Banco Bilbao Vizcaya Argentaria, S.A.

First half results for 2009

BBVA obtains €2.8 billion in net attributable profit and raises core capital to
7.1%


Recurrent and stronger earnings helped the Group to increase its core capital
ratio 0.70 percentage points to 7.1% from organic sources since January thus
practically achieving its target for the full year

In the second quarter of 2009 the Group set new records in net attributable
profit (up 5.0% at €1.56 billion), in revenue and in efficiency

&#-3880;	All items on the income statement for the first half reflect vigorous
activity. Net interest income grew 23.5% and operating income rose 15%

&#-3880;	In the first half, BBVA achieved net attributable profit of €2.80 billion, a
decline of 4.4% compared to the same period last year. After including one-off
operations booked in the first half last year, the Group's profit declined 10%

BBVA strengthened its leadership in efficiency with a 3.8 percentage-point
improvement year-on-year, bringing the cost/income ratio to 39.4%

&#-3880;	The Group reduced costs 1.6% because it anticipated events by launching
transformation plans affecting all business areas

New additions to non-performing assets recorded their best performance of the
last four quarters, falling 19% for the Group and 29% in Spain

The bank maintains a conservative policy on the purchase of properties and
maximum prudence in provisioning, with controlled release of generic provisions

&#-3880;	The Group’s non-performing asset ratio stands at 3.2%, which compares
favourably with the average for the entire banking system

&#-3880;	BBVA remains one of the most profitable large financial groups with ROE of
21.5% , ROA at 1.1% and EPS at 0.76 euros per share.

In the first half of 2009 BBVA obtained net attributable profit of €2.80
billion. Although this is down 4.4% compared to the same period last year (after
excluding one-off operations), it represents a considerable achievement in an
economic and financial environment that remains highly complex. The key factors
behind this performance were the strength of earnings, the generation of
capital, prudent risk management and the strengthening of the bank’s position in
all markets where it operates. The Group’s ability to generate earnings was
clearly demonstrated in the second quarter when it set new records for a single
quarter in profit, revenues and efficiency. Net attributable profit in the
second quarter rose 5% year-on-year to €1.56 billion, an increase of 26.1%
compared to the previous quarter.

The recurrency and sustainability of BBVA’s earnings, the control of
risk-weighted assets and a prudent dividend policy allowed it to continue
generating capital organically. Since the beginning of the year it added 0.70
percentage points to the core capital ratio, lifting it to 6.9%, nearly the same
as the target for the entire year. The BIS ratio stands at 12.2%. When
calculated on the same basis as its European competitors, the core capital ratio
in June comes to 7.1%. Furthermore the Group's strict cost controls led to a new
advance in efficiency, which improved 3.8 percentage points to 39.4% compared to
a year earlier. As a result BBVA remains one of the most efficient banks in the
financial system.

BBVA's profit in the first half is supported by the robustness and recurrency of
its revenues. Net interest income grew 23.5% and operating income rose 15%.
Moreover administration costs fell 1.6% thanks to strict controls and
transformation plans implemented in advance. Consequently efficiency improved
once again. Furthermore BBVA maintains appropriate capital adequacy ratios
thanks to the considerable amount of capital generated from organic sources and
to its excellent and comfortable liquidity. This is what makes its business
model truly sustainable.

BBVA continued to reduce net additions to non-performing assets (defaults) in
the second quarter: they fell 19.2% for the Group and 29% in Spain & Portugal.
It also maintained a conservative strategy on purchases of property as well as a
prudent provisioning policy and ample coverage of defaults through cumulative
provisions and collateral. The Group’s non-performing asset ratio in June stands
at 3.2%, which compares favourably with the average for the entire banking
system. The coverage ratio stands at 68% and coverage funds are appropriate, due
to the amount of generic funds and the value of colaterals.

In addition the bank has improved its position in all markets in which it
operates by strengthening relationships with customers. This is borne out by its
increased market share of savings and current accounts in the three main retail
areas: Spain & Portugal, Mexico and South America.

At the end of the first half, the Group’s main indicators of profitability
retained their competitive edge and improved compared to March: return on equity
(ROE) stood at 21.5% and return on assets (ROA) was 1.1%.

BBVA’s net attributable profit in the first half came to €2.80 billion, a fall
of 4.4% compared to the same period last year excluding one-off operations. If
such operations in the first half of last year (€180m net) are taken into
account, the Group’s net attributable profit declined 10% on a like-for-like
basis.

The most significant aspects of the performance of the Group and its business
areas in the second quarter of 2009 are summarised below:

BBVA demonstrated its ability to generate recurrent and sustainable earnings,
supported by higher revenues and cost controls.

&#-3880;	As customary in recent years, the main driver of revenue was net interest
income. This grew faster in the first half of 2009, at 23.5% year-on-year,
thanks to the sustained growth and quality of business, to the work done to
maintain spreads and to expert management of the balance sheet. This strong
performance boosted gross income 7.8% compared to the first half last year (up
9.5% at constant exchange rates).

