Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 47

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 47
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 IAS 29 “Financial Reporting in Hyperinflationary Economies”. See “Presentation of Financial Information—Hyperinflationary Economies” for information on the impact of hyperinflation accounting.
BBVA’s operations in Turkey are subject to substantial regulation by Turkish national authorities. See “—Supervision and Regulation—Principal Markets — Turkey” for information on certain regulation that is relevant to our operations.
Cash, cash balances at central banks and other demand deposits as of December 31, 2024 amounted to €8,828 million, a 9.0% decrease compared with the €9,700 million recorded as of December 31, 2023, mainly due to the decrease in other demand deposits as a result of additional purchases of Turkish sovereign debt, and the depreciation of the Turkish lira against the euro, partially offset by the increase in Turkish lira-denominated deposits with the Central Bank of the Republic of Turkey (“CBRT”) as result of the increase in the required reserve ratio established by the CBRT in order to reduce excess liquidity of the Turkish lira in the market (see “—Supervision and Regulation—Principal Markets—Turkey”).
Financial assets at fair value of this operating segment (which includes the following portfolios: “Financial assets held for trading”, “Non-trading financial assets mandatorily at fair value through profit or loss”, “Financial assets designated at fair value through profit or loss” and “Financial assets at fair value through other comprehensive income”) as of December 31, 2024 amounted to €4,503 million, a 22.0% increase from the €3,692 million recorded as of December 31, 2023, mainly due to increases in local currency-denominated debt securities (mainly government bonds, mainly driven by the bond holding requirements established by the CBRT), partially offset by the depreciation of the Turkish lira against the euro.
Financial assets at amortized cost of this operating segment as of December 31, 2024 amounted to €64,893 million a 25.9% increase compared with the €51,543 million recorded as of December 31, 2023. Within this heading, loans and advances to customers of this operating segment as of December 31, 2024 amounted to €48,299 million, a 29.1% increase compared with the €37,416 million recorded as of December 31, 2023, mainly due to the increase in Turkish lira-denominated credit card loans and consumer