Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 9

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 9
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 dates or periods presented in this report, the impact of changes in the exchange rates against the euro of the currencies of the countries in which BBVA operates is sometimes excluded, assuming that exchange rates remain constant. For this purpose, the average exchange rate of the currency of each geographical area of the most recent period is used for both periods, except for those countries whose economies have been considered hyperinflationary, for which the closing exchange rate of the most recent period is used.

The accumulated net interest income as of December 31, 2024 was higher than the one registered in the same period of the previous year (+12.9%), mainly driven by increases in all business areas except for Turkey. This increase shows the strong dynamism of lending activity, which grew by 14.3% during 2024.

Likewise, net fees and commissions experienced a year-on-year growth of 30.8%, thanks to the performance of fees and commissions due to payment fees and, to a lesser extent, asset management fees and commissions. Turkey made an outstanding contribution, well above the other business areas.

As a result, overall recurring banking business revenues, increased by 16.7% in 2024, with an upward quarterly trend over the last two years.

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

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At the end of December 2024, NTI showed a growth of 90.8%, mainly driven by the evolution of the results obtained from hedging foreign currency positions, especially of the Mexican peso, recorded in the Corporate Center. To a lesser extent, this growth also shows the favorable performance of this line in all areas, with a notable contribution from Turkey thanks to its foreign currency positions, Spain and Mexico, supported by Global Markets' contribution and lastly, South America helped by the performance in Argentina.

The other operating income and expenses line accumulated, as of December 31, 2024 a result that improves compared to the same period of the previous year. This was achieved in spite of a higher negative impact from hyperinflation in Argentina and an increase in the annual amount for the temporary tax on credit institutions and financial credit institutions in 2024. These effects were offset by: a lower impact from hyperinflation in Turkey, the lack of contributions to the European Single Resolution Fund (hereinafter SRF) after the completion of its construction stage 4 and the Deposit Guarantee Fund (hereinafter DGF) for Credit Institutions