Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 170

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 170
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 the year ended December 31, 2024 amounted to €5,589 million, a 27.2% increase compared with the €4,394 million recorded for the year ended December 31, 2023, mainly as a result of increases in the volume and yield of credit card loans and the commercial loan portfolios in Argentina and Colombia, partially offset by higher funding costs, particularly in Argentina as a result of increases in interest rates, and the depreciation of the Argentine peso against the euro. At constant exchange rates, there was a 31.9% increase in net interest income. The net interest margin over total average assets of this operating segment amounted to 8.33% for the year ended December 31, 2024, compared with 6.71% for the year ended December 31, 2023.
Net fees and commissions
Net fees and commissions of this operating segment for the year ended December 31, 2024 amounted to €834 million of income, a 19.1% increase compared with the €700 million of income recorded for the year ended December 31, 2023, mainly due to increases in payment systems-related fees (in particular, related to credit cards), as a result of increases in the volume of transactions and commission rates, especially in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, there was a 21.5% increase.
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, 2024 were €798 million, a 26.0% increase compared with the €633 million gain recorded for the year ended December 31, 2023, mainly due to the higher gains from the ALCO portfolio in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, net gains on financial assets and liabilities and exchange differences, net, increased by 33.3%.
Other operating income and expense, net
Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was a €1,935 million expense, a 29.7% increase compared with the €1,491 million expense recorded for the year ended December 31, 2023, mainly driven by the higher loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina, which