Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047437
Chunk: 31

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 31
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 financial credit establishments in Spain amounting to €285 million (which was paid in 2024), whereas the nine-month period expense related to the Interest Margin and Commission Tax was recorded under “Tax expense or income related to profit or loss from continuing operations” for the nine months ended September 30, 2025. The period-on-period decrease was partially offset by the lower positive impact of the revaluation of bonds linked to inflation in the period (€585 million and €916 million, respectively, in the nine months ended September 30, 2025 and 2024) in Turkey.

Income and expense on insurance and reinsurance contracts

Income on insurance and reinsurance contracts for the nine months ended September 30, 2025 was €2,835 million, a 5.5% increase compared with the €2,687 million recorded for the nine months ended September 30, 2024, mainly due to the increase in insurance premiums, attributable in part to the increase in insurance premiums in Mexico and Turkey, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

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Expense on insurance and reinsurance contracts for the nine months ended September 30, 2025 was €1,689 million, a 7.0% increase compared with the €1,579 million expense recorded for the nine months ended September 30, 2024, mainly as a result of increased insurance sales, in particular, in Mexico and Turkey.

Administration costs

Administration costs, which include personnel expense and other administrative expense, for the nine months ended September 30, 2025 amounted to €9,232 million, a 1.9% increase compared with the €9,064 million recorded for the nine months ended September 30, 2024, mainly as a result of the increase in the number of employees, salary updates and the increase in general expenses (technology and marketing) in Turkey and, to a lesser extent, Mexico and Argentina, and increases in personnel expenses in the branches located in New York and Europe due to new hires and investment in strategic projects, partially offset by the lower expense corresponding to the value added tax in Banco Bilbao Vizcaya Argentaria, S.A. (the parent company of the Group), following the upward re-estimation of such tax, applied pro-rata in previous periods and in 2025 (see Note 35.2 to the Un