Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 29

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 29
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 2024, mainly as a result of the negative exchange differences, in particular, with respect to the U.S. dollar , recorded in the Corporate Center.

Other operating income and other operating expense

Other operating income for the three months ended March 31, 2025 increased by 36.9% to €177 million from €130 million recorded for the three months ended March 31, 2024, mainly due to higher gains from sales of non-financial services in Turkey.

Other operating expense for the three months ended March 31, 2025 amounted to €648 million, a 55.1% decrease compared with the € 1,444 million recorded for the three months ended March 31, 2024, mainly driven by the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina, which resulted in a monetary loss of €117 million in the three months ended March 31, 2025, compared to the €655 million monetary loss recorded for the three months ended March 31, 2024, the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Turkey (€348 million and €550 m illion, respectively, for the three months ended March 31, 2025 and March 31, 2024) and, to a lesser extent, the depreciation of the currencies of the main countries where the Group operates in average terms, except for the U.S. dollar and the Peruvian sol. In addition, other operating expense for the three months ended March 31, 2024 included a charge for the then-estimated impact of the temporary tax on credit institutions and financial credit establishments in Spain amounting to €285 million (which was paid in 2024), whereas the quarterly expense related to the new tax on the interest margin and commissions of certain financial entities was recorded under “Tax expense or income related to profit or loss from continuing operations” for the three months ended March 31, 2025. The period-on-period decrease was partially offset by the lower positive impact of the revaluation of bonds linked to inflation in the period (€311 million and € 439 millio n, respectively, in the three months ended March 31, 2025 and 2024).

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Income and expense on insurance and reinsurance contracts

Income on insurance and reinsurance contracts for the three months ended March 31, 2025 was €1,294 million, an