Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 110

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 110
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 as a percentage of average total assets.
(2)Represents profit as a percentage of average total assets.
(3)Represents profit for the year as a percentage of average shareholders’ funds for the year. 
(4)Represents average total equity (net assets) over average total assets.
EQUITY
The majority of the balance not explained in the subsections below is related to the conversion to euros of the financial statements balances from consolidated entities whose functional currency is not the euro.
Total equity
As of December 31, 2024, total equity amounted to €60,014 million, an 8.6% increase compared to the €55,265 million recorded as of December 31, 2023, mainly as a result of the increase in shareholders’ funds.
Shareholders’ funds
As of December 31, 2024, shareholders’ funds amounted to €72,875 million, a 7.2% increase compared to the €67,955 million recorded as of December 31, 2023, primary due to the annual increase in profit, partially offset by the distribution of dividends.
Accumulated other comprehensive income (loss)
As of December 31, 2024, the accumulated other comprehensive loss amounted to €17,220 million, a 5.9% increase compared to the €16,254 million loss recorded as of December 31, 2023, mainly due to the depreciation of certain currencies against the euro, in particular, the Argentine peso, the Turkish lira and the Mexican peso.
Non-controlling interest
As of December 31, 2024, non-controlling interest amounted to €4,359 million, a 22.3% increase compared to €3,564 million recorded as of December 31, 2023 mainly due to greater profit in Argentina.
F. Competition
In recent years, the global financial services sector has undergone significant transformation in relation to the development of the Internet and mobile and other exponential technologies and the entrance of new players into activities previously provided by financial institutions. Whereas commercial banks were previously almost the sole providers of the whole range of financial products, from credit to deposits, or payments and investment services, today, a set of non-bank digital providers compete (and cooperate) among each other and with banks in the provision of financial services. These new fintech providers can be startup firms that are specialized in a specific service or niche of the financial services market, or large digital players (known as BigTechs).