Presentacion 170321 MS - BBVA...8.4 17.1 Dec.15 Dec. 16 6.2 11.9 Dec.15 Dec. 16 9.3 19.9 Dec.15 Dec....

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8.4 17.1

Dec.15 Dec. 16

6.2 11.9

Dec.15 Dec. 16

9.3 19.9

Dec.15 Dec. 16

9.0 15.2

Dec.15 Dec. 16

23.4 26.1

Dec.15 Dec. 16

2017E Mid-single digit reduction

+6%

2

2013 2014 2015 2016

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