Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 177

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 177
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 “Gross income” less “Administration costs” and “Depreciation and amortization”.
(3)Not meaningful.
Net interest income
Net interest income of this operating segment for the year ended December 31, 2023 amounted to €5,620 million, a 48.9% increase compared with the €3,774 million recorded for the year ended December 31, 2022, mainly as a result of the higher yield of the non-financial corporations loan portfolio, supported by the higher interest rate environment, partially offset by significantly higher funding costs. Net interest income of this operating segment for the years ended December 31, 2023 and 2022 includes the interest accrued from funds obtained under the TLTRO III program. The repayment of the TLTRO III program was initiated in December 2022 (for an approximate amount of €35,000 million since then) and the outstanding balance of amounts drawn under the TLTRO III facilities totaled €3,660 million as of December 31, 2023. The net interest margin over total average assets of this operating segment amounted to 1.27% for the year ended December 31, 2023, compared with 0.89% for the year ended December 31, 2022.
Net fees and commissions
Net fees and commissions of this operating segment for the year ended December 31, 2023 amounted to €2,164 million, a 0.4% increase compared with the €2,156 million recorded for the year ended December 31, 2022.
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, 2023 was a net gain of €409 million, a 3.4% increase compared with the €396 million net gain recorded for the year ended December 31, 2022, mainly as a result of the positive performance of the Global Markets unit, partially offset by the lower gains related to the Asset Protection Scheme entered into in connection with BBVA’s acquisition of Unnim in 2012 (pursuant to which the Spanish Deposit Guarantee Fund agreed to assume 80% of any losses related to a particular asset portfolio for a period of 10 years, after making use of the then-existing provisions).
Other operating income and expense, net
Other net operating expense of this operating segment for the year ended December 31,