Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 51

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 51
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 lesser extent, the depreciation of the Argentine peso against the euro.
Customer deposits at amortized cost of this operating segment as of December 31, 2024 amounted to €50,738 million, a 19.2% increase compared with the €42,567 million recorded as of December 31, 2023, mainly as a result of the increase in time deposits in Argentina and Colombia within a high interest rate environment (although central banks in South America have started to reduce interest reference rates) and the increase in demand deposits in U.S. dollars in Argentina during the fourth quarter of 2024, driven by the implementation of strong fiscal and monetary adjustments to reduce inflation by the Argentine government, partially offset by the decrease in deposits in the retail and wholesale portfolios in Peru and the depreciation of the Colombian peso and the Argentine peso. 
Off-balance sheet funds of this operating segment (which includes “Mutual funds”, including customers’ portfolios, in Argentina, Colombia and Peru) as of December 31, 2024 amounted to €7,936 million, a 43.6% increase compared with the €5,525 million as of December 31, 2023, mainly due to our strategy to boost private banking activities in the region, partially offset by the depreciation of the Argentine peso.
The non-performing loan ratio (as defined herein) of this operating segment as of December 31, 2024 decreased to 4.5% from 4.8% as of December 31, 2023, mainly as a result of increased loan activity and higher write-offs in Peru and Colombia. This operating segment’s non-performing loan coverage ratio (as defined herein) stood at 88% as of December 31, 2024 and 2023.
Rest of Business
This operating segment mainly includes the wholesale activity carried out by the Group in Europe (excluding Spain), the United States and (through BBVA branches located therein) Asia.
The U.S. dollar appreciated 6.4% against the euro as of December 31, 2024 compared to December 31, 2023, slightly positively affecting the business activity of the Rest of Business operating segment as of December 31, 2024 expressed in euros. See “Item 5. Operating and Financial Review and Prospects―Operating Results―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”.
Cash, cash balances at central banks and other demand deposits as of December