Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 48

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 48
---
.6% drop compared to the same month of 2023. On the other hand, total deposits grew by 6.7% year-on-year at the end of October 2024, with a much more balanced evolution by portfolios than in previous quarters. Demand and time deposits grew by 5.9% and 7.8% year-on-year respectively. The system's NPL ratio has slightly improved in the last few months to 5.0% at the end of October 2024, 10 basis points lower than in the same month of the previous year.

### Activity and results
– Lending activity remained stable (-0.1%) compared to the end of 2023, mainly due to the favorable evolution of corporate loans (-0.3%, in the fourth quarter, +8.5% from December 2023), which offset the deleveraging in the rest of products. In terms of credit quality indicators, at the end of December, the NPL ratio stood at 5.7%, which represents an improvement compared to the previous quarter of -6 basis points favored by higher recoveries, more contained entries to non-performing

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

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assets and a higher volume of write-offs, which contributed to an increase in coverage in the quarter (107 basis points), reaching 82%.

– Customer deposits grew by 4.2% compared to the end of 2023, thanks to the growth in time deposits (+6.5%, -0.2% in the fourth quarter).

– The cumulative net attributable profit at the end of December 2024 stood at €90m, that is 44.4% below the result of the same period of the previous year. The significant growth in net interest income (+18.2%) stood out, favored by the increase in customer spreads associated with lower funding costs, offset by provisions for impairment losses on financial assets, mainly due to higher requirements in the retail portfolio. In the last quarter of the year, the growth in operating expenses and loan-loss provisions fully offset the growth in recurring revenues and NTI.

#### Peru

#### Macro and industry trends
BBVA Research estimates that GDP grew by 3.1% in 2024, 20 basis points above the previous forecast, driven by more favorable weather conditions and the impact on consumption of the most recent program of extraordinary withdrawals from pension funds. Moreover, improved financial