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Note 25 (Tables)
 12 Months Ended
Dec. 31, 2024
Post Employment And Other Employee Benefit Commitments [Abstract]  
Net defined benefit liability asset on the consolidated balance sheet [Table Text Block]
The breakdown of the net defined benefit liability recorded on the balance sheet as of December 31, 2024, 2023 and 2022 is provided below:
Net defined benefit liability (asset) on the consolidated balance sheet (Millions of Euros)
Notes202420232022
Pension commitments3,7593,8493,661
Early retirement commitments271412606
Medical benefits commitments1,2691,7281,448
Other long term employee benefits384435466
Total commitments5,6836,4246,181
Pension plan assets1,5841,6751,608
Medical benefit plan assets1,3671,7441,476
Total plan assets (1)
2,9513,4193,084
Total net liability / asset 2,7323,0063,097
Of which: Net asset on the consolidated balance sheet (2)
——(1)
Of which: Net liability on the consolidated balance sheet for provisions for pensions and similar obligations (3)
242,3482,5712,632
Of which: Net liability on the consolidated balance sheet for other long term employee benefits24384435466
(1) In Turkey, the foundation responsible for managing the benefit commitments holds an additional asset of €123 million as of December 31, 2024 which, in accordance with IFRS regarding the asset ceiling, has not been recognized in the Consolidated Financial Statements, because although it could be used to reduce future pension contributions it could not be immediately refunded to the employer. As of December 31, 2023 and 2022, this amount amounted to €153 and €188 million respectively.
(2) Recorded under the heading “Other Assets - Other” of the consolidated balance sheet (see Note 20).
(3) Recorded under the heading “Provisions - Provisions for pensions and similar obligations” of the consolidated balance sheet.
Consolidated Income Statement Impact [Table Text Block]
The impact relating to benefit commitments on the consolidated income statement for the years 2024, 2023 and 2022 is as follows:
Consolidated income statement impact (Millions of Euros)
Notes20242023
2022 ⁽¹⁾
Interest and other expense13813375
Interest expense494444342
Interest income(356)(311)(267)
Personnel expense215188130
Defined contribution plan expense44.115813987
Defined benefit plan expense44.1514942
Other expense6——
Provisions or (reversal) of provisions46331(89)
Early retirement expense———
Past service cost expense73634
Remeasurements ⁽²⁾
(5)(7)(126)
Other provision expense123
Total impact on consolidated income statement: expense (income)355352116
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
(2) Actuarial losses (gains) on remeasurement of the net defined benefit liability relating to early retirements in Spain and other long-term employee benefits that are charged to the income statements (see Note 2.2.13).
Equity impact [Table Text Block]
The amounts relating to post-employment benefits charged to the consolidated balance sheet correspond to the actuarial gains (losses) on remeasurement of the net defined benefit liability relating to pension and medical commitments before income taxes as of December 31, 2024, 2023 and 2022 are as follows:
Equity impact (Millions of Euros)
202420232022
Defined benefit plans218302(363)
Post-employment medical benefits(86)12(71)
Total impact on equity: debit (credit)132314(433)
Defined benefits [Table Text Block]
Defined benefit commitments relate mainly to employees who have already retired or taken early retirement, certain closed groups of active employees still accruing defined benefit pensions, and in-service death and disability benefits provided to most active employees. For the latter, the Group pays the required premiums to fully insure the related liability. The change in these pension commitments during the years ended December 31, 2024, 2023 and 2022 is presented below:
Defined benefits (Millions of Euros)
202420232022
Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)
Balance at the beginning5,9893,4192,5715,7153,0842,6326,5472,9883,560
Current service cost51—5152—5245—45
Interest income/expense47235611542531111433326765
Contributions by plan participants1616—1010—1010—
