Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 165

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 165
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 by the higher volume and yield of Turkish lira-denominated loans and the increase in volume and yield of sovereign debt securities, as a result in part –with respect to the increases in the volumes of Turkish lira-denominated loans and sovereign debt securities- of the measures adopted by the CBRT (see “Item 4. Information on the Company―Business Overview—Supervision and Regulation—Principal Markets—Turkey”). At constant exchange rates, there was a 10.4% decrease in net interest income. The net interest margin over total average assets of this operating segment amounted to 2.06% for the year ended December 31, 2024, compared with 2.71% for the year ended December 31, 2023.
Net fees and commissions
Net fees and commissions of this operating segment for the year ended December 31, 2024 amounted to €2,111 million compared with the €998 million recorded for the year ended December 31, 2023, mainly as a result of the increase in payment systems fees (fees related to credit and debit cards and POS) supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT (see “Item 4. Information on the Company―Business Overview—Supervision and Regulation—Principal Markets—Turkey”), partially offset by the depreciation of the Turkish lira against the euro.
Net gains (losses) on financial assets and liabilities and Exchange differences, net
Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2024 amounted to €1,145 million, a 22.1% increase compared with the €937 million gain recorded for the year ended December 31, 2023, mainly driven by gains from foreign currency hedges, offset in part by lower positive exchange differences compared to 2023, the depreciation of the Turkish lira and, to a lesser extent, lower gains from the Global Markets unit due to lower sales. At constant exchange rates, net gains on financial assets and liabilities and exchange differences increased by 34.5%.
Other operating income and expense, net
Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was a €595 million net expense, a 32.9% decrease compared with the €887 million net expense recorded for the year ended December 31, 2023, mainly due to the lower