Interim Results

Banco Bilbao Vizcaya Argentaria SA
25 July 2000


                      THE BBVA GROUP - FIRST HALF 2000

Net attributable profit for the BBVA Group totalled 1.03 billion euros (171,633
million pesetas), a 24.2% increase vs. the first half of 1999 on a proforma
basis.

Both the ROE and the efficiency ratio present a noticeable improvement on a
year-over-year basis, reaching 22.5% and 51.5%, respectively. The solid growth
of activities in all the business areas within the Group translates into an
increase in recurrent revenues, with a 19.8% increase in the business margin.

BBVA consolidates its leading domestic commercial franchise with a potent
distribution platform in the Spanish financial sector. There has been an
increase in lending market share and also in customer funds managed. The Group's
leadership position is reinforced in key business lines and the distance to
first place in other areas has narrowed. Noteworthy are the savings marketing
campaign, in which more than 1.4 billion euros have been channeled into savings
accounts, and the successful launching of the mutual fund 'BBVA Exito', with 800
million euros managed and the commercialization of Hipoteca 100. In Latin
America, the commercial push has been aggressive during the second quarter of
this fiscal year.

The integration program could be qualified as exemplary due to the efficacy,
speed and lack of conflict during its execution. The targets and objectives
initially set have been surpassed and continue to be completed ahead of
schedule. This allows the Group to dedicate itself fully to strategic
development and business growth.

The retail banking integration of the institutions in Spain- BBVA, Banca
Catalana, Banco del Comercio and Banco de Alicante-heightens the strength of the
BBVA brand in the branch network. The implementation of signs and other image
posters has taken place in 235 branches and will reach 3,000 by year end. The
optimization plan within the branch network has developed positively. The
absorption of Banca Catalana and Banco de Alicante produced 158 branch closings
and the integration of Banco del Comercio in September will produce 113 branch
closings.

The integration program of the global business areas, designed and approved
during the first months of the merger, resulted in 41 structural realignment
processes affecting 73 institutions; the execution timeline for global business
areas is ahead by 6 months. The most relevant completed processes are the asset
management subsidiaries, branches and affiliate banks abroad, as well as
factoring operations. In Latin America, the Argentaria branch has been
integrated into BBVA Brasil, as well as the branches in Colombia, Mexico, and
Peru; the merger process in BBV Panama and BEX Panama is currently underway.

The decision to maintain a single technological platform is the catalyst for a
speedy advance in the operational integration. During the first quarter the
unification of the data processing centers and systems integration of the
branches in London and New York took place. This process has intensified during
the second quarter, with the integration of the remaining branches and
affiliates abroad (Miami, Portugal, Switzerland), and the asset management
subsidiaries, treasury, brokerage houses, systems and support processes for
businesses abroad and a large chunk of the items needed to tackle the massive
branch integration processes.

Last June the first of these massive processes took place with the integration
of 383 branches from Banca Catalana. During the first two weeks of July, a pilot
program for 15 branches from Argentaria took place in order to undergo a
full-fledged integration from September onwards, thus allowing the conclusion of
the last phase of the merger project by March 2001.

The single brand strategy and the systems and operation unification contribute
toward a speedy implementation of the brand image, garnering BBVA as the most
recognized brand in the Spanish market. The programs directed at materializing
cost savings by 2002 has had positive results thus far; the selection of the
most stringent objectives and the fulfillment of these objectives ahead of
schedule translates into a temporary acceleration of these savings.

The successful placement of the BBVA shares in the market constitutes one of the
most relevant events this quarter. This secondary offering has reinforced the
quality of the BBVA Group capital base; the use of the proceeds was to maintain
high solvency levels and to complete several investments given the dynamic
growth of financial markets and the increase in product lines within the Group.

The breakdown percentages of the 220 million shares in this placement were: 60%
were placed within domestic retail sector, 11.4% in the domestic institutional
sector, and 28.6% in the international markets. The offering price was between
13.84 euros per share for the institutional tranche and 13.6 euros per share for
the retail tranche, a 1.4% discount over the closing price on May 22nd. The
effective receipt of proceeds is estimated to be 3,014 million euros (501,561
million pesetas), including the green shoe option which was fully exercised.

