Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 125

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 125
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.1% year-on-year.

Banking Business Spain: 2024 versus 2023

The information in this subsection has been extracted from pages 309 and 310 of Banco Sabadell’s consolidated directors’ report as of and for the year ended December 31, 2024.

Net profit as at the end of
2024 amounted to €1,517 million, representing a year-on-year increase of 38.7%, mainly driven by the positive trend in net interest income and fewer
provisions.

Net interest income amounted to €3,652 million as at 2024 year-end, a year-on-year increase of 8.9% driven by the
collection of €36 million in extraordinary late payment interest stemming from the debt recovered following a favorable ruling in a legal dispute. Excluding that effect, growth stood at 7.8% driven by higher loan yields and higher earnings on
the fixed-income portfolio, underpinned by interest rates, all of which offset the higher cost and volume of both deposits and wholesale funding.

Net fees and commissions stood at €1,231 million, 1.3% less than at the end of 2023, mainly due to the drop in service fees, heavily
impacting payment card and demand deposit fees.

Profit or loss on financial operations and exchange differences amounted to
€36 million, which represents a year-on-year reduction mainly due to higher gains on derivatives.

Dividends and earnings of companies consolidated under the equity method increased by 26.5% in year-on-year terms, mainly due to the higher contribution from the insurance business and higher earnings from BSCapital investees.

The positive variation in the Other income and expenses heading is mainly explained by the fact that in the previous year €(132) million
were recognized for the contribution to Banco Sabadell’s Deposit Guarantee Fund (DGF) and €(76) million for the contribution to the Single Resolution Fund (SRF), which offset the negative variation caused by the recognition of a more
severe impact of the bank levy in 2024, which was €(192) million compared to €(156) million in the previous year.

Total costs recorded a year-on-year increase of 5.4%, due to
higher staff expenses and an increase in general expenses.

91

Provisions and impairments amounted to €(652) million, down by 20.1% year-on-year, mainly due to improved provisions for loan losses. 2024 saw the