Results Forecast

Banco Bilbao Vizcaya Argentaria SA
28 July 2003


PRESS RELEASE
28-07-03


                          Jose Ignacio Goirigolzarri:

 'The results have reinforced our expectations of earning 25% more this year'


•  'The first half year shows strong gains in the three business areas and
   confirms our objective: to be one of the three biggest euro banks in ROE,
   efficiency and EPS growth'

•  'We are successfully implementing the plan we launched in 2002, with
   correct management of risks and productivity, and profitable growth'


'We are very satisfied with the first half-year results, and especially with the
second quarter,' Jose Ignacio Goirigolzarri declared today. 'They have
reinforced our expectations of earning 25% more this year than in 2002'. 'We are
on the way up and are confirming our target of becoming leaders in
profitability, efficiency and earnings per share (EPS)' amongst the European
banking system, said BBVA's President and Chief Operating Officer (COO).

Goirigolzarri made these statements during the Press Conference in which he
presented the BBVA results for the first half year. Attributable Profit over the
first six months was 1,167 million euros, slightly up on the first half of 2002,
with a clear boost in the second quarter, when it was 12.9% higher than the same
period of 2002.

The COO declared the Bank to be 'delighted with these results' and reminded the
press that in January, 'we had been anticipating a complicated year ahead' in
which 'the profit-and-loss account would go from lower to higher growth'. 'The
second quarter,' Goirigolzarri explained, 'has marked a clear turnabout, which
enables us to ratify the profit target we laid down at the beginning of the 
year'.  In January this year, BBVA announced that the attributable profit for 
2003 as a whole would grow about 25%, reaching approximately 2.15 billion euros.

For the President and COO of BBVA, the first semester has shown 'strong gains in
all the business areas: Retail Banking is seeing its activity recover; Wholesale
Banking is consolidating a model that is producing excellent results, and our
American outfit is developing positively in the most recurrent business.'

'In this way,' he emphasised, 'we are implementing our strategic plan, which we
launched back in 2002, focussed around three main vectors: risk management,
productivity management and profitable growth.'

'In the last few months, we have made clear progress along all three strategic
lines, and consequently are confirming our strategic target for the three over
the next three years: to be leaders in euro banking in profitability, cost/
income ratios and EPS. What this boils down to is sustainedly creating more
value than our competitors,' he explained.


Ten keys to the semester

During his speech, Jose Ignacio Goirigolzarri mentioned 10 keys to explaining
the first half-year's good results:

1.  Strong rally in attributable profit during the second quarter

    Attributable quarterly profit grew 12.9% against the same period of 2002,
    reaching 653 million euros, meaning a repeat (+0.1%) of the half-year result 
    of 1,167 million euros.

2.  Improvement in all margins over the first quarter

    Operating Income for the second quarter grew 7.4% against the first quarter
    (with Argentina and Brazil incorporated into the figures using the equity
    method) and Attributable Profit increased 27%.

3.  Recovery of Retail Banking activity in Spain

    Lending activities grew 12.1% and the its balance-sheet business portfolio
    (excluding Court accounts) increased by 7% over the quarter.

4.  Excellent results in Wholesale Banking

    Operating Income went up 16.7% over the six months, and Attributable Profit 
    rose 25.7%, confirming the tendency observed in the first quarter.

5.  Good performance in domestic businesses

    Domestic businesses (BBVA Group excluding America) increased their Operating
    Income by 4.8% during the whole semester, and their second-quarter figure 
    was 14.9% up on 2002.

6.  Activity and Earnings on the up in America

    Operating Income in local currencies went up 17.2% in the first half year. 
    In Mexico it grew 28.2%.

7.  Continuously enhanced productivity

    The Cost/Income Ratio improved, reaching 46.2% - 1.2 points less than in 
    June 2002- for the Group as a whole (minus Argentina and Brazil). In Retail 
    Banking, it was 45.2%; in Wholesale Banking, 29.2% and in America, 43%.

8.  Risk under control

    The non-performing loan ratio (NPL) has continued to go down, reaching 1.57%
    (minus Argentina and Brazil). Meanwhile, the cover ratio has gone up to 
    195%. Moreover, exchange and interest rates have been being carefully 
    managed.

9.  Recovering yields

    Return on Equity (ROE) has reached 18.9%, as against 18.1% a year ago, and     
    Return on Assets (ROA) was 1.1%.

10. Innovative Solutions

    On the basis of the new corporate culture it has worked on for the last year 
    and a half, which was presented to the last General Shareholders' Meeting, 
    BBVA has set up a new style of management. It is defined by a passion for 
    the customer and the continuous launch of innovative solutions: fixed-rate 
    mortgages, tailor-made solutions for SME's, 2nd-generation guaranteed funds, 
    sophisticated wholesale banking, the development of lending activities in 
    Mexico and breaking into the Chilean market, amongst others.


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