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Note 7 (Tables) | 12 Months Ended
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Dec. 31, 2024
Risk Management [Abstract] |
Positive scenario of GDP, unemployment rate and HPI for the main geographies [Table Text Block] | BBVA Research forecasts a maximum of five years for the macroeconomic variables. The following forecasts (positive base and negative scenarios) of the GDP growth, unemployment rate and House Price Index (HPI), for the most relevant countries where they represent a significant factor, provided by BBVA Research, were used for the calculation of the ECL as of December 31, 2024:
Positive scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2024 | 3.13 % | 10.97 % | 3.01 % | 1.25 % | 2.75 % | 4.57 % | 3.25 % | 8.79 %
2025 | 3.48 % | 8.78 % | 5.55 % | 2.48 % | 3.04 % | 4.85 % | 5.97 % | 9.89 %
2026 | 5.02 % | 8.17 % | 6.98 % | 3.87 % | 3.03 % | 4.38 % | 8.35 % | 9.27 %
2027 | 6.65 % | 7.64 % | 7.96 % | 3.54 % | 2.89 % | 4.82 % | 6.76 % | 8.80 %
2028 | 7.05 % | 7.21 % | 7.69 % | 3.58 % | 2.77 % | 5.12 % | 5.88 % | 8.81 %
2029 | 6.70 % | 6.96 % | 6.81 % | 3.52 % | 2.73 % | 5.46 % | 5.51 % | 8.96 %
| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2024 | 3.12 % | 6.59 % | (3.66) % | 10.37 % | 2.16 % | 10.20 %
2025 | 3.45 % | 6.55 % | 7.37 % | 8.67 % | 4.09 % | 10.07 %
2026 | 4.15 % | 6.44 % | 8.83 % | 7.13 % | 4.68 % | 9.72 %
2027 | 4.12 % | 6.31 % | 8.54 % | 5.92 % | 4.23 % | 9.11 %
2028 | 3.70 % | 6.20 % | 8.60 % | 5.05 % | 4.21 % | 8.55 %
2029 | 3.57 % | 6.12 % | 8.44 % | 4.50 % | 4.22 % | 7.95 %
The estimate for the next five years of the following rates, used in the measurement of the expected loss as of December 31, 2023, consistent with the latest estimates made public at that date, was:
Positive scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2023 | 2.52 % | 11.84 % | (1.61) % | 3.62 % | 2.80 % | 5.44 % | 5.54 % | 9.31 %
2024 | 2.12 % | 10.32 % | 0.89 % | 3.79 % | 3.11 % | 4.98 % | 7.11 % | 8.82 %
2025 | 2.70 % | 9.58 % | 2.96 % | 2.68 % | 3.07 % | 4.41 % | 4.33 % | 9.86 %
2026 | 2.55 % | 8.81 % | 2.11 % | 2.67 % | 3.04 % | 4.14 % | 3.92 % | 10.68 %
2027 | 2.34 % | 8.22 % | 2.14 % | 2.76 % | 2.99 % | 4.20 % | 3.58 % | 10.95 %
2028 | 2.13 % | 7.67 % | 1.88 % | 2.85 % | 2.87 % | 5.09 % | 3.58 % | 11.01 %
| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2023 | 0.33 % | 6.85 % | (1.82) % | 8.05 % | 1.59 % | 10.06 %
2024 | 4.57 % | 6.63 % | 0.42 % | 9.46 % | 2.80 % | 10.99 %
2025 | 4.22 % | 6.54 % | 6.93 % | 9.23 % | 2.59 % | 11.27 %
2026 | 2.88 % | 6.35 % | 3.13 % | 8.34 % | 3.03 % | 11.03 %
2027 | 2.72 % | 6.32 % | 2.11 % | 7.23 % | 3.24 % | 10.35 %
2028 | 2.51 % | 6.28 % | 2.13 % | 6.11 % | 3.42 % | 9.90 %
Base scenario of GDP, unemployment rate and HPI for the main geographies [Table Text Block] |
Base scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2024 | 3.09 % | 11.43 % | 2.99 % | 1.24 % | 2.75 % | 4.57 % | 3.18 % | 8.80 %
2025 | 2.29 % | 10.75 % | 4.32 % | 0.99 % | 3.13 % | 4.85 % | 2.48 % | 10.46 %
2026 | 1.69 % | 10.35 % | 2.99 % | 1.64 % | 3.25 % | 4.21 % | 4.52 % | 10.73 %
2027 | 1.86 % | 9.95 % | 2.24 % | 1.70 % | 3.17 % | 4.23 % | 4.18 % | 10.58 %
2028 | 1.80 % | 9.55 % | 1.61 % | 1.87 % | 3.08 % | 4.36 % | 4.11 % | 10.52 %
2029 | 1.80 % | 9.25 % | 1.41 % | 1.87 % | 3.04 % | 4.55 % | 4.01 % | 10.51 %
| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2024 | 3.10 % | 6.59 % | (3.76) % | 10.38 % | 1.96 % | 10.20 %
2025 | 2.67 % | 6.59 % | 5.48 % | 8.80 % | 2.49 % | 10.34 %
2026 | 2.70 % | 6.57 % | 4.47 % | 7.55 % | 3.19 % | 10.26 %
2027 | 2.75 % | 6.52 % | 3.48 % | 6.58 % | 2.92 % | 9.81 %
2028 | 2.45 % | 6.47 % | 3.54 % | 5.85 % | 2.96 % | 9.36 %
2029 | 2.41 % | 6.42 % | 3.48 % | 5.35 % | 2.99 % | 8.86 %
Base scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2023 | 2.36 % | 12.13 % | (1.93) % | 3.40 % | 2.82 % | 5.47 % | 4.46 % | 9.63 %
2024 | 1.48 % | 11.80 % | (0.92) % | 2.91 % | 3.27 % | 4.90 % | 3.50 % | 10.28 %
2025 | 2.47 % | 11.20 % | 1.94 % | 2.41 % | 3.25 % | 4.24 % | 3.54 % | 10.85 %
2026 | 2.53 % | 10.40 % | 1.74 % | 2.60 % | 3.18 % | 4.14 % | 3.79 % | 11.05 %
2027 | 2.34 % | 9.63 % | 1.69 % | 2.74 % | 3.11 % | 4.18 % | 3.46 % | 11.15 %
2028 | 2.13 % | 8.98 % | 1.43 % | 2.83 % | 2.99 % | 5.07 % | 3.46 % | 11.20 %
| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2023 | (0.36) % | 6.88 % | (3.01) % | 8.28 % | 1.24 % | 10.11 %
2024 | 1.99 % | 6.82 % | (4.04) % | 10.48 % | 1.47 % | 11.25 %
2025 | 3.48 % | 6.77 % | 5.95 % | 10.15 % | 2.33 % | 11.56 %
2026 | 2.88 % | 6.55 % | 3.03 % | 8.95 % | 3.03 % | 11.32 %
2027 | 2.72 % | 6.50 % | 1.98 % | 7.70 % | 3.24 % | 10.60 %
2028 | 2.51 % | 6.46 % | 2.00 % | 6.60 % | 3.42 % | 10.09 %
Negative scenario of GDP, unemployment rate and HPI for the main geographies [Table Text Block] |
Negative scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2024 | 3.05 % | 11.88 % | 2.97 % | 1.20 % | 2.75 % | 4.56 % | 3.13 % | 8.80 %
2025 | 1.18 % | 12.71 % | 3.15 % | (0.16) % | 3.20 % | 4.86 % | 0.41 % | 10.79 %
2026 | (1.30) % | 12.50 % | (0.53) % | (0.20) % | 3.43 % | 4.07 % | 1.59 % | 11.71 %
2027 | (2.50) % | 12.24 % | (2.81) % | 0.14 % | 3.41 % | 3.76 % | 2.37 % | 11.83 %
2028 | (3.11) % | 11.88 % | (3.87) % | 0.40 % | 3.34 % | 3.72 % | 3.21 % | 11.67 %
2029 | (2.86) % | 11.53 % | (3.55) % | 0.42 % | 3.32 % | 3.79 % | 3.18 % | 11.47 %
| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2024 | 2.92 % | 6.60 % | (3.93) % | 10.38 % | 1.77 % | 10.21 %
2025 | 0.56 % | 6.73 % | 2.46 % | 9.02 % | 0.30 % | 10.68 %
2026 | 0.43 % | 6.85 % | (0.60) % | 8.10 % | 0.93 % | 11.04 %
2027 | 0.63 % | 6.90 % | (1.79) % | 7.35 % | 1.16 % | 10.81 %
2028 | 0.46 % | 6.93 % | (1.53) % | 6.73 % | 1.36 % | 10.49 %
2029 | 0.51 % | 6.95 % | (1.41) % | 6.25 % | 1.44 % | 10.09 %
Negative scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2023 | 2.21 % | 12.40 % | (2.28) % | 3.20 % | 2.85 % | 5.49 % | 3.37 % | 9.94 %
2024 | 0.86 % | 13.23 % | (2.54) % | 2.04 % | 3.45 % | 4.73 % | (0.33) % | 11.73 %
