Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 28

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 28
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 a lesser extent, the fees resulting from the increased volumes of credit card transactions and asset management activities in Mexico and increases in payment systems-related fees (in particular, related to credit cards) in Argentina, as a result of increases in the volume of transactions and commission rates, partially offset by 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. For additional information, see Note 31 to the Unaudited Condensed Interim Consolidated Financial Statements.

Fee and commission expense

Fee and commission expense increased by 19.0% to €1,237 million for the three months ended March 31, 2025 from the €1,040 million recorded for the three months ended March 31, 2024, primarily due to the increase in fees paid by the Group in connection with the increase in payment systems fees in Turkey, Mexico and Argentina (in particular, due to an increase in the volume of credit card transactions), and increases in brokerage fees in Mexico, partially offset by 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. For additional information, see Note 31 to the Unaudited Condensed Interim Consolidated Financial Statements.

Net gains (losses) on financial assets and liabilities

Net gains on financial assets and liabilities increased to €1,020 million for the three months ended March 31, 2025, a 73.2% increase compared to the net gain of €589 million recorded for the three months ended March 31, 2024, mainly due to gains from certain foreign currency hedges (recorded in the ALCO portfolio of the Corporate Center) on the estimated results of the operating segments, resulting, to a great extent, from the evolution of the Mexican peso, and the gains from certain venture capital investments, partially offset by negative exchange differences, lower gains from the trading portfolio in Turkey and 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. See Note 32 to our Unaudited Condensed Interim Consolidated Financial Statements for more information on net gains on financial assets and liabilities.

Exchange differences, net

Exchange differences for the three months ended March 31, 2025 amounted to a €72 million expense compared with the €183 million gain recorded for the three months ended March 31,