Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000020
Chunk: 11

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 11
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%), the efficiency ratio fell to 38.2% as of March 31, 2025, which represents an improvement of 469 basis points compared to the ratio as of March 31, 2024, at constant exchange rates.

The impairment on financial assets not measured at fair value through profit or loss (impairment on financial assets) stood at the end of March 2025 at 11.9% above than the same period of the previous year, due to a higher rate of year-on-year growth in lending, both to companies and retail customers. Turkey and Mexico required an increase in the level of provisions, which was partially offset by lower needs in South America and Spain.

8 Weighted by operating expenses and excluding Venezuela.

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

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The provisions or reversal of provisions line (hereinafter provisions) registered at the end of March 31, 2025 lower provisions compared to the same period of the previous year, mainly due to the releases in South America, which offset the allocations in the rest of the areas.

On the other hand, the other gains (losses) line ended March 2025 with a balance of €22m, that is, 43.7% lower than in the same period of the previous year, which included the positive impact of the reversal of investment impairment in associated companies, recorded at the Corporate Center.

As a result of the above, the BBVA Group reached a net attributable profit of €2,698m in the first quarter of 2025, showing a significant growth compared to the same period of the previous year (+46.3%). This solid result is supported by the positive evolution of the recurring banking business income, and a less negative impact of hyperinflation, which, together with an improved NTI, have been able to offset both the increase in operating expenses and the rise in provisions for impairment losses on financial assets.

The net attributable profits, in millions of euros and accumulated at the end of March 2025 for the business areas that compose the Group were as follows: 1,024 in Spain, 1,332 in Mexico, 158 in Turkey, 218 in South America and 173 in Rest of Business.

The Group's excellent performance has also allowed it to continue generating value, as is reflected in the growth of the tangible book value per share and dividends, which at the end of March 2025 was