Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 06:00 am ET
Good morning and welcome to all of you to this audio webcast with the results of the second quarter of the year. We do hope that you are okay and all your loved ones too. So on the 30th to July today we have the CEO with us, Onur Genc; and the CFO Jaime Saenz de Tejada.
[Operator Instructions] After Onur speaks to us, we will open the floor to questions. [Operator Instructions]
So Onur, you can go ahead now.
Thank you very much, Paul, and good morning everyone and welcome to this presentation of results for the second quarter. I also do hope that your family and your friends are okay. And I'd also like to express my full support to all people affected by this pandemic and pass on my heartfelt condolences to any of you who may have suffered a loss of loved one.
So let's start on page number 3 with our response to this environment. Our priorities continue to be the same. The first one is to protect the health and safety of our employees, clients and the community. The second is to continue to provide an essential service in a normal manner because it's essential to the economy. So we are managing the opening up of our branch network dynamically, driven by the data on how the pandemic is developing and the level of activity in our business.
In June, 87% of bricks and motor network was open compared to 59% in March. And more than ever, we have been leveraging our competitive advantage in digital business, which has made it possible for us to re-orient our clients over remote digital touch points. So our digital and mobile clients now have reached the highest level of penetration on record so far, 60% and 56% respectively of our total clients. Thirdly, we've tried to offer financial support to our clients to help them to overcome this crisis and to help them in all ways we can. We think that we, as banks, are a very important part of the solution financing the economy. To date, 4 million transactions have been deferred and in terms of value, that represents 9% of the total loan book in the group.
On page number 4, I'm showing you how our digital leadership has been such an enormous competitive advantage in this context. First of all, BBVA's focus on technology, and on building up solutions and processes, which can be done digitally over the last years has really made a big difference. In this slide, you can see some examples such as the number of visits to the mobile app worldwide, which has grown 20% in this period. Moreover group-wide digital sales in the quarter reached 50% of the total value of sales, which is equivalent to 66% in units. Secondly, despite working in this very complex environment, we've continued to launch digital solutions and tools such as for example, global mobile application GloMo, which was originally developed in Spain and