Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 43

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 43
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 liabilities, for presentation purposes, in application of IAS 32 in 2024 (see Note 7.4.2 to the Consolidated Financial Statements).
Financial assets at amortized cost of this operating segment as of December 31, 2024 amounted to €237,279 million, a 9.7% increase compared with the €216,334 million recorded as of December 31, 2023. Within this heading, loans and advances to customers amounted to €179,667 million as of December 31, 2024, a 3.8% increase compared with the €173,169 million recorded as of December 31, 2023, mainly due to the increases in the wholesale portfolio, in particular, loans to enterprises. In addition, within this heading, debt securities of this operating segment as of December 31, 2024 amounted to €42,791 million, a 33.0% increase compared with the €32,164 million recorded as of December 31, 2023, mainly as a result of an increase in Spanish sovereign debt recorded as “Financial assets at amortized cost”, within a high interest rate environment.
Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of December 31, 2024 amounted to €75,279 million, a 32.6% decrease compared with the €111,701 million recorded as of December 31, 2023, mainly due to the decrease in deposits from credit institutions (through repurchase agreements) recorded under “Financial liabilities held for trading” due to the offsetting of certain financial assets and liabilities, for presentation purposes, in application of IAS 32 in 2024 (see Note 7.4.2 to the Consolidated Financial Statements).
Customer deposits at amortized cost of this operating segment as of December 31, 2024 amounted to €228,471 million, a 5.2% increase compared with the €217,235 million recorded as of December 31, 2023, mainly due to the increase in demand and savings deposits, as customers shifted towards savings within a high interest rate scenario (in particular, during the first half of 2024), and increases in deposits of the Spanish government and other government agencies (through repurchase agreements), partially offset by a shift of certain customer deposits from Spain towards deposits in our New York branch (which are recorded in the Rest of Business operating segment).
Off-balance sheet funds of this operating