Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 151

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 151
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 offset by the negative effect of the appreciation of the Mexican peso on foreign currency hedges within the ALCO portfolio of the Corporate Center and the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico).
Gains on non-trading financial assets mandatorily at fair value through profit or loss were €337 million in the year ended December 31, 2023, compared to the €67 million loss in the year ended December 31, 2022, primarily due to the higher contribution from the industrial and financial portfolios managed by the Corporate Center as part of the centralized Group functions and the increase in gains from the debt securities portfolio in Argentina.
Gains on financial assets and liabilities designated at fair value through profit or loss decreased by 36.0% to €96 million in the year ended December 31, 2023 from €150 million in the year ended December 31, 2022, mainly as a result of decreased gains from the Global Markets unit in Spain and, to a lesser extent, the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico).
Losses from hedge accounting decreased by 62.0% to €17 million in the year ended December 31, 2023 from €45 million in the year ended December 31, 2022, as a result of the lower negative changes in the fair value of hedged items (attributable to the hedged risk) in Mexico and Turkey.
Exchange differences, net
Exchange differences decreased by 73.4% to a €339 million gain for the year ended December 31, 2023 from a €1,275 million gain for the year ended December 31, 2022, mainly as a result of the negative exchange rate differences recognized in Mexico and South America.
Other operating income and expense, net
Other operating income for the year ended December 31, 2023 increased by 17.2% to €619 million compared with the €528 million recorded for the year ended December 31, 2022, mainly as a result of the higher income from operating leases in Turkey and, to a lesser extent, higher income from non-financial services related to real estate in Mexico, offset in part by the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico) and the lower impact of the revaluation of bonds linked to inflation in Turkey (€1,202 million in 202