Company: BBVXF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000842180-25-000033
Chunk: 18

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 18
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• Retail and Corporate Banking : includes banks in Argentina, Colombia, Peru, Uruguay and Venezuela.

• Insurance : includes insurance businesses in Argentina, Colombia and Venezuela.

As of June 30, 2025, the Argentine peso, the Peruvian sol and the Colombian peso depreciated against the euro by 23.1%, 5.8% and 4.0%, respectively, compared to December 31, 2024. Overall, changes in exchange rates resulted in a negative exchange rate effect on the business activity of the South America operating segment as of June 30, 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 ”.

As of June 30, 2025 and December 31, 2024, the Argentine and Venezuelan economies were considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies” . See Note 2.2.18 to the Consolidated Financial Statements for information on the application of IAS 29 “Financial Reporting in Hyperinflationary Economies” to hyperinflationary economies.

Cash, cash balances at central banks and other demand deposits as of June 30, 2025 amounted to €6,582 million, a 26.1% decrease compared with the €8,906 million recorded as of December 31, 2024, mainly due to the credit gap widening in the region, decreases in repurchase agreements in Colombia and Peru and the depreciation of the Argentine peso, the Peruvian sol and the Colombian peso against the euro.

Financial assets at fair value for 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 June 30, 2025 amounted to €10,756 million, a 1.2% decrease compared with the €10,884 million recorded as of December 31, 2024, mainly due to the depreciation of the Argentine peso, the Peruvian sol and the Colombian peso against the euro, partially offset by th e increase of debt securities in Argentina.

Financial assets at amortized cost of this operating segment as of June 30, 2025 amounted to €49,