3rd Quarter Results

Banco Bilbao Vizcaya Argentaria SA
24 October 2007


                         Third quarter results for 2007


BBVA increases net profit 20.1% to €3.96bn excluding non-recurrent items


The group strengthens its capacity to generate high recurrent earnings in a more
complex environment


Dynamic business activity at all units, continuous improvements in efficiency
and appropriate management of liquidity put BBVA in a strong position


O   Earnings per share (EPS) before non-recurrent items increased 14.6%, return 
    on equity (ROE) stands at 31% and return on assets (ROA) is 1.21%


O   Operating profit before non-recurrent items rose 18.2% to €7.2 billion in 
    the year to September. Net interest income is up 15.5% and ordinary revenues 
    are up 13.5%


O   Efficiency, measured by the cost/income ratio, improved significantly to 
    42.5% (44.3% a year earlier)


O   Total assets grew 22.2% following a 24.4% rise in lending. Total customer
    funds are up 20.8%


O   The quality of the loan portfolio remains high despite the more complex
    environment. Defaults are running at 0.88% (compared to 0.82% at the same 
    point last year) and the coverage ratio stands at 234.1%


O   In spite of the fall on the stock market, the Group held latent capital
    gains of €5.5 billion at the end of September. This was €763m higher than at 
    the end of June


In the third quarter BBVA reinforced its capacity to generate recurrent
earnings. Net attributable profit before extraordinary items rose 20.1% to €3.96
billion, supported by an increase in revenues and an 18.2% gain in operating
profit (which came to €7.2 billion). Earnings per share (EPS) before
non-recurrent items increased 14.6%, return on equity (ROE) stands at 31% and
return on assets (ROA) is 1.21%.

Further improvements in efficiency brought the cost/income ratio to 42.5% (44.3%
last year). Together with prudent management of risk and liquidity, and the
significant ability of all the Group's units to generate revenues, this has
placed BBVA in a strong position. These developments are particularly notable in
the current environment, which is rendered more complex by unsettled financial
markets. BBVA's non-performing loan ratio stands at 0.88% and the coverage ratio
is 234.1%. Cumulative lending is up 24.4% and customer funds 20.8%.

At the end of the third quarter, in a more complex environment due to turbulent
financial markets, BBVA is reporting an excellent risk-adjusted return on
economic capital .

On one hand it has generated substantial revenues through notable growth in
business activity and this is reflected in operating profit. And the other, it
has managed lending, market and liquidity risk in an appropriate fashion,
allowing the Group to maintain its low-risk profile. In other words, BBVA offers
high growth of recurrent earnings with a low-risk profile.

Furthermore, during the third quarter it concluded the acquisition of Compass
Bancshares for €6.7 billion, compared to the €7.4 billion estimated at the time
the operation was announced. BBVA has thus completed its American franchise and
now occupies 24th place in the US market by size of assets.

The significant aspects of the Group's strategy and financial performance in the
third quarter and in the nine months to September are as follows:

O   The sale of Group buildings under plans to create a new corporate centre
generated €44m in attributable profit. The proceeds were added to the €750m
already booked under one-off transactions during the first half of the year
(capital gains from Iberdrola plus property sales minus the charge for endowment
of the BBVA Microfinance Foundation). The sale of holdings in Repsol, BNL and
Andorra generated €1,157m in attributable profit during the first nine months of
2006. Unless expressly indicated otherwise, all comments herein refer to figures
without these one-off transactions. This is the best way to understand the
Group's core performance.


O   In the third quarter of 2007, the BBVA Group obtained net attributable
    profit of €1,339m excluding one-offs, growing 19.5% year on year (24.3% at
    constant exchange rates). This profit flows down from the operating profit,
    which reached €2,323m, 14.1% higher than in the third quarter of 2006 (up 
    18.6% at constant rates). The impact of the exchange rate continued to be 
    negative with the depreciation of American currencies against the dollar. 
    However, it was mitigated by the Group's active management of structural 
    exchange-rate risk.


O   Thus, year-to-date attributable profit for the first nine months rose to
    €3,962m, 20.1% up against the same period of the previous year (24.8% at
    constant exchange rates). Earnings per share increased 14.6% year on year to
    €1.12 while ROE stood at 31.0%. Both these items were affected by the 
    capital increases from November 2006 and September 2007. Including one-off 
    earnings, attributable profit was €4,756m, earnings per share €1.34 and ROE 
    35.6%.


