Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000020
Chunk: 10

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 10
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8.5%), driven by growth in Turkey, favored by the improvement in customer spreads and, to a lesser extent, by Mexico, driven in this case by higher lending volumes and by the reduction in the cost of funding. Rest of Business and Spain also recorded growth in this line. Moreover, net interest income over average total assets has shown a positive and sustained evolution over the last few quarters, reflecting greater efficiency in the management of the traditional banking business. The growing trend of the indicator is evidence of the bank's capacity to generate solid interest income, even in a challenging economic environment.

Likewise, net fees and commissions experienced a year-on-year growth of 19.3%, thanks to the performance of fees and commissions due to payment fees and, to a lesser extent, asset management fees and commissions. Turkey made an outstanding contribution, well above the other business areas.

As a result, overall recurring banking business revenues, increased by 10.9% compared to the first three months of 2024.

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

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The NTI reported a 40.1% year-on-year growth at the end of the first quarter of 2025, mainly driven by the performance of the Corporate Center due to the hedging of the Group's foreign currency positions, especially the Mexican peso. All business areas showed a positive year-on-year evolution in this line, supported by the Global Markets contribution, except in Turkey, which was impacted by the foreign currency positions held in this area.

The other operating income and expenses line accumulated, as of March 31, 2025, a significantly improved result compared to the same period of the previous year. This is due to a lower negative impact derived from the hyperinflation in Argentina, as well as to the recording in the first quarter of 2024 of the total annual amount of the temporary tax on credit institutions and financial credit establishments for 285 million euros. The results of the insurance business, also recorded in this line, had a positive evolution.

On a year-on-year basis, the increase in operating expenses at the Group level stood at 14.2%, a rate that is below the inflation rates observed in the countries in which the Group has a presence (an average of 16.7% in the last 12 months 8 ).

Thanks to the remarkable growth in gross income (+28.2%, higher than the growth in operating expenses, which stood at 14.2