Rest of Business
Highlights for the period January - December 2025
- Dynamism of lending activity and high fund gathering in all geographical areas in 2025
- Favorable performance of recurring revenues
- Positive evolution of risk indicators
- Excellent growth in cumulative net attributable profit in 2025
BUSINESS ACTIVITY (1) (VARIATION AT CONSTANT EXCHANGE RATES COMPARED TO 31-12-24)
(1) Excluding repos.
NET INTEREST INCOME / AVERAGE TOTAL ASSETS
(PERCENTAGE AT CONSTANT EXCHANGE RATES)
OPERATING INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +20.3%.
NET ATTRIBUTABLE PROFIT (LOSS)
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +22.9%.
| FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) | ||||
|---|---|---|---|---|
| Income statement | 2025 | 𝚫 % | 𝚫 % (1) | 2024 (2) |
| Net interest income | 828 | 11.6 | 15.9 | 742 |
| Net fees and commissions | 591 | 51.3 | 56.0 | 390 |
| Net trading income | 382 | 13.6 | 19.4 | 337 |
| Other operating income and expenses | 7 | 87.5 | 234.8 | 4 |
| Gross income | 1,807 | 22.8 | 27.8 | 1,472 |
| Operating expenses | (929) | 25.1 | 29.5 | (743) |
| Personnel expenses | (497) | 23.6 | 28.6 | (402) |
| Other administrative expenses | (392) | 27.5 | 31.1 | (308) |
| Depreciation | (40) | 22.2 | 26.2 | (33) |
| Operating income | 878 | 20.3 | 25.9 | 730 |
| Impairment on financial assets not measured at fair value through profit or loss | (85) | 19.5 | 19.6 | (71) |
| Provisions or reversal of provisions and other results | (22) | 98.3 | 115.3 | (11) |
| Profit (loss) before tax | 772 | 19.1 | 25.2 | 648 |
| Income tax | (145) | 5.2 | 9.6 | (138) |
| Profit (loss) for the period | 627 | 22.9 | 29.4 | 511 |
| Non-controlling interests | — | — | — | — |
| Net attributable profit (loss) | 627 | 22.9 | 29.4 | 511 |
| Balance sheets | 31-12-25 | 𝚫 % | 𝚫 % (1) | 31-12-24 |
| Cash, cash balances at central banks and other demand deposits | 11,564 | 38.5 | 55.7 | 8,348 |
| Financial assets designated at fair value | 2,032 | 24.9 | 32.7 | 1,627 |
| Of which: Loans and advances | 1,354 | 48.1 | 60.4 | 914 |
| Financial assets at amortized cost | 74,448 | 32.9 | 38.5 | 56,013 |
| Of which: Loans and advances to customers | 66,502 | 32.0 | 37.7 | 50,392 |
| Inter-area positions | — | — | — | — |
| Tangible assets | 264 | 28.4 | 39.4 | 206 |
| Other assets | 329 | (3.5) | 1.1 | 341 |
| Total assets/liabilities and equity | 88,638 | 33.2 | 40.2 | 66,534 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 766 | 19.3 | 34.0 | 642 |
| Deposits from central banks and credit institutions | 5,182 | 158.8 | 172.5 | 2,002 |
| Deposits from customers | 40,932 | 49.2 | 55.0 | 27,432 |
| Debt certificates | 1,828 | 6.2 | 11.4 | 1,721 |
| Inter-area positions (3) | 33,056 | 17.7 | 25.2 | 28,091 |
| Other liabilities (3) | 1,656 | 2.7 | 10.0 | 1,613 |
| Allocated regulatory capital | 5,217 | 3.7 | 8.7 | 5,033 |
| Relevant business indicators | 31-12-25 | 𝚫 % | 𝚫 % (1) | 31-12-24 |
| Performing loans and advances to customers under management (4) | 66,543 | 32.0 | 37.8 | 50,393 |
| Non-performing loans | 153 | (28.5) | (28.5) | 213 |
| Customer deposits under management (4) | 40,932 | 49.2 | 55.0 | 27,432 |
| Off-balance sheet funds (5) | 736 | 14.2 | 14.2 | 645 |
| Risk-weighted assets | 46,633 | 5.0 | 10.3 | 44,407 |
| RORWA (1)(6) | 1.61 | 1.27 | ||
| Efficiency ratio (%) | 51.4 | 50.4 | ||
| NPL ratio (%) | 0.2 | 0.3 | ||
| NPL coverage ratio (%) | 173 | 102 | ||
| Cost of risk (%) | 0.16 | 0.17 | ||
| (1) At constant exchange rate. (2) Revised balances. For more information, please refer to the “Business Areas” section. (3) Revised balances in 2024. (4) Excluding repos. (5) Includes pension funds. (6) For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance Measures at this report. |
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Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. These rates, together with the changes at current exchange rates, can be found in the attached tables of the financial statements and relevant business indicators. Comments that refer to Europe exclude Spain.
