Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 181

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 181
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, compared with 6.10% 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 €2,226 million, a 37.0% increase compared with the €1,625 million recorded for the year ended December 31, 2022, mainly due to the increased volume of transactions by credit card customers and asset management activities, and the appreciation of the Mexican peso against the euro.
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 €572 million, a 30.3% increase compared with the €439 million gain recorded for the year ended December 31, 2022, mainly as a result of increased sales in the Global Markets unit in Mexico and the appreciation of the Mexican peso against the euro, partially offset by the lower contribution from the ALCO portfolio, due, in part, to a negative impact of a bond swap transaction recorded in the third quarter of 2023. 
Other operating income and expense, net
Other operating income and expense, net of this operating segment for the year ended December 31, 2023 was a net expense of €332 million, an 11.9% increase compared with the €297 million net expense recorded for the year ended December 31, 2022, mainly as a result of the appreciation of the Mexican peso against the euro and the higher contributions made to the Deposit Guarantee Fund, partially offset by the higher income from non-financial services related to real estate.
Income and expense on insurance and reinsurance contracts
Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2023 was €748 million, a 27.2% increase compared with the €588 million net income recorded for the year ended December 31, 2022, due mainly to the increase in insurance premiums, attributable in part to higher insurance sales and the appreciation of the Mexican peso against the euro.
Administration costs
Administration costs of this operating segment for the year ended December 31, 2023 were €3,946 million, a 31.5% increase compared with the €3,000 million recorded for the year ended December 31, 2022, mainly as a result of the higher personnel expenses driven by salary