Employer contributions—143(143)—106(106)—67(67)
Past service costs (1)
7—736—3634—34
Remeasurements:(202)(330)12837568307(741)(240)(501)
       Return on plan assets (2)
—(330)330—68(68)—(240)240
From changes in demographic assumptions2—2(86)—(86)(29)—(29)
From changes in financial assumptions(362)—(362)248—248(812)—(812)
Other actuarial gains and losses158—158212—212100—100
Benefit payments(564)(230)(334)(655)(232)(424)(676)(184)(492)
Settlement payments(1)(1)—(76)(75)(1)(4)(4)—
Business combinations and disposals———(1)—(1)———
Effect on changes in foreign exchange rates(467)(416)(51)124153(29)161180(20)
Conversions to defined contributions—————————
Other effects(3)(7)4(15)(7)(8)7—7
Balance at the end5,2992,9512,3485,9893,4192,5715,7153,0842,632
Of which: Spain2,0781141,9642,3101292,1812,5461472,399
Of which: Mexico2,3852,1142712,9882,7022862,4262,32997
Of which: Turkey5674888043536372418315103
(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
Actuarial assumptions percentage [Table Text Block]
The following table sets out the key actuarial assumptions used in the valuation of these commitments as of December 31, 2024, 2023 and 2022:
Actuarial assumptions (%)
202420232022
SpainMexicoTurkeySpain MexicoTurkeySpainMexicoTurkey
Discount rate3.25  %12.11  %31.02  %3.43  %10.44  %25.60  %3.91  %10.68  %17.79  %
Rate of salary increase— 4.50  %27.80  %— 4.50  %23.44  %— 4.50  %15.86  %
Rate of pension increase— 3.92  %26.30  %— 4.14  %21.94  %— 4.41  %14.36  %
Medical cost trend rate— 8.00  %30.50  %— 8.04  %26.14  %— 8.04  %18.56  %
Mortality tablesPER 2020EMSSA09TUIK 2022PER 2020EMSSA09TUIK 2019PER 2020EMSSA09TUIK 2019
Sensitivity analysis [Table Text Block]
Changes in the main actuarial assumptions may affect the valuation of the commitments. The table below shows the sensitivity of the benefit obligations to changes in the key assumptions:
Sensitivity analysis (Millions of Euros)
Basis points change202420232022
IncreaseDecreaseIncreaseDecreaseIncreaseDecrease
Discount rate50(213)232(265)291(321)350
Rate of salary increase504(4)4(4)1(1)
Rate of pension increase5027(26)34(32)32(39)
Medical cost trend rate50102(93)141(126)119(106)
Change in obligation from each additional year of longevity120—134—113—
Post employment commitments [Table Text Block]
The change in the benefit plan obligations and plan assets during the year ended December 31, 2024 was as follows:
Post-employment commitments 2024 (Millions of Euros)
SpainMexicoTurkeyRest of the world
Defined benefit obligation
Balance at the beginning2,3101,269435247
Current service cost410183
Interest income or expense731181059
Contributions by plan participants——142
Employer contributions————
Past service costs (1)
——34
Remeasurements:2414839
Return on plan assets (2)
————
From changes in demographic assumptions—2(15)—
From changes in financial assumptions34(10)(97)3
Other actuarial gains and losses(10)221956
Benefit payments(341)(109)(32)(12)
Settlement payments—(1)——
Business combinations and disposals————
Effect on changes in foreign exchange rates—(177)(48)(2)
Conversions to defined contributions————
Other effects8—(11)—
Balance at the end2,0781,124567260
Of which: Vested benefit obligation relating to current employees72
Of which: Vested benefit obligation relating to retired employees2,006
Plan Assets
Balance at the beginning129958363224
Current service cost————
Interest income or expense487897
Contributions by plan participants——142
Employer contributions—683922
Past service costs (1)
————
Remeasurements:1(125)50(10)
Return on plan assets (2)
1(125)50(10)
From changes in demographic assumptions————
From changes in financial assumptions————
Other actuarial gains and losses————
Benefit payments(20)(108)(20)(11)
Settlement payments—(1)——
Business combinations and disposals————
Effect on changes in foreign exchange rates—(132)(40)—
Conversions to defined contributions————
Other effects——(7)—
Balance at the end114748488234
Net liability (asset)
Balance at the beginning2,1813117223
Current service cost410183
Interest income or expense6930162
Contributions by plan participants————
Employer contributions—(68)(39)(22)
Past service costs (1)
——34
Remeasurements:231393219
Return on plan assets (2)
(1)125(50)10
