Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 173

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 173
---
 “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”.
(2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.
(3)Not meaningful.
In the year ended December 31, 2024, the U.S. dollar remained practically unchanged against the euro in average terms, compared with the year ended December 31, 2023. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”.
Net interest income
Net interest income of this operating segment for the year ended December 31, 2024 amounted to €741 million, a 37.6% increase compared with the €539 million recorded for the year ended December 31, 2023, mainly due to increase in the corporate and investment banking activity of the branches located in Europe and New York, supported by the increase in loan activity and an adequate price management. The net interest margin over total average assets of this operating segment amounted to 1.31% for the year ended December 31, 2024 compared with 1.01% 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 €307 million, a 25.8% increase compared with the €244 million recorded for the year ended December 31, 2023 as a result of increased investment banking activity.
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 was €406 million, a 28.2% increase compared with the €316 million net gain recorded for the year ended December 31, 2023, mainly due to the higher gains from the Global Markets units in Europe and the higher gains from the broker-dealer BBVA Securities Inc., partially offset by negative exchange differences.
Other operating income and expense, net
Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was €2 million income, compared with nil for the year ended December 31, 2023.
Income and expense