2025 | 2.25 % | 12.77 % | 1.00 % | 2.13 % | 3.43 % | 4.03 % | 2.58 % | 11.92 %
2026 | 2.48 % | 11.98 % | 1.22 % | 2.53 % | 3.33 % | 4.00 % | 3.71 % | 11.43 %
2027 | 2.30 % | 11.34 % | 0.93 % | 2.70 % | 3.25 % | 4.18 % | 3.39 % | 11.32 %
2028 | 2.09 % | 10.57 % | 0.67 % | 2.79 % | 3.13 % | 5.07 % | 3.39 % | 11.36 %
| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2023 | (1.04) % | 6.91 % | (4.16) % | 8.49 % | 0.87 % | 10.15 %
2024 | (0.60) % | 7.03 % | (8.75) % | 11.46 % | 0.15 % | 11.51 %
2025 | 2.73 % | 7.02 % | 4.77 % | 11.04 % | 2.03 % | 11.84 %
2026 | 2.88 % | 6.77 % | 2.92 % | 9.54 % | 3.03 % | 11.59 %
2027 | 2.72 % | 6.71 % | 1.82 % | 8.17 % | 3.24 % | 10.90 %
2028 | 2.51 % | 6.66 % | 1.85 % | 7.08 % | 3.42 % | 10.29 %
Expected loss variation as of december [Table Text Block] | Variation in expected loss is determined both by re-staging (that is: in worse scenarios due to the recognition of lifetime credit losses for additional operations that are transferred to stage 2 from stage 1 where 12 months of losses are valued: or vice versa in improvement scenarios) as well as variations in the collective risk parameters (PD and LGD) of each financial instrument due to the changes defined in the macroeconomic forecasts of the scenario. The variation in the expected loss for the Group and the main portfolios and geographical areas is shown below:
Expected loss variation as of December 31, 2024
| BBVA Group | Spain | Mexico |  | Turkey |
GDP | Total Portfolio | Retail | Companies | Debt securities | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail
- 100 bps | 153 | 135 | 17 | 1 | 28 | 8 | 20 | 74 | 2 | 72 | 32 | 5 | 27
+100 bps | (170) | (145) | (20) | (1) | (26) | (8) | (18) | (92) | (3) | (89) | (33) | (9) | (21)
Housing price |  |  |  |  |  |  |  |  |  |  |  |  |
- 100 bps |  |  |  |  |  |  | 28 |  |  |  |  |  |
+100 bps |  |  |  |  |  |  | (27) |  |  |  |  |  |
Expected loss variation as of December 31, 2023
| BBVA Group | Spain | Mexico | Turkey
GDP | Total Portfolio | Retail | Companies | Debt securities | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail
- 100 bps | 222 | 188 | 28 | 2 | 61 | 14 | 47 | 94 | 2 | 92 | 22 | 9 | 11
+100 bps | (191) | (165) | (23) | (2) | (58) | (13) | (45) | (89) | (2) | (87) | (21) | (9) | (11)
Housing price |  |  |  |  |  |  |  |  |  |  |  |  |
- 100 bps |  |  |  |  |  |  | 32 |  |  |  |  |  |
+100 bps |  |  |  |  |  |  | (32) |  |  |  |  |  |
Maximum credit risk exposure [Table Text Block] | BBVA Group’s credit risk exposure by headings in the consolidated balance sheets as of December 31, 2024, 2023 and 2022 is provided below. It does not consider the loss allowances and the availability of collateral or other credit enhancements to enable compliance with payment obligations. The details are broken down by category of financial instruments:
Maximum credit risk exposure (Millions of Euros)
| Notes | December 2024 | Stage 1 | Stage 2 | Stage 3
Financial assets held for trading |  | 72,945 |  |  |
Equity instruments | 10 | 6,760 |  |  |
Debt securities | 10 | 27,955 |  |  |
Loans and advances | 10 | 38,230 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss |  | 10,546 |  |  |
Equity instruments | 11 | 9,782 |  |  |
Debt securities | 11 | 407 |  |  |
Loans and advances | 11 | 358 |  |  |
Financial assets designated at fair value through profit or loss | 12 | 836 |  |  |
Derivatives (trading and hedging) |  | 53,229 |  |  |
Financial assets at fair value through other comprehensive income |  | 59,115 |  |  |
Equity instruments | 13 | 1,451 |  |  |
Debt securities |  | 57,639 | 55,315 | 2,309 | 16
Loans and advances to credit institutions | 13 | 25 | 25 | — | —
Financial assets at amortized cost |  | 514,086 | 467,910 | 31,930 | 14,246
Debt securities |  | 59,070 | 58,887 | 149 | 34
Loans and advances to central banks |  | 8,261 | 8,261 | — | —
Loans and advances to credit institutions |  | 22,668 | 22,658 | 8 | 2
Loans and advances to customers |  | 424,087 | 378,104 | 31,772 | 14,211
Total financial assets risk |  | 710,757 |  |  |
Total loan commitments and financial guarantees |  | 262,233 | 253,291 | 8,150 | 791
Loan commitments given | 33 | 188,515 | 182,830 | 5,524 | 160
Financial guarantees given | 33 | 22,503 | 21,513 | 798 | 192
Other commitments given | 33 | 51,215 | 48,948 | 1,828 | 439
Total maximum credit exposure |  | 972,990 |  |  |
Maximum credit risk exposure (Millions of Euros)
| Notes | December 2023 | Stage 1 | Stage 2 | Stage 3
Financial assets held for trading |  | 106,749 |  |  |
Equity instruments | 10 | 4,589 |  |  |
Debt securities | 10 | 28,569 |  |  |
Loans and advances | 10 | 73,590 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss |  | 8,737 |  |  |
Equity instruments | 11 | 7,963 |  |  |
Debt securities | 11 | 484 |  |  |
Loans and advances | 11 | 290 |  |  |
Financial assets designated at fair value through profit or loss | 12 | 955 |  |  |
Derivatives (trading and hedging) |  | 48,747 |  |  |
Financial assets at fair value through other comprehensive income |  | 62,289 |  |  |
Equity instruments | 13 | 1,217 |  |  |
Debt securities |  | 61,047 | 60,255 | 771 | 21
Loans and advances to credit institutions | 13 | 26 | 26 | — | —
Financial assets at amortized cost |  | 463,130 | 410,590 | 38,061 | 14,478
Debt securities |  | 49,544 | 49,403 | 108 | 32
Loans and advances to central banks |  | 7,176 | 7,176 | — | —
Loans and advances to credit institutions |  | 17,498 | 17,478 | 18 | 2
Loans and advances to customers |  | 388,912 | 336,533 | 37,935 | 14,444
Total financial assets risk |  | 690,606 |  |  |
Total loan commitments and financial guarantees |  | 214,283 | 204,842 | 8,411 | 1,030
Loan commitments given | 33 | 152,868 | 147,376 | 5,326 | 165
Financial guarantees given | 33 | 18,839 | 17,612 | 998 | 229
Other commitments given | 33 | 42,577 | 39,854 | 2,087 | 636
Total maximum credit exposure |  | 904,889 |  |  |
Maximum credit risk exposure (Millions of Euros)
| Notes | December 2022 ⁽¹⁾ | Stage 1 | Stage 2 | Stage 3
Financial assets held for trading |  | 70,763 |  |  |
