Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 35

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 35
---
.

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

| 32 |

– Operating expenses increased by 4.8%, mainly as a result of the inflation impact on general expenses, and to a lesser extent, the increase in personnel expenses, which includes the wage improvements contained in the XXV banking collective bargaining agreement 13 . This growth was notably lower than that experienced by the gross income (+20.3%), which allowed an improvement of the efficiency ratio of 521 basis points in the year.

– Impairment on financial assets increased by 4.8%, in line with expectations, mainly due to higher requirements in wholesale after a very positive result in 2023. The cumulative cost of risk at the end of December 2024 stood at 0.38%, in line with the previous quarter and with the end of the previous year.

In the fourth quarter of 2024, Spain generated a net attributable profit of €918m, which represents a decrease of 14.6% compared to the previous quarter. This evolution is mainly explained by the lower contribution of NTI linked to the evolution in Global Markets and the growth in operating expenses, which include the update of the variable retribution to employees, in line with the area's performance in 2024, and higher expenses, mainly in technology.

13 According to the resolution of December, 20 2024 of the Directorate General of Labor and applicable to the period from January, 1 2024 to December, 31 2026.

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

| 33 |

#### Mexico

#### Highlights
#### •

#### The strong momentum in lending activity continues
#### •

Outstanding development of gross income and good performance of the efficiency in the year

#### •

Risk indicators finish the year in line with expectations

#### •

Quarterly attributable profit remains at high levels and in cumulative terms above 2023

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

| 34 |

| FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)  |     |        |     |       |     |         |     |          |
| Income statement                                                                          |     |   2024 |     |   ∆ % |     | ∆ % �