Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047351
Chunk: 44

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 44
---
 Spanish. In the event of a discrepancy, the Spanish -language version prevails.

| January - September 2025Report - p.50 |

– Regarding the evolution of the income statement 16 , the cumulative net attributable profit at the end of September 2025 stood at €104m, showing a significantly lower hyperinflationary impact than at the end of September 2024. Net interest income continues to be affected by price effect and the higher cost of funds due to the growth in customer balances, which was not offset by the higher lending volume. Net fees and commissions grew by 20.3% year-on-year, driven by payment methods activity. On the other hand, a significantly lower negative adjustment for hyperinflation was recorded (mainly reflected in the "Other operating income and expenses" line) and higher operating expenses, both in personnel (fixed compensation to staff) and in other operating expenses. With regard to loan-loss provisions, there was an increase in requirements in the retail portfolio, partly affected by a higher portfolio volume. As a result of the above, the cost of risk stood at 4.91%, which represents an increase of 44 basis points in the quarter. Thus, the result of the third quarter reached € 13 m, which represents a decrease from the previous quarter, mainly due to higher loan-loss provisions compared to the second quarter of 2025, due to greater requirements in the retail and fixed income portfolios, where in the second quarter there were releases due to an improvement in the internal rating of the national government bond portfolio. This was partially offset by the favorable performance of net fees and commissions and a less negative hyperinflation adjustment. Colombia Macro and industry trends Economic activity remained relatively robust during the first half of 2025, supported by the dynamism of private consumption and fiscal spending. BBVA Research expects the recovery to continue in the coming quarters, estimating GDP growth for 2025 at 2.5%, two tenths above the previous scenario and raising it to 2.7% for 2026. The increase in the household spending has also contributed to limit the reduction in the inflation: in September, the overall rate reached 5.2%, and it is expected to close the year and start 2026 at around 5%. This price environment, together with fiscal pressures and domestic uncertainty, has led the central bank to keep its benchmark interest rate unchanged at 9.25%: a level that could extend into the second half of 2026, at which point