Despite the increasing volatility in markets, BBVA successfully completed its
secondary offering whereas some companies were forced to postpone or decrease
the level of their placements. Global demand was 6 times oversubscribed (7.9
times in the retail tranche) and BBVA share price performance was better than
the IBEX. From the announcement of the operation to the pricing and subsequent
to that, the BBVA share has increased 7.4% at the end of May, more than double
the performance of the IBEX during that same period. The capital increase has
added 500,000 new shareholders to the BBVA stakeholder circle. The total
shareholder base is now over 1,400,000-the largest of Spanish banks.

A significant part of the proceeds of this offering have been designated for the
Bancomer operation.  On June 29th, the Extraordinary Shareholders' Meeting of
Bancomer ratified the merger agreement with BBVA-Mexico, resulting in the
creation of the largest bank in Mexico and in Latin America, with banking market
share in the 30% range, 8 million clients, $40,000 million in total assets,
almost $3,000 million in ordinary revenue, 2,417 branches and nearly 28,000
employees.

The merger of Bancomer and BBVA-Mexico will have cost savings of $400 million
yearly in conjunction with revenue synergies of the new Group which will
translate into significant revenue accretion during subsequent periods.  This is
what financial analysts and the market in general have considered to arrive at a
positive opinion of the operation.

The incorporation of Bancomer into the Group constitutes a magnificent
complement for the activities of BBVA in Latin America, which globally represent
10.2% in deposit market shares in this region (16.7% if Brasil is excluded) and
31% market share in pension fund management.

During this quarter a significant push has been made in the development of a
global e-business strategy for the Group, not only toward internal technological
transformation (Project Transform@) but also toward market positioning of new
e-banking and e-commerce business.

Uno-e.com began to operate in Spain during the first part of the second quarter
and in only three months. Uno-e.com garners 31,000 clients and deposits
totalling 11,668 million pesetas (70.1 million euros).  Within the context of
its growth strategy, Uno-e agreed to all merger conditions with First-e on June
30th to form Unofirst Group, an institution dedicated to becoming the first
truly online global financial services provider.  The agreement for BBVA
translates into a decrease (about one-third) in the price from the initial
agreement and is in line with current share prices of technology names.

In the new Bank, in which BBVA will have management control and 67.5% of the
capital jointly with Terra, Enba plc (current shareholder of First-e) will also
participate.  The merger of Terra with Lycos is not only advantageous in and of
itself, but also because of potential access to a wider customer base at lower
cost levels.  Unofirst currently operates in Spain, the United Kingdom and
Germany through Uno-e and First-e and jointly has 102,000 clients and manages
more than 350 million euros in funds.  The expansion plan contemplates other
markets in Europe, Latin America, United States, and Asia.

The BBVA Group has formed BBVA E-commerce, S.A., whose main purpose is the
promotion and development of e-commerce initiatives. BBVA is the first in the
financial services sector to create an independent company for these businesses.
 BBVA E-commerce and Telefonica have created a 50% joint partnership in B2B, a
firm destined to promoting internet operations between companies; B2B has
initiated its activity by means of its participation in Hotel Inter Net, S.A. 
This portal will manage purchasing and distribution of supplies for the sector
and is estimated to have business volumes of around 2 trillion pesetas (12
billion euros).  B2B also has an interest in a portal for SME's (small and
medium enterprises) and other portals for various industries (food,
construction, agriculture, among others) in Spain and Latin America.

Additionally, BBVA, Telefonica, Iberia and Repsol YPF have created the largest
online purchasing company in Spain.  This e-procurement portal allows to
streamline the purchasing processes of goods and services of the four companies,
with a purchasing capacity of 1 trillion pesetas (6 billion euros) per year.

On the payment systems front, BBVA and Telefonica Moviles has a 50% joint
partnership in Movilpago Holding, a pioneer project in Europe for the
development and commercialization of payment services via mobile phones.  This
system will be available in Spain this fall and will provide a secure,
cost-efficient, and faster platform for payment via point-of-sale terminals
throughout Spain and is also available on the internet.  Movilpago has patents
in 67 countries and estimates 100 million clients and 5 million POS terminals
worldwide, and 5 million client and 500,000 terminals in Spain.

