Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 140

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 140
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 and commission expense increased by 39.8% to €5,048 million for the year ended December 31, 2024 from the €3,611 million recorded for the year ended December 31, 2023, primarily due to the increase in fees paid by the Group in connection with the increase in payment systems fees in Turkey (in particular, due to an increase in the volume of transactions by credit card customers), partially offset by the depreciation of the Turkish lira, the Mexican peso and the Argentine peso against the euro.
Net gains (losses) on financial assets and liabilities
Net gains on financial assets and liabilities increased to €3,218 million for the year ended December 31, 2024, a 74.5% increase compared to the net gain of €1,844 million recorded for the year ended December 31, 2023, mainly due to the gains from foreign currency hedges in Turkey, the gains from certain foreign currency hedges (recorded in the ALCO portfolio of the Corporate Center) on the estimated results of the operating segments resulting from the impact of the depreciation of the Mexican peso and, to a lesser extent, the higher gains from the Global Markets units in Mexico and Spain, recorded under “Gains (losses) on financial assets and liabilities held for trading, net”, partially offset by the depreciation of the Turkish lira and the Argentine peso against the euro.
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The table below provides a breakdown of net gains (losses) on financial assets and liabilities for the years ended December 31, 2024 and 2023:

                                                                                                                                           Year ended December 31,               
2024                                                                                                                                                          2023         Change
                                                                                                                                            (In Millions of Euros)         (In %)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net                   327                76       n.m. (1)
Financial assets at fair value through other comprehensive income                                                                            306                42       n.m. (1)
Financial assets at amortized cost                                                                                                            20                41         (50.7)
Other financial assets and liabilities                                                                                                         1               (7)       n.m. (1)
Gains (losses) on financial assets and liabilities held for trading, net                                                                   2,458             1,352           81.8
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss,