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BBVA México presents the most significant results of its financial and sustainability performance for 2024.

The reporting period covers from January 1 to December 31, 2024—the same period as the financial report—and marks the continuation of eighteen consecutive years of transparency. The Investor Relations and Responsible Business & Sustainability teams would like to thank everyone who contributed to the preparation of this document.

Presentation

Cabo San Lucas, Baja California Sur

Report of the Chairman

Report of the Chairman
of the Board of Directors

It is an honor to present to all our stakeholders BBVA México’s 2024 Annual Financial and Sustainability Report, in which we provide an overview of the most significant results from our performance in the environmental, social, and governance areas. At BBVA, we are convinced that the financial sector plays a key role in innovation, digitalization, decarbonizing the economy, and fostering inclusion.

In this context, we have defined as a strategic priority the task of supporting our clients in their transition to a sustainable future. To achieve this, we rely on two key pillars: sustainable financing and specialized advisory, with a particular focus on combating climate change and promoting inclusive growth.

As a result of this strategy, in 2024 we mobilized over 325 billion pesos in sustainable business, with 77% directed toward climate change projects and 23% toward social projects. This represents a 58% increase compared to 2023 and includes the channeling of resources to wholesale clients (institutional, corporate, and business) as well as retail clients. Additionally, it includes our participation as an intermediary in the placement of more than 58 billion pesos in green, social, and sustainable bonds.

Over 325 billion pesos mobilized in sustainable business in 2024.

During the year, we financed our clients with more than 251 billion pesos to support projects aimed at combating climate change and improving the efficient use of natural resources. At BBVA, we also have a Global Ecoefficiency Plan to mitigate the environmental impact generated by our operations. As part of this plan, we achieved the certification of six additional buildings under ISO 14001 for Environmental Management Systems, bringing the total to 17 certified buildings in Mexico. Meanwhile, 100% of the electricity we purchased was sourced from renewable energy.

Over 251 billion pesos financed to our clients for projects aimed at combating climate change and improving the efficient use of natural resources.

17 buildings certified under ISO 14001 and 8 buildings certified under LEED.

In 2024, we launched the Second BBVA National Sustainability Challenge, “Together for Water in Mexico,” aimed at addressing environmental issues in partnership with various organizations and benefiting local communities. This initiative complements the “Seaweed Containment and Utilization in the Mexican Caribbean” challenge we launched in 2023.

In addition to driving these actions that contribute to sustainable development, we reaffirmed our commitment to global initiatives such as the Ten Principles of the United Nations Global Compact, the Principles for Responsible Banking, and the Principles for Responsible Investment.

Thanks to these and other achievements, BBVA México was recognized in 2024 within the Merco Companies monitor as the financial institution with the best reputation in the country. Furthermore, in the Merco ESG monitor, we were distinguished as the company with the greatest environmental, social, ethical, and governance responsibility in Mexico’s financial sector.

On another note, we promoted financial inclusion by opening over 1.8 million 100% digital accounts for previously unbanked customers. We supported individuals and SMEs in our country with over 26 billion pesos in financing for projects benefiting vulnerable segments (women, youth, entrepreneurs, and microbusinesses). Additionally, we financed social projects focused on infrastructure, health, education, and emergency response for businesses, governments, and large corporations, totaling over 47 billion pesos.

Over 26 billion pesos in financing for projects benefiting vulnerable segments.

We continue to promote financial education through tools for expense control, credit management, saving, and investment planning. Through these initiatives, we aim to empower more people to make informed decisions and maintain healthy finances.

In 2024, our Financial Education program benefited 17.6 million people across the country.

Through Fundación BBVA México, we continue to offer quality education through the three “Inspiring Young Boys and Girls Schools,” which provide academic training to 257 students under the SER educational model (Self-improvement, Excellence, and Results). This approach, based on a joint commitment between students, families, and schools, guarantees comprehensive, high-level training and provides balanced meals during the school day. In 2024, we inaugurated two new schools in Zumpango, State of Mexico, and Veracruz, Veracruz, which joined the first of these educational centers located in Acolman, State of Mexico. With this initiative, we continue to invest in providing excellent education to talented young people in socioeconomically disadvantaged conditions.

2 new “Chavos que Inspiran” schools inaugurated in 2024.

With regard to our workforce, which consists of over 48,000 employees, we continue to implement practices that promote their overall well-being. As a result of these efforts, BBVA México was recognized, for the second consecutive year, with the Factor Wellbeing distinction, awarded by the Instituto de Ciencias del Bienestar y la Felicidad (ICBF) of Tecmilenio University in collaboration with Forbes México.

Additionally, we continue to promote gender equity within our organization, reflected in a workforce where 51% are women. We have also made progress in adapting our infrastructure and furniture in our branches and corporate buildings to benefit the 343 individuals with disabilities who are part of our team.

We are grateful for the trust of our clients, investors, employees, and society as a whole. We will continue working to create opportunities and drive a more sustainable future for all.

Sincerely,

Jaime Serra Puche
Chairman of the Board of Directors of BBVA México

Report of the Vice Chairman

Report of the Vice Chairman of the
Board of Directors and CEO

Report of the Vice Chairman of the Board of Directors and CEO

Business Evolution, 2024 Fiscal Year



2024 has been a year of consolidation and growth for BBVA México, reaffirming our leadership position in the country’s financial system. Despite the challenges arising from the elections in Mexico and the United States, we turned these challenges into opportunities and strengthened our ability to serve more than 32 million customers.

Over 32 million customers served.

As a leading financial institution in Mexico, we reaffirm our commitment to society by channeling savings toward economic and social progress. We granted 25.3% of the country’s credit and successfully executed our strategy based on digitalization, innovation, and sustainability. We achieved a record figure in profits, driven by the talent and commitment of our team, which distinguishes us as a company deeply connected to our customers and focused on excellence in service.

At BBVA México, we have the clarity and responsibility to accompany the country in its growth, playing a crucial and essential role in supporting the provision of credit to all economic sectors. This is why we pay special attention to the responsible granting of credit, facilitating and driving medium- to long-term plans for both Mexican families and businesses. We remain committed to our objective of “Making the opportunities of this new era accessible to everyone.”

In 2024, our credit portfolio grew by 262 billion pesos, reaching a total balance close to 2 trillion pesos.

The SME segment, essential for the country’s development, reached a portfolio of 136 billion pesos, with a growth of 21.4%. In this context, we consolidated the “Banco de Barrio” strategy, attracting 402,000 new clients, placing 287,000 new POS terminals, and incorporating 1.1 million new payrolls. Additionally, more than 50,000 microbusinesses received financing, with a special focus on sectors with greater inclusion gaps.

On the other hand, the commercial portfolio showed notable growth, surpassing one trillion pesos with an annual increase of 18.3%, driven by the corporate and business segments.

Family loans experienced a 12.7% annual increase, driven by our digital strategy. Notable growth was seen in consumer loans and credit cards, which together grew by 15.5%, supporting more than 2.5 million people with a credit card and over 2.7 million people with payroll or personal loans. Additionally, mortgages increased by 9.2%.

Today, BBVA México issues one in every four mortgages in the private banking sector, supporting over 34,000 people with a mortgage loan in 2024.

The bank maintains a solid financial position, with a delinquency ratio of 1.6%, one of the best in the system, and a coverage ratio of 193.1%. Banking deposits reached 1.8 trillion pesos, with a growth of 7.3%, while investment funds totaled 1.03 trillion pesos, 25.6% more than the previous year. Regarding term deposits, they amounted to 281 billion pesos with an 8.2% increase. Demand deposits represented 85% of the total, ensuring a stable funding base. Additionally, the Liquidity Coverage Ratio (LCR) stood at 140.4% at the close of 2024.

Delinquency ratio of 1.6% and coverage ratio of 193.1%.

It is important to mention that we comfortably met the minimum required indicators for capitalization and liquidity. BBVA México’s capitalization ratio stood at 18.7% at the close of December 2024, composed of 15.2% basic capital and 3.4% complementary capital.

The bank’s total client funds amount to 2.8 trillion pesos, 13.1% more than in 2023. With all of this, BBVA México consolidates its position as the leader in bank deposits, registering a market share of 23.2% according to public figures from the CNBV.

In the digital realm, BBVA México closed 2024 with 32.4 million clients, of which 24.7 million use mobile devices, representing 76.2% of the total. During the year, 4.7 million new clients were added, with 81% joining the bank through 100% digital processes. Digital transactions accounted for 70% of the total, reaching 4.192 billion, with a 17.2% increase.

4.7 million new clients by 2024; 81% of them joined the bank through 100% digital processes.

Our service quality has positioned us with a Net Promoter Score (NPS) of over 70 points, with a 26-point gap compared to the nearest banking competitor.

Through Fundación BBVA México, we invested more than 2 billion pesos in educational projects and support for communities affected by natural disasters, benefiting 1.6 million people. The “Inspiring Young Boys and Girls” scholarship supported 54,000 students with an investment of 1.5 billion pesos, with 4,000 of those students receiving assistance from the “Inspiring Kids with Disabilities” program.

In support of natural disaster relief, we delivered 16,000 food baskets, equivalent to 97 tons of food, and raised more than 127 million pesos for the reconstruction of schools in Guerrero.

In 2024, BBVA México allocated 107 billion pesos in payments to suppliers, employees, taxes, and social initiatives.

