Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 102

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 102
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 to the consolidated financial statements of Banco Sabadell as of and for the year ended December 31, 2023). Net profit amounted to €195 million as at 2023 year-end,representing strong year-on-yeargrowth, mainly on the strength of improved net interest income and reduced provisions. In addition, €16 million were recognized in 2023 for the collection of insurance compensation in connection with the IT migration, while 2022 included the recognition of €(57) million, net, derived from the migration related incidents. Net interest income came to a total of €1,174 million, 2.0% more than in the previous year, mainly on the strength of a higher-yielding loan book due to higher interest rates and also due to the fixed-income portfolio, which offset the increased cost of funds and capital markets. At constant exchange rates, net interest income increased by 4.1%. Net fees and commissions amounted to €124 million as at the end of 2023, representing a year-on-yearreduction of 7.4%, due to a reduction in demand deposit fees. Total costs came to €(941) million, 3.5% higher year-on-year,impacted by the depreciation of the pound sterling. At constant exchange rates, costs increased by 5.6%, due to the booking of €(33) million of non-recurrentrestructuring costs, the increase of recurrent costs being 1.9%, due both to higher staff expenses and to higher general expenses, mainly technology and marketing costs, which offset the reduction of amortizations/depreciations. Provisions and impairments amounted to €75 million, falling by 278% year-on-year,mainly due to the reduced provisions for financial assets (conduct) in 2023.

|                                                                                  |     |                 2023 |       |   |     | 2022 |       |   |     | Year-on-year 
 change (%)   |        |   |
|                                                                                  |     | -€ million, except % |       |   |     |      |       |   |     |              |        |   |
| Net interest income                                                              |     |                      | 1,174 |   |     |      | 1,151 |   |     |              |    2.0 |   |
| Fees and commissions, net                                                        |     |                      |   124 |   |     |      |   134 |   |     |              |   (7.4