Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 149

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 149
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 Group operates, in particular, credit cards in Mexico, Turkey and Argentina, and the appreciation of the Mexican peso against the euro, partially offset by the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico).
Fee and commission expense
The breakdown of fee and commission expense for the years ended December 31, 2023 and 2022 is as follows:

                                                    Year ended December 31,               
2023                                                                   2022         Change
                                                     (In Millions of Euros)         (In %)
Demand accounts                                         6                 5           29.9
Credit and debit cards                              2,337             1,884           24.0
Transfers and other payment orders                    156               132           18.0
Commissions for selling insurance                      40                54         (25.7)
Custody securities                                    111                92           19.8
Other fees and commissions                            961               721           33.3
Fee and commission expense                          3,611             2,888           25.0
Fee and commission expense increased by 25.0% to €3,611 million for the year ended December 31, 2023 from the €2,888 million recorded for the year ended December 31, 2022, primarily due to the increased volume of transactions in the main countries where the BBVA Group operates, in particular, in credit cards, the higher commissions paid for attracting customers to open salary accounts in Turkey and the appreciation of the Mexican peso against the euro, partially offset by the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico).
Net gains (losses) on financial assets and liabilities
Net gains on financial assets and liabilities increased to €1,844 million for the year ended December 31, 2023 compared to the net gain of €663 million recorded for the year ended December 31, 2022, mainly due to the higher gains from the debt securities portfolios in South America and Turkey, higher sales in the Global Markets unit in Spain and Mexico and, to a lesser extent, the increase in gains from the debt securities portfolio in Argentina, partially offset by the negative effect of the appreciation of the Mexican peso on foreign currency hedges within the ALCO portfolio in the Corporate Center and, to a lesser extent, the depreciation of the currencies of the main non-euro countries where the BBVA Group