Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000020
Chunk: 28

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 28
---
 |          |
| ⁽²⁾ Excluding repos.                                                                      |     |          |     |      |     |          |
| ⁽³⁾ Includes mutual funds, customer portfolios and pension funds.                         |     |          |     |      |     |          |

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

| 29 |

#### Macro and industry trends
Economic activity continued to show dynamism at the beginning of 2025, largely due to services exports, private consumption and the increase in the active population caused by factors such as greater migratory flows. In this context, growth could reach 2.8% this year. Annual inflation, which reached 2.3% in March, will probably remain slightly above 2.0% in 2025. Spain is less exposed than other European countries to an eventual reduction in demand for imported goods from the United States. However, a sharper increase in the United States tariffs could lead to a further deceleration in growth, mainly due to the deterioration of the global economic environment, although its effect could be partly mitigated by fiscal stimulus measures and increased defense spending.

Regarding the banking system, with data at the end of February 2025, the volume of credit to the private sector grew by 1.4% year-on-year, with greater growth in the loan portfolio to households (+1.9%) than in the loan portfolio to non-financial corporations (+1.3%). In 2024, credit growth in the system was recorded for the first time since 2009 (with the exception of 2020 due to COVID support measures), a trend which has been confirmed in the first months of 2025. Customer deposits increased by 7.2% year-on-year in February 2025, due to a 6.1% rise in demand deposits and a 13.8% increase in time deposits. The NPL ratio stood at 3.33% in January 2025, 29 basis points lower than the figure in January of the previous year. It should also be noted that the system maintains comfortable levels of solvency and liquidity.

#### Activity
The most relevant aspects related to the area's activity during the first quarter of 2025 were:

– Lending activity grew by 2.9%, compared to the end of 2024. Despite the seasonality of the first quarter, all segments showed higher balances as of March 31