Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 182

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 182
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 increases (driven by inflation) and the increased number of employees, higher general expenses related to IT equipment and marketing as a result of the high inflation rate, and the appreciation of the Mexican peso against the euro. At constant exchange rates, administration costs increased by 19.1%.
Depreciation and amortization
Depreciation and amortization for the year ended December 31, 2023 was €469 million, a 17.9% increase compared with the €398 million recorded for the year ended December 31, 2022, mainly due to the appreciation of the Mexican peso against the euro and the increase in the depreciation expense related to IT equipment and right-of-use leased assets.
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, 2023 was a €2,499 million expense, a 47.6% increase compared with the €1,693 million expense recorded for the year ended December 31, 2022, mainly due to higher Stage 3 entries in the retail loan portfolio (in particular, consumer and credit cards), as a result, in part, of the high interest rate environment, and the appreciation of the Mexican peso against the euro, partially offset by certain write offs.
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, 2023 were a €25 million expense, a 5.0% increase compared with the €24 million expense recorded for the year ended December 31, 2022, mainly due to higher provisions for contingent risks and legal contingencies.
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, 2023 was €7,329 million, a 30.4% increase compared with the €5,620 million of operating profit before tax recorded for the year ended December 31, 2022.
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, 2023 was €2,009 million, a 35.0% increase compared with the €1,488