Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 55

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 55
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 32.7% higher than in the same period of the previous year, partly due to the good performance of the business activity, which benefited from higher volumes and, especially Europe and the United States as well as certain geographical areas, thanks to an adequate price management.

– Net fees and commissions increased 22.0%, with favorable evolution in all businesses. The primary market debt issuance activity, the liquidity management in South America and relevant operations in Project Finance and Corporate Lending are noteworthy.

– Excellent NTI evolution (+20.6%), mainly due to the performance of the Global Markets unit. Fixed-income trading was particularly strong during the year, while currency trading slowed down compared to the previous year. For its part, commercial activity showed significant growth in all geographical areas except Turkey, with special mention to the evolution of Spain, Europe, Mexico and the United States.

– Operating expenses increased by 24.9% due to new personnel hires carried out during 2023 and 2024. On the other hand, general expenses continue to be affected by inflation and by higher technology expenditures linked to the execution of strategic projects for the area. However, the efficiency ratio stood at 27.0% at the end of December 2024, which represents an improvement of 35 basis points compared to the figure registered at the end of 2023, thanks to the strong growth in gross margin.

– Provisions for impairment on financial assets line recorded a release of €112m, mainly originated from certain specific customers in Turkey, which compares with €7m provided in the previous year.

In the fourth quarter of 2024 and excluding the effect of the variation in exchange rates, the Group's wholesale businesses generated a net attributable profit of €691m (-7.0% compared to the previous quarter). This performance was mainly due to lower NTI in the Global Markets unit, partly offset by a favorable evolution of net interest income and fees. Operating expenses increased, mainly due to higher personnel and technology costs, associated with the area's strategic plans. Lastly, loan-loss provisions declined, due to the release of provisions in Turkey.

16 CIB results do not include the application of hyperinflation accounting.

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

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#### Alternative Performance Measures (APMs)
BBVA presents its results in accordance with the International Financial Reporting Standards (EU-IFRS). Additionally, the Group also considers that some Alternative Performance Measures (hereinafter A