Equity instruments | 10 | 4,404 |  |  |
Debt securities | 10 | 24,367 |  |  |
Loans and advances | 10 | 41,993 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss |  | 6,888 |  |  |
Equity instruments | 11 | 6,511 |  |  |
Debt securities | 11 | 129 |  |  |
Loans and advances | 11 | 247 |  |  |
Financial assets designated at fair value through profit or loss | 12 | 913 |  |  |
Derivatives (trading and hedging) |  | 53,101 |  |  |
Financial assets at fair value through other comprehensive income |  | 65,497 |  |  |
Equity instruments | 13 | 1,198 |  |  |
Debt securities |  | 64,273 | 63,425 | 822 | 26
Loans and advances to credit institutions | 13 | 26 | 26 | — | —
Financial assets at amortized cost |  | 425,803 | 378,407 | 33,873 | 13,523
Debt securities |  | 36,730 | 36,463 | 237 | 30
Loans and advances to central banks |  | 4,420 | 4,420 | — | —
Loans and advances to credit institutions |  | 16,066 | 15,997 | 69 | —
Loans and advances to customers |  | 368,588 | 321,528 | 33,568 | 13,493
Total financial assets risk |  | 622,965 |  |  |
Total loan commitments and financial guarantees |  | 192,568 | 181,427 | 9,993 | 1,147
Loan commitments given | 33 | 136,920 | 130,459 | 6,283 | 177
Financial guarantees given | 33 | 16,511 | 15,214 | 1,015 | 281
Other commitments given | 33 | 39,137 | 35,753 | 2,695 | 689
Total maximum credit exposure |  | 815,533 |  |  |
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
Maximum Credit Risk Exposure, accumulated allowances and carrying amount by geographical location [Table Text Block] | The breakdown by geographical area and stage of the maximum credit risk exposure, the accumulated allowances recorded and the carrying amount of the loans and advances to customers as of December 31, 2024, 2023 and 2022 is shown below:
December 2024 (Millions of Euros)
| Gross exposure | Accumulated allowances | Carrying amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Spain (1) | 232,185 | 208,969 | 15,637 | 7,579 | (4,684) | (543) | (631) | (3,510) | 227,501 | 208,426 | 15,006 | 4,069
Mexico | 91,717 | 83,053 | 6,147 | 2,517 | (3,055) | (1,210) | (542) | (1,303) | 88,662 | 81,843 | 5,605 | 1,214
Turkey (2) | 50,083 | 42,708 | 5,534 | 1,841 | (1,784) | (243) | (390) | (1,151) | 48,299 | 42,465 | 5,144 | 690
South America (3) | 48,897 | 42,204 | 4,431 | 2,262 | (2,079) | (393) | (283) | (1,403) | 46,818 | 41,811 | 4,148 | 860
Others | 1,205 | 1,170 | 23 | 12 | (9) | — | (1) | (7) | 1,197 | 1,170 | 22 | 4
Total (4) | 424,087 | 378,104 | 31,772 | 14,211 | (11,611) | (2,389) | (1,847) | (7,374) | 412,477 | 375,715 | 29,925 | 6,837
Of which: individual |  |  |  |  | (1,532) | (13) | (321) | (1,197) |  |  |  |
Of which: collective |  |  |  |  | (10,079) | (2,376) | (1,526) | (6,177) |  |  |  |
(1) Spain includes all countries where BBVA, S.A. operates. (2) Turkey includes all countries in which Garanti BBVA operates. (3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay. (4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2024, the remaining balance was €107 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the relevant instruments or value corrections are made when the losses materialize.
December 2023 (Millions of Euros)
|  | Gross exposure |  | Accumulated allowances |  | Carrying amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Spain (1) | 214,522 | 183,503 | 22,953 | 8,066 | (4,593) | (503) | (714) | (3,375) | 209,929 | 183,000 | 22,239 | 4,690
Mexico | 91,086 | 81,619 | 6,995 | 2,472 | (3,049) | (1,097) | (620) | (1,332) | 88,037 | 80,522 | 6,375 | 1,140
Turkey (2) | 39,058 | 34,105 | 3,234 | 1,719 | (1,641) | (167) | (314) | (1,160) | 37,416 | 33,938 | 2,920 | 559
South America (3) | 43,151 | 36,237 | 4,738 | 2,176 | (1,976) | (319) | (377) | (1,280) | 41,175 | 35,918 | 4,362 | 896
Others | 1,094 | 1,069 | 15 | 11 | (10) | — | (1) | (8) | 1,085 | 1,068 | 14 | 2
Total (4) | 388,912 | 336,533 | 37,935 | 14,444 | (11,269) | (2,087) | (2,026) | (7,156) | 377,643 | 334,446 | 35,909 | 7,287
Of which: individual |  |  |  |  | (1,665) | (15) | (471) | (1,179) |  |  |  |
Of which: collective |  |  |  |  | (9,604) | (2,072) | (1,555) | (5,977) |  |  |  |
(1) Spain includes all countries where BBVA, S.A. operates. (2) Turkey includes all countries in which Garanti BBVA operates. (3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay. (4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2023 the remaining balance was €142 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the relevant instruments or value corrections are made when the losses materialize.
December 2022 ⁽¹⁾ (Millions of Euros)
| Gross exposure | Accumulated allowances | Carrying amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Spain ⁽²⁾ | 214,066 | 186,977 | 19,621 | 7,468 | (4,860) | (518) | (759) | (3,583) | 209,206 | 186,459 | 18,862 | 3,885
Mexico | 73,729 | 66,448 | 5,342 | 1,939 | (2,496) | (955) | (475) | (1,066) | 71,233 | 65,494 | 4,866 | 873
Turkey ⁽³⁾ | 39,547 | 32,755 | 4,436 | 2,356 | (2,105) | (224) | (358) | (1,523) | 37,443 | 32,531 | 4,078 | 833
South America ⁽⁴⁾ | 40,199 | 34,312 | 4,166 | 1,721 | (1,768) | (318) | (345) | (1,105) | 38,431 | 33,994 | 3,821 | 615
Others | 1,047 | 1,035 | 3 | 9 | (8) | — | — | (7) | 1,039 | 1,035 | 3 | 2
Total ⁽⁵⁾ | 368,588 | 321,528 | 33,568 | 13,493 | (11,237) | (2,014) | (1,938) | (7,284) | 357,351 | 319,513 | 31,629 | 6,208
Of which: individual |  |  |  |  | (2,164) | (21) | (604) | (1,539) |  |  |  |
Of which: collective |  |  |  |  | (9,073) | (1,994) | (1,334) | (5,745) |  |  |  |
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3). (2) Spain includes all countries where BBVA, S.A. operates. (3) Turkey includes all countries in which Garanti BBVA operates. (4) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay. (5) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2022 the remaining balance was €190 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the operations or are applied to the value corrections when the losses materialize.
