Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 31

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 31
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 the Peruvian sol.

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification for the three months ended March 31, 2025 was an expense of €1,385 million, a 1.8% increase compared with the €1,361 million expense recorded for the three months ended March 31, 2024, mainly due to the increase in the expected losses related to the retail portfolio (mainly credit card and consumer loans, which volumes increased and also required higher credit impairments) in Turkey, increase in the volume of loans to SMEs, which implied higher credit requirements in Mexico, and the higher credit impairments in the household loan portfolio in Argentina as a result in part of the greater credit activity (as we increased private lending as a result of lower government borrowings), partially offset by lower credit impairment requirements in the household loan portfolio in Peru and, to a lesser extent, the retail loan portfolio in Spain, the higher reversal of impairment in the wholesale portfolio in Turkey and the depreciation of the currencies of the main countries where the Group operates in average terms, except for the U.S. dollar and the Peruvian sol.

Operating profit / (loss) before tax

As a result of the foregoing, operating profit before tax for the three months ended March 31, 2025 amounted to €4,348 million, a 25.8% increase compared with the €3,458 million recorded for the three months ended March 31, 2024.

Tax expense or income related to profit or loss from continuing operations

Tax expense related to profit from continuing operations for the three months ended March 31, 2025 amounted to €1,466 million, a 27.3% increase compared with the €1,151 million expense recorded for the three months ended March 31, 2024, mainly due to the higher operating profit before tax in Spain, South America and, to a lesser extent, Turkey.

Profit / (loss)

As a result of the foregoing, profit for the three months ended March 31, 2025 amounted to €2,882 million, a 25.0% increase from the €2,307 million recorded for the three months ended March 31, 2024.

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Profit / (loss) attributable to parent company