O   Profit growth continued to be driven by higher revenues: ordinary profit
    increased 13.5% during the first nine months of 2006, while net interest 
    income showed 15.5% growth, fuelled by higher business volumes and excellent 
    spread performance.


O   Operating costs increased less than revenues (8.8%), such that efficiency
    improved further to 42.5% as against the 44.3% recorded from January to
    September 2006.


O   This fed into the Group's operating profit, which reached €7,195m to
    September, with a year-on-year increase of 18.2% (22.9% at constant exchange
    rates).


O   An amount comparable to the previous quarters was booked to the third
    quarter loan-loss provisions and no charges were taken against assets due to
    instability on the financial markets.


O   Although the environment was somewhat more complex, BBVA's loanbook
    maintained its high quality. The NPL ratio stood at 0.88%, only slightly 
    above the 0.82% recorded to 30-Sep-06, despite the larger share of business 
    in consumer finance, credit cards and SMEs. The coverage ratio remained 
    high, at 234.1% on 20-Sep-07, due to loan-loss provisions of €7,618m, of 
    which €5,474m were generic (€4,642m on 30-Sep-06).


O   The second 2007 interim dividend was paid out on 10th October, for the same
    gross amount as on 10th July, ie, €0.152 per share. This was 15.2% more than 
    the second interim dividend charged against 2006 results.


O   The acquisition of Compass Bancshares Inc. was completed, ranking the BBVA
    Group 24th bank in the United States by assets and making it regional market
    leader in the Sunbelt. Compass brought with it €18,072m in loans and 
    €17,151m in deposits and from 7th September, when it was incorporated onto 
    the Group's books, it contributed €30m to the area's operating profit and 
    €18m to its attributable profit.


O   On 10th September 2007 BBVA issued 196m shares at an issue price of €16.77
    per share to finance part of this acquisition under the EGM resolution 
    passed by shareholders on 21st June 2007. This was a capital increase of 
    5.5%. The previous Compass shareholders were paid the remaining €3,376m in 
    cash. The total cost of the transaction was €6,663m, significantly below the 
    €7,400m estimated when the takeover bid was announced.


O   After incorporating Compass, core capital stood at 5.4% on 30-Sep-2007. This
    was in line with the capital ratios estimated when the bid was launched. The 
    BIS ratio was 10.8% and Tier I was 6.8%.


O   Despite generally bearish stock markets during the third quarter, the Group
    reported unrealised capital gains of €5,495 m on its industrial and 
    financial holdings portfolios to 30th September. This was €763 m higher than 
    on 30-Jun-07.


O   Net interest income in Spain and Portugal improved 14.4% against the first
    three quarters of 2006, due to higher lending volumes (up 13.8%) and 
    customer funds (up 4.2%) as well as better spreads. Other revenues grew 
    10.2% while expenses only went up 2.8%. This enhanced both the operating 
    profit (up 20.6% year on year) and the cost-income ratio. Along with less 
    demanding provisioning allocations, it enabled the Group to report 
    attributable profit of €1,803m, 28.4% higher than the year-to-date figure at 
    the end of September 2006.


O   Market turbulence in the third quarter did not affect the Global Businesses
    area, whose business model based mostly on the customer continued to bring 
    in recurrent revenues: Ordinary profit for the first nine months of 2007 was 
    up 23.8% year on year. Operating profit rose 25.3%. And lending and customer 
    funds grew.  The attributable profit (€653m) increased less: 3.0%. This was 
    because more equity divestments had been booked to 2006 in the same period.


O   Business volumes grew in Mexico and the USA. Lending rose 28.7% and customer
    funds 9.9% in local currency and with a constant perimeter. This and firm
    defence of spreads continued to drive the net interest income and other 
    revenue items upwards, feeding into the operating profit of €2,758m, up 
    25.3% year on year (21.2% in Bancomer's banking business). Allocations to 
    provisions in the third quarter were at similar levels to previous quarters, 
    such that year-to-date attributable profit rose to €1,555m by the end of 
    September (up 23.9% year on year at constant exchange rates).


O   Intense sales activity in all units in the South America area were reflected
    in higher business volumes, with lending up 35.0% and customer funds up 
    23.2% year on year in local currency. This fuelled net interest income 
    growth (30.7% year on year at constant exchange rates). Fee and insurance 
    income also rose 15.9%. At constant exchange rates, operating profit 
    increased 28.3% and attributable profit 23.6% to €492m.


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