Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 172

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 172
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ary and high interest environment, in Colombia and Peru (where default rates are starting to increase), and the larger loan portfolio. At constant exchange rates, impairment on financial assets not measured at fair value through profit or loss or net gains by modification increased by 21.0%.
Provisions or reversal of provisions and other results
Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2024 were a €127 million expense compared with the €58 million expense recorded for the year ended December 31, 2023, attributable mainly to the higher provisions for property, plant and equipment in Argentina, partially offset by the depreciation of the Argentine peso against the euro.
Operating profit / (loss) before tax
As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2024 was €1,342 million, a 12.8% increase compared with the €1,189 million recorded for the year ended December 31, 2023. At constant exchange rates, there was a 28.1% increase.
Tax expense or income related to profit or loss from continuing operations
Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2024 was €313 million, a 9.3% increase compared with the €286 million expense recorded for the year ended December 31, 2023, as a result mainly of the higher operating profit before tax, partially offset by the impact of hyperinflation-related adjustments in Argentina. At constant exchange rates (and excluding the impact of the hyperinflation-related adjustments in Argentina), tax expense or income related to profit or loss from continuing operations increased by 32.5%. The effective tax rate amounted to 23.3% of operating profit before tax for the year ended December 31, 2024, and 24.1% for the year ended December 31, 2023.
Profit attributable to non-controlling interests
Profit attributable to non-controlling interests of this operating segment for the year ended December 31, 2024 amounted to €394 million, a 30.5% increase compared with the €302 million recorded for the year ended December 31, 2023, mainly due to the higher operating profit before tax. At constant exchange rates, there was a 46.3% increase.
Profit attributable to parent company
As a result of the foregoing, profit attributable to parent company