The strong demand generated in the recent capital increase and the BBVA share
price performance during this year is a reflection of the confidence the
investors and financial markets have on the BBVA Group.  The BBVA share has
outperformed by two times the banks included in the Eurostoxx 50 (10.7%, vs
5.5%).  BBVA is the Spanish bank with the most favourable share performance.  As
of June 30, 2000 the market capitalization for the BBVA Group is at 49,338
billion euros, 11,338 billion more than when the merger was announced (October
19, 1999).

On July 10 the second interim dividend for the current fiscal year was paid for
a total of 6.4 cents of euro (10.65 pesetas) gross per share.



                           BBVA Group Highlights
                           (Consolidated figures)

                                        30-6-00             30-6-99 (1)   ^%
                                 Pesetas        Euros         Euros      (YOY)
BALANCE SHEET (millions)
 Total assets                  40,126,083     241,163        222,957       8.2
 Total lending (gross)         20,734,104     124,614        110,509      12.8
 Customer funds recorded on
  the balance sheet            23,710,942     142,506        127,113      12.1
 Other customer funds 
  managed                      17,857,854     107,328         83,711      28.2
 Total funds managed           41,568,796     249,834        210,824      18.5
 Shareholders' funds 
  (including profit of the
   year)                        2,036,384      12,239          8,686      40.9

INCOME STATEMENT (millions)(1H)
 Basic margin                     740,250       4,449          4,207       5.8
 Business income (operating
  income & net income from 
  comp. carried by the equity
  method)                         387,635       2,330          1,945      19.8
 Pre-tax profit                   299,964       1,803          1,546      16.6
 Net attributable profit          171,633       1,032            831      24.2

OTHER FIGURES
 Market capitalisation 
  (millions)                    8,209,088      49,338         40,585      21.60
 Net attributable profit per
  share (1H)                                     0.35           0.29      20.1
 Book value per share                            3.88           3.00      29.5
 PER (Price Earnings Ratio
  times)(2)                                      21.2           23.1
 Price/Book Value (times)                         4.0            4.7

RELEVANT RATIOS (%)
 Business income/ATA                             1.94           1.84
 ROE (Net attributable profit/
  Average equity)(3)                             22.5           20.1
 ROA (Net income/Average total
  assets)(3)                                     1.03           0.93
 RORWA (Net income/Risk 
  weighted assets)(3)                            1.76           1.73
 Efficiency ratio                                51.5           53.7
 NPL ratio                                       1.64           2.19
 Coverage ratio                                 149.2          124.0

CAPITAL ADEQUACY RATIOS
 (BIS REGULATIONS)(%)
 Total                                           12.5           12.0
 TIER 1                                           9.2            9.0

OTHER INFORMATION
 Number of employees                           82,876         88,824
 - Spain                                       35,365         37,360
 - America                                     45,426         49,310
 - Rest of the world                            2,085          2,154
Number of branches                              7,341          7,215
 - Spain                                        4,218          4,361
 - America                                      2,890          2,639
 - Rest of the world                              233            215

(1)  Proforma data
(2)  The 1H00 PER is calculated taking into consideration the mean of the       
     analysts' estimates
(3)  Calculated with data from the last four quarters
N.B. Non-audited data.  Consolidated statements follow generally accepted
     accounting principles of Bank of Spain Circular 4/91 and later Circulars.

                          ACTIVITY OF THE BBVA GROUP

The BBVA Group closed the first half of 2000 with outstanding growth in the main
lines of business activity:  Net lending totalled 124 billion euros (almost 21
trillion pesetas)and total client funds managed ended at 250 billion euros (more
than 41 trillion pesetas), increases of 12.8% and 18.5% respectively.

In the domestic market, total lending for Banks and Savings Institutions (Cajas)
has been positively affected by favourable economic conditions.  There has been
an increase in the migration process from mutual funds and other products to
long term deposits.  Additionally, the differences between loan yields and cost
of deposits increased, although not with the same intensity as benchmark
interest rates.

