Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 184

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 184
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,869 million, a 28.4% decrease compared with the €2,611 million recorded for the year ended December 31, 2022, as a result mainly of the depreciation of the Turkish lira against the euro and, to a lesser extent, lower swap funding costs. At constant exchange rates, there was an 8.0% increase in net interest income, mainly as a result of the higher volume of Turkish lira-denominated loans (credit card loans and loans to enterprises) and the increase in volume of sovereign debt securities, as a result in part of the increase in the securities maintenance ratio established by the CBRT (see “Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Turkey”). The net interest margin over total average assets of this operating segment amounted to 2.71% for the year ended December 31, 2023, compared with 4.14% for the year ended December 31, 2022.
Net fees and commissions
Net fees and commissions of this operating segment for the year ended December 31, 2023 amounted to €998 million, a 65.9% increase compared with the €602 million recorded for the year ended December 31, 2022,mainly as a result of the increase in payment systems fees (in particular, credit cards), partially offset by the depreciation of the Turkish lira against the euro.
Net gains (losses) on financial assets and liabilities and Exchange differences, net
Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2023 amounted to €937 million, a 26.4% increase compared with the €741 million gain recorded for the year ended December 31, 2022, mainly due to the positive results from the Global Markets unit in a volatile environment, and certain gains from securities portfolio sales, offset in part by the depreciation of the Turkish lira.
Other operating income and expense, net
Other operating income and expense, net of this operating segment for the year ended December 31, 2023 was a €887 million net expense, a 7.8% increase compared with the €823 million net expense recorded for the year ended December 31, 2022. At a constant exchange rate, there was a 37.2% decrease in net expense, mainly due to the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Turkey