Final Results

Banco Bilbao Vizcaya Argentaria SA
26 January 2005


BBVA                                        Press Release

2004 Results

Net attributable profit at BBVA rises 25.8% to 2.8 billion euros

At the shareholders meeting the bank will propose an increase of 15.1% in the
total dividend per share paid against 2004 results

The group has set a new record for annual profit with growth in all areas

Improvement at all levels: net interest income grew 4.9%, core revenues grew
4.4%, ordinary revenues 3.7% and operating profit grew 11.1%

The underlying strength of these results makes it possible to absorb a charge of
€372m (net of tax) for early retirements

All business areas increased operating profit: 13.3% in Retail Banking, 7.2% in
Wholesale and Investment Banking and 11.6% in the Americas.

Mexico lifted net profit 28.9% and after the buy-out of minority interests it
contributed €841m to group profit

BBVA thus strengthens its competitiveness with important improvements in

efficiency, profitability and non-performing loans

Return on equity rose to 20% with a 1.6-point improvement over the 2003 figure
of 18.4%

The cost/income ratio improved by 2.3 points to 44.9% with advances in all
business areas

Non-performing loans (NPL) are down to an all-time low of 0.95% and coverage
stands at 247.2% after outstanding NPLs fell 20%

The BIS ratio is 12.5% and core capital is 6%, achieving the targets set after
the takeover of Bancomer

BBVA pursued its strategy of profitable growth with €4.3 billion in acquisitions
and a sharp increase in retail business in Spain and Latin America

In 2004 BBVA achieved record earnings with net attributable profit rising 25.8%
to €2,802m. This sharp increase, supported by highly positive recurrent earnings
(operating profit was up 11.1%), allows the total dividend per share for 2004 to
be increased 15.1%. This will be proposed to the annual shareholders meeting in
Bilbao on 26th February.

During the year BBVA pursued its strategy of profitable growth with a total of
€4.3 billion in acquisitions to strengthen its position in Mexico and penetrate
the US retail market, and with faster growth in business activity. This strategy
was helped by substantial improvements in return on equity (which increased from
18.4% to 20.0%), in the cost/income ratio (which improved from 47.2% to 44.9%),
in the NPL ratio (which fell from 1.37% to 0.95%) and in coverage (which rose
from 184.9% to 247.2%). The BIS ratio now stands at 12.5% with core capital at
6%.

BBVA has thus ended 2004 with record earnings; with further strength in capital,
efficiency, profitability and risk; with a generous increase in dividends and
shareholders' profits; and a significant advance in its strategy - building
solid foundations for further profitable growth in 2005.

The bank closed its best year ever, as predicted by Francisco Gonzalez and Jose
Ignacio Goirigolzarri, chairman and COO respectively, at the last general
shareholders' meeting in Bilbao on 28th February 2004.

Net attributable profit came to €2,802m, an increase of 25.8% over the previous
year and earnings per share rose 19.2% following the capital increase associated
with the acquisition of minority interests in BBVA Bancomer.

In the fourth quarter the group achieved a record net attributable profit of
€743m. This was an increase of 52.3% over the same quarter in 2003.

BBVA's share price also outperformed the main European banks, rising 19.2% in
2004. Market cap increased 26.4% in the year to €44.25 billion.

The board of directors yesterday approved a proposal to increase the final
dividend per share by 24.6%. Thus the total dividend paid against 2004 results
will increase 15.1% to €0.442 per share. This important increase in shareholder
remuneration is equivalent to a 53.5% pay-out.

Last year's results reflect the strategy adopted by the group in 2002 and they
are supported by improvements in operating profit and net attributable profit in
the three business areas.

Furthermore growth in recurrent earnings made it possible to absorb the impact
of early retirements (€372m net of tax) while meeting the target of achieving
results in excess of market expectations.

Profitable growth - the strategic principle

One of the cornerstones of the BBVA group's strategy is the quest for profitable
growth through organic or non-organic activities.

In terms of growth in organic business, 2004 witnessed the emergence of numerous
initiatives in all business areas. These included the following: the financial
services plan, the customer programme and the launch of BBVA Patrimonios by the
Retail Banking Area for Spain and Portugal; expansion of the bank's brands in
Latin-American markets by Wholesale and Investment Banking, including Anida (the
name that BBVA uses for its new real estate strategy); and the creation of a
technology centre in Monterrey, the new business strategy for Finanzia Mexico
and the enhanced synergy between banking, insurance and pension business in
Chile, by the Americas Area.

Examples of non-organic growth include the $4.1 billion takeover bid for
Bancomer's minority holdings. This was financed partly by an increase in capital
of nearly €2 billion. Following this operation BBVA now holds 99.7% of Bancomer.

Another operation in Mexico was the agreement to acquire 100% of Hipotecaria
Nacional (the largest private mortgage lender) for $375m. This transaction has
been finalised in January 2005.

