Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 34

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 34
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 write-offs and portfolio sales. Inflows remained in line with the third quarter, which were lower than in the first half. The coverage ratio increased 344 basis points to 59% at the end of December 2024, due both to the decline in NPLs and the increase in the loan loss provisions.

– Total customer funds were 1.4% higher than the balances at the end of September 2024, with a more relevant increase in the off-balance sheet funds, which grew by 2.7% favored by inflows and a market effect which was again very favorable in the quarter. On-balance sheet deposits also grew slightly in the quarter (+0.8%).

#### Results
Spain generated a net attributable profit of €3,784m in 2024, which is 39.1% above the result achieved in 2023. This result is driven by the favorable evolution of the recurring revenues from the banking business, particularly net interest income, although the other components of gross income contributed to a growth of more than 20.3% in this line of the area's income statement.

The most relevant aspects of the year-on-year changes in the area's income statement at the end of December 2024 were:

– Net interest income grew by 14.5%, mainly supported by the increase in customer spread, as a result of higher benchmark interest rates over 2023, which continue to be favorable despite the downward revisions made by the ECB during 2024. This, linked to the growth in activity volumes during the year, largely offset the increase in lending costs.

– Fees and Commissions grew by 7.7% in the year. The contribution of fees from asset management, insurance and securities was especially relevant, as was the fee income from wholesale customers, which had a good performance in the year.

– Growth in the NTI contribution (+64.9%), mainly as a result of the performance of Global Markets.

– The year-on-year evolution of the aggregate other income and operating expenses was positive, mainly due to the absence of contribution to the FUR during 2024 and a significantly lower contribution to the Deposit Guarantee Fund compared to the one registered in 2023 after reaching the minimum coverage level established by the European regulations for covered deposits. This line also includes the annual temporary tax on credit institutions and financial credit institutions for year 2024 of €285m, which is €70m higher than in the same period of the previous year. The contribution from insurance business was higher