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
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