Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047351
Chunk: 37

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 37
---
| ⁽⁴⁾ For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative PerformanceMeasures at this report. |          |      |         |          |

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.

| January - September 2025Report - p.44 |

Macro and industry trends Economic activity has been more dynamic than expected in the second quarter of 2025, which, combined with looser monetary conditions and greater fiscal policy support, keeps growth expectations for the coming quarters relatively favorable. According to BBVA Research, GDP growth could reach 3.7% in 2025, two tenths of a percentage point above the previous forecast and remain around 4% in 2026. Meanwhile, inflation has continued to moderate, albeit at a slower pace than anticipated, and is expected to continue doing so going forward: in December, it could reach 32.7%, compared to 33.3% in September, and converge towards levels of 25% throughout 2026. This should allow the Central Bank to continue with gradual interest rate cuts, which could close 2025 at 38.5%, down from 40.5% in September, and reach levels close to 30% throughout 2026. The Turkish banking system continues to be affected by the impact of inflation. The total volume of credit in the system increased by 40.0% year-on-year at the end of August 2025, similar to the previous months. The stock of credit continues to be driven by consumer credit and credit card portfolios (+46.9% year-on-year) and by corporate lending (+37.8% year-on-year). Total deposits maintained the strength of recent months and grew by 36.2% year-on-year at the end of August 2025, with similar growth in Turkish lira and dollar deposits (+38.3% and +32.5% respectively). Dollarization of the system decreased to 35.9% in August of this year, from 36.9% a year earlier. The system's NPL ratio remains well under control and stood at 2.