We thank our team for their dedication and commitment. Let us continue consolidating our leadership and creating opportunities for all.

Eduardo Osuna Osuna
General Management of Grupo Financiero BBVA México and Vice Chairman of the Board of Directors

Together, let’s keep creating opportunities!

Highlights

Highlights

32.4

million customers,

24.7

million mobile clients.


Over +325

billion pesos channeled into sustainable business1.


48,198

employees,

51%

of whom are women.

13

lactation rooms in corporate buildings,

Over +540

lactation rooms in branches.


50.20

average training hours per employee.


46,309

employees trained through the “Sostenibilidad Exprés” course.

17.6

million beneficiaries of the Financial Education program.


17

buildings certified under ISO 14001 Environmental Management Systems.


8

buildings with LEED certification.


107,422

million pesos in net income.

2.5

million new credit cards issued,

a 9.8%

increase compared to 2023.


49,448

students supported through the Inspiring Young Boys and Girls scholarship program.


3,924

students supported by the Inspiring Kids with Disabilities scholarship program.

1 This report also uses the terms “mobilization” and “channeling” in reference to sustainable business. For more information, see the chapter on Sustainable Finance.

Grupo BBVA Strategic Plan

Grupo BBVA Strategic Plan 2025–2029

The financial system is facing an increasingly complex competitive landscape, with new digital players (e.g., neobanks) and non-banking entities (e.g., payment specialists) reshaping the dynamics of the industry and intensifying competition on a global scale, challenging traditional local business models.

In this context, BBVA undertook an in-depth analysis in 2024 of the aforementioned trends and has developed a new Strategic Plan that represents an evolution of the existing framework—purpose, values, and strategic priorities—on which the main lines of action for the 2025–2029 period will be based.

BBVA has always been committed to creating a positive impact for all its stakeholders, starting with its clients. Until now, its purpose—”bringing the opportunities of this new era within everyone’s reach”—has reflected that commitment.

The 2025–2029 Strategic Plan gives new momentum to that vision through a renewed purpose that strengthens BBVA’s role as a key partner for individuals and businesses. More than just a bank, BBVA aspires to be a springboard for those looking to go further and achieve their goals.

To accompany

Your will

Going further

Values

The 2025-2029 strategic plan upholds BBVA’s strong values:

The client comes first

We think big

We are one team

These values and their associated behaviors serve as the guiding principles that steer employees in their daily decision-making, helping them bring the Group’s Purpose to life.

The behaviors evolve slightly to bring BBVA even closer to the needs of its clients, strengthening its ability to empathize with them, understand their motivations, and anticipate their expectations. Through this deeper connection, BBVA reinforces its commitment to creating a positive and differentiated impact on their lives.

Strategic Priorities

Strategic Priorities

BBVA has established six new strategic priorities to advance the execution of its strategy. These are based on three main ideas:

A new axis of differentiation.

Reinforcing our commitment to
growth and value creation.

Solid foundations to generate a
significant impact across all areas.

Radically embedding the client perspective in everything we do

BBVA aims to make this priority a new axis of differentiation by developing a value proposition centered on helping its clients achieve their goals, with a genuine commitment to their financial well-being and by being present at the key moments in their lives.

Driving sustainability as a growth engine

BBVA has been a pioneer in recognizing the impact of sustainability on the financial sector.

This new priority takes it a step further, aiming to turn sustainability into a distinctive growth engine by supporting the financing of investments to meet the increasing demand for efficient and clean energy.

Specialized advisory services tailored to each market segment, along with the transformation of risk processes, are key to enabling differentiated growth.

Growing across all business segments

Business segments—from SMEs to large corporations—represent a clear growth opportunity for BBVA.

The goal of this priority is to make BBVA the bank of choice for companies by radically incorporating the client perspective into its value proposition, as previously mentioned.

Fostering a value and capital creation mindset

The objective of this priority is to continue advancing the concept of profitable growth, closely tied to BBVA’s strategy and long-term value creation.

All processes must view value creation as a critical factor in decision-making, which requires changes in management models, incentives, monitoring, and reporting.

Aligned with optimal capital utilization, this priority reinforces the importance of low-capital, high-value-creation businesses such as insurance, private banking, asset management, and the payments ecosystem.

Maximizing the potential of artificial intelligence and innovation through data availability and Next Gen technologies

The responsible use of data and new technologies has always been a key element in BBVA’s strategy.

The shift to Next Gen technologies is essential to efficiently meet all the demands that come with hyper-personalization and the growing number of customer interactions.

Strengthening our empathy, succeeding as a winning team

The 2025–2029 Strategic Plan once again places a strong emphasis on the team as a critical factor in the successful execution of the strategy.

Empathy becomes a key element across the organization to drive a radically client-centric perspective.