Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 171

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 171
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 resulted in a monetary loss of €1,419 million in the year ended December 31, 2024, compared to the €1,062 million monetary loss recorded for the year ended December 31, 2023, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, the net expense increased by 31.8%.
Income and expense on insurance and reinsurance contracts
Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2024 was €120 million, a 24.9% increase compared with the €96 million income recorded for the year ended December 31, 2023, mainly as a result of higher income related to life insurance in Colombia and, to a lesser extent, Argentina, partially offset by the depreciation of the Argentine peso against the euro.
Administration costs
Administration costs of this operating segment for the year ended December 31, 2024 amounted to €2,341 million, a 31.2% increase compared with the €1,785 million recorded for the year ended December 31, 2023, mainly as a result of increases in personnel expenses, mainly driven by salary updates (aimed at compensating the loss of purchasing power due to inflation) and certain general expenses related to technology (affected by the high inflation) in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, administration costs increased by 33.8%.
Depreciation and amortization
Depreciation and amortization for the year ended December 31, 2024 was €226 million, a 36.4% increase compared with the €165 million recorded for the year ended December 31, 2023, mainly due to the increase in the depreciation expense related to IT equipment in Argentina. At constant exchange rates, depreciation and amortization increased by 36.5%.
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 was a €1,369 million expense, a 20.7% increase compared with the €1,134 million expense recorded for the year ended December 31, 2023, mainly as a result of higher credit impairment requirements in retail loans, within an inflation