&#-3880;	Transformation plans, deployed well in advance of the current economic
situation, paved the way for a 1.6% reduction in operating costs. This helped
operating income in the first half to rise 15.0% year-on-year to €6,293m (up
18.0% at constant exchange rates).

&#-3880;	The above improvements meant that efficiency (measured by the cost/income
ratio) improved to 39.4%, a new record level that confirms BBVA as one of the
most efficient banks in the financial system.

&#-3880;	In the second quarter impairment losses on financial assets were slightly
higher than the previous quarter due to higher non-performing assets and to
BBVA’s maximum prudence policies: an stable percentage of operating profit is
allocated to provisions.

&#-3880;	As a result net attributable profit in the first half came to €2,799m. All
business areas contributed to Group’s earnings in the first half. Earnings per
share came to €0.76, ROE stands at 21.5%, and ROA is 1.12%. This means BBVA
remains one of the most profitable large European financial groups.

&#-3880;	Despite the slowdown in banking business, BBVA was able to maintain the
sustained growth and quality of lending and customer funds, which at 30-Jun-09
stand at €336 billion and €499 billion, respectively. In particular, customer
deposits grew 7.0% year-on-year with a positive effect on liquid resources.

&#-3880;	BBVA’s level of asset quality is good. Additions to non-performing assets
(NPA) fell 19.2% quarter-on-quarter because recoveries have improved. In fact,
the ratio of recoveries to NPA additions in the second quarter was 44.4%. At
30-Jun-09 the non-performing assets ratio was 3.2%, which compares favourably
with the financial system average. At the end of June the coverage ratio stood
at 68% and cumulative coverage funds came to €8,023m. This is a comfortable
situation as €4,546m of this amount are generic and substandard funds.
Additionally, there is the value of the collateral associated with secured
non-performing assets.

&#-3880;	BBVA’s capital base is sound. Despite the complex economic situation it
maintains intact its capacity to generate capital in an organic and recurrent
manner. It is the only one of the 28 big European and American banks that had no
need of government aid or capital increases since the beginning of the crisis.
At 30-Jun-09 the core capital ratio improved substantially to 6.9% (or 7.1% with
homogeneous Basel II criteria), compared to 6.4% at 31-Mar-09 and thus almost
achieving in 6 months the generation of capital forecasted for the whole of
2009. The BIS ratio stands at 12.2% (11.5% at 31-Mar-09).

&#-3880;	The Group also holds latent capital gains of €1,263m in its portfolio of
equity holdings. Additionally, BBVA holds latent capital gains in quoted fixed
income instruments and in buildings for its own use.

&#-3880;	The BBVA Group paid a first interim dividend of €0.09 per share against 2009
earnings on 10th July (paid in cash). This amount is consistent with the
remuneration policy announced at the presentation of results for the fourth
quarter of 2008.

&#-3880;	In the Spain & Portugal area, appropriate price management and work to
maintain business volume led to a 5.4% increase in net interest income. Once
again this was the principal factor behind the area’s income. Furthermore,
strict control helped to reduce operating costs 6.5% in the same period. As a
result operating income rose 5.9% year-on-year and efficiency improved to 34.4%.
This offset higher loan-loss provisions and net attributable profit declined
1.7% to €1,270m, nearly the same as the first half of 2008.

&#-3880;	The Wholesale Banking & Asset Management area confirmed the strength and
recurrency of its revenues, which is practically at the same level as the first
half last year. Corporate and Investment Banking reported a notable increase in
net interest income and Global Markets’ franchise earnings and trading also did
well. These improvements offset the drop in sales from the industrial holdings
portfolio which took place last year. Together with the downward trend in the
area’s costs this resulted in operating income of €758m and net attributable
profit of €539m.

&#-3880;	Despite the more difficult economic conditions in the Mexico area selective
growth of lending and customer funds, together with active price management,
helped net interest income to rise 5.2% year-on-year in pesos. Cost controls in
the area contributed to a 6.4% rise in net income, which came to €1,717m (up
12.7% excluding the revenues from VISA). This amount offset the increase in
provisioning, which was due to the economic situation and to the bank’s
conservative criteria. Thus net attributable profit in the first half came to
€724m.

&#-3880;	Although the environment in the United States area was especially complex, it
required no government help and continued to generate earnings and to increase
lending and customer funds year-on-year. Net interest income rose 2.1% in
dollars during the first half. A sharp drop in operating costs lifted operating
income 2.3% to €425m and this easily covered the high loan-loss provisions. As a
result net attributable profit came to €85m (€125m excluding amortisation of
intangible assets).

&#-3880;	The South America area enjoyed the greatest degree of business growth. Work to
defend interest spreads and cost controls boosted operating income 31.1%. Net
attributable profit in the first half came to €463m (up 29.0% year-on-year at
constant rates).

