Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 42

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 42
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) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”.

(2) “Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.

(3) Not meaningful.

As of March 31, 2025, the Turkish lira depreciated by 14.8% against the euro compared to March 31, 2024 (i.e., the period-end exchange rates of the Turkish lira used to convert income statement items pursuant to IAS 21 for the three months ended March 31, 2025 and 2024, respectively), adversely affecting the results of operations of the Turkey operating segment for the three months ended March 31, 2025 expressed in euros. See “ ―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates ”.

Since the first half of 2022, the Turkish economy has been considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies”. See “ Presentation of Financial Information—Hyperinflationary Economies ” for information on the impact of hyperinflation accounting.

Regulation and monetary policy, including the liraization strategy adopted by the CBRT to protect the Turkish lira, has affected this operating segment. See “ —Factors Affecting the Comparability of our Results of Operations and Financial Condition—Macroeconomic and geopolitical conditions ” and “ Other Matters—Regulatory Update for Turkey ”.

#### Net interest income
Net interest income of this operating segment for the three months ended March 31, 2025 amounted to €701 million, compared with the €277 million recorded for the three months ended March 31, 2024, mainly as a result of the higher volume and yield of Turkish lira-denominated loans supported -with respect to the volume growth- by the lessening of the loan growth-based reserve requirements since January 4, 2025, as adopted by the CBRT (for additional information, see “Other Matters—Regulatory Update for Turkey” ), the increase in volume of sovereign debt securities and the higher customer spread (calculated as the average rate at which assets are remunerated, less