Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 43

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 43
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-linked bonds (CPI linkers). The net impact of both effects was less negative at the end of 2024 than in 2023, highlighting the third quarter of 2023 with a significant negative adjustment due to the higher quarterly inflation rate recorded at that time. This line also includes the results of the subsidiaries of Garanti BBVA, whose contribution was increased compared to 2023 and the higher contribution to the DGF.

– Operating expenses increased, mainly due to the growth in personnel expenses, linked to the growth in the workforce in 2023 and a salary review in the context of high inflation. On the other hand, general expenses also increased, mainly due to the higher technology and advertising expenditures.

– Regarding the impairment on financial assets, it increased due to higher requirements in retail portfolios. Thus, the cumulative cost of risk as of December 31, 2024 was placed at 1.27%, a more standard level after an abnormally low level in 2023.

– The provisions and other results line closed December 2024 with a release of €165m, linked to remarkable recoveries in wholesale clients, as well as the revaluations on real estate assets.

In the fourth quarter of 2024, the net attributable profit of Turkey stood at €177m, compared to €82m in the previous quarter, boosted by the start of the recovery of the spread in the Turkish lira. This improvement was due to the reduction in the cost of deposits in local currency, driven by the trend of dedollarization and the beginning of the cycle of interest rate cuts in the country towards the end of the year.

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.

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#### South America

#### Highlights
#### •

Growth in lending activity and acquisition of customer funds

#### •

Favorable evolution of Net interest income and NTI

#### •

Higher adjustment for hyperinflation in Argentina in the other operating income and expenses line in the quarter

#### •

Year-on-year improvement in net attributable profit of the area

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.

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| FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)  |     |        |     |       |     |         |     |          |
| Income statement                                                                          |     |