Further international expansion focused on the Hispanic market in the USA with
the acquisition of Valley Bank in California for $17m and Laredo National
Bancshares (LNB), a financial group in Texas, for $850m. The latter operation
will be concluded at the beginning of 2005.

In order to strengthen and co-ordinate the above operations within the Americas
Area, a new US retail banking unit has been set up. It consists of LNB, Valley
Bank, Bancomer Transfer Services and BBVA Puerto Rico.

The key figures from the income statement and balance sheet for 2004 are as
follows:

Net attributable profit rose to €2,802m. This was 25.8% more than 2003 and an
all-time record for BBVA (the increase was 30.4% at constant exchange rates). In
quarterly terms, net attributable profit grew steadily throughout the year,
reaching the highest figure ever recorded by BBVA in the 4th quarter.

Earnings per share grew 19.2%, ROE rose to 20.0% (compared to 18.4% in 2003),
and ROA was 1.05%.

The high quality of the group's results stems from the growth in operating
profit. This increased 11.1% to €5,440m (an increase of 17.3% at constant
exchange rates). In fact the figure grew steadily quarter-by-quarter throughout
the year.

All business areas recorded important increases in operating profit: 13.3% in
Retail Banking, 7.2% in Wholesale Banking and 11.6% in the Americas (where it
grew 26.0% at constant rates).

Net interest income came to €7,069m, which was 4.9% more than 2003 (10.5% at
constant rates). This was due to faster business growth in Spain and the
Americas, spurred by record low interest rates in the domestic market and rising
rates in Mexico.

Growth in net fee income also reflected higher business activity, growing 3.6%
to €3,379m ( 9.4% at constant exchange rates).

Operating expenses fell by 1.3% and increased by only 3.6% at constant rates.
Together with the increase in revenue, this led to an improvement in the cost/
income ratio, which fell to 44.9% (47.2% in 2003). This improvement was shared
by all business areas.

Retail Banking in Spain and Portugal grew throughout the year in terms of both
business volume and earnings. Lending increased by 20% and customer funds by
10.1%. The combined effect of the 6.5% growth in ordinary revenues and the
containment of expenses led to a 13.3% increase in operating profit and a 13.8%
increase in net attributable profit (which rose to €1,410m).

Lending and deposits also grew faster in the Wholesale and Investment Banking
Area. The increase in net interest income and net fee income, together with the
fall in expenses, compensated for lower net trading income. Thus operating
profit grew 7.2% and net attributable profit grew 10.1% to €515m.

In the Americas all margins on the income statement grew quarter-by-quarter
during the year and this area also generated increasingly higher profits. For
the first time in recent years growth was higher in all quarters in terms of
current rates. The increase in business activity (30.1% in lending and 12.3% in
traditional fund gathering at banks operating in local currencies) together with
the changes in interest rates, boosted the more recurrent earnings, particularly
net interest income. Operating profit recorded an annual increase of 11.6%
(26.0% at constant exchange rates); net profit grew 24.6% and net attributable
profit - influenced by lower minority interests in Bancomer - grew by 70.8%
(91.4% at constant rates) to €1,239m.

The picture in Mexico was particularly encouraging. Business volume grew
further, focusing on the most profitable product lines. In local currency terms
lending grew 37.6% and customer funds 11.4%. The cost/income ratio was less than
40% and there were higher increases year-on-year in all the items on the income
statement. Operating profit increased by 11.2% (27.9% at constant exchange
rates) and net profit by 28.9% (48.2% at constant rates). Net attributable
profit came to €841m, which was more than double 2003.

The group once again improved risk quality. By the end of the year the NPL ratio
had fallen to 0.95% (compared to 1.37% at the end of 2003). Coverage increased
to 247.2% compared to 184.9% a year earlier.

The bank's capital base continued to be strong with core capital at 6.0% on
31-Dec-04 (achieving the goal set for the year), Tier I was 8.1% and the BIS
ratio was 12.5%.

The steady improvement in BBVA's finances and the success of its strategy have
been widely recognised by the market: the share price rising 19.2% during the
year. This increase was the highest among large European banking groups and it
outperformed both the general and specific indices. The buoyant share price and
the capital expansion meant that the group's market capitalisation increased
26.4% to €44.25 billion at 31-Dec-04.

The dividend per share for 2004, to be submitted to the general shareholders
meeting for approval, comes to €0.442 per share. This is an increase of 15.1%
over the €0.348 paid against 2003 earnings.

________________________________________________________________________________


                             Final Dividend Release


The Board of Directors of Banco Bilbao Vizcaya Argentaria, S.A., in the meeting
hold yesterday (January, 25 2005), has decided to propose to the General
Shareholders Meeting, the approval of a final dividend against 2004 results of
euros 0.142 for each issued share. This would make the total dividend amount be
euros 0.442 which is a 15.1% increase with regards to the dividend paid against
2003 results.

