Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 192

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 192
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In the year ended December 31, 2023, the U.S. dollar depreciated by 2.6% against the euro in average terms, compared with the year ended December 31, 2022, resulting in a slightly negative exchange rate effect on the consolidated income statement for the year ended December 31, 2022 and in the results of operations of the Rest of Business operating segment for such period expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”.
Net interest income
Net interest income of this operating segment for the year ended December 31, 2023 amounted to €539 million, a 62.3% increase compared with the €332 million recorded for the year ended December 31, 2022, mainly due to increased activity of the branches located in Europe and New York and higher yields, in particular, in Portugal, supported by the higher interest rate environment, partially offset by the lower contribution from the Global Markets unit in Asia. The net interest margin over total average assets of this operating segment amounted to 1.01% for the year ended December 31, 2023 compared with 0.73% for the year ended December 31, 2022.
Net fees and commissions
Net fees and commissions of this operating segment for the year ended December 31, 2023 amounted to €244 million, a 0.7% increase compared with the €243 million recorded for the year ended December 31, 2022.
Net gains (losses) on financial assets and liabilities and Exchange differences, net
Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2023 were €316 million, a 51.9% increase compared with the €208 million net gain recorded for the year ended December 31, 2022, mainly due to the higher gains from the New York branch and, to a lesser extent, from the Global Markets unit in Europe.
Other operating income and expense, net
Other operating income and expense, net of this operating segment for the year ended December 31, 2023 was nil compared with the €2 million income recorded for the year ended December 31, 2022.
Administration costs
Administration costs of this operating segment for the year ended December 31, 2023 amounted to €560 million, a 14.1% increase compared with the €491