Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047351
Chunk: 31

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 31
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 also contribute to the increase in activity in the coming months. According to BBVA research, GDP growth is very likely to stand at 3.0% in 2025, five tenths above the previous forecast. This improvement is driven by an upward revision of historical data and better-than-expected performance in the construction sector. By 2026, growth is expected to gradually moderate to rates of 2.3% due to factors such as global protectionism, economic policy uncertainty or limited productivity gains. Meanwhile, annual inflation has increased slightly in the last months, reaching 3.0% in September, but it is expected to return to 2.6% during the last quarter of 2025. As for the banking system, with data at the end of August 2025, the volume of credit to the private sector grew by 2.8% year-on- year, with similar growth in the portfolios of credit to households (+3.4%) and credit to non-financial companies (+2.5%). System credit grew in 2024 for the first time since 2009 (with the exception of 2020 due to COVID support measures), a trend that has been confirmed in the first months of 2025. Customer deposits grew by 6.4% year-on-year in August 2025, due to an 8.6% increase in demand deposits, which amply offset the reduction of 5.4% in time deposits. The NPL ratio stood at 2.93% in August 2025, 51 basis points lower than in August last year. It should also be noted that the system maintains comfortable levels of solvency and liquidity. Activity The most relevant aspects related to the area's activity during the first nine months of 2025 were: – Lending balances were 5.5% higher than at the end of December 2024, mainly driven by the performance of the corporate segments. Thus, lending to large-sized companies grew by 12.6% and to medium-sized companies by 8.2% . – Total customer funds grew by 5.2%, with an increase in off-balance sheet funds (mutual and pension funds) of 6.8% and of 4.5% on customer deposits, the latter being favored by the wholesale customer balances. The most relevant aspects related to the area's activity during the third quarter of 2025 were: – Stability in lending activity compared to June (+0.3%), mainly