Company: BBVXF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000842180-25-000033
Chunk: 45

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 45
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 on insurance and reinsurance contracts for the six months ended June 30, 2025 was €1,866 million, a 3.7% increase compared with the €1,800 million recorded for the six months ended June 30, 2024, mainly due to the increase in insurance premiums, attributable in part to the higher insurance sales in Turkey and Mexico, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

Expense on insurance and reinsurance contracts for the six months ended June 30, 2025 was €1,109 million, a 4.1% increase compared with the €1,066 million expense recorded for the six months ended June 30, 2024 due to increased insurance sales, in particular, in Turkey and Mexico.

Administration costs

Administration costs, which include personnel expense and other administrative expense, for the six months ended June 30, 2025 amounted to €6,038 million, a 1.0% decrease compared with the €6,100 million recorded for the six months ended June 30, 2024, mainly as a result of the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol, and the lower expense corresponding to the value added tax in Banco Bilbao Vizcaya Argentaria, S.A., following the upward re-estimation of such tax, applied pro-rata in previous periods and in 2025 (see Note 38.2 to the Unaudited Condensed Interim Consolidated Financial Statements), partially offset by the increase in the number of employees, salary updates and the increase in general expenses (technology and marketing) in Turkey driven to a great extent by the high average inflation rates and the higher general expenses related mainly to IT and marketing in Mexico and Argentina, respectively.

The table below provides a breakdown of personnel expense for the six months ended June 30, 2025 and 2024:

|                                   |     | For the six months ended June 30, |     |       |      |     |       |        |
|                                   |     |                              2025 |     |       | 2024 |     |       | Change |
|                                   |     |             -In Millions of Euros |     |       |      |     |       |  -In % |
| Wages and salaries                |     |                                   |     | 2,768 |