Company: BBVXF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000842180-25-000033
Chunk: 64

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 64
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 and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”.

(2) “Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.

In the six months ended June 30, 2025, the Argentine peso depreciated by 30.0% (considering the period-end exchange rates used to convert income statement items pursuant to IAS 21 for the six months ended June 30, 2025 and 2024) and the Colombian peso depreciated by 7.6% against the euro in average terms compared with the six months ended June 30, 2024. The Peruvian sol appreciated by 0.8% against the euro in average terms compared with the six months ended June 30, 2024. Overall, changes in exchange rates resulted in a negative exchange rate effect on our consolidated income statement for the six months ended June 30, 2025 and on the results of operations of the South America operating segment for such period expressed in euros. See “ ―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates ”.

As of and for the six months ended June 30, 2025 and 2024, the Argentine and Venezuelan economies were considered to be hyperinflationary as defined by IAS 29. See “ Presentation of Financial Information—Hyperinflationary Economies ” for information on the impact of hyperinflation accounting.

#### Net interest income
Net interest income of this operating segment for the six months ended June 30, 2025 amounted to €2,382 million, a 22.5% decrease compared with the €3,075 million recorded for the six months ended June 30, 2024, mainly as a result of the lower yield and volume in the public sector loan portfolio, particularly in Argentina, driven in part, with respect to the yield, by the decline in the monetary policy rate in Argentina, the lower yield in the securities portfolio and the depreciation of the Argentine peso against the euro, partially offset by increases in the volume of the commercial and the consumer loan portfolios in Argentina. At constant exchange rates, there was an 8.8% decrease in net interest income. The net interest margin over average total assets of this operating segment amounted to 6.60% for the six months ended June