Operations, Operating 
Income grew 42% in 2001.

BBVA recorded a new improvement in efficiency, by lowering its efficiency ratio 
from 53.3% in December 2000 to 50.4% to year-end 2001. At BBVA America, 
efficiency improved from 57.5% to 51.4%, and at BBVA ex-America, from 45% to 44%.

Net income from companies carried by the equity method fell 33.3%, yielding 
Business Income for the Group of €5.99 billion, which was up 20.7%.

The strict streamlining policy in 2001 has led to a total of €3.51 billion in 
various provisions, amortizations and other writedowns, including the above-
mentioned coverage of risk in Argentina. This figure is up 69% on the year 2000.

The significant volume of provisions has been possible despite a 25% decline in 
capital gains in 2001; which were €1.21 billion as opposed to €1.61 billion in 
2000.

The above yielded pre-tax profit of €3.63 billion at the close of 2001, down 
6.2% on 2000. The lower Corporate Tax payment and the lower income attributed to 
minority interests allowed for an attributable profit of €2.36 billion, up 5.9% 
on 2000.

Earnings Per Share (EPS) grew 1.7%, up to €0.74. At the close of 2001, the 
return on equity (ROE) was 18%, and the return on assets (ROA) 0.99%. These 
figures compare quite favorably in international terms.

Positive evolution of business

Due to the conclusion of the integration process at the beginning of 2001, in 
the second half of the year BBVA registered a significant growth of its business 
in Spain, with a clear, recovery in lending and funds-capture. In Latin America, 
business was characterized by prudence in lending and a favorable performance of 
funds-capture.

At the consolidated level, the Group's total assets grew 4.4% in the year to 
€309.25 billion. Lending rose 9.4% to €156.15 billion, and total funds managed 
grew 6.4% to €323.98 billion.

BBVA continued improving its NPL ratio to 1.71% at the close of 2001, compared 
to 1.96% at the end of 2000. At BBVA ex-America, the NPL ratio fell to 0.92% 
(0.95% at December 2000) and at BBVA America to 3.73% (4.64% in December 2000).

This improvement in NPL's was combined with an increase in coverage ratios, 
which at the Group level reached 221.6%, as opposed to 189.5% at the close of 
last year. The coverage ratio at BBVA ex-America rose to 172.8% (159.5% at 
December 2000). At BBVA America it reached 252% (205.7% in December 2000).

Financial Strength

BBVA closed fiscal year 2001 with increased capital soundness. At December 2001, 
BBVA's BIS Ratio was 12.6%, versus 11.9% in December 2000. At year-end 2001, its 
equity surplus was €6.32 billion, up 31.9% on December 2000.

At the close of 2001, BBVA had more than 1.2 million shareholders, 98,588 
employees (64,835 of which are located in Latin America) and a network of 8,288 
branches. At December 31, BBVA ranked as Spain's leading bank, and third in the 
Euro zone, for stock market capitalization, with a market value of €44.42 
billion.


