3rd Quarter Results

Banco Bilbao Vizcaya Argentaria SA
25 October 2006


BBVA                                               Press Release 25 October 2006


                      Results for January - September 2006


  BBVA increases net attributable profit 21% to €3,300m, without extraordinary
                                 capital gains


O    Net attributable profit rose 63.4% to €4,457m, including capital gains on 
     the divestment of holdings in Repsol, BNL and Banc Internacional d'Andorra

O    Net attributable profit for the third quarter rose to €1,121m, an increase 
     of 22.5% over the figure of €914m for third quarter of 2005

O    BBVA increased the recurrency of its earnings with a 23.1% rise in 
     operating profit (excluding one-off items) to €6,087m. Net interest income
     increased 16.8%, core revenues 17.3% and ordinary revenues gained 18.4%

O    The Group increased its return on equity (ROE) to 35.8% (45.2% if one-off 
     items are included)

O    Efficiency (measured by the cost/income ratio) increased considerably once
     again, improving from 43.2% to 41.2% (from 46.6% to 44.3% if depreciation
     is included)

O    The non-performing loan ratio further improved to 0.82% (0.98% in September
     last year) and coverage now stands at 275.8% (246.5% a year earlier)

O    Retail Banking in Spain and Portugal increased operating profit 12.8% and 
     its net attributable profit came to €1,085m (up 11.1%)

O    Wholesale Businesses increased operating profit 26.3% and its net 
     attributable profit rose 42.8% to €953m

O    Mexico & USA increased operating profit 42.4% and its net attributable 
     profit jumped 40.3% to €1,360m

O    South America increased operating profit 40.7% and its net attributable 
     profit rose 37.3% to €417m


For the first nine months of 2006, BBVA's net attributable profit came to
€3,300m. This was 21% higher than the same period last year. After extraordinary
operations booked in the second quarter (Repsol, BNL and Banc Internacional d'
Andorra) are included, cumulative net attributable profit is up 63.4% to
€4,457m. For the third quarter, the Group's net attributable profit was €1,121m,
up 22.5% compared to the same quarter last year (€914m).

At the end of the first nine months, the distinctive features of BBVA's earnings
have grown stronger. The business volume is up substantially and risk management
is sound. These factors led to a 23.1% increase in operating profit.
Furthermore, the Group has improved all its fundamental ratios. Return on equity
(ROE) rose to 35.8%, the cost/income ratio including depreciation improved 2.3
percentage points to 44.3%, the non-performing loan ratio improved from 0.98% to
0.82% and coverage increased from 246.5% to 275.8%.

The Group's results in the year to September demonstrate BBVA's strength, its
ability to generate revenues and to improve recurrent margins substantially, and
in summary, the quality of its income statement. At the same time, its
profitability, efficiency and non-performing loan levels place it at the head of
European banking and reinforce its competitive edge.

In recent months, BBVA also pursued its growth plans. It advanced in Asia,
opening a branch in Singapore and new offices in Seoul, Sydney and Taipei. This
expansion will continue in the coming months with an office in Mumbai, making it
the Spanish and Latin-American bank with the biggest presence in this strategic
region.

Moreover, BBVA has moved ahead with its acquisition of Texas Regional and State
National, two franchises in Texas, and their purchase will be concluded in a few
months.

Lastly, it strengthened its presence in Italy with the acquisition of 50% of
Advera, bringing its ownership to 100%. The unit will be renamed 'BBVA Finanzia
SpA' and it will incorporate Maggiore Fleet (a finance company), whose
acquisition is valued at €67m.

These operations are part of BBVA's strategy of profitable growth and they are
accompanied by a highly positive trend in business volume and earnings in all
business areas.

In the third quarter of 2006 BBVA maintained the high cruising speed of recent
periods. The higher level of business in the main markets where the Group
operates did not affect the excellent level of risk quality. This led to higher
revenues and new improvements in the cost/income ratio and in profitability
(which were already high). The highlights of the BBVA Group in the third quarter
and in the nine months to September are summarised below:

O    Net attributable profit in the third quarter of 2006 came to €1,121m. This 
     is 22.5% higher than the €914m obtained in the same period last year. Once
     again the increase was supported by operating profit, which rose 19.7% to
     €2,035m.