Within this context, lending to the resident sectors increased almost 16% vs.
the first half of 1999 and continued to lead within the Spanish financial
services sector.  In the private sector, the various products within the
mortgage, consumer and credit card product lines show increases in the 20%
range.  Corporate financing increased 10% and 13% if you exclude the
securitization operation of the first quarter, totalling 185 billion pesetas
(1.1 billion euros).  Lending to the public sector was also affected by the 200
billion pesetas (1.2 billion euros) securitization done in June by BCL.

Noteworthy is the favourable evolution of loans denominated in euros especially
during the second quarter, as well as the new decline in doubtful loans.  The
NPL ratio of BBVA ex-America ended at 1.05% vs. 1.10% in 1Q00 and 1.38% in 1H99.
 At the same time, the coverage ratio increased to 144.9%.

In terms of customer funds in the resident sector, the change in its structure
allows the average cost to stay at current levels for the past two quarters. 
Current and savings accounts increased in weighting by 300 basis points over the
total. With this, the BBVA Group reinforces its leadership position in this
area. Notwithstanding, time deposits increased 6.3% and the ones based on sale
with repurchase agreements category declined more than 20%.

Other customer funds managed showed moderate increases, basically from the
stagnation of funds managed in the mutual fund sector.  Despite this, the BBVA
Group has increased market share in this product line on a continuous basis,
therefore reaching 21.9% vs 20.4% during 1H99.  There is also a change in the
structure of mutual funds, where equity funds increase their weighting by 10
percentage points.  Pension funds for individuals and employer-sponsored plans,
as well as client portfolios continued to increase in the double digits, with a
year-over-year increase of 18% and 32% respectively.

Latin America is witnessing an improvement in the macroeconomic environment
although with marked differences among countries.  Additionally there has been
some margin pressure due to declining benchmark interest rates therefore
pressuring client spreads.

Within this context, the BBVA Group continued to manage lending activity by
promoting in countries with a better environment and curtailing growth in those
countries with less favourable conditions.  The loan portfolio in BBVA America
at the end of June totalled 23 billion euros (3.8 trillion pesetas), a 15%
increase over the same date in 1999.  During the first half of 2000 there is
greater dynamism in all countries, except Colombia and Peru.  It is worth noting
that in local terms the portfolio increased above 15% in Mexico, Argentina,
Chile and Puerto Rico.  This conservative and prudent policy is reflected in the
NPL ratio with a decrease of 170 basis points in the last twelve months.  The
Group continued the increase in coverage levels to 154% vs. 124.9% in 1H99.

On-balance customer funds in BBVA America ended at 33 billion euros (5.5
trillion pesetas), a 15% rise vs. the comparable year ago period.  Deposits grew
16%.  Additionally, mutual funds managed by the Group have experience gains of
43%.  Generally all the countries saw strong increases in local currency terms.

The pension fund management business of the BBVA Group in Latin America has
continued to show outstanding development.  Total funds under management
increased 190% which, excluding the incorporation of Provida and Colpatria, and
the sale of Siembra, increased a superb 40%.

                          Consolidated Balance Sheet
                                (millions)

                                  30-6-00            %     31-3-00      30-6-99 
                             Pesetas      Euros    (YoY)           Euros

Cash on hand and on dep at
 Central Banks                 650,428      3,909   (15.2)    6,317      4,610
 Due from credit entities    5,224,801     31,402   (19.9)   34,900     39,221
 Total net lending          20,227,784    121,571    13.1   117,789    107,516
 Fixed-income portfolio      8,042,041     48,334     8.4    46,551     44,588
 - Government debt
    securities               2,212,334     13,297     4.5    11,530     12,726
 - Other debt securities     5,829,707     35,037    10.0    35,021     31,862
 Equities portolio           1,720,140     10,338    20.1    10,009      8,607
 - Of which: equity method   1,237,473      7,437    39.4     7,199      5,335
 Property and equipment        778,647      4,680    (2.0)    4,953      4,776
 Other assets                3,482,242     20,929    53.4    18,619     13,639
TOTAL ASSETS                40,126,083    241,163     8.2   239,138    222,957

