Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 160

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 160
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 December 31, 2024 was €366 million, a 4.4% decrease compared with the €383 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 amounted to a €682 million expense, a 4.8% increase compared with the €651 million expense recorded for the year ended December 31, 2023, mainly due to higher credit impairment requirements in the wholesale loan portfolio.
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 a €150 million expense, a 3.2% increase compared with the €145 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 €5,309 million, a 36.2% increase compared with the €3,897 million profit 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 €1,522 million, a 29.5% increase compared with the €1,175 million expense recorded for the year ended December 31, 2023, as a result of the higher operating profit before tax recorded for the year ended December 31, 2024. The effective tax rate decreased to 28.7% for the year ended December 31, 2024 from 30.1% for the year ended December 31, 2023. Amounts paid by BBVA under the temporary tax on credit institutions and financial credit establishments in Spain are a non-deductible expense for tax purposes.
Profit attributable to parent company
As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2024 amounted to €3,784 million, a 39.1% increase compared with the €2,720 million profit recorded