Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 161

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 161
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Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”.
(2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.
In the year ended December 31, 2024, the Mexican peso depreciated 3.2% against the euro in average terms compared with the year ended December 31, 2023, resulting in a negative exchange rate effect on the consolidated income statement for the year ended December 31, 2024 and in the results of operations of the Mexico operating segment for such period expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”.
Net interest income
Net interest income of this operating segment for the year ended December 31, 2024 amounted to €11,556 million, a 4.5% increase compared with the €11,054 million recorded for the year ended December 31, 2023, mainly as a result of the higher contribution from the wholesale and retail loan portfolios (attributable to increases in volume), and the higher contribution from the securities portfolio, partially offset by higher wholesale funding costs and the depreciation of the Mexican peso against the euro. At constant exchange rates, there was an 8.0% increase in net interest income. The net interest margin over total average assets of this operating segment amounted to 6.92% for the year ended December 31, 2024, compared with 6.82% 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 €2,443 million, a 9.7% increase compared with the €2,226 million recorded for the year ended December 31, 2023, mainly due to the increased volume of transactions by credit card customers and of asset management activities, offset in part by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 13.4% increase in net fees and commissions.
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,