Highlights in the first quarter of 2014
- Start of the recovery.
- Change in trend in the performance of certain loan portfolios.
- Improvement of the trend of additions to NPAs with respect to previous quarters.
- Customer spread improvement.
- Toward normalized levels of provisions.
Financial statements and relevant business indicators
(Million euros and percentage)
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| Income statement |
1Q14 |
Δ % |
1Q13 |
| Net interest income |
933 |
(13.0) |
1,073 |
| Net fees and commissions |
348 |
1.4 |
343 |
| Net trading income |
437 |
97.2 |
221 |
| Other income/expenses |
39 |
43.8 |
27 |
| Gross income |
1,756 |
5.5 |
1,664 |
| Operating expenses |
(706) |
(7.9) |
(767) |
| Personnel expenses |
(437) |
(9.8) |
(485) |
| General and administrative expenses |
(242) |
(5.7) |
(257) |
| Depreciation and amortization |
(26) |
6.0 |
(25) |
| Operating income |
1,050 |
17.0 |
897 |
| Impairment on financial assets (net) |
(463) |
(25.1) |
(618) |
| Provisions (net) and other gains (losses) |
(35) |
(55.9) |
(79) |
| Income before tax |
552 |
176.3 |
200 |
| Income tax |
(165) |
203.4 |
(54) |
| Net income from ongoing operations |
387 |
166.2 |
145 |
| Results from corporate operations |
- |
- |
440 |
| Net income |
387 |
(33.9) |
585 |
| Non-controlling interests |
(1) |
(87.0) |
(7) |
| Net attributable profit |
386 |
(33.3) |
579 |
| Net attributable profit (excluding results from corporate operations) |
386 |
178.4 |
139 |
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| Balance sheet |
31-03-14 |
Δ % |
31-03-13 |
| Cash and balances with central banks |
4,468 |
3.9 |
4,299 |
| Financial assets |
108,378 |
2.7 |
105,502 |
| Loans and receivables |
189,837 |
(8.4) |
207,171 |
| Loans and advances to customers |
174,561 |
(8.9) |
191,632 |
| Loans and advances to credit institutions and other |
15,276 |
(1.7) |
15,539 |
| Inter-area positions |
8,735 |
(46.3) |
16,279 |
| Tangible assets |
746 |
(8.3) |
814 |
| Other assets |
1,489 |
(8.5) |
1,627 |
| Total assets/liabilities and equity |
313,652 |
(6.6) |
335,691 |
| Deposits from central banks and credit institutions |
57,306 |
1.0 |
56,750 |
| Deposits from customers |
156,123 |
2.9 |
151,749 |
| Debt certificates |
48,236 |
(25.7) |
64,892 |
| Subordinated liabilities |
2,123 |
(30.0) |
3,033 |
| Inter-area positions |
- |
- |
- |
| Financial liabilities held for trading |
40,193 |
(13.3) |
46,347 |
| Other liabilities |
1,365 |
(12.5) |
1,559 |
| Economic capital allocated |
8,307 |
(26.9) |
11,361 |
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| Relevant business indicators |
31-03-14 |
31-12-13 |
31-03-13 |
| Loans under management (1) |
170,691 |
168,594 |
189,359 |
| Customer deposits under management (2) |
136,192 |
136,921 |
130,369 |
| Mutual funds |
23,783 |
22,298 |
19,259 |
| Pension funds |
20,994 |
20,428 |
19,019 |
| Efficiency ratio (%) |
40.2 |
49.4 |
46.1 |
| NPA ratio (%) |
6.4 |
6.4 |
4.3 |
| NPA coverage ratio (%) |
41 |
41 |
50 |
| Risk premium (%) |
1.04 |
1.36 |
1.28 |
(1) Includes funding for segments managed by CBB through fixed-income.
(2) Excluding repos. Including promissory notes sold by the retail network.