Maximum credit risk exposure, accumulated allowances and carrying amount by counterparty [Table Text Block] | The breakdown by counterparty of the maximum credit risk exposure, the accumulated allowances recorded, as well as the carrying amount by stages of loans and advances to customers as of December 31, 2024, 2023 and 2022 is shown below:
December 2024 (Millions of Euros)
| Gross exposure | Accumulated allowances | Net amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Public administrations | 22,133 | 21,982 | 125 | 26 | (23) | (8) | (7) | (8) | 22,111 | 21,974 | 118 | 18
Other financial corporations | 17,524 | 17,040 | 471 | 12 | (26) | (13) | (5) | (9) | 17,497 | 17,027 | 467 | 4
Non-financial corporations | 197,521 | 179,727 | 12,780 | 5,014 | (4,134) | (639) | (636) | (2,859) | 193,386 | 179,087 | 12,143 | 2,156
Households | 186,910 | 159,355 | 18,396 | 9,158 | (7,427) | (1,729) | (1,199) | (4,499) | 179,483 | 157,627 | 17,197 | 4,659
Loans and advances to customers | 424,087 | 378,104 | 31,772 | 14,211 | (11,611) | (2,389) | (1,847) | (7,374) | 412,477 | 375,715 | 29,925 | 6,837
December 2023 (Millions of Euros)
| Gross exposure | Accumulated allowances | Net amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Public administrations | 23,294 | 23,105 | 164 | 25 | (29) | (9) | (12) | (7) | 23,265 | 23,096 | 152 | 18
Other financial corporations | 13,271 | 13,072 | 187 | 12 | (20) | (9) | (4) | (7) | 13,251 | 13,062 | 183 | 6
Non-financial corporations | 175,337 | 154,519 | 15,299 | 5,520 | (4,274) | (517) | (795) | (2,962) | 171,063 | 154,002 | 14,503 | 2,558
Households | 177,009 | 145,837 | 22,286 | 8,886 | (6,946) | (1,552) | (1,214) | (4,180) | 170,063 | 144,285 | 21,071 | 4,706
Loans and advances to customers | 388,912 | 336,533 | 37,935 | 14,444 | (11,269) | (2,087) | (2,026) | (7,156) | 377,643 | 334,446 | 35,909 | 7,287
December 2022 ⁽¹⁾ (Millions of Euros)
| Gross exposure | Accumulated allowances | Net amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Public administrations | 20,922 | 20,582 | 302 | 38 | (30) | (8) | (11) | (11) | 20,892 | 20,574 | 291 | 27
Other financial corporations | 12,802 | 12,548 | 238 | 17 | (37) | (15) | (12) | (10) | 12,765 | 12,533 | 226 | 6
Non-financial corporations | 170,929 | 149,501 | 15,087 | 6,340 | (5,495) | (675) | (991) | (3,829) | 165,433 | 148,826 | 14,096 | 2,511
Households | 163,936 | 138,896 | 17,941 | 7,098 | (5,675) | (1,316) | (925) | (3,434) | 158,261 | 137,580 | 17,017 | 3,663
Loans and advances to customers | 368,588 | 321,528 | 33,568 | 13,493 | (11,237) | (2,014) | (1,938) | (7,284) | 357,351 | 319,513 | 31,629 | 6,208
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
Loans and advances breakdown by counterparty and product [Table Text Block] | The breakdown by type of counterparty and product, net of loss allowances, and the gross carrying amount by type of counterparty as of December 31, 2024, 2023 and 2022 is shown below:
December 2024 (Millions of Euros)
| Central banks | General governments | Credit institutions | Other financial corporations | Non-financial corporations | Households | Total | Gross carrying amount
On demand and short notice | — | 8 | — | 59 | 3,140 | 2,099 | 5,307 | 5,521
Credit card debt | — | 1 | — | 3 | 2,268 | 25,449 | 27,721 | 29,669
Commercial debtors |  | 1,077 | 71 | 1,244 | 29,247 | 125 | 31,764 | 32,023
Finance leases | — | 171 | — | 11 | 9,672 | 270 | 10,125 | 10,364
Reverse repurchase loans | — | 219 | 9,157 | 44 | — | — | 9,420 | 9,422
Other term loans | 7,803 | 20,519 | 7,529 | 11,771 | 148,167 | 151,313 | 347,102 | 356,002
Advances that are not loans | 452 | 117 | 5,960 | 4,365 | 1,084 | 353 | 12,330 | 12,397
LOANS AND ADVANCES | 8,255 | 22,111 | 22,719 | 17,497 | 193,579 | 179,610 | 443,769 | 455,399
By secured loans |  |  |  |  |  |  |  |
Of which: mortgage loans collateralized by immovable property |  | 245 | — | 680 | 29,307 | 97,627 | 127,860 | 130,633
Of which: other collateralized loans | — | 6,059 | 9,628 | 530 | 10,996 | 2,648 | 29,861 | 30,129
By purpose of the loan |  |  |  |  |  |  |  |
Of which: credit for consumption |  |  |  |  |  | 67,446 | 67,446 | 72,447
Of which: lending for house purchase |  |  |  |  |  | 98,570 | 98,570 | 100,218
By subordination |  |  |  |  |  |  |  |
Of which: project finance loans |  |  |  |  | 6,669 |  | 6,669 | 6,901
December 2023 (Millions of Euros) |  |  |  |  |  |  |
| Central banks | General governments | Credit institutions | Other financial corporations | Non-financial corporations | Households | Total | Gross carrying amount
On demand and short notice | — | 6 | — | 73 | 1,933 | 1,028 | 3,040 | 3,175
Credit card debt | — | 1 | — | 2 | 1,927 | 20,959 | 22,890 | 24,454
Commercial debtors |  | 960 | 76 | 586 | 23,462 | 88 | 25,171 | 25,346
Finance leases | — | 225 | — | 12 | 8,940 | 285 | 9,463 | 9,714
Reverse repurchase loans | 1,345 | — | 5,786 | 92 | — | — | 7,223 | 7,234
Other term loans | 4,878 | 21,662 | 5,329 | 9,300 | 134,024 | 147,491 | 322,683 | 331,813
Advances that are not loans | 927 | 412 | 6,312 | 3,186 | 956 | 324 | 12,116 | 12,164
LOANS AND ADVANCES | 7,151 | 23,265 | 17,502 | 13,251 | 171,241 | 170,175 | 402,586 | 413,901
By secured loans |  |  |  |  |  |  |  |
Of which: mortgage loans collateralized by immovable property |  | 271 | — | 526 | 24,829 | 96,772 | 122,397 | 125,328
Of which: other collateralized loans | 1,347 | 6,933 | 4,558 | 465 | 10,938 | 2,430 | 26,671 | 26,963
By purpose of the loan |  |  |  |  |  |  |  |
Of which: credit for consumption |  |  |  |  |  | 59,892 | 59,892 | 64,303
Of which: lending for house purchase |  |  |  |  |  | 97,555 | 97,555 | 99,224
By subordination |  |  |  |  |  |  |  |
Of which: project finance loans |  |  |  |  | 7,181 |  | 7,181 | 7,743
December 2022 ⁽¹⁾ (Millions of Euros) |  |  |  |  |  |  |
| Central banks | General governments | Credit institutions | Other financial corporations | Non-financial corporations | Households | Total | Gross carrying amount
On demand and short notice | — | 6 | — | 352 | 2,810 | 933 | 4,101 | 4,266
Credit card debt | — | 1 | — | 3 | 2,029 | 16,865 | 18,898 | 19,985
Commercial debtors |  | 1,021 | 24 | 370 | 24,510 | 85 | 26,011 | 26,254
Finance leases | — | 195 | — | 13 | 8,040 | 322 | 8,571 | 8,857
Reverse repurchase loans | 302 | — | 5,251 | 102 | — | — | 5,655 | 5,674
Other term loans | 3,802 | 19,438 | 4,009 | 7,995 | 126,949 | 139,925 | 302,118 | 311,553
Advances that are not loans | 296 | 232 | 6,772 | 3,930 | 1,256 | 217 | 12,702 | 12,758
LOANS AND ADVANCES | 4,401 | 20,892 | 16,057 | 12,765 | 165,593 | 158,348 | 378,056 | 389,347
By secured loans |  |  |  |  |  |  |  |
Of which: mortgage loans collateralized by immovable property |  | 297 | — | 337 | 23,970 | 95,056 | 119,659 | 122,719
Of which: other collateralized loans | 498 | 5,382 | 5,073 | 548 | 6,635 | 2,209 | 20,345 | 20,675
By purpose of the loan |  |  |  |  |  |  |  |
Of which: credit for consumption |  |  |  |  |  | 51,344 | 51,344 | 54,718
Of which: lending for house purchase |  |  |  |  |  | 95,249 | 95,249 | 96,716
By subordination |  |  |  |  |  |  |  |
Of which: project finance loans |  |  |  |  | 7,942 |  | 7,942 | 8,530
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
Impaired loans and advances at amortized cost covered by collateral [Table Text Block] | The disclosure of impaired loans and advances at amortized cost covered by collateral (see Note 7.2.5), shown by type of collateral, as of December 31, 2024, 2023 and 2022, is the following:
Impaired loans and advances at amortized cost covered by collateral (Millions of Euros)
| Maximum exposure to credit risk | Of which secured by collateral
| Residential properties | Commercial properties | Cash | Others | Financial
December 2024 | 14,213 | 2,889 | 573 | 8 | 91 | 1,153
December 2023 | 14,446 | 3,167 | 771 | 5 | 91 | 1,226
December 2022 | 13,493 | 2,537 | 849 | 3 | 52 | 984
Guarantees Received [Table Text Block] | The value of guarantees received as of December 31, 2024, 2023 and 2022, is the following:
Guarantees received (Millions of Euros) |  |  |
| 2024 | 2023 | 2022
Value of collateral | 144,844 | 136,141 | 125,963
Of which: guarantees normal risks under special monitoring | 11,318 | 14,274 | 12,826
Of which: guarantees non-performing risks | 3,562 | 4,035 | 3,440
Value of other guarantees | 56,589 | 53,462 | 40,050
Of which: guarantees normal risks under special monitoring | 4,273 | 4,864 | 4,963
Of which: guarantees non-performing risks | 1,153 | 1,226 | 984
Total value of guarantees received | 201,433 | 189,602 | 166,013
