BUZZ-BofA lists Spanish BBVA among '25 stocks for 2025' on NII resilience, loans growth

Reuters

Mar 04, 2025

BUZZ-BofA lists Spanish BBVA among '25 stocks for 2025' on NII resilience, loans growth

** BofA Global Research confirms Spain's lender BBVA BBVA.MC as one of its "25 stocks for 2025", reiterating the bank as its top pick in Iberia

** In a sector note, the analysts say that sensitivities from rates on net interest income (NII) have dropped by about 50% among Spanish banks, and forecast loans among lenders to grow 2-3% "this year and next"

** "We forecast NII to trough in second quarter of 2025 and then inflect also supported by volumes", BofA says adding it expects more significant upgrades to NII in 2026 and 2027

** The analysts also urge on deal-making as "M&A in Spain is approaching a key turning point", eyeing potential of BBVA-Sabadell SABE.MC merger to be a "win-win" with return-on-investment ranging from about 17% to 19%

** Apart from distinguishing BBVA from the rest of the banks, based on its ROTE premium to peers of around 19% while trading at a discount, BofA also maintains "buy" rating on Caixabank CABK.MC , Sabadell, and Unicaja UNI.MC

(Reporting by Mateusz Rabiega)

((Mateusz.rabiega@thomsonreuters.com))

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19:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-BofA lists Spanish BBVA among '25 stocks for 2025' on NII resilience, loans growth</title></head><body><p>** BofA Global Research confirms Spain's lender BBVA <span>BBVA.MC</span> as one of its \"25 stocks for 2025\", reiterating the bank as its top pick in Iberia</p><p>** In a sector note, the analysts say that sensitivities from rates on net interest income (NII) have dropped by about 50% among Spanish banks, and forecast loans among lenders to grow 2-3% \"this year and next\"</p><p>** \"We forecast NII to trough in second quarter of 2025 and then inflect also supported by volumes\", BofA says adding it expects more significant upgrades to NII in 2026 and 2027</p><p>** The analysts also urge on deal-making as \"M&amp;A in Spain is approaching a key turning point\", eyeing potential of <span>BBVA-Sabadell</span> <span>SABE.MC</span> merger to be a \"win-win\" 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about 50% among Spanish banks, and forecast loans among lenders to grow 2-3% \"this year and next\"** \"We forecast NII to trough in second quarter of 2025 and then inflect also supported by volumes\", BofA says adding it expects more significant upgrades to NII in 2026 and 2027** The analysts also urge on deal-making as \"M&A in Spain is approaching a key turning point\", eyeing potential of BBVA-Sabadell SABE.MC merger to be a \"win-win\" with return-on-investment ranging from about 17% to 19%** Apart from distinguishing BBVA from the rest of the banks, based on its ROTE premium to peers of around 19% while trading at a discount, BofA also maintains \"buy\" rating on Caixabank CABK.MC , Sabadell, and Unicaja UNI.MC  (Reporting by Mateusz Rabiega) 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