Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000020
Chunk: 35

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 35
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 Additionally, off-balance sheet funds grew 14.8% in the quarter.

#### Results
Turkey generated a net attributable profit of €158m during the first three months of 2025, which compares favorably with the result achieved in the first quarter of the previous year as a result of the good performance of recurring revenues in banking business (net interest income and net fees and commissions).

As mentioned above, the year-on-year comparison of the accumulated income statement at the end of March 2025 at current exchange rate is affected by the depreciation of the Turkish lira in the last year (-14.8%). To isolate this effect, the highlights of the results of the first three months of 2025 at constant exchange rates are summarized below:

– Net interest income increased year-on-year, favored by the improvement of the Turkish lira customer spread and growth in lending activity. In addition, the central bank has increased the remuneration of certain Turkish lira reserves since February 2024.

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

– Lower NTI, due to lower revenues from currency positions and derivatives trading, partially offset by higher earnings from the Global Markets unit.

– The other operating income and expenses line had a balance of €-107m, 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-linked bonds (CPI linkers). The net impact of both effects was less negative at the end of the first quarter of 2025, compared with the same quarter of 2024. This line also includes the results of the subsidiaries of Garanti BBVA, whose contribution was increased compared to the first quarter of 2024.

– Operating expenses grew, mainly due to the growth in personnel expenses, linked to the growth in the workforce and a salary review in the context of high inflation. On the other hand, general expenses also increased, mainly due to the higher advertising expenditures and technology.

16 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