Probability of default of loans and advances to customers and contingent risk and commitments [Table Text Block] | The table below outlines the distribution of the gross carrying amount of loans and advances to customers, contingent risk and commitments, in percentage terms, of the BBVA Group, based on their probability of default within 12 months and internal rating used in the calculation of the expected loss under IFRS 9, and their stages, as of December 31, 2024, 2023 and 2022:
Probability of default (basis points) and internal rating
|  | 2024 | 2023 | 2022 ⁽¹⁾
|  | Subject to 12 month ECL (stage 1) | Subject to lifetime ECL (stage 2) | Subject to 12 month ECL (stage 1) | Subject to lifetime ECL (stage 2) | Subject to 12 month ECL (stage 1) | Subject to lifetime ECL (stage 2)
Internal rating | PDs | % | % | % | % | % | %
AAA | 0 to 2 | 3.2 |  | — |  | 3.8 |  | — |  | 5.5 |  | 0.1 |
AA+ to AA- | 2 to 5 | 9.0 |  | — |  | 10.7 |  | 0.2 |  | 19.4 |  | 0.3 |
A+ to A- | 5 to 11 | 17.1 |  | — |  | 25.4 |  | 0.5 |  | 19.9 |  | 0.7 |
BBB+ to BBB- | 11 to 39 | 29.7 |  | 0.6 |  | 21.7 |  | 1.3 |  | 18.7 |  | 0.8 |
BB+ to BB- | 39 to 194 | 23.5 |  | 1.7 |  | 20.6 |  | 2.1 |  | 18.4 |  | 1.9 |
B+ to B- | 194 to 1,061 | 10.2 |  | 1.6 |  | 8.7 |  | 2.2 |  | 9.0 |  | 2.5 |
CCC+ to CCC- | 1,061 to 2,121 | 1.2 |  | 0.5 |  | 1.0 |  | 0.6 |  | 1.0 |  | 0.7 |
CC+ to C | > 2,121 | 0.7 |  | 0.9 |  | 0.5 |  | 0.8 |  | 0.5 |  | 0.8 |
| Total | 94.5 |  | 5.5 |  | 92.4 |  | 7.6 |  | 92.3 |  | 7.7 |
(1) Data corresponding to the year 2022, does not include commitments nor contingent liabilities.
Impaired secured loans risks [Table Text Block] | The breakdown of loans and advances within financial assets at amortized cost by type of counterparty, including their respective gross carrying amount, impaired amount and accumulated impairment as of December 31, 2024, 2023 and 2022 is as follows:
December 2024 (Millions of Euros) |  |  |
| Gross carrying amount | Impaired loans and advances | Accumulated impairment
Central banks | 8,261 | — | (6)
General governments | 22,133 | 26 | (23)
Credit institutions | 22,668 | 2 | (13)
Other financial corporations | 17,524 | 12 | (26)
Non-financial corporations | 197,521 | 5,014 | (4,134)
Households | 186,910 | 9,158 | (7,427)
LOANS AND ADVANCES | 455,016 | 14,213 | (11,630)
December 2023 (Millions of Euros) |  |  |
| Gross carrying amount | Impaired loans and advances | Accumulated impairment
Central banks | 7,176 | — | (25)
General governments | 23,294 | 25 | (29)
Credit institutions | 17,498 | 2 | (21)
Other financial corporations | 13,271 | 12 | (20)
Non-financial corporations | 175,337 | 5,520 | (4,274)
Households | 177,009 | 8,886 | (6,946)
LOANS AND ADVANCES | 413,585 | 14,446 | (11,316)
December 2022 ⁽¹⁾ (Millions of Euros) |  |  |
| Gross carrying amount | Impaired loans and advances | Accumulated impairment
Central banks | 4,420 | — | (19)
General governments | 20,922 | 38 | (30)
Credit institutions | 16,066 | — | (35)
Other financial corporations | 12,802 | 17 | (37)
Non-financial corporations | 170,929 | 6,340 | (5,495)
Households | 163,936 | 7,098 | (5,675)
LOANS AND ADVANCES | 389,073 | 13,493 | (11,291)
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
Changes in impaired financial assets and guarantees given [Table Text Block] | The changes during the years 2024, 2023 and 2022 of impaired financial assets and guarantees given are as follows:
Changes in impaired financial assets and guarantees given (Millions of Euros)
| 2024 | 2023 | 2022
Balance at the beginning | 15,362 | 14,521 | 15,467
Additions | 12,255 | 11,066 | 8,084
Decreases (1) | (7,346) | (5,795) | (5,742)
Net additions | 4,909 | 5,272 | 2,342
Amounts written-off | (4,559) | (3,770) | (2,771)
Exchange differences and other | (820) | (660) | (517)
Balance at the end | 14,891 | 15,362 | 14,521
(1) Reflects the total amount of impaired loans derecognized from the consolidated balance sheet throughout the period as a result of monetary recoveries as well as mortgage foreclosures and real estate assets received in lieu of payment.
Changes in impaired financial assets written off from the balance sheet [Table Text Block] | The changes during the years 2024, 2023 and 2022 in financial assets derecognized from the consolidated balance sheet as their recovery is considered unlikely ("write-offs"), is shown below:
Changes in impaired financial assets written-off from the balance sheet (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Balance at the beginning |  | 24,787 | 22,595 | 21,990
Companies held for sale |  | — | — | —
Increase |  | 3,547 | 3,841 | 2,871
Decrease: |  | (2,801) | (2,035) | (2,431)
Re-financing or restructuring |  | (1) | (1) | (2)
Cash recovery | 47 | (403) | (369) | (390)
Foreclosed assets |  | (1) | (3) | (25)
Sales (1) |  | (1,719) | (1,201) | (1,498)
Debt forgiveness |  | (669) | (410) | (368)
Time-barred debt and other causes |  | (8) | (51) | (147)
Net exchange differences |  | (189) | 385 | 165
Balance at the end |  | 25,343 | 24,787 | 22,595
(1) Includes principal and interest.
Changes in gross accounting balances of loans and advances at amortized cost [Table Text Block] | Movements, measured over a 12-month period, in gross accounting balances and accumulated loss allowances during 2024, 2023 and 2022 are recorded on the consolidated balance sheet as of December 31, 2024, 2023 and 2022 in order to cover the estimated impairment or reversal of impairment on loans and advances at amortized cost:
Changes in gross carrying amount of loans and advances at amortized cost. Year 2024 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | 361,186 | 37,953 | 14,446 | 413,585
Transfers of financial assets: | (4,032) | 1,625 | 2,407 | —
from stage 1 to stage 2 | (11,840) | 11,840 | — | —
from stage 2 to stage 1 | 9,830 | (9,830) | — | —
to stage 3 | (3,260) | (1,949) | 5,208 | —
from stage 3 | 1,238 | 1,564 | (2,801) | —
Net annual origination of financial assets | 64,222 | (6,378) | 1,108 | 58,952
Becoming write-offs | (333) | (112) | (3,149) | (3,594)
Foreign exchange | (13,508) | (1,137) | (557) | (15,203)
Modifications that do not result in derecognition | 29 | 78 | 36 | 144
Other | 1,460 | (250) | (78) | 1,131
Balance at the end | 409,023 | 31,780 | 14,213 | 455,016
Changes in gross carrying amount of loans and advances at amortized cost. Year 2023 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | 341,944 | 33,636 | 13,493 | 389,073
Transfers of financial assets: | (11,647) | 10,463 | 1,184 | —
from stage 1 to stage 2 | (18,172) | 18,172 | — | —
from stage 2 to stage 1 | 7,639 | (7,639) | — | —
to stage 3 | (3,203) | (2,297) | 5,500 | —
from stage 3 | 2,089 | 2,226 | (4,316) | —
Net annual origination of financial assets | 34,334 | (5,233) | 2,663 | 31,764
Becoming write-offs | (186) | (76) | (2,889) | (3,150)
Foreign exchange | (2,833) | (635) | (369) | (3,838)
Modifications that do not result in derecognition | (60) | (16) | 476 | 401
Other | (365) | (187) | (112) | (665)
Balance at the end | 361,186 | 37,953 | 14,446 | 413,585
Changes in gross carrying amount of loans and advances at amortized cost. Year 2022 (Millions of Euros) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Stage 1 | Stage 2 | Stage 3 | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning | 300,167 | 34,213 | 14,657 | 349,037 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transfers of financial assets: | (5,041) | 3,914 | 1,128 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
from stage 1 to stage 2 | (12,726) | 12,726 | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
from stage 2 to stage 1 | 8,537 | (8,537) | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to stage 3 | (1,941) | (1,831) | 3,773 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
from stage 3 | 1,089 | 1,556 | (2,645) | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net annual origination of financial assets | 44,465 | (4,201) | 258 | 40,522 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Becoming write-offs | (63) | (35) | (2,432) | (2,530) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Methodological changes and adoption of new standards ⁽¹⁾ | (672) | — | — | (672) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange | 2,447 | 18 | (461) | 2,004 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Modifications that do not result in derecognition | (2) | 29 | 113 | 140 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other | 643 | (301) | 231 | 573 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at the end | 341,944 | 33,636 | 13,493 | 389,073 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The entire impact corresponds to the application of IFRS 17 (See Note 1.3).
