Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 52

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 52
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 31, 2024 amounted to €8,348 million, a 75.8% increase compared with the €4,748 million recorded as of December 31, 2023, mainly due to the increase in cash balances held at central banks within this operating segment, since customer deposits have grown at a higher pace than financial assets and excess liquidity is held at central banks.
Financial assets at fair value for this operating segment (which includes the following portfolios: “Financial assets held for trading”, “Non-trading financial assets mandatorily at fair value through profit or loss”, “Financial assets designated at fair value through profit or loss” and “Financial assets at fair value through other comprehensive income”) as of December 31, 2024 amounted to €1,627 million, an 89.5% decrease compared with the €15,475 million recorded as of December 31, 2023, mainly due to the decrease in loans and advances (through reverse repurchase agreements) recorded under “Financial assets held for trading” in BBVA Securities Inc., our broker-dealer in the United States, as a result of decreased activity in the Global Markets unit, mainly as a result of the decrease in rates on the Reverse Repo Facility (“RRP”) established by the Fed.
Financial assets at amortized cost of this operating segment as of December 31, 2024 amounted to €56,013 million, a 29.2% increase compared with the €43,363 million recorded as of December 31, 2023. Within this heading, loans and advances to customers of this operating segment as of December 31, 2024 amounted to €50,392 million, a 28.2% increase compared with the €39,322 million recorded as of December 31, 2023, due to increased activity in the branches located in New York and Europe, in particular, in project finance and corporate loans.
Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of December 31, 2024 amounted to €642 million, a 95.7% decrease compared with the €14,831 million recorded as of December 31, 2023, mainly due to the decrease in deposits (through repurchase agreements) recorded under “Financial liabilities held for trading” in the broker-dealer BBVA Securities Inc., as a result of decreased activity in the Global Markets unit, mainly as a result of the decrease in rates on the RRP established by the