Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 185

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 185
---
 (€2,118 million and €2,323 million in the years ended December 31, 2023 and 2022, respectively), and, to a lesser extent, higher income from operating leases, offset in part by the greater contribution made to the Deposit Guarantee Fund of Credit Institutions and the lower positive impact of the revaluation of bonds linked to inflation in the year (€1,202 million and €1,490 million, respectively, in the years ended December 31, 2023 and 2022). 
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 €63 million, a 55.3% increase compared with the €41 million income recorded for the year ended December 31, 2022, mainly as a result of increased insurance activity, partially offset by the depreciation of the Turkish lira. At constant exchange rates, there was a 130.7% increase.
Administration costs
Administration costs of this operating segment for the year ended December 31, 2023 amounted to €1,252 million, a 34.3% increase compared with the €933 million recorded for the year ended December 31, 2022,mainly as a result of the increase in personnel expenses and general expenses (technology and maintenance) driven to a great extent by the higher average inflation rate and salary increases (as a result of the loss of purchasing power), partially offset by the depreciation of the Turkish lira. At constant exchange rates, administration costs increased by 101.6%, which was above Turkey’s inflation rate for the period.
Depreciation and amortization
Depreciation and amortization for the year ended December 31, 2023 was €150 million, a 16.4% increase compared with the €129 million recorded for the year ended December 31, 2022, mainly as a result of the increase in the depreciation expense related to IT equipment and right-of-use leased assets, offset in part by the depreciation of the Turkish lira. At constant exchange rates, there was a 43.7% increase.
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 this operating segment for the year ended December 31, 2023 was a