Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 15

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 15
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 payment systems, retail, private and investment banking, together with its subsidiaries in pension and life insurance, leasing, factoring, brokerage and asset management, as well as its international subsidiaries in Romania and the Netherlands.

The Turkish lira depreciated 10.5% against the euro as of March 31, 2025 compared to December 31, 2024, adversely affecting the business activity of the Turkey operating segment as of March 31, 2025 expressed in euros. See “ Operating and Financial Review and Prospects―Operating Results―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates ”.

Since the first half of 2022, the Turkish economy has been considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies”. See “ Presentation of Financial Information—Hyperinflationary Economies ” for information on the impact of hyperinflation accounting.

BBVA’s operations in Turkey are subject to substantial regulation by Turkish national authorities. See “ Other Matters—Regulatory Update for Turkey ” for information on certain regulations that are relevant to our operations.

Cash, cash balances at central banks and other demand deposits amounted to €10,536 million as of March 31, 2025, a 19.3% increase compared with the €8,828 million recorded as of December 31, 2024, mainly due to the increase in cash obtained from customer deposits, both in Turkish-lira and foreign currency, partially offset by the reduction in repurchase agreements and the depreciation of the Turkish lira against the euro.

Financial assets at fair value of this operating segment (which includes the following portfolios: “Financial assets held for trading”, “Non-trading financial assets mandatorily at fair value through profit or loss”, “Financial assets designated at fair value through profit or loss” and “Financial assets at fair value through other comprehensive income”) as of March 31, 2025 amounted to €4,840 million, a 7.5% increase from the €4,503 million recorded as of December 31, 2024, mainly due to increases in local currency-denominated debt securities, whose valuation increased supported by the decrease in interest reference rates during the first three months ended March 31, 2025, partially offset by the depreciation of the Turkish lira against the euro.

Financial assets at amortized cost of this operating segment as of March 31, 2025 amounted to €