Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 43

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 43
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 the equivalent average rate for deposits), partially offset by the depreciation of the Turkish lira against the euro. The period-on-period comparison was affected by changes in the reserve requirement for foreign currency deposits, which was set at 8% as of February 2024 and amended in September 2024 and November 2024 to 5% and 4%, respectively, and which requires Garanti BBVA to make Turkish lira-denominated deposits with the CBRT in such proportion with respect to all foreign currency-denominated deposits and participation funds, excluding those obtained from banks abroad, regardless of their maturities. The net interest margin over average total assets of this operating segment amounted to 3.31% for the three months ended March 31, 2025, compared with 1.58% for the three months ended March 31, 2024.

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#### Net fees and commissions
Net fees and commissions of this operating segment for the three months ended March 31, 2025 amounted to €549 million, a 29.9% increase compared with the €423 million recorded for the three months ended March 31, 2024, as a result of the increase in payment systems fees (fees related to credit and debit cards and POS) supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT in November 2024, partially offset by the depreciation of the Turkish lira against the euro. At constant exchange rates, net fees and commissions increased by 51.6%.

Net gains (losses) on financial assets and liabilities and Exchange differences, net

Net gains on financial assets and liabilities and exchange differences of this operating segment for the three months ended March 31, 2025 amounted to €124 million, a 60.9% decrease compared with the €316 million gain recorded for the three months ended March 31, 2024, mainly driven by negative exchange differences, lower gains from the trading portfolio, and, to a lesser extent, the depreciation of the Turkish lira against the euro.

#### Other operating income and expense, net
Other operating income and expense, net of this operating segment for the three months ended March 31, 2025 was a €126 million net expense, a 3.6% decrease compared with the €130 million net expense recorded for the three months ended March 31, 2024, mainly due to the depreciation of the Turkish l