Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000020
Chunk: 33

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 33
---
 |  1.8 |     |    13.5 |     |   64,821 |
| Efficiency ratio (%)                                            |     |     45.5 |     |      |     |         |     |     50.1 |
| NPL ratio (%)                                                   |     |      3.2 |     |      |     |         |     |      3.1 |
| NPL coverage ratio (%)                                          |     |       93 |     |      |     |         |     |       96 |
| Cost of risk (%)                                                |     |     1.89 |     |      |     |         |     |     1.27 |
| ⁽¹⁾ At constant exchange rate.                                  |     |          |     |      |     |         |     |          |
| ⁽²⁾ Excluding repos.                                            |     |          |     |      |     |         |     |          |
| ⁽³⁾ Includes mutual funds and pension funds.                    |     |          |     |      |     |         |     |          |

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

| 35 |

#### Macro and industry trends
Growth has surprised positively in recent months and inflation has moderated to 38.1% in March. In a context of commitment to orthodox economic policies, BBVA Research has revised up its forecast for GDP growth in 2025 from 2.5% to 3.5% (following 3.2% growth in 2024), and estimates that inflation will continue to moderate to around 31% in December. Monetary conditions, which were tightened to counter financial volatility stemming from the recent sociopolitical turmoil, could ease again from mid-2025, allowing for a reduction in interest rates from 46% in April to levels close to 35% in December. Although the direct impact of US tariffs could be relatively limited, the economy could be affected by a less favorable global environment.

As for the Turkish banking system, it continues to be affected by the impact of inflation. The total volume of credit in the system increased by 36.2% year-on-year at the end of February 2025, at similar levels to the previous months. The stock of credit continued to be driven by consumer credit and credit card portfolios (+40.4% year-on-year) and by credit to companies (+35.4