CIB generated a net attributable profit of €341m in the first quarter of 2014, a year-on-year growth of 27.6%, supported by:
- Strong gross income (up 13.8% year-on-year) as a result of the BBVA CIB strategy to prioritize profitability over volume, its customer-centric business model and the boost to cross-selling.
- Operating expenses have been kept in check and barely increased by 1.6% over the last 12 months, falling 4.4% on the figure for the last quarter of 2013. This effort at moderation is even more relevant taking into account that the Bank continues to invest in technology and innovation, and that it operates in both mature and emerging markets, with high inflation rates. The fact that revenue has grown more than expenses has led to a clear improvement in CIB’s efficiency ratio, which closed the first quarter of 2014 at 26.9% (28.7% a year earlier) and with operating income growing at 19.1% year-on-year.
- Lastly, impairment losses on financial assets declined by 29.8% compared with the same period in 2013.