Changes in allowances of loans and advances at amortized cost [Table Text Block] |
Changes in allowances of loans and advances at amortized cost. Year 2024 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | (2,131) | (2,026) | (7,158) | (11,316)
Transfers of financial assets: | 105 | (370) | (2,766) | (3,031)
from stage 1 to stage 2 | 103 | (697) | — | (594)
from stage 2 to stage 1 | (53) | 327 | — | 275
to stage 3 | 93 | 146 | (3,498) | (3,259)
from stage 3 | (38) | (146) | 732 | 548
Net annual origination of allowances | (1,059) | 10 | (1,125) | (2,174)
Becoming write-offs | 321 | 107 | 2,909 | 3,337
Foreign exchange | 325 | 213 | 1,075 | 1,613
Modifications that do not result in derecognition | 3 | 35 | (342) | (304)
Other | 30 | 183 | 33 | 246
Balance at the end | (2,406) | (1,848) | (7,375) | (11,630)
Changes in allowances of loans and advances at amortized cost. Year 2023 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | (2,065) | (1,942) | (7,284) | (11,291)
Transfers of financial assets: | 73 | (336) | (2,527) | (2,790)
from stage 1 to stage 2 | 118 | (681) | — | (563)
from stage 2 to stage 1 | (113) | 323 | — | 210
to stage 3 | 81 | 120 | (2,935) | (2,734)
from stage 3 | (13) | (97) | 408 | 297
Net annual origination of allowances | (466) | (148) | (232) | (846)
Becoming write-offs | 147 | 71 | 2,853 | 3,071
Foreign exchange | (52) | 44 | 169 | 160
Modifications that do not result in derecognition | 3 | 49 | (304) | (252)
Other | 229 | 235 | 167 | 631
Balance at the end | (2,131) | (2,026) | (7,158) | (11,316)
Changes in allowances of loans and advances at amortized cost. Year 2022 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | (1,990) | (2,091) | (7,061) | (11,142)
Transfers of financial assets: | 63 | 33 | (1,570) | (1,473)
from stage 1 to stage 2 | 110 | (397) | — | (287)
from stage 2 to stage 1 | (91) | 374 | — | 283
to stage 3 | 51 | 204 | (1,917) | (1,662)
from stage 3 | (7) | (148) | 347 | 193
Net annual origination of allowances | (406) | (273) | (663) | (1,342)
Becoming write-offs | 186 | 30 | 1,890 | 2,106
Foreign exchange | (87) | 248 | — | 161
Modifications that do not result in derecognition | — | 48 | (160) | (112)
Other | 168 | 64 | 279 | 511
Balance at the end | (2,065) | (1,942) | (7,284) | (11,291)
Sensitivity to interest rate and credit spread analysis [Table Text Block] | The table below shows the profile of average structural interest rate risk and credit spread risk of the fixed income portfolio in the banking book classified as Held to Collect & Sale (HTC&S) in terms of sensitivities of the main currencies for the BBVA Group in 2024:
Sensitivity to interest-rate and credit spread analysis. Year 2024 |
| Interest rate risk | Credit spread
| Impact on net interest income (1) | Impact on economic value ⁽²⁾ | Impact on economic value ⁽²⁾
| 100 basis point increase | 100 basis point decrease | 100 basis point increase | 100 basis point decrease | 100 basis point increase
Euro | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-2.5% , -1.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%]
Mexican peso | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-0.5% , 0.5%]
U.S. dollar | [0.5% , 1.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-0.5% , 0.5%]
Turkish lira | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
Other | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
BBVA Group | [1.5% , 2.5%] | [-3.5% , -2.5%] | [-3.5% , -2.5%] | [2.5% , 3.5%] | [-1.5% , -0.5%]
(1) Percentage of "12 months" net interest income for the BBVA Group. (2) Percentage of CET1 (Fully Loaded) for BBVA Group.
Sensitivity to interest-rate and credit spread analysis. Year 2023 |
| Interest rate risk | Credit spread
| Impact on net interest income ⁽¹⁾ | Impact on economic value ⁽²⁾ | Impact on economic value ⁽²⁾
| 100 basis point increase | 100 basis point decrease | 100 basis point increase | 100 basis point decrease | 100 basis point increase
Euro | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-1.5% , -0.5%]
Mexican peso | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-0.5% , 0.5%]
U.S. dollar | [0.5% , 1.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-0.5% , 0.5%]
Turkish lira | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
Other | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
BBVA Group | [1.5% , 3.5%] | [-3.5% , -1.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%]
(1) Percentage of "12 months" net interest income for the BBVA Group. (2) Percentage of CET1 (Fully Loaded) for BBVA Group.
Sensitivity to one percent of the average rate in the main currencies [Table Text Block] | For the years 2024, 2023 and 2022, the estimated sensitivities (in absolute terms) of the result attributable to the parent company are shown below, taking into account the coverage, against depreciations and appreciations of 1% of the average rate in the main currencies. To the extent that hedging positions are periodically modulated, the sensitivity estimate attempts to reflect an average (or effective) sensitivity in the year:
Sensitivity to 1% change (Millions of Euros)
Currency | 2024 | 2023 | 2022
Mexican peso | 27.8 | 25.8 | 19.1
Turkish lira | 3.3 | 4.4 | 3.5
Peruvian sol | 1.4 | 0.9 | 0.7
Chilean peso | 0.2 | 0.2 | 0.4
Colombian peso | 0.4 | 1.0 | 0.9
Argentine peso | 1.8 | 1.3 | 1.9
VaR by Risk factor [Table Text Block] | As of December 31, 2024, 2023 and 2022 the VaR was €34 million, €36 million and €29 million, respectively, with the following breakdown:
VaR by Risk Factor (Millions of Euros) ⁽¹⁾
| Interest/Spread risk | Currency risk | Stock-market risk | Vega/Correlation risk | Diversification effect ⁽²⁾ | Total
2024 |  |  |  |  |  |
VaR average in the year | 41 | 7 | 2 | 6 | (20) | 37
VaR max in the year | 55 | 10 | 2 | 7 | (23) | 50
VaR min in the year | 33 | 7 | 2 | 6 | (19) | 28
End of period VaR | 37 | 5 | 2 | 4 | (14) | 34
2023 |  |  |  |  |  |
VaR average in the year | 36 | 8 | 2 | 7 | (22) | 31
VaR max in the year | 43 | 6 | 17 | 8 | (33) | 42
VaR min in the year | 23 | 9 | — | 9 | (23) | 19
End of period VaR | 41 | 6 | 4 | 8 | (23) | 36
2022 |  |  |  |  |  |
VaR average in the year | 33 | 8 | 3 | 7 | (23) | 27
VaR max in the year | 35 | 12 | 2 | 11 | (24) | 36
VaR min in the year | 25 | 10 | 2 | 11 | (28) | 19
End of period VaR | 32 | 13 | 7 | 5 | (28) | 29
(1) The maximum and minimum VaR figures show the VaR figures for the day on which said maximum and minimum VaRs occurred in the relevant year, by type of risk. (2) The diversification effect is the difference between the sum of the average individual risk factors and the total VaR figure that includes the implied correlation between all the variables and scenarios used in the measurement.
