Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 194

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 194
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 loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”.
(2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.
(3)Not meaningful.
Net interest income / (expense)
Net interest expense of the Corporate Center for the year ended December 31, 2023 was €386 million, compared with the €109 million net expense recorded for the year ended December 31, 2022, mainly due to significantly higher funding costs as a result of the increases in reference interest rates.
Net fees and commissions
Net fees and commissions of the Corporate Center for the year ended December 31, 2023 amounted to a €44 million expense, a 40.2% increase compared with the €31 million expense recorded for the year ended December 31, 2022, mainly as a result of the higher fees paid to underwriters 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 losses on financial assets and liabilities and exchange differences of the Corporate Center for the year ended December 31, 2023 were €686 million, compared with the €294 million net losses recorded for the year ended December 31, 2022, mainly as a result of the negative effect of the appreciation of the Mexican peso on foreign currency hedges within the ALCO portfolio.
Other operating income and expense, net
Other operating income and expense, net of the Corporate Center for the year ended December 31, 2023 was €89 million of net income, a 16.0% decrease compared with the €106 million net income recorded for the year ended December 31, 2022, mainly as a result of lower dividend income from investees accounted for under the equity method.
Administration costs
Administration costs of the Corporate Center for the year ended December 31, 2023 amounted to €550 million, a 14.9% decrease compared with the €647 million recorded for the year ended December 31, 2022.
Depreciation and amortization
Depreciation and amortization of the Corporate Center for the year ended December 31, 2023 was €210 million, a 2.1% increase compared with the €206 million recorded for the year ended December 31,