Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 101

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 101
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-on-year due to both higher staff expenses and higher
general expenses, particularly marketing and technology expenses, which offset the reduction of amortizations/redemptions.

The cost-to-income ratio for 2023 improved, standing at 42.6% compared to 44.9% in 2022.

Core results (net interest income + fees and commissions – recurrent costs) improved in the year, standing at €3,127 million as
at 2023 year-end, having grown by 29.9% year-on-year as a result of the good evolution of net interest income.

Total provisions and impairments amounted to €(910) million as at the end of 2023, compared to €(1,032) million at the end of
the previous year, representing a reduction of 11.8% thanks to fewer provisions for credit items, financial assets and real estate.

Capital gains on asset sales and other revenue amounted to €(46) million at the end of 2023. The year-on-year change is due to the recognition of higher IT asset write-offs.

Profit Attributable to the Group

After deducting corporation tax and minority interests, net profit attributable to the Group amounted to
€1,332 million as at the end of 2023, representing strong year-on-year growth, mainly due to improved net interest income.

76

Banking Business Spain: 2023 versus 2022 The information in this subsection has been extracted from pages 89 and 90 of Banco Sabadell’s annual report as of and for the year ended December 31, 2023. The comparative financial information as of and for the year ended December 31, 2022 included in Banco Sabadell’s annual report as of and for the year ended December 31, 2023 (and included below) has been restated to take into account the implementation of IFRS 17 (please see Note 1.4 to the consolidated financial statements of Banco Sabadell as of and for the year ended December 31, 2023). Net profit as at the end of 2023 amounted to €1,093 million, representing a year-on-yearincrease of 41.8%, mainly driven by the good evolution of net interest income. Net interest income amounted to €3,353 million as of the end of 2023, growing by 34.2% year-on-year,due to higher loan yields and improved fixed-income revenue, underpinned by higher interest rates