Activity
The most relevant aspects of the evolution of BBVA Group's Rest of Business activity during 2025 were:
Lending activity (performing loans under management) grew by 37.8%. The CIB business is driving this growth, particularly in Europe and the United States, with significant transactions in project finance and corporate loans, as well as in Asia, benefiting from increased volumes.
Customer funds under management recorded an increase of 54.0%, driven by customer deposits in Europe, supported by the performance of the digital bank in Germany, and, to a lesser extent, Asia (CIB).
The most relevant aspects of the evolution of BBVA Group's Rest of Business activity during the fourth quarter of 2025 were:
Lending (performing loans under management) recorded a growth of 14.0%, continuing the upward trend seen in recent quarters. Significant growth was observed in New York (CIB), followed by Asia and Europe.
On the other hand, compared to the end of September, the NPL ratio decreased by 2 basis points to 0.2%, helped by the positive momentum of activity, while the coverage ratio increased to 173% supported by increased coverage on certain customers.
Customer funds under management increased by 16.2%, mainly driven by digital banking balances in Germany, followed by customer deposits in Asia, and New York (CIB).
Results
Rest of Business achieved an accumulated net attributable profit of €627m during 2025, 29.4% higher than in the same period of the previous year, favored by the evolution of the recurring revenues and the NTI, which more than offset the increase in operating expenses.
In the year-on-year evolution of the main lines of the area's income statement at the end of December 2025, the following was particularly noteworthy:
Net interest income grew by 15.9% as a result of increased activity volume, particularly in investment banking, as well as transactional business. By geographical areas, growth was particularly strong in New York and, to a lesser extent, in Asia.
Net fees and commissions had an excellent performance and increased by 56.0%, thanks to issuance activity in the primary debt market and relevant operations in project finance and corporate loans. By geographical area, commissions originating in Europe and the United States stood out.
The NTI grew by 19.4%, benefiting from global markets, where commercial activity in interests rates, lending and equities stand out. By geographical area, the United States and Asia performed well.
Increase in operating expenses of 29.5% mainly explained by higher expenses in Europe and, to a lesser extent, in the United States due to new hires and investment in strategic projects.
The impairment on financial assets line at the end of December 2025 recorded a balance of €-85m, a figure which is higher than in the same period of the previous year, mainly originated in higher provisions in the United States. Meanwhile, the cumulative cost of risk at the end of December increased by 5 basis points compared to September to 0.16%, as a result of the increase in the portfolio and partly due to higher provisions for individual customers in the United States portfolio.
In the fourth quarter of 2025 and excluding the effect of the exchange rates fluctuations, the Group's Rest of Businesses as a whole generated a net attributable profit of €147m, down 17.4% from the previous quarter. The quarterly performance continued to be driven by strong recurring revenues of NTI, which was offset by the higher operating expenses, including the adjustment of variable employee compensation in line with the areas performance in 2025.
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