Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 139

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 139
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 in interest rates in 2023 up to the cuts beginning in the second half of 2024 and, to a lesser extent, an increase in the average volume of loan portfolios.
•Mexico: there was a 4.5% increase mainly as a result of the higher contribution from the wholesale and retail loan portfolios (attributable to increases in volume), and the higher contribution from the securities portfolio.
The period-on-period increase was offset in substantial part by the overall higher funding costs in all regions due to the interest rate increases, the higher interest expense on Turkish lira-denominated deposits (due to the higher volume of deposits and the higher interest rates paid on them), the higher wholesale and swap funding costs in Turkey, the impact of interest rates cuts implemented by the ECB since the second half of 2024 on consumer and household loan portfolios in Spain, which are mostly referenced to variable interest rates, and the depreciation of the Turkish lira, the Argentine peso and the Mexican peso against the euro. As a result, interest expense grew significantly more rapidly than interest and other income, negatively affecting net interest income.
Dividend income
Dividend income for the year ended December 31, 2024 amounted to €120 million, a 1.4% increase compared with the €118 million recorded for the year ended December 31, 2023.
Share of profit or loss of entities accounted for using the equity method
Share of profit or loss of entities accounted for using the equity method for the year ended December 31, 2024 amounted to income of €40 million, a 52.5% increase compared with the income of €26 million recorded for the year ended December 31, 2023.
Fee and commission income
The table below provides a breakdown of fee and commission income for the years ended December 31, 2024 and 2023:

                                                                   Year ended December 31,               
2024                                                                                  2023         Change
                                                                    (In Millions of Euros)         (In %)
Bills receivables                                                     21                24         (13.8)
Demand accounts                                                      300               300          (0.1)
Credit and debit cards and POS (1)                                 7,106             4,665           52.3
Checks                                                               166               175          (5.2)
Transfers and other payment orders                                   961               862           11.5
Insurance product commissions                                        461               384           19.9
Loan commitments