January, 26th 2005

________________________________________________________________________________


BBVA Group Highlights (Consolidated figures)

                                            31-12-04    31-12-03    % increase
BALANCE SHEET (million euros)
Total assets                                 311,072     287,150           8.3
Total lending (gross)                        174,615     153,271          13.9
On-balance-sheet customer funds              199,485     182,831           9.1
Other customer funds managed                 124,499     113,075          10.1
Total customer funds managed                 323,984     295,905           9.5
Shareholders' funds (including profit for
the year) (1)                                 15,554      12,410          25.3

INCOME STATEMENT (million euros)
Net interest income                            7,069       6,741           4.9
Core revenues                                 10,448      10,004           4.4
Ordinary revenues                             11,053      10,656           3.7
Operating profit                               5,440       4,895          11.1
Pre-tax profit                                 4,149       3,812           8.8
Net attributable profit                        2,802       2,227          25.8

DATA PER SHARE AND MARKET CAPITALIZATION
Share price                                    13.05       10.95          19.2
Market capitalization (million euros)         44,251      34,995          26.4
Net attributable profit                         0.83        0.70          19.2
Book value                                      4.59        3.88          18.1
PER (Price/earnings ratio; times)               15.8        15.7
P/BV (Price/Book value; times)                   2.8         2.8

SIGNIFICANT RATIOS (%)
Operating income / ATA                          1.79        1.75
ROE (Net attributable profit / Average
equity)                                         20.0        18.4
ROA (Net profit / Average total assets)         1.05        1.04
RORWA (Net profit / Risk weighted average
assets)                                         1.79        1.74
Efficiency ratio                                44.9        47.2
NPL ratio (Nonperforming assets/Total
risks)                                          0.95        1.37
NPL coverage ratio                             247.2       184.9
CAPITAL ADEQUACY RATIOS (BIS regulations) (%)
                                   Total        12.5        12.7
Core capital                                     6.0         6.2
TIER I                                           8.1         8.5
OTHER INFORMATION
Number of shares (million)                     3,391       3,196
Number of shareholders                     1,081,020   1,158,887
Number of employees                           84,117      86,197
. Spain                                       30,765      31,095
. America (2)                                 51,370      53,100
. Rest of the world                            1,982       2,002
Number of branches                             6,848       6,924
. Spain                                        3,375       3,371
. America (2)                                  3,293       3,353
. Rest of the world                              180         200


N.B.: Non-audited data. Consolidated statements follow generally accepted
      accounting principles of Bank of Spain Circular 4/91 and later Circulars.
     
(1)  After distribution of fiscal year earnings.

(2)  Including those relating to the BBVA Group' s banking and pension 
     management activities in all Latin American countries in which it is 
     present.


BBVA
Consolidated income statement
(Million euros)                                                                                              Memorandum
                                                                                                                  item:
                                                                                                           increase (%)
                                                                      2004    % increase         2003       at constant
                                                                                                               exchange
                                                                                                                  rates

Financial revenues                                                  12,466         (0.6)       12,537               5.0
Financial expenses                                                 (6,101)         (2.5)      (6,260)               2.7
Dividends                                                              704          51.6          464              52.4
NET INTEREST INCOME                                                  7,069           4.9        6,741              10.5
Net fee income                                                       3,379           3.6        3,263               9.4
CORE REVENUES                                                       10,448           4.4       10,004              10.1
Net trading income                                                     605         (7.1)          652             (3.6)
ORDINARY REVENUES                                                   11,053           3.7       10,656               9.3
Personnel costs                                                    (3,184)         (2.4)      (3,263)               1.7
General expenses                                                   (1,779)           0.6      (1,768)               7.2
GENERAL ADMINISTRATIVE EXPENSES                                    (4,963)         (1.3)      (5,031)               3.6
Depreciation and amortization                                        (453)        (11.2)        (511)             (7.2)
Other operating income and expenses (net)                            (197)        (10.0)        (219)             (1.7)
OPERATING PROFIT                                                     5,440          11.1        4,895              17.3
Net income from companies accounted for by the equity method           360         (6.1)          383             (3.7)
Memorandum item: correction for payment of dividends                 (437)          36.9        (319)              37.8
Amortization of goodwill                                             (582)         (9.0)        (639)             (9.0)
Net income from Group transactions                                     592           7.0          553               7.0
Net loan loss provisions                                             (931)        (27.1)      (1,277)            (24.1)
Net securities writedowns                                                -             -            -                 -
Net extraordinary income (loss)                                      (730)          n.m.        (103)              n.m.
PRE-TAX PROFIT                                                       4,149           8.8        3,812              14.2
Corporate income tax                                                 (957)           4.6        (915)              10.3
NET PROFIT                                                           3,192          10.2        2,897              15.4
Minority interests                                                   (390)        (41.7)        (670)            (36.7)
. Preferred shares                                                   (190)        (11.4)        (214)            (11.4)
. Minority interests                                                 (200)        (56.0)        (456)            (50.2)
NET ATTRIBUTABLE PROFIT                                              2,802          25.8        2,227              30.4


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