O    As a result, net attributable profit for the first nine months came to 
     €4,457m. Excluding extraordinary items of €1,157m in the second quarter of
     2006 (capital gains on the divestment of holdings in BNL, Repsol and 
     Andorra, and the related tax charges), net profit would be €3,300m, an 
     increase of 21.0% over the figure of €2,728m for the first nine months of 
     2005. Earnings per share were €0.97 (€0.80 last year) and ROE stands at 
     35.8% (35.5% at the same point last year).

O    The increase in net attributable profit was driven by operating profit, 
     which was €6,087m for the first nine months, excluding the Repsol capital 
     gain. The year-on-year increase in this case is 23.1% (22.2% at constant
     exchange rates) and this is slightly higher than the first-half figure.

O    Operating profit was supported, in turn, by higher recurrent revenues. Net 
     interest income was up 16.8% (on higher volume and thanks to defence of 
     spreads). Net fee income and insurance rose 14.2% and ordinary revenues, 
     excluding one-off items, increased 18.4%.

O    Operation expense including depreciation increased more slowly, at 11.5%.

O    As a result, the cost/income ratio including depreciation now stands at 
     44.3% (excluding the Repsol capital gain) and this is an improvement of 2.3
     percentage points compared to the figure of 46.6% at the end of September 
     last year (with improvements in all business areas).

O    Lending continues to grow strongly year-on-year, faster than non-performing
     loans, bringing the NPL ratio to 0.82% (an improvement over the figure of 
     0.98% at 30-Sep-05). The higher contributions to generic provisions, 
     required by the increase in lending, lifted coverage to 275.8% (246.5% a 
     year earlier) and the balance of generic coverage funds rose to €4,642m, 
     compared to €3,712m at 30-Sep-05.

O    At 30-Sep-06 the group's capital base remained sound with core capital at 
     6.0% (compared to 6.0% at 30-Jun-06 and 5.8% at 30-Sep-05). Tier I stands 
     at 7.7% and the BIS ratio is 11.5%.

O    On 10th October the Group paid a second interim dividend of €0.132 against 
     2006 results. This was the same amount as the July dividend and 15% higher 
     than the corresponding dividend last year.

O    Lending by Retail Banking in Spain and Portugal increased 18.6% 
     year-on-year (evenly divided among the different types), customer funds 
     grew 8.7% and spreads improved. Thus net interest income rose 8.0% and, 
     together with higher income from fees and insurance (up 11.1%) plus cost 
     control, it caused operating profit to rise 12.8%. Net attributable profit 
     gained 11.1% to €1,085m for the year to September.

O    Wholesale Businesses set a new record for ordinary revenues in the third 
     quarter. Cumulative results for the year to September grew steadily with
     ordinary revenues up 25.1%, operating profit up 26.3% and net attributable
     profit up 42.8% to €953m.

O    In Mexico & USA, lending and customer funds were up 26.6% and 12.0%, 
     respectively, year-on-year and in local currencies. Higher spreads helped 
     net interest income to increase 30.2% at constant exchange rates and, 
     together with net fee income and insurance (up 19.8%) and costs which grew 
     more slowly, operating profit jumped 39.8% and net attributable profit 
     climbed 37.7% (up 40.3% at current exchange rates), to €1,360m.

O    In South America, higher business volume (lending was up 33.2% year-on-year 
     and customer funds were up 24.4% at constant exchange rates) led to an 
     increase in net interest income (up 26.5%). Together with net fee income 
     and insurance (up 17.2%) and high net trading income, this boosted 
     operating profit 39.9%. Net attributable profit rose 37.1% to €416m (at 
     current exchange rates the percentage increase was the same figure).



