Company: BBVXF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0000842180-25-000002
Chunk: 45

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-30
Form: 6-K
Chunk 45
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 activity (performing loans under management) registered a variation of 16.8%, with the increase focused on the wholesale portfolio, which grew more than the retail portfolio (+20.5% versus +12.9%), mainly favored by the evolution of commercial loans (+22.6%). In the retail portfolio, the growth was originated in credit cards (+45.7%), in line with Group's strategy which is focused on growing in the most profitable segments. In terms of countries, Argentina stood out, with lending activity growing faster than inflation.

– Customer funds under management increased (+26.6%) compared to the closing balances at the end of 2023, with growth driven by customer deposits (+23.2%).

The most relevant aspects related to the area's activity during the fourth quarter of the year 2024 have been:

– Lending activity increased by 6.3%,favored by the dynamism of commercial loans (+8.0%), consumer loans (+3.2%) and credit cards (+16.8%).

– With regard to asset quality, the NPL ratio at regional level stood at 4.5%, which represents a decrease of -46 basis points lower than in the previous quarter, where the evolution was stronger in the main geographical areas, particularly in Peru, favored by lower entries into non-performing assets and higher recoveries. The coverage ratio for the area was 88%, which represents an increase of 836 basis points higher than the previous quarter (stable compared to the end of 2023).

– Customer funds under management increased by 6.4%, supported by higher balances of time deposits (+2.8%), the increase of demand deposits (+7.4%) and the evolution of off-balance sheet funds (+12.2%).

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.

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South America generated a net attributable profit of €635m at the end of 2024, which represents a year-on-year variation of 17.1%, driven by the good performance of recurring income (+30.5%) and the good performance of net trading income in the area, which offset the increase in expenses and in loan-loss provisions, as well as the higher negative impact of "Other operating income and expenses". This last line mainly includes the impact of the adjustment for hyperinflation in Argentina, whose net monetary loss stood at €1,419m in the period January-December 2024, which is higher than the €1,