Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) Q4 2023 Earnings Call Transcript

Hugo Cruz: All right. Thank you very much. I just wanted to ask you about the long-term potential for loan growth in Mexico. Is there a point where we could start to see the loan growth to decline? And so can I think about the cap in terms of nominal GDP or in terms of bank loans to GDP, where you could see that loan growth coming down? Or how do you think about that? Thank you.

Onur Genc: Hugo, I mean, you partially mentioned that the banking debt over GDP is 36% in Mexico. Banking debt over GDP in Brazil is 72% double. Given the dynamics of Mexico, and I will repeat myself, we do think that something big and positive is happening in Mexico. The market — the U.S. market is so big and this notion about nearshoring, shortening the supply chains, the driver, the tendency is so big that we are very positive on the loan growth at least in the coming two, three, five years, it’s going to be quite positive. There is still so much room. It goes again — it goes back to — I really looked into this. It goes back to the Tequila crisis and everything there. The leverage in the country is so low that there is room to grow in a profitable way.

Patricia Bueno: So, this was the last question. Thank you very much. Thank you everyone for participating, and as always, let me remind you that the entire IR team will be available to answer any further questions you may have. Thank you.

Onur Genc: Thank you to all. Bye-bye.

Luisa Gomez Bravo: Thank you.