BBVA Group highlights (Consolidated figures)          
                                                         2001                      2000     
                                                      Pesetas       Euros         Euros      ^%
BALANCE SHEET (millions)               
Total assets                                       51,454,185     309,246       296,145     4.4
Total lending (gross)                              25,980,762     156,148       142,771     9.4
Customer funds recorded on balance sheet           33,191,661     199,486       185,718     7.4
Other customer funds managed                       20,714,352     124,496       118,831     4.8
Total customer funds managed                       53,906,013     323,982       304,549     6.4
Shareholders' funds (including 
  profit of the year)(1)                            2,215,331      13,314        13,265     0.4
INCOME STATEMENT (millions)               
Net interest income                                 1,468,207       8,824         6,995    26.2
Basic margin (net interest income 
  and net fee income)                               2,140,011      12,862        10,364    24.1
Ordinary revenue                                    2,221,556      13,352        11,143    19.8
Operating income                                      931,566       5,599         4,376    27.9
Business income (operating income and
 net income from companies carried 
 by the equity method)                                996,901       5,992         4,965    20.7
Pre-tax profit                                        604,660       3,634         3,876    (6.2)
Net attributable profit                               393,226       2,363         2,232     5.9
DATA PER SHARE AND MARKET CAPITALISATION (31-12) 
Share price                                             2,313       13,90         15,85   (12.3)
Market capitalisation (millions)                    7,391,256      44,422        50,654   (12.3)
Net attributable profit                                   123        0,74          0,73     1.7
Book value                                                693        4,17          4,15     0.4
PER (Price Earnings Ratio; times)                                    18,8          21,8     
P / BV (Price /Book value; times)                                     3,3           3,8     
RELEVANT RATIOS (%)                    
Operating Income /ATA                                                1,85          1,63     
Operating Income excluding market operations / ATA                   1,69          1,34     
ROE (Net attributable profit / Average equity)                       18,0          21,1     
ROA (Net income / Average total assets)                              0,99          1,08     
RORWA (Net income / Risk weighted assets)                            1,78          1,85     
Efficiency ratio                                                     50,4          53,3     
NPL ratio                                                            1,71          1,96     
Coverage ratio                                                      221,6         189,5     
CAPITAL ADEQUACY RATIOS (BIS regulations) (%)               
Total                                                                12,6          11,9
TIER 1                                                                8,5           8,9
OTHER INFORMATION          
Number of shares (millions)                                         3,196         3,196
Number of shareholders                                          1,203,828     1,299,621
Number of employees                                                98,588       108,082     
*   Spain                                                          31,686        33,733     
*   America (2)                                                    64,835        72,314     
*   Rest of the world                                               2,067         2,035     
Number of branches                                                  8,288         8,946     
*   Spain                                                           3,620         3,864     
*   America (2)                                                     4,461         4,865     
*   Rest of the world                                                 207           217     
                    
(1) After distribution of fiscal year earnings.
(2) This heading includes BBVA Group's banking and pension management activities
    in all Latin American countries in which it is present.
N.B. Non-audited data, Consolidated Statements follow generally accepted 
     accounting principles of Bank of Spain Circular 4/91 and later Circulars.
 
Consolidated income statement 
(millions of euros)          
                                                  2001          ^%            2000

Financial revenues                              21,608        11.8          19,325
Financial expenses                             (13,279)        4.4         (12,714)
Dividends                                          495        28.9             384
Financial revenues                               8,824        26.2           6,995
Financial expenses                               4,038        19.8           3,369

BASIC MARGIN                                    12,862        24.1          10,364
Market operations                                  490       (37.1)            779

ORDINARY REVENUE                                13,352        19.8          11,143
Personnel costs                                 (4,243)       12.4          (3,774)
General expenses                                (2,482)       14.7          (2,163)

GENERAL ADMINISTRATIVE EXPENSES                 (6,725)       13.3          (5,937)
Depreciation and amortization                     (742)       13.7            (653)
Other operating revenues and expenses (net)       (286)       62.0            (177)

OPERATING INCOME                                 5,599        27.9 (1)       4,376
Net income from comp, carried by the eq. method    393       (33.3)            589
Memorandum Item: dividends received               (379)       41.3            (268)

BUSINESS INCOME                                  5,992        20.7           4,965
Amortization of goodwill in consolidation         (623)       (6.3)           (665)
Net income on Group transactions                   954       (27.0)          1,307
Net loan loss provisions                        (1,919)       97.2            (973)
o Gross provisions                              (2,501)       55.1          (1,612)
o Reversals                                        294       (19.5)            365
o Recoveries                                       288         5.2             274
Net securities writedowns                          (43)        n.s.             (7)
Extraordinary items (net)                         (727)       (3.3)           (751)
Of which: special reserves                        (926)      116.0            (429)

PRE-TAX PROFIT                                   3,634       (6.2)           3,876
Corporate income tax                              (625)     (35.0)            (962)

NET INCOME                                       3,009        3.2            2,914
Minority interests                                (646)      (5.4)            (682)
o Preference shares                               (316)       9.5             (288)
o Other                                           (330)     (16.2)            (394)

NET ATTRIBUTABLE PROFIT                          2,363        5.9            2,232


MEMORANDUM ITEM:
Net attributable (millions of pesetas)         393,226                     371,388

 
(1) Excluding market operations, the increase of operating income would be 
    42.0%


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