Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 32

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 32
---
3 |     |  216,005 |
| Off-balance sheet funds ⁽³⁾                                       |     |  108,695 |     | 11.8 |     |   97,253 |
| Risk-weighted assets                                              |     |  122,627 |     |  0.7 |     |  121,779 |
| Efficiency ratio (%)                                              |     |     35.3 |     |      |     |     40.5 |
| NPL ratio (%)                                                     |     |      3.7 |     |      |     |      4.1 |
| NPL coverage ratio (%)                                            |     |       59 |     |      |     |       55 |
| Cost of risk (%)                                                  |     |     0.38 |     |      |     |     0.37 |
| ⁽²⁾ Excluding repos.                                              |     |          |     |      |     |          |
| ⁽³⁾ Includes mutual funds, customer portfolios and pension funds. |     |          |     |      |     |          |

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.

| 31 |

#### Macro and industry trends
Economic activity showed dynamism throughout 2024, largely due to services exports, fiscal policy, private consumption and the increase in the labor force caused by factors such as higher migratory flows. In this context, recent data suggest, according to BBVA Research, that GDP growth has been around 3.1% in 2024, slightly higher than the previous forecast (2.9%). On the other hand, a less favorable external environment, a gradual fiscal consolidation, a possible smoothing of services exports after strong increases in previous years and the economic impact (limited for the country as a whole, but negative) of the recent Isolated High-Level Depression (DANA for its acronym in Spanish) in the Valencia region point to a moderation of growth to around 2.3% in 2025 (10 basis points lower than previously forecast). Annual inflation, which closed 2024 at around 2.8%, is likely to remain slightly below 2.0% in 2025.

Regarding the banking system, with data at the end of November 2024, the volume of credit to the private sector grew by 0.3% year-on-year, with greater growth in the loan portfolio to