In general terms, business activity in the first quarter of 2014 maintains the same trends as in previous quarters: reduction of exposure to developer risk and maintenance of the level of property sales with respect to the same period last year.
The income statement for the business area continues to be shaped by three main elements: loan-loss provisioning to the developer sector, the effect of real-estate sales and the repricing of foreclosed assets to market value. These elements have had a markedly less negative impact in the quarter than in previous periods.