			 30-06-09	 Δ%  	 30-06-08  	 31-12-08
 BALANCE SHEET (million euros)
 Total assets  		 542,634  	 7.6  	 504,511  	 542,650
 Total lending (gross)	 335,608  	 (0.0) 	 335,692  	 342,671
 Customer funds
on balance sheet  	 368,586  	 5.9  	 347,908  	 376,380
 Other customer funds 	 130,082  	 (7.2)   140,190  	 119,017
 Total customer funds   498,668  	 2.2  	 488,098  	 495,397
 Total equity  		 29,901  	 15.1  	 25,970  	 26,705
 Shareholders' funds 	 29,383  	 13.7  	 25,850  	 26,586

 INCOME STATEMENT (million euros)

 Net interest income  	 6,858  	 23.5  	 5,555  	 11,686
 Gross income  		 10,380  	 7.8  	 9,626  	 18,978
 Operating income  	 6,293  	 15.0  	 5,472  	 10,523
 Income before tax  	 4,003  	 (10.9)  4,490  	 6,926
 Net attributable profit 2,799  	 (10.0)  3,108  	 5,020
 Net attributable profit
excluding one-off
operations (1)  	 2,799  	 (4.4) 	 2,928  	 5,414

 DATA PER SHARE AND SHARE PERFORMANCE RATIOS
 Share price (euros)	 8.94  	         (26.5)   12.17  	 8.66
 Market capitalisation
(million euros)  	 33,507  	 (26.5)  45,613  	 32,457
 Net attributable profit
 per share (euros)  	 0.76   	 (9.6)   0.84   	 1.35
 Net attributable profit per share excluding
one-off operations
(euros) (1)  		 0.76  	         (4.1)   0.79   	 1.46
Book value per share
 (euros)  		 7.84  	          13.7   6.90  	         7.09
Tangible book value
 per share (euros) (2)   5.88  	          17.1   5.03   	 5.02
 P/BV (Price/book value;
 times)  		 1.1  	 	         1.8   	         1.2
 Price/tangible book value
(times) (2)  		 1.5  	 	         2.4  	         1.7
 SIGNIFICANT RATIOS (%)
 ROE (Net attributable profit/
Average equity)  	 21.5  	 	         26.0  	         21.5
 ROE excluding one-off
operations (1)  	 21.5  	 	         25.3  	         23.2
 ROA (Net income/
Average total assets)	 1.12  	 	         1.28  	         1.04
 ROA excluding one-off
 operations(1)  	 1.12  	         	 1.25  	         1.12
 RORWA (Net income/Risks
weighted assets)  	 2.10  	 	         2.37  	         1.95
 RORWA excluding one-off
operations (1) 	 	 2.10  	 	         2.31  	         2.09
 Efficiency ratio (3)  	 39.4  		         43.2  	         44.6
 Cost of risk (Impairment
 losses/Gross lending)   1.11  	 	         0.68  	         0.82
 NPA ratio  	  	 3.2  	 	         1.3  	         2.3
 NPA coverage ratio  	 68  	 	         167  	         92
 CAPITAL ADEQUACY RATIOS (BIS II Regulation) (%)
 Ratio BIS  	 	12.2  	 	         12.5  	         12.2
 Core capital  		6.9  	 	         6.3  	         6.2
 Comparable core
capital (4)  	        7.1  	 	         - 	         -
 Tier I  	 	8.2  	 	         7.7  	         7.9
 OTHER INFORMATION
 Number of shares
(millions)  		3,748  	 	         3,748  	 3,748
 Number of shareholders 923,005  	 	 886,407  	 903,897
 Number of employees	103,655  	 	 112,059  	 108,972
 Number of branches  	 7,458  	 	 7,971  	 7,787

Memorandum item: These quarterly statements have not been audited. They have
been drawn up according to Bank of Spain Circular 4/2004 together with the
changes introduced therein by Bank of Spain Circular 6/2008. They may not
therefore coincide with some of those published in previous quarterly earning
reports.
(1) In 2008, capital gains from Bradesco in the first quarter, provisions for
non-recurrent early retirements in the second and fourth quarters and provision
for the loss originated by the Madoff fraud in the fourth quarter.
(2) Net of goodwill.
(3) Except otherwise stated, efficiency ratio including depreciation.
(4) Homogeneous Basel II criteria.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
		Banco Bilbao Vizcaya Argentaria, S.A.

Date: July, 28th 2009	By:	Javier Malagon Navas
	Name:	Javier Malagon Navas
	Title:	Authorized representative
-----END PRIVACY-ENHANCED MESSAGE-----
Banco Bilbao Vizcaya Argentaria, S.A. ———————————————————————————————————
(Translation of registrant’s name into English)

Kingdom of Spain ———————————————————————————————————
(Jurisdiction of incorporation or organization)

Plaza San Nicolás 4 48005 - BILBAO (SPAIN)
——————————————————————————————————— (Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No