Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 162

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 162
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2024 were €767 million, a 34.0% increase compared with the €572 million gain recorded for the year ended December 31, 2023, mainly as a result of the higher gains from the Global Markets unit, resulting from foreign currency hedges, and, to a lesser extent, the higher gains from the ALCO portfolio, offset in part by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 38.5% increase in net gains on financial assets and liabilities and exchange differences.
Other operating income and expense, net
Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was a net expense of €342 million, a 3.0% increase compared with the €332 million net expense recorded for the year ended December 31, 2023 mainly due to the higher contributions made to the Deposit Guarantee Fund, offset in part by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 6.4% increase in net expense.
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 €913 million, a 22.1% increase compared with the €748 million net income recorded for the year ended December 31, 2023, due mainly to the increase in insurance premiums, attributable in part to higher insurance sales partially offset mainly by the higher insurance premiums paid to third parties.
Administration costs
Administration costs of this operating segment for the year ended December 31, 2024 were €4,170 million, a 5.7% increase compared with the €3,946 million recorded for the year ended December 31, 2023, mainly as a result of the higher personnel expenses driven by the increase in the number of employees and the higher salaries, and the higher general expenses related to value added tax, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, administration costs increased by 9.2%.
Depreciation and amortization
Depreciation and amortization for the year ended December 31, 2024 was €477 million, a 1.8% increase compared with the €469 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