Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 30

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 30
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 18.4% increase compared with the €1,093 million recorded for the three months ended March 31, 2024, mainly due to the increase in insurance premiums, attributable in part to higher insurance sales in Mexico and, to a lesser extent, in Turkey, partially offset by the depreciation of the currencies of the main countries where the Group operates in average terms, except for the U.S. dollar and the Peruvian sol.

Expense on insurance and reinsurance contracts for the three months ended March 31, 2025 was €923 million, a 23.9% increase compared with the €745 million expense recorded for the three months ended March 31, 2024, mainly as a result of higher insurance activity in Mexico, partially offset by the depreciation of the currencies of the main countries where the Group operates in average terms, except for the U.S. dollar and the Peruvian sol.

Administration costs

Administration costs, which include personnel expense and other administrative expense, for the three months ended March 31, 2025 amounted to €3,184 million, a 5.9% increase compared with the €3,007 million recorded for the three months ended March 31, 2024, mainly as a result of the higher salaries in Turkey, and the higher general expenses related mainly to IT in Turkey and South America, partially offset by the depreciation of the currencies of the main countries where the Group operates in average terms, except for the U.S. dollar and the Peruvian sol.

Depreciation and amortization

Depreciation and amortization for the three months ended March 31, 2025 was €378 million, a 0.8% increase compared with the €375 million recorded for the three months ended March 31, 2024, mainly due to increases in the depreciation expense related to IT equipment in Turkey, partially offset by the depreciation of the currencies of the main countries where the Group operates in average terms, except for the U.S. dollar and the Peruvian sol.

Provisions or reversal of provisions

Provisions or reversal of provisions for the three months ended March 31, 2025 amounted to an expense of €51 million, an 11.5% decrease compared with the €57 million expense recorded for the three months ended March 31, 2024, mainly due to lower provisions for contingencies in South America and the depreciation of the currencies of the main countries where the Group operates in average terms, except for the U.S. dollar and