Due to credit entities      10,633,065     63,906    (5.9)   64,613     67,946
Customer funds              23,710,942    142,506    12.1   143,388    127,113
 - Deposits                 18,347,406    110,270     9.4   110,097    100,805
 - Marketable debt 
     securities              4,761,982     28,621    23.9    29,662     23,097
 - Subordinated debt           601,554      3,615    12.6     3,629      3,211
 Other liabilities           2,284,356     13,729    18.3    13,789     11,609
 Net income                    214,626      1,290    23.3       585      1,046
 Minority interests            917,076      5,512     2.0     5,746      5,405
 Capital and reserves        2,366,018     14,220    44.5    11,017      9,838
TOTAL LIABILITIES           40,126,083    241,163     8.2   239,138    222,957

Other customer funds 
 managed                    17,857,854    107,328    28.2   107,926     83,711
 - Mutual funds              8,475,056     50,936     4.3    51,758     48,833
 - Pension funds             5,226,663     31,413   104.9    31,995     15,332
 - Customers' portfolios
   and assets                4,156,135     24,979    27.8    24,173     19,546

MEMORANDUM ITEMS (1)
 Average total assets       39,027,089    234,558    11.9   228,035    209,664
 Risk-weighted average
   assets                   22,865,746    137,426    21.5   129,661    113,097
 Average shareholders'
   funds                     1,441,657      8,665    10.2     8,148      7,862

(1) Calculated with data from the last four quarters

                          INCOME STATEMENT OF THE BBVA GROUP

The BBVA Group's net attributable profit in the first half of 2000 reached 1,032
million euros (171,633 million pesetas), up 24.2% over the first half of 1999. 
ROE and ROA witnessed solid increases vs. the year-ago period of 22.5% and 1.03%
respectively.

The BBVA Group's capacity to generate recurrent revenue is the catalyst for a
7.4% increase in the ordinary revenue line.  The effective cost management
limits the operating costs increase to 3% and the quality of the industrial
portfolio produces the net income from companies carried by the equity method to
duplicate.  The aforementioned factors produce close to a 20% increase in the
business income, or an additional 385 million euros.  Notwithstanding, only
two-thirds of this increase is reflected in the pre-tax profit as a result of
one-third of this and realized capital gains destined to provisions for the
Group, in line with strict and prudent criteria.

The Latin American affiliates within the Group (BBVA America) witness an
increase of 11% in operating income vs. the 8% increase in 1Q00 on a
year-over-year basis, therefore ratifying the positive trends seen since the
second half of 1999.  The rest of the Group (BBVA ex-America) increases its
operating income by 19.3% during the first half of 2000 with historic highs in
2Q00, despite the decrease in market operations when compared to the prior
quarter.  The efficiency ratio of BBVA ex-America ended at 43.4%.

Net interest income during the second quarter of 2000 increases 3.8%
quarter-over-quarter and 2% when 1H00 is compared to the first half of 1999. 
BBVA ex-America's net interest income increases 2.5% with the stabilization
reflected in the prior quarter on the back of increases in business volumes. 
Additionally the uptick in client spreads in Euros witnessed in the prior
quarter is confirmed this quarter with a 22 basis points increase when compared
to the last quarter of 1999, therefore absorbing the negative effect from the
VPO repricing; despite this improvement the evolution during 1999 produces a 48
basis points decrease in 1H00 when compared to the first half of 1999.

BBVA America shows a stable quarterly net interest income with an 8.5% increase
on a year-over-year basis, despite the limits of a selective risk exposure
policy and a generalized decrease in interest rates.


                      Consolidated income statement
                               (Millions)

                                      
                                             1H00             %        1H99
                                   Pesetas       Euros      (YoY)      Euros

Financial revenues              1,301,046        7,820        6.1     7,369
Financial expenses               (809,241)      (4,864)       8.8    (4,470)
NET INTEREST INCOME               491,805        2,956        2.0     2,899
Net fee income                    248,445        1,493       14.2     1,308

BASIC MARGIN                      740,250        4,449        5.8     4,207
Market operations                  77,558          466       26.1       369

