Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 174

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 174
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 on insurance and reinsurance contracts
Income on insurance and reinsurance contracts for the year ended December 31, 2024 was €2 million, compared with the €3 million of income recorded for the year ended December 31, 2023.
Administration costs
Administration costs of this operating segment for the year ended December 31, 2024 amounted to €710 million, a 26.8% increase compared with the €560 million recorded for the year ended December 31, 2023, mainly due to increases in personnel expenses, due to the increase in the number of employees, and in marketing expenses in the branches located in New York and Europe.
Depreciation and amortization
Depreciation and amortization for the year ended December 31, 2024 was €33 million, a 25.5% increase compared with the €26 million recorded for the year ended December 31, 2023.
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2024 was a €71 million expense compared with the €28 million expense recorded for the year ended December 31, 2023, mainly as a result of the higher credit impairment requirements related to certain new impairment entries in the wholesale loans portfolio in Europe.
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 an €11 million expense compared with the €1 million expense recorded for the year ended December 31, 2023. 
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 €634 million, a 29.7% increase compared with the €489 million recorded for the year ended December 31, 2023.
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 €133 million, a 44.0% increase compared with the €93 million expense recorded for the year ended December 31, 2023 due, mainly, to the increase in operating profit.
Profit attributable to