Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 39

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 39
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 of the loan portfolio and lower wholesale funding costs. The net interest margin over average total assets of this operating segment amounted to 6.77% for the three months ended March 31, 2025, compared with 6.81% for the three months ended March 31, 2024. At constant exchange rates, net interest income for this operating segment increased by 7.6%.

#### Net fees and commissions
Net fees and commissions of this operating segment for the three months ended March 31, 2025 amounted to €583 million, a 9.2% decrease compared with the €642 million recorded for the three months ended March 31, 2024, mainly due to the depreciation of the Mexican peso against the euro, partially offset by the fees resulting from the increased volumes of credit card transactions and asset management activities. At constant exchange rates, there was a 5.8% increase in net fees and commissions.

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 were €220 million, a 3.3% increase compared with the €213 million gain recorded for the three months ended March 31, 2024, mainly as a result of the higher gains from exchange differences in the Global Markets unit and, to a lesser extent, gains from the ALCO portfolio resulting from trading transactions and hedge gains, offset, to a great extent, by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 20.4% increase in net gains on financial assets and liabilities and exchange differences.

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#### 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 an expense of €91 million, a 4.2% decrease compared with the €95 million expense recorded for the three months ended March 31, 2024, mainly as a result of the depreciation of the Mexican peso against the euro, partially offset by the higher contributions made to the Deposit Guarantee Fund. At constant exchange rates, there was an 11.6% increase in net expense.

Income and expense on insurance and reinsurance contracts

Net income on insurance and reinsurance contracts of this operating segment for the three months ended March 31, 2025 was €226 million, an