From changes in demographic assumptions—2(15)—
From changes in financial assumptions34(10)(97)3
Other actuarial gains and losses(10)221956
Benefit payments(321)—(11)(1)
Settlement payments————
Business combinations and disposals————
Effect on changes in foreign exchange rates—(45)(8)(2)
Conversions to defined contributions————
Other effects8—(4)—
Balance at the end1,9643778026
(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
The change in net liabilities (assets) during the years ended December 31, 2023 and 2022 was as follows:
Post-employment commitments (Millions of Euros)
2023: Net liability (assets)2022: Net liability (assets)
SpainMexicoTurkeyRest of the worldSpainMexicoTurkeyRest of the world
Balance at the beginning2,399132103253,4641246324
Current service cost3917347133
Interest income or expense8517825114104
Contributions by plan participants————————
Employer contributions—(37)(23)(29)—(41)(22)(3)
Past service costs (1)
——333—123
Remeasurements:671753221(643)15262(1)
Return on plan assets (2)
—19(129)253445(104)121
From changes in demographic assumptions——(14)(2)——(37)8
From changes in financial assumptions7811410(10)(643)7382(132)
Other actuarial gains and losses(11)421658(34)341222
Benefit payments(379)—(43)(1)(484)—(6)(1)
Settlement payments———(1)————
Business combinations and disposals———(1)—(139)——
Effect on changes in foreign exchange rates—15(40)1—13(18)(3)
Conversions to defined contributions————————
Other effects6—(14)—7———
Balance at the end2,18131172232,39913210325
(1) Includes gains and losses from settlements.
(2) Excludes interest which is reflected in the line item “Interest income and expense”.
Medical benefits commitments [Table Text Block]
The change in defined benefit obligations and plan assets during the years 2024, 2023 and 2022 was as follows:
Medical benefits commitments (Millions of Euros)
202420232022
Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)
Balance at the beginning1,7281,744(16)1,4481,476(28)1,3771,494(116)
Current service cost18—1820—2019—19
Interest income or expense167168(2)1671652144157(14)
Contributions by plan participants—————————
Employer contributions—15(15)—17(17)———
Past service costs (1)
——————28—28
Remeasurements:(333)(247)(86)(5)(17)12(215)(144)(71)
Return on plan assets (2)
—(247)247—(17)17—(144)144
From changes in demographic assumptions15—15(70)—(70)———
From changes in financial assumptions(293)—(293)56—56(191)—(191)
Other actuarial gain and losses(55)—(55)8—8(23)—(23)
Benefit payments(71)(70)—(70)(70)—(60)(60)—
Settlement payments—————————
Business combinations and disposals———————(139)139
Effect on changes in foreign exchange rates(240)(243)3168173(5)155167(11)
Other effects—————————
Balance at the end1,2691,367(98)1,7281,744(16)1,4481,476(28)
(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
Estimated benefit payments [Table Text Block]
As of December 31, 2024, the estimated benefit payments over the next ten years for all the entities in Spain, Mexico and Turkey are as follows:
Estimated benefit payments (Millions of Euros)
202520262027202820292030 - 2034
Commitments in Spain422278242210181618
Commitments in Mexico1962072152252351,331
Commitments in Turkey2830374760696
Total 6455144954824772,645
Plan assets breakdown [Table Text Block]
The table below shows the allocation of plan assets of the main companies of the BBVA Group as of December 31, 2024, 2023 and 2022:
Plan assets breakdown (Millions of Euros)
202420232022
Cash and cash equivalents6086169
Debt securities (government bonds)2,2672,8182,270
Mutual funds1——
Asset-backed securities———
Structured debt———
Insurance contracts2121183
Total2,3492,9242,622
Of which: Bank account in BBVA25237
Of which: Debt securities issued by BBVA———
Of which: Property occupied by BBVA———
Investments in listed markets [Table Text Block]
The following table provides details of investments in listed securities (Level 1) as of December 31, 2024, 2023 and 2022:
Investments in listed markets (Millions of Euros)
202420232022
Cash and cash equivalents6086169
Debt securities (Government bonds)2,2672,8182,270
Mutual funds1——
Total2,3282,9042,439
Of which: Bank account in BBVA25237
Of which: Debt securities issued by BBVA———
Of which: Property occupied by BBVA———