Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 138

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 138
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 or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net” and “Gains (losses) from hedge accounting, net”.
(2)Calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.
(3)Not meaningful.
The changes in the Group’s consolidated income statements for the years ended December 31, 2024 and 2023 were as follows: 
Net interest income
The following table summarizes net interest income for the years ended December 31, 2024 and 2023.

                                           Year ended December 31,               
2024                                                          2023         Change
                                            (In Millions of Euros)         (In %)
Interest and other income                 61,659            47,850           28.9
Interest expense                        (36,392)          (24,761)           47.0
Net interest income                       25,267            23,089            9.4
Net interest income for the year ended December 31, 2024 amounted to €25,267 million, a 9.4% increase compared with the €23,089 million recorded for the year ended December 31, 2023, as interest and other income increased by 28.9% due mainly to the increase in yields and volumes (see “Item 4. Information on the Company—Selected Statistical Information—Average Balances and Rates”), particularly of loans to enterprises and consumer loans, partially offset by an increase in interest expense of 47.0%, mainly driven by higher overall funding costs due to interest rate increases, and the depreciation of the Argentine peso and the Mexican peso against the euro. At constant exchange rates, net interest income increased by 12.9%. The following factors, set out by region, were the main contributors to the 9.4% increase in net interest income:
•South America: there was a 27.2% increase mainly as a result of increases in the volume and yield of credit card loans and the commercial loan portfolios in Argentina and Colombia.
•Spain: there was a 14.5% increase mainly as a result of the higher yield of the loans to enterprises and consumer loans, which led to an increase in the customer spread (calculated as the average rate at which assets are remunerated, less the equivalent average rate for deposits), as a result of the impact of the increase