Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 98

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 98
---
 which partially counterbalanced the reduction in amortization/depreciation.

The cost-to-income ratio including amortization/depreciation for 2024 improved, standing at 48.7% compared to 51.4% in 2023.

Core results (net interest income + fees and commissions – recurrent costs) improved in the year, standing at €3,315 million as
at 2024 year-end, having grown by 6.0% year-on-year as a result of the good evolution of net interest income.

Total provisions and impairments amounted to €(714) million as at the end of 2024, compared to €(910) million at the end
of the previous year, representing a reduction of 21.6%, mainly due to fewer provisions for loan losses.

Capital gains on asset sales and
other revenue amounted to €(26) million as at the end of 2024. The positive year-on-year change is due to the recognition of lower IT asset write-offs.

Profit Attributable to the Group

After deducting corporation tax and minority interests, net profit attributable to the Group amounted to €1,827 million as at the end
of 2024, growing 37.1% year-on-year.

Banking Business Spain: 2024 versus 2023

The information in this subsection has been extracted from pages 309 and 310 of Banco Sabadell’s consolidated directors’ report as of and for the year ended December 31, 2024.

Net profit as at the end of 2024
amounted to €1,517 million, representing a year-on-year increase of 38.7%, mainly driven by the positive trend in net interest income and fewer provisions.

Net interest income amounted to €3,652 million as at 2024 year-end, a year-on-year increase of 8.9% driven by the collection of
€36 million in extraordinary late payment interest stemming from the debt recovered following a favorable ruling in a legal dispute. Excluding that effect, growth stood at 7.8% driven by higher loan yields and higher earnings on the
fixed-income portfolio, underpinned by interest rates, all of which offset the higher cost and volume of both deposits and wholesale funding.

Net fees and commissions stood at €1,231 million, 1.3% less than at the end of 2023, mainly due to the drop in service fees, heavily
impacting payment card and demand deposit fees.

Profit or loss