Impact of the stress test [Table Text Block] | The impact of the stress test under multivariable simulation of the risk factors of the portfolio based on the expected shortfall (expected shortfall calculated at a 97.5% confidence level, 20 days) as of December 31, 2024 is as follows:
Impact of the stress test (Millions of Euros)
0 | Europe | Mexico | Peru | Venezuela | Argentina | Colombia | Turkey
Expected shortfall | (132) | (66) | (25) | — | (29) | (3) | (10)
Effect offsetting for derivatives and securities operation [Table Text Block] | A summary of the effect of offsetting (via netting and collateral) for derivatives and securities operations is presented below as of December 31, 2024, 2023 and 2022:
Effect of offsetting for derivatives and securities operation (Millions of Euros)
|  |  |  |  | Gross amounts not offset in the consolidated balance sheets |
| Notes | Gross amounts recognized (A) | Gross amounts offset in the consolidated balance sheets (B) | Net amount presented in the consolidated balance sheets (C=A-B) | Financial instruments | Cash collateral received/ pledged | Net amount ⁽¹⁾
December 2024 |  |  |  |  |  |  |
Trading and hedging derivatives | 10 / 15 | 45,523 | 8,362 | 37,161 | 27,446 | 9,566 | 148
Reverse repurchase, securities borrowing and similar agreements |  | 65,401 | 19,397 | 46,005 | 45,959 | — | 46
Total assets |  | 110,924 | 27,759 | 83,165 | 73,405 | 9,566 | 194
Trading and hedging derivatives | 10 / 15 | 43,924 | 8,362 | 35,562 | 27,446 | 7,658 | 458
Repurchase, securities lending and similar agreements |  | 87,893 | 19,397 | 68,497 | 68,497 | — | —
Total liabilities |  | 131,818 | 27,759 | 104,059 | 95,943 | 7,658 | 458
December 2023 |  |  |  |  |  |  |
Trading and hedging derivatives | 10 / 15 | 44,641 | 8,866 | 35,775 | 25,171 | 9,532 | 1,072
Reverse repurchase, securities borrowing and similar agreements |  | 80,227 | — | 80,227 | 79,980 | — | 248
Total assets |  | 124,869 | 8,866 | 116,003 | 105,151 | 9,532 | 1,320
Trading and hedging derivatives | 10 / 15 | 44,536 | 8,866 | 35,670 | 27,354 | 7,013 | 1,303
Repurchase, securities lending and similar agreements |  | 104,920 | — | 104,920 | 104,920 | — | —
Total liabilities |  | 149,456 | 8,866 | 140,590 | 132,274 | 7,013 | 1,303
December 2022 |  |  |  |  |  |  |
Trading and hedging derivatives | 10 / 15 | 52,354 | 10,554 | 41,800 | 31,019 | 9,824 | 957
Reverse repurchase, securities borrowing and similar agreements |  | 47,111 | — | 47,111 | 47,069 | — | 41
Total assets |  | 99,465 | 10,554 | 88,911 | 78,088 | 9,824 | 998
Trading and hedging derivatives | 10 / 15 | 51,767 | 10,554 | 41,213 | 31,028 | 8,990 | 1,195
Repurchase, securities lending and similar agreements |  | 54,382 | — | 54,382 | 52,701 | 586 | 1,095
Total liabilities |  | 106,149 | 10,554 | 95,594 | 83,729 | 9,576 | 2,290
(1) It corresponds to the aggregation of the net amounts presented in the balance sheet, less the gross amount which is not offset in the balance sheet, corresponding to each Group entity that records a deficit in this regard.
LtSCD by LMU [Table Text Block] | The performance of the indicators show that the funding structure remained steady during 2024, 2023 and 2022, in the sense that all LMU held self-funding levels with stable customer resources above the requirements.
LtSCD by LMU
| 2024 | 2023 | 2022
Group (average) | 102 % | 99 % | 96 %
BBVA, S.A. | 101 % | 100 % | 98 %
BBVA Mexico | 115 % | 102 % | 98 %
Garanti BBVA | 90 % | 78 % | 83 %
Other LMU | 99 % | 104 % | 96 %
LCR main LMU [Table Text Block] |
LCR main LMU
| 2024 | 2023 | 2022
Group | 134 % | 149 % | 159 %
BBVA, S.A. | 156 % | 178 % | 186 %
BBVA Mexico | 146 % | 192 % | 199 %
Garanti BBVA | 141 % | 212 % | 185 %
Liquidity available by instrument [Table Text Block] | The table below shows the liquidity available by instrument as of December 31, 2024, 2023 and 2022 for the most significant entities based on prudential supervisor’s information (Commission Implementing Regulations (EU) 2021/451 of December 17, 2020):
Liquidity available by instrument (Millions of Euros)
| BBVA, S.A. | BBVA Mexico | Garanti BBVA | Other
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Cash and withdrawable central bank reserves | 16,004 | 43,931 | 48,271 | 12,001 | 9,712 | 12,865 | 10,344 | 9,899 | 6,731 | 8,101 | 5,921 | 5,265
Level 1 tradable assets | 50,199 | 31,606 | 33,081 | 8,783 | 20,345 | 13,974 | 6,402 | 6,117 | 9,165 | 8,749 | 8,429 | 7,836
Level 2A tradable assets | 194 | 919 | 3,450 | 327 | 246 | 47 | — | — | — | — | — | —
Level 2B tradable assets | 3,762 | 2,916 | 3,471 | 159 | 132 | 35 | — | — | — | 31 | — | 1
Other tradable assets | 46,537 | 44,324 | 22,708 | 598 | 469 | 467 | 816 | 398 | 285 | 926 | 753 | 1,035
Non tradable assets eligible for central banks | 11 | — | — | — | — | — | — | — | — | — | — | —
Cumulated counterbalancing capacity | 116,706 | 123,696 | 110,981 | 21,869 | 30,903 | 27,388 | 17,562 | 16,414 | 16,181 | 17,806 | 15,102 | 14,136
NSFR main LMU [Table Text Block] | The NSFR of BBVA Group and its main LMU as of December 31, 2024, 2023 and 2022, was the following:
NSFR main LMU
| 2024 | 2023 | 2022
Group | 127 % | 131 % | 135 %
BBVA, S.A. | 119 % | 120 % | 125 %
BBVA Mexico | 131 % | 140 % | 143 %
Garanti BBVA | 149 % | 178 % | 166 %
Residual maturities by contractual periods [Table Text Block] | Below is a matrix of residual maturities by contractual periods based on supervisory prudential reporting as of December 31, 2024, 2023 and 2022:
December 2024. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 11,125 | 38,087 | — | — | — | — | — | — | — | — | 49,212
Deposits in credit entities | — | 5,246 | 541 | 1,165 | 647 | 918 | 861 | 351 | 33 | 41 | 9,805
Deposits in other financial institutions | — | 2,677 | 1,642 | 970 | 929 | 1,130 | 1,577 | 1,526 | 1,369 | 681 | 12,502
Reverse repo, securities borrowing and margin lending | — | 34,310 | 10,594 | 5,025 | 1,911 | 3,138 | 5,782 | 3,675 | 3,008 | 122 | 67,565
Loans and advances | — | 34,605 | 38,547 | 29,770 | 16,928 | 19,715 | 44,537 | 34,618 | 51,469 | 105,649 | 375,837
Securities' portfolio settlement | — | 2,861 | 2,741 | 6,084 | 2,531 | 5,922 | 20,625 | 20,053 | 21,972 | 44,850 | 127,640
December 2024. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Wholesale funding | — | 2,484 | 4,816 | 5,536 | 3,347 | 3,685 | 8,517 | 11,386 | 7,530 | 28,306 | 75,608
Deposits from financial institutions | 2,600 | 6,070 | 476 | 644 | 130 | 732 | 558 | 242 | 570 | 743 | 12,765
Deposits from other financial institutions and international agencies | 6,950 | 9,247 | 2,466 | 1,584 | 922 | 503 | 1,256 | 477 | 433 | 742 | 24,581
Customer deposits | 318,252 | 50,789 | 23,758 | 11,580 | 3,888 | 4,329 | 2,055 | 569 | 834 | 787 | 416,841
