Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 44

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 44
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 segment (which includes “Mutual funds” (including customers’ portfolios) and “Pension funds”) as of December 31, 2024 amounted to €108,695 million, an 11.8% increase compared with the €97,253 million recorded as of December 31, 2023, mainly due to the increase in mutual funds as a result of the positive stock market performance.
This operating segment’s non-performing loan ratio (defined as non-performing loans divided by total credit risk and calculated as the sum of impaired loans and advances to customers, impaired guarantees to customers and other impaired commitments divided by the sum of loans and advances to customers, guarantees to customers and other commitments) decreased to 3.7% as of December 31, 2024 from 4.1% as of December 31, 2023. This ratio was positively affected by the sale of portfolios of non-performing mortgage loans and certain unsecured retail portfolios and lower net entries in non-performing loans in the mortgage and wholesale portfolios. This operating segment’s non-performing loan coverage ratio (defined as allowance for credit losses divided by non-performing loans and calculated as loss allowances on loans and advances divided by the sum of impaired loans and advances to customers, impaired guarantees to customers and other impaired commitments) increased to 59% as of December 31, 2024 from 55% as of December 31, 2023, mainly due to the decrease in non-performing loans. 
Mexico
The Mexico operating segment includes the banking, insurance and asset management business conducted in Mexico by BBVA Mexico. It also includes BBVA Mexico’s agency in Houston.
The Mexican peso depreciated 13.1% against the euro as of December 31, 2024 compared with December 31, 2023, negatively affecting the business activity of the Mexico operating segment as of December 31, 2024 expressed in euros. See “Item 5. Operating and Financial Review and Prospects―Operating Results―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”.
Cash, cash balances at central banks and other demand deposits as of December 31, 2024 amounted to €12,564 million, a 24.5% increase compared with the €10,089 million recorded as of December 31, 2023, mainly due to increases in cash balances held in U.S. dollars at the Federal Reserve (“Fed”), through repurchase agreements