Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 178

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 178
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 2023 amounted to €665 million, a 16.8% increase compared with the €569 million expense recorded for the year ended December 31, 2022, mainly due to the payment, in Spain, of the temporary tax on credit institutions and financial credit establishments for the first time (totaling €215 million, which was paid in the year ended December 31, 2023), partially offset by the lower combined contribution made to the ECB’s Single Resolution Fund and to the Deposit Guarantee Fund compared to the year ended December 31, 2022. As of December 31, 2023, BBVA had satisfied in full the amount to be paid by it at a global level under the ECB’s Single Resolution Fund. In addition, the estimated impact of the temporary tax corresponding to the year 2024 is €285 million and will be recorded in the first quarter of 2024 under “Other operating expense” in the consolidated income statement.
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, 2023 was €360 million, a 1.3% increase compared with the €355 million recorded for the year ended December 31, 2022, mainly due to the increase in insurance premiums as a result of higher insurance sales, which was offset by the higher claim ratio.
Administration costs
Administration costs of this operating segment for the year ended December 31, 2023 amounted to €2,812 million, a 12.6% increase compared with the €2,498 million recorded for the year ended December 31, 2022, mainly as a result of the higher personnel expenses mainly driven by salary increases (driven by inflation) and, to a lesser extent, an increase in the number of employees, and higher general expenses related to IT equipment, which were also affected by inflation.
Depreciation and amortization
Depreciation and amortization for the year ended December 31, 2023 was €383 million, a 5.1% decrease compared with the €404 million recorded for the year ended December 31, 2022, mainly due to decreases in the depreciation expense of right-of-use leased assets.
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