ORDINARY REVENUE                  817,808        4,915        7.4     4,576

Personnel costs                  (283,646)      (1,705)       6.9    (1,595)
General expenses                 (137,175)        (824)      (4.2)     (860)
GENERAL ADMINISTRATIVE EXPENSES  (420,821)      (2,529)       3.0    (2,455)
Depreciation and amortization     (45,425)        (273)      13.2      (242)
Other oper. revenues and 
 expenses (net)                   (10,658)         (64)     (13.1)      (73)

OPERATING INCOME                  340,904        2,049       13.5     1,806
Net income from comp. carried
 by the eq. method                 46,731          281      101.7       139
Memorandum item: correc.
 for payment of divid.            (29,271)        (176)      21.7      (145)

BUSINESS INCOME                   387,635        2,330       19.8     1,945
Amortization of goodwill in 
 consolidation                    (18,149)        (109)     (73.8)     (416)
Net income on Group 
 transactions                     109,278          657        3.7       634
Net loan loss provisions          (59,352)        (357)     (17.0)     (430)
 - Gross provisions               (99,916)        (601)     (19.3)     (744)
 - Reversals                       16,582          100      (49.9)      199
 - Recoveries                      23,982          144       24.5       115
Net securities writedowns            (273)          (2)      n.m.       (28)
Extraordinary items (net)        (119,175)        (716)     350.1      (159)

PRE-TAX PROFIT                    299,964        1,803       16.6     1,546
Corporate income tax              (85,338)        (513)       2.7      (500)

NET INCOME                        214,626        1,290       23.3     1,046
 Minority interests               (42,993)        (258)      19.8      (215)

NET ATTRIBUTABLE PROFIT          171,633        1,032       24.2       831




              Consolidated income statement: quarterly evolution
                            (Millions of euros)

                                      
                               2000                       1999
                          2Q        1Q       4Q       3Q        2Q      1Q
Financial revenues     4,114      3,706    3,555    3,370    3,761     3,608
Financial expenses    (2,608)    (2,256)  (2,082)  (1,982)  (2,311)   (2,159)
NET INTEREST INCOME    1,506      1,450    1,473    1,388    1,450     1,449
Net fee income           742        751      703      696      664       644

BASIC MARGIN           2,248      2,201    2,176    2,084    2,114     2,093
Market operations        207        259      169      103      175       194

ORDINARY REVENUE       2,455      2,460    2,345    2,187    2,289     2,287

Personnel costs         (865)      (840)    (805)    (807)    (809)     (786)
General expenses        (422)      (402)    (499)    (410)    (430)     (430)
GENERAL ADMINISTRATIVE 
 EXPENSES             (1,287)    (1,242)  (1,304)  (1,217)  (1,239)   (1,216)
Depreciation and 
 amortization           (141)      (132)    (131)    (129)    (122)     (120)
Other oper. revenues
 and expenses (net)      (34)       (30)     (52)     (48)     (39)      (34)

OPERATING INCOME         993      1,056      858      793      889       917
Net income from comp.
 carried by the eq.
 method                  116        165        9       90       53        86
Memorandum item. 
 correc. for payment
 of divid.              (110)       (66)    (118)     (31)     (82)      (63)

BUSINESS INCOME        1,109      1,221      867      883      942     1,003
Amortization of 
 goodwill in 
 consolidation          (59)        (50)    (242)     (39)     (22)     (394)
Net income on Group
 transactions            59         598      328      (39)     120       514
Net loan loss
 provisions            (204)       (153)    (203)    (117)    (205)     (225)
 - Gross provisions    (298)       (303)    (380)    (225)    (349)     (395)
 - Reversals             17          83       97       53       85       114
 - Recoveries            77          67       80       55       59        56
Net securities   
 writedowns               1          (3)      48      (14)     (29)        1
Extraordinary items
 (net)                   49        (765)     (83)     (33)     (16)     (143)

PRE-TAX PROFIT          955         848      715      641      790       756
Corporate income tax   (250)       (263)     (95)    (139)    (198)     (302)

NET INCOME              705         585      620     502       592       454
Minority interests     (119)       (139)    (109)    (98)     (120)      (95)

NET ATTRIBUTABLE
 PROFIT                 586         446      511     404       472       359

MEMORANDUM ITEM:
 Net attributable
 profit (millions
 of pesetas)         97,491      74,142   85,058  67,233    78,440    59,750