Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 175

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 175
---
(1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”.
(2)Not meaningful.
(3)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.
Net interest income / (expense)
Net interest expense of the Corporate Center for the year ended December 31, 2024 was €546 million, a 41.3% increase compared with the €386 million net expense recorded for the year ended December 31, 2023, mainly due to higher funding costs of investments as a result of higher interest rates.
Net fees and commissions
Net fees and commissions of the Corporate Center for the year ended December 31, 2024 amounted to a €36 million expense, an 18.0% decrease compared with the €44 million expense recorded for the year ended December 31, 2023, mainly as a result of the lower fees paid in connection with the debt issuances carried out by Banco Bilbao Vizcaya Argentaria, S.A.
Net gains (losses) on financial assets and liabilities and Exchange differences, net
Net gains on financial assets and liabilities and exchange differences of the Corporate Center for the year ended December 31, 2024 were €122 million compared with the €686 million net losses recorded for the year ended December 31, 2023, mainly as a result of 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 positive exchange differences.
Other operating income and expense, net
Other operating income and expense, net of the Corporate Center for the year ended December 31, 2024 was €37 million of net income, a 58.3% decrease compared with the €89 million net income recorded for the year ended December 31, 2023, mainly due to the expenses