Company: BBVXF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000842180-25-000033
Chunk: 60

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 60
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 2025, as adopted by the CBRT (for additional information, see “Other Matters—Regulatory Update for Turkey” ), and the higher customer spread (calculated as the average rate at which assets are remunerated, less the equivalent average rate for deposits), partially offset by the depreciation of the Turkish lira against the euro and, to a lesser extent, the higher cost of wholesale funding. The period-on-period comparison was affected by changes in the reserve requirement for foreign currency deposits, which was set at 8.0% as of February 2024 and reduced in September 2024 (5.0%), November 2024 (4.0%) and June 2025 (2.5%) (see “ Other Matters—Regulatory Update for Turkey ”), and which requires Garanti BBVA to make Turkish lira-denominated deposits with the CBRT in such proportion with respect to all foreign currency-denominated deposits and participation funds, excluding those obtained from banks abroad, regardless of their maturities. The net interest margin over average total assets of this operating segment amounted to 3.11% for the six months ended June 30, 2025, compared with 1.69% for the six months ended June 30, 2024.

#### Net fees and commissions
Net fees and commissions of this operating segment for the six months ended June 30, 2025 amounted to €1,058 million, a 16.9% increase compared with the €905 million recorded for the six months ended June 30, 2024, mainly as a result of the increase in payment systems fees supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT in November 2024 and the increase in the volume of asset management activities, partially offset by the depreciation of the Turkish lira against the euro and the increase in fees paid to third parties driven by the increase in payment systems fee income. At constant exchange rates, there was a 51.4% increase in net fees and commissions.

Net gains (losses) on financial assets and liabilities and Exchange differences, net

Net gains on financial assets and liabilities and exchange differences of this operating segment for the six months ended June 30, 2025 amounted to €221 million, a 63.2% decrease compared with the €601 million gain recorded for the six months ended June 30, 2024, mainly driven by negative exchange differences and lower gains in the