Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 42

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 42
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 grew at rates of +17.1% and +13.8%, respectively.

– In terms of asset quality, the NPL ratio decreased by 51 basis points compared to the figure as of the end of September 2024 to 3.1%, mainly as a result of higher recoveries and higher volume of sales and write-offs, closing 69 basis points below the December 2023 close. Consequently, the NPL coverage ratio recorded an increase of 931 basis points in the quarter to 96% as of December 30, 2024.

– Customer deposits increased by 4.0%, with growth in Turkish lira deposits (+7.7%), and a decrease in deposits in USD (-3.4%). Additionally, off-balance sheet funds registered a growth of 23.0% in the quarter.

#### Results
Turkey generated a net attributable profit of €611m during 2024, which compares favorably with the result in the same period of the previous year.

As mentioned above, the year-on-year comparison of the accumulated income statement at the end of December 2024 at current exchange rate is affected by the depreciation of the Turkish lira in the last year (-11.1%). To isolate this effect, the highlights of the results for 2024 at constant exchange rates are summarized below:

15 The variation rates of loans in Turkish lira and loans in foreign currency (U.S. dollars) are calculated based on local activity data and refer only refer to Garanti Bank and therefore exclude the subsidiaries of Garanti BBVA, mainly in Romania and Netherlands.

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.

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– Net interest income decreased year-on-year, mainly by the worsening of the Turkish lira spread and greater wholesale funding costs, partially offset by the growth in lending activity and, the remuneration of certain reserves in Turkish lira from the central bank since February 2024.

– Net fees and commissions increased significantly, favored by the performance in payment systems fees, followed by the asset management, insurances and guarantees.

– NTI showed an excellent evolution thanks to higher results from foreign exchange operations.

– The other operating income and expenses line had a balance of €-535m, which compares favorably with the previous year. This line incorporates, among others, the loss in the value of the net monetary position due to the country's inflation rate, together with its partial offset by the income derived from inflation