BBVA has seen an 81 per cent surge in customer acquisition across digital channels, as the Spanish bank reported first net attributable profits of € 1.65 billion in the first quarter - the best recurring result in the bank’s history.

In its first quarter report BBVA reported a record increase of 2.4 million new customers by the end of March 2022, bringing their total customer base to 43.6 million, up 36 per cent from March 2020.

Of these new customers, digital customer acquisition was up 81 per cent compared to the first quarter of 2021.

The increase means that 70 per cent of BBVA's total customers are now digital.

The BBVA Group generated a net attributable profit of €1.65 billion in the first quarter of 2022, representing a year on year rise of 36. 4 per cent.

BBVA’s chief executive, Onur Genç, said: “In the first quarter of the year, we had outstanding results, with good performance of all business units, mainly driven by the growth of our revenues due to a strong balance sheet growth and improved risk indicators.”

Genç also pointed to improvements in profitability and efficiency which he claimed now position the bank in the lead among its European competitors.

“These results reinforce our confidence in our ability to attain the goals we have set for ourselves for 2024,” he added.

In other key results of the first quarter, BBVA’s mobile customers grew 41 percent from March 2020, to 41.5 million, representing 67 percent of the total.

The bank’s efficiency ratio reached 40.7 percent due to sustainable financing between January and March 2022, reaching €97 billion of its €200-billion pledge from 2018 to 2025.

BBVA also highlighted that it had reached a record €11 billion in sustainable financing in the first quarter, helping it build towards its goal of €200 billion in sustainable financing by 2025.

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