BBVA Group Highlights (Consolidated figures)

                                       30-09-06    30-09-06     %       30-09-05   31-12-05
                                                  excluding increase
                                                   one-offs
                                                        (1)    (2)
BALANCE SHEET (million euros)
Total assets                            403,184                   7.6    374,867    392,389
Total lending (gross)                   248,606                  19.5    208,121    222,413
On-balance sheet customer funds         272,072                  12.3    242,282    259,200
Other customer funds                    136,351                 (3.1)    140,691    142,707
Total customer funds                    408,423                   6.6    382,973    401,907
Equity                                   19,271                  14.0     16,908     17,302
Shareholders' funds                      15,967                  28.3     12,446     13,036

INCOME STATEMENT (million euros)
Net interest income                       6,084       6,084      16.8      5,209      7,208
Core revenues                             9,987       9,987      17.3      8,511     11,756
Ordinary revenues                        11,663      11,140      18.4      9,407     13,024
Operating profit                          6,610       6,087      23.1      4,946      6,823
Pre-tax profit                            6,032       4,758      15.2      4,130      5,592
Net attributable profit                   4,457       3,300      21.0      2,728      3,806
DATA PER SHARE AND MARKET CAPITALIZATION
Share price                               18.25                  25.1      14.59      15.08
Market capitalization (million           61,883                  25.1     49,473     51,134
euros)
Net attributable profit                    1.31        0.97      21.0       0.80       1.12
Book value                                 4.71                  28.3       3.67       3.84
PER (Price/earnings ratio; times)          13.7                             13.0       13.4
(3)
P/BV (Price/book value ratio; times)        3.9                              4.0        3.9
SIGNIFICANT RATIOS (%)
Operating profit / ATA                     2.26        2.08                 1.84       1.87
ROE (Net attributable profit/Average       45.2        35.8                 35.5       37.0
equity)
ROA (Net profit / ATA)                     1.49        1.20                 1.09       1.12
RORWA (Net profit/Risk weighted            2.54        2.03                 1.88       1.91
average assets)
Efficiency ratio                           39.4        41.2                 43.2       43.2
Efficiency ratio including                 42.3        44.3                 46.6       46.7
depreciation and amortization
NPL ratio                                  0.82                             0.98       0.94
NPL coverage ratio                        275.8                            246.5      252.5

CAPITAL ADEQUACY RATIOS (BIS Regulation) (%)
Total                                      11.5                             12.7       12.0
Core capital                                6.0                              5.8        5.6
TIER I                                      7.7                              7.8        7.5

OTHER INFORMATION
Number of shares (million)                3,391                            3,391      3,391
Number of shareholders                  896,103                        1,012,975    984,891
Number of employees                      96,369                           91,770     94,681
. Spain                                  31,230                           31,188     31,154
. America (4)                            63,424                           58,643     61,604
. Rest of the world                       1,715                            1,939      1,923
Number of branches                        7,465                            7,208      7,410
. Spain                                   3,631                            3,510      3,578
. America (4)                             3,675                            3,526      3,658
. Rest of the world                         159                              172        174

N.B.: Non-audited figures. Consolidated quarterly accounts for the Bank and the Group's companies follow
International Financial Reporting Standards accepted by the European Union, also considering the Bank of Spain
Circular 4/2004.

(1) Capital gains on BNL, Repsol and Andorra, and the related taxes in the second quarter of 2006.

(2) Percentage changes in the profit and loss and earnings per share excluding the one-off operations in the
second quarter of 2006.

(3) The 2006 P/E is calculated taking into consideration the median of the analysts' estimates (October 2006).

(4) 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-     January-September     %          January-      Increase %
                                    September    06 excluding      increase       September
                                    2006         one-offs (1)                          2005        at
                                                                   excluding                    constant
                                                                                                exchange
                                                                    one-offs                      rates
                                                                      (1)                       excluding
                                                                                                one-offs
                                                                                                   (1)

Core net interest income                   5,860             5,860      16.6             5,026        15.8
Dividends                                    224               224      21.8               183        21.8

NET INTEREST INCOME                        6,084             6,084      16.8             5,209        16.0
Net income by the equity                     222               222     181.8                79       182.1
method
Net fee income                             3,198             3,198      11.3             2,875        10.3
Income from insurance                        483               483      38.4               349        38.9
activities

CORE REVENUES                              9,987             9,987      17.3             8,511        16.5
Net trading income                         1,676             1,153      28.8               895        28.5

