Highlights in the first quarter of 2014
- Financial statements impacted by the depreciation of the Argentinean peso and the application of the exchange rate resulting from SICAD I in Venezuela.
- Sound growth rates of activity.
- Good risk indicators.
- Recurring revenue remains strong.
- BBVA “Best Bank in Peru, Venezuela and Uruguay” according to Global Finance.
Financial statements and relevant business indicators
(Million euros and percