Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 17

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 17
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 (which includes “Mutual funds” and “Pension funds”) as of March 31, 2025 amounted to €18,572 million, a 2.7% increase compared with the €18,076 million as of December 31, 2024, mainly due to increases in mutual funds as a result of the shift towards higher profitability investments, partially offset by the depreciation of the Turkish lira against the euro.

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The non-performing loan ratio (as defined herein) of this operating segment increased to 3.2% as of March 31, 2025 from 3.1% as of December 31, 2024, mainly as a result of the increase in the balance of non-performing retail loans (mainly credit card and consumer loans) due to the increase in retail loans, offset, in part, by the sale of non-performing loan portfolios and certain recoveries from the wholesale loan portfolios. This operating segment’s non-performing loan coverage ratio (as defined herein) decreased to 93% as of March 31, 2025 from 96% as of December 31, 2024.

#### South America
The South America operating segment includes the Group’s banking, finance, insurance and asset management business mainly in Argentina, Chile, Colombia, Peru, Uruguay and Venezuela. It also includes a representative office in Santiago (Chile).

The main business units included in the South America operating segment are:

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#### Retail and Corporate Banking
: includes banks in Argentina, Colombia, Peru, Uruguay and Venezuela.

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

As of March 31, 2025, the Argentine peso and the Peruvian sol depreciated against the euro by 7.6% and 1.3%, respectively, compared to December 31, 2024. On the other hand, the Colombian peso appreciated against the euro by 1.0% 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 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 ”.

As of March 31, 2025 and December 31, 2024, the Argentine and Venezuelan economies were