Security pledge funding | — | 74,614 | 14,093 | 5,452 | 2,355 | 4,157 | 2,223 | 366 | 1,454 | 445 | 105,159
Derivatives, net | — | (388) | (73) | (142) | 70 | 142 | 549 | (122) | 5 | (87) | (46)
December 2023. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 10,353 | 61,678 | — | — | — | — | — | — | — | — | 72,031
Deposits in credit entities | — | 4,676 | 393 | 543 | 594 | 602 | 602 | 136 | 24 | 102 | 7,672
Deposits in other financial institutions | — | 1,288 | 1,261 | 1,049 | 385 | 649 | 2,019 | 965 | 974 | 1,291 | 9,882
Reverse repo, securities borrowing and margin lending | — | 42,407 | 21,683 | 6,890 | 3,398 | 2,596 | 3,319 | 3,817 | 2,133 | 139 | 86,382
Loans and advances | — | 28,644 | 30,850 | 28,239 | 16,434 | 19,029 | 41,267 | 32,769 | 45,116 | 104,086 | 346,433
Securities' portfolio settlement | — | 2,167 | 6,011 | 2,633 | 2,578 | 11,950 | 15,266 | 14,016 | 29,245 | 34,558 | 118,424
December 2023. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Wholesale funding | — | 1,187 | 3,889 | 8,518 | 4,935 | 4,225 | 10,296 | 7,990 | 11,175 | 22,424 | 74,639
Deposits from financial institutions | 2,092 | 3,669 | 1,076 | 715 | 119 | 605 | 795 | 46 | 198 | 695 | 10,011
Deposits from other financial institutions and international agencies | 8,507 | 5,526 | 2,806 | 1,036 | 834 | 841 | 1,033 | 618 | 695 | 638 | 22,535
Customer deposits | 304,096 | 44,745 | 16,225 | 11,855 | 3,905 | 5,500 | 1,753 | 1,029 | 758 | 1,092 | 390,959
Security pledge funding | — | 86,908 | 30,028 | 6,107 | 2,274 | 1,821 | 2,630 | 1,111 | 2,060 | 677 | 133,615
Derivatives, net | — | (21) | (30) | 6 | (62) | (267) | 69 | 45 | (135) | (2,616) | (3,009)
December 2022. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9,227 | 66,497 | — | — | — | — | — | — | — | — | 75,724
Deposits in credit entities | — | 3,870 | 319 | 433 | 434 | 468 | 242 | 183 | 6 | 83 | 6,040
Deposits in other financial institutions | 3 | 2,199 | 1,012 | 746 | 516 | 344 | 971 | 816 | 551 | 830 | 7,988
Reverse repo, securities borrowing and margin lending | — | 31,049 | 5,743 | 3,368 | 1,432 | 1,127 | 4,582 | 1,354 | 2,400 | 289 | 51,343
Loans and advances | 99 | 24,622 | 32,009 | 25,622 | 14,827 | 16,766 | 41,049 | 32,510 | 43,828 | 96,201 | 327,534
Securities' portfolio settlement | 1 | 4,031 | 4,107 | 8,200 | 4,305 | 4,746 | 18,417 | 8,744 | 23,307 | 31,480 | 107,338
December 2022. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Wholesale funding | — | 1,841 | 4,434 | 1,050 | 3,148 | 2,017 | 6,318 | 9,423 | 13,282 | 18,145 | 59,658
Deposits from financial institutions | 2,176 | 7,885 | 628 | 806 | 56 | 694 | 648 | 211 | 396 | 399 | 13,899
Deposits from other financial institutions and international agencies | 7,392 | 5,760 | 1,465 | 464 | 379 | 758 | 700 | 293 | 594 | 727 | 18,532
Customer deposits | 302,667 | 38,951 | 18,542 | 6,776 | 2,575 | 2,870 | 1,476 | 1,276 | 798 | 273 | 376,203
Security pledge funding | — | 51,638 | 14,543 | 17,736 | 866 | 1,503 | 8,136 | 1,524 | 3,493 | 575 | 100,013
Derivatives, net | — | (253) | 24 | (1,010) | (23) | 175 | 40 | (153) | (466) | (3,717) | (5,383)
Wholesale financing transactions carried out by group entities [Table Text Block] |
Issuer |  | Type of issue | Date of issue | Nominal (millions) | Currency | Coupon | Early redemption | Maturity date
BBVA, S.A. |  | Senior preferred | Jan-24 | 1,250 | EUR | 3.875% | — | Jan-34
| Tier 2 | Feb-24 | 1,250 | EUR | 4.875% | Nov-30 to Feb-31 | Feb-36
| Senior preferred | Mar-24 | 1,000 | USD | 5.381% | — | Mar-29
| Senior non-preferred | Mar-24 | 1,000 | USD | 6.033% | Mar-34 | Mar-35
| Senior preferred (green bond) | Mar-24 | 1,000 | EUR | 3.500% | — | Mar-31
| Senior preferred | Jun-24 | 1,000 | EUR | 3 month Euribor rate + 45 basis points | — | Jun-27
| Senior preferred | Jun-24 | 750 | EUR | 3.625% | — | Jun-30
| AT1 (CoCo) | Jun-24 | 750 | EUR | 6.875% | Dec-30 to Jun-31 | Perpetual
| Tier 2 | Aug-24 | 1,000 | EUR | 4.375% | May-31 to Aug-31 | Aug-36
Encumbered and unencumbered asstes [Table Text Block] | As of December 31, 2024, 2023 and 2022, the encumbered (those provided as collateral for certain liabilities) and unencumbered assets are broken down as follows:
Encumbered and unencumbered assets (Millions of Euros)
| Encumbered assets |  | Unencumbered assets
| Book value | Fair value |  | Book value | Fair value
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Assets | 68,268 | 78,586 | 92,916 |  |  |  |  | 704,134 | 696,972 | 619,177 |  |  |
Equity instruments | 834 | 592 | 819 | 834 | 592 | 819 |  | 17,159 | 13,176 | 11,293 | 17,159 | 13,176 | 11,293
Debt securities | 43,404 | 51,458 | 33,533 | 45,639 | 50,818 | 32,291 |  | 102,333 | 88,976 | 92,665 | 102,333 | 88,976 | 92,665
Loans and advances and other assets | 24,030 | 26,535 | 58,563 |  |  |  |  | 584,641 | 594,821 | 515,218 |  |  |
Collateral pledges received [Table Text Block] | As of December 31, 2024, 2023 and 2022, collateral pledges received mainly due to repurchase agreements and securities lending, and those which could be committed in order to obtain funding are provided below:
Collateral received (Millions of Euros)
| Fair value of encumbered collateral received or own debt securities issued |  | Fair value of collateral received or own debt securities issued available for encumbrance |  | Fair value of collateral received or own debt securities issued not available for encumbrance
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Collateral received | 40,877 | 73,836 | 40,701 |  | 14,917 | 14,825 | 9,415 |  | 1,151 | 996 | 1,279
Equity instruments | 215 | 1,019 | 323 |  | 162 | 51 | 759 |  | — | — | —
Debt securities | 40,663 | 72,817 | 40,378 |  | 14,754 | 14,774 | 8,656 |  | 1,151 | 996 | 1,279
Loans and advances and other assets | — | — | — |  | — | — | — |  | — | — | —
Own debt securities issued other than own covered bonds or ABSs | — | — | — |  | 66 | 74 | 92 |  | — | — | —
Sources of encumbrance [Table Text Block] | As of December 31, 2024, 2023 and 2022, financial liabilities issued related to encumbered assets in financial transactions as well as their book value were as follows:
Sources of encumbrance (Millions of Euros)
| Matching liabilities, contingent liabilities or securities lent |  | Assets, collateral received and own debt securities issued other than covered bonds and ABSs encumbered
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Book value of financial liabilities | 109,833 | 151,766 | 122,400 |  | 107,067 | 149,853 | 128,628
Derivatives | 17,047 | 15,895 | 15,950 |  | 14,698 | 13,756 | 16,699
Deposits | 84,604 | 126,777 | 95,728 |  | 81,938 | 126,543 | 99,077
Outstanding subordinated debt | 8,182 | 9,094 | 10,722 |  | 10,431 | 9,554 | 12,852
Other sources | 1,141 | 1,066 | 731 |  | 2,079 | 2,568 | 4,989

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