Highlights in the first quarter of 2014
- Lending activity continues to deliver stable.
- Stability also in risk indicators.
- Customer deposits continue to perform well.
- Sound contribution by Garanti in a complex context.
Financial statements and relevant business indicators
(Million euros and percentage)
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| Income statement (1) |
1Q14 |
Δ % |
Δ % (2) |
1Q13 |
| Net interest income |
192 |
(20.2) |
(2.1) |
241 |
| Net fees and commissions |
89 |
(15.2) |
(5.4) |
105 |
| Net trading income |
61 |
(33.4) |
(26.7) |
91 |
| Other income/expenses |
23 |
7.8 |
16.7 |
21 |
| Gross income |
365 |
(20.4) |
(7.1) |
458 |
| Operating expenses |
(178) |
0.0 |
14.6 |
(178) |
| Personnel expenses |
(98) |
5.2 |
20.2 |
(93) |
| General and administrative expenses |
(69) |
(3.3) |
10.2 |
(71) |
| Depreciation and amortization |
(11) |
(18.7) |
(1.9) |
(13) |
| Operating income |
187 |
(33.3) |
(21.4) |
280 |
| Impairment on financial assets (net) |
(51) |
(40.1) |
(34.2) |
(85) |
| Provisions (net) and other gains (losses) |
(2) |
(90.5) |
(88.3) |
(23) |
| Income before tax |
134 |
(22.4) |
(5.6) |
172 |
| Income tax |
(29) |
(38.4) |
(27.8) |
(47) |
| Net income |
105 |
(16.4) |
3.1 |
126 |
| Non-controlling interests |
- |
- |
- |
- |
| Net attributable profit |
105 |
(16.4) |
3.1 |
126 |
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| Balance sheet (1) |
31-03-14 |
Δ % |
Δ % (2) |
31-03-13 |
| Cash and balances with central banks |
2,198 |
(2.4) |
22.0 |
2,251 |
| Financial assets |
8,077 |
(34.4) |
(28.5) |
12,306 |
| Loans and receivables |
29,970 |
(7.5) |
1.3 |
32,411 |
| Loans and advances to customers |
27,284 |
(7.4) |
1.2 |
29,475 |
| Loans and advances to credit institutions and other |
2,686 |
(8.5) |
2.7 |
2,936 |
| Inter-area positions |
- |
- |
- |
- |
| Tangible assets |
257 |
(17.4) |
(2.6) |
311 |
| Other assets |
950 |
(36.0) |
(23.9) |
1,485 |
| Total assets/liabilities and equity |
41,451 |
(15.0) |
(6.2) |
48,763 |
| Deposits from central banks and credit institutions |
9,689 |
(31.4) |
(26.3) |
14,122 |
| Deposits from customers |
18,658 |
(1.9) |
12.1 |
19,026 |
| Debt certificates |
941 |
(13.2) |
10.8 |
1,084 |
| Subordinated liabilities |
540 |
(41.3) |
(40.9) |
919 |
| Inter-area positions |
5,490 |
28.5 |
28.5 |
4,274 |
| Financial liabilities held for trading |
356 |
(5.4) |
(0.0) |
376 |
| Other liabilities |
2,923 |
(33.0) |
(19.1) |
4,362 |
| Economic capital allocated |
2,854 |
(38.0) |
(34.8) |
4,601 |
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| Relevant business indicators |
31-03-14 |
31-12-13 |
31-03-13 |
| Loans under management (2) |
27,570 |
27,483 |
27,415 |
| Customer deposits under management (2-3) |
17,497 |
16,441 |
15,727 |
| Mutual funds |
1,348 |
1,332 |
1,388 |
| Pension funds |
675 |
634 |
644 |
| Efficiency ratio (%) |
48.8 |
42.9 |
38.8 |
| NPA ratio (%) |
3.4 |
3.4 |
3.0 |
| NPA coverage ratio (%) |
88 |
87 |
87 |
| Risk premium (%) |
0.67 |
1.11 |
1.14 |
(1) Pro forma financial statements with Garanti Group consolidated in proportion to the percentage of the Group’s stake.
(2) Figures at constant exchange rates.
(3) Excluding repos.