ORDINARY REVENUES                         11,663            11,140      18.4             9,407        17.6
Net revenues from                             87                87    (20.9)               110      (20.6)
non-financial activities
Personnel costs                          (2,945)           (2,945)      12.4           (2,620)        11.8
General expenses                         (1,732)           (1,732)      10.9           (1,562)        10.1
Depreciation and amortization              (347)             (347)       7.3             (323)         6.5
Other operating income and                 (116)             (116)      76.5              (66)        73.3
expenses (net)

OPERATING PROFIT                           6,610             6,087      23.1             4,946        22.2
Impairment losses on financial           (1,063)           (1,063)      90.4             (558)        88.5
assets (net)
•    Loan-loss provisions                (1,045)           (1,045)      96.7             (531)        94.7
•    Other                                  (18)              (18)    (33.0)              (27)      (33.5)
Provisions (net)                           (481)             (481)      46.3             (329)        46.0
Other income / losses (net)                  967               215     198.3                72       201.6
•    From disposal of equity                 939               187      n.m.                19        n.m.
holdings
•    Other                                    28                28    (47.4)                53      (46.6)

PRE-TAX PROFIT                             6,032             4,758      15.2             4,130        14.4
Corporate income tax                     (1,383)           (1,266)       4.9           (1,207)         4.3

NET PROFIT                                 4,648             3,491      19.4             2,924        18.6
Minority interests                         (192)             (192)     (2.2)             (196)       (2.8)

NET ATTRIBUTABLE PROFIT                    4,457             3,300      21.0             2,728        20.2



(1) Capital gains on BNL, Repsol and Andorra, and the related taxes in the second quarter of 2006.







BBVA: Consolidated balance sheet  (Million euros)


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

Cash and balances at Central Banks       9,811   (25.9)    13,239                              10,224    12,341
Financial assets held for trading       45,505      2.2    44,544                              44,017    44,012
Other financial instruments at fair      1,004   (27.3)     1,380                                 886     1,421
value
Financial instruments available for     42,950   (18.8)    52,882                              52,643    60,034
sale
Loans and receivables                  279,685     18.9   235,269                             258,199   249,397
. Due from banks                        31,847     27.2    25,037                              19,973    27,470
. Loans to customers                   242,565     19.6   202,858                             230,467   216,850
. Other                                  5,273   (28.5)     7,374                               7,759     5,076
Held to maturity investments             5,872     49.4     3,930                               6,018     3,959
Investments in associates                1,026   (29.0)     1,447                                 771     1,473
Property, plant and equipment            4,262      0.1     4,256                               4,235     4,383
Intangible assets                        1,906     10.2     1,730                               1,872     2,070
Other assets                            11,163   (31.0)    16,190                              11,370    13,299

TOTAL ASSETS                           403,184      7.6   374,867                             390,235   392,389

Financial liabilities held for          13,953   (28.8)    19,595                              13,379    16,271
trading
Other financial liabilities at fair        654   (14.8)       767                                 648       740
value
Financial liabilities at amortised     343,739     11.5   308,348                             333,585   329,505
cost
. Deposits by Central Banks and         65,774      7.2    61,363                              65,339    66,315
banks
. Due to customers                     184,888     11.3   166,128                             173,402   182,635
. Marketable debt securities            74,449     19.2    62,434                              75,687    62,842
. Subordinated debt                     12,735    (7.2)    13,720                              12,779    13,723
. Other                                  5,893     25.3     4,703                               6,378     3,990
Liabilities and insurance contracts     10,134    (0.8)    10,215                               9,701    10,501
Other liabilities                       15,433   (18.9)    19,034                              15,394    18,071

TOTAL LIABILITIES                      383,913      7.3   357,959                             372,707   375,087

Minority interests                         777   (15.2)       916                                 766       971
Valuation adjustments                    2,527   (28.7)     3,546                               1,540     3,295
Shareholders' funds                     15,967     28.3    12,446                              15,222    13,036

EQUITY                                  19,271     14.0    16,908                              17,528    17,302

TOTAL LIABILITIES AND EQUITY           403,184      7.6   374,867                             390,235   392,389

MEMORANDUM ITEM:
Contingent liabilities                  37,969     40.7    26,978                              36,040    29,862






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