Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 47

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 47
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ing the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates ”.

As of and for the three months ended March 31, 2025 and 2024, the Argentine and Venezuelan economies were considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies”.

#### Net interest income
Net interest income of this operating segment for the three months ended March 31, 2025 amounted to €1,231 million, a 20.9% decrease compared with the €1,555 million recorded for the three months ended March 31, 2024, mainly as a result of the lower yield in the securities portfolio and the lower yield and volume in the public sector loan portfolio, particularly in Argentina driven in part, with respect to the yield, by the decline in the monetary policy rate in Argentina, and the depreciation of the Argentine peso against the euro, partially offset by increases in the volume of the commercial loan portfolio in Argentina, and the consumer loan portfolio in Argentina. At constant exchange rates, there was a 12.4% decrease in net interest income. The net interest margin over average total assets of this operating segment amounted to 6.69% for the three months ended March 31, 2025, compared with 9.43% for the three months ended March 31, 2024.

#### Net fees and commissions
Net fees and commissions of this operating segment for the three months ended March 31, 2025 amounted to €227 million income, an 18.0% increase compared with the €193 million income recorded for the three months ended March 31, 2024, mainly due to increases in payment systems-related fees (in particular, related to credit cards), as a result of increases in the volume of transactions and commission rates in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, there was a 23.0% increase.

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Net gains (losses) on financial assets and liabilities and Exchange differences, net

Net gains on financial assets and liabilities and exchange differences of this operating segment for the three months ended March 31, 2025 were €188 million, a 4.2% decrease compared with the €196 million gain recorded for the three months ended March 31, 2024, mainly due to the depreciation of the Argentine peso against the euro, lower gains from the securities