Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 195

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 195
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 2022.
Provisions or reversal of provisions and other results
Provisions or reversal of provisions and other results of the Corporate Center for the year ended December 31, 2023 were a €21 million expense compared with the €8 million income recorded for the year ended December 31, 2022.
Operating profit / (loss) before tax
As a result of the foregoing, operating loss before tax of the Corporate Center for the year ended December 31, 2023 was €1,809 million, a 54.0% increase compared with the €1,175 million loss recorded for the year ended December 31, 2022.
Tax expense or income related to profit or loss from continuing operations
Tax income related to profit or loss from continuing operations of the Corporate Center for the year ended December 31, 2023 amounted to €262 million, a 5.6% decrease compared with the €277 million income recorded for the year ended December 31, 2022.
Profit / (loss) attributable to parent company
As a result of the foregoing, loss attributable to parent company of the Corporate Center for the year ended December 31, 2023 was €1,544 million, a 67.4% increase compared with the €922 million loss recorded for the year ended December 31, 2022.
B. Liquidity and Capital Resources
BBVA’s principal source of funds is its customer deposit base, which consists primarily of demand, savings and time deposits. In addition to relying on customer deposits, BBVA also accesses the interbank market (overnight and time deposits) and domestic and international capital markets for its additional liquidity requirements. To access the capital markets, BBVA has in place a series of domestic and international programs for the issuance of commercial paper and medium- and long-term debt. Another source of liquidity is the generation of cash flow from operations. Finally, BBVA supplements its funding sources with borrowings from the ECB or the respective central banks of the countries where its subsidiaries are located. For additional information on the financing structure of the BBVA Group, see Note 7.5.3 to the Consolidated Financial Statements.
In its monetary policy decision of October 27, 2022, the ECB adjusted the interest rates applicable to its Targeted Longer-Term Refinancing Operations III (TLTRO III) effective November 23, 2022 and offered credit institutions additional voluntary early repayment dates for these operations. BBVA’s repayment of its T