Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 187

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 187
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 the tax expense for the period due to the difference between accounting and taxable profit as a result of the application of IAS 29 “Financial Reporting in Hyperinflationary Economies”. See “Presentation of Financial Information—Hyperinflationary Economies” for information on the impact of hyperinflation accounting.
Current tax regulation in Turkey does not include a provision to reduce tax expense upon the existence of a loss linked to the net monetary position. Among others, changes in Turkey’s tax regulations during 2023 include the modification of the general corporate income tax rate in Turkey from 20% to 25%. However, the general tax rate for banks and financial institutions has been increased from 25% (applicable since April 2022) to 30%. This change is applicable to profits generated in tax periods beginning on or after January 1, 2023 and has been considered in preparing this Consolidated Financial Statements. The impact of this change was not material to the results of the BBVA Group. The effective tax rate amounted to 53.0% of operating profit before tax of this operating segment for the year ended December 31, 2023 and 67.4% for the year ended December 31, 2022.
Profit attributable to non-controlling interests
Profit attributable to non-controlling interests of this operating segment for the year ended December 31, 2023 amounted to €95 million, compared with the €28 million recorded for the year ended December 31, 2022, as a result, in part, of the increase in profit. In addition, the year-on-year change was affected by the increase in BBVA’s stake in Garanti BBVA (from 49.85% to 85.97%) following the completion of BBVA’s voluntary takeover bid for the entire share capital of Garanti BBVA on May 18, 2022 (see “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Voluntary takeover bid for the entire share capital of Türkiye Garanti Bankası A.Ş.” herein).
Profit attributable to parent company
As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2023 amounted to €527 million, a 4.3% increase compared with the €505 million recorded for the year ended December 31, 2022. 
SOUTH AMERICA

                                                                                                                                                              For the year ended December 31,               
2023