Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 154

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 154
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 loans in Peru as a result of the expiration of the grace period granted under the Reactiva program in September 2023; (iii) additional credit impairment requirements in consumer loans in Colombia, within an inflationary environment and overall unfavorable macroeconomic conditions; and (iv) the appreciation of the Mexican peso; partially offset by the decrease in the collective expected losses related to the wholesale portfolio in Turkey, as a result of the improved performance of companies which resulted in a lower default rate, and the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico).
The table below provides a breakdown of impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification for the years ended December 31, 2023 and 2022:

                                                                                                                                                          Year ended December 31,               
2023                                                                                                                                                                         2022         Change
Impairment or reversal of impairment on:                                                                                                                   (In Millions of Euros)         (In %)
Financial assets at fair value through other comprehensive income                                                                                            42                76         (44.5)
Financial assets at amortized cost                                                                                                                        4,386             3,303           32.8
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification                   4,428             3,379           31.1
Impairment or reversal of impairment on non-financial assets
Impairment or reversal of impairment on non-financial assets for the year ended December 31, 2023 amounted to an expense of €54 million, a 96.4% increase compared with the €27 million expense recorded for the year ended December 31, 2022, mainly due to higher non-financial assets impairments in Turkey, partially offset by lower non-financial assets impairments in Spain.
Gains (losses) on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates
Gains on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates for the year ended December 31, 2023 amounted to €19 million, a 38.8% decrease compared with the €31 million gain recorded for the year ended December 31, 2022.
Gains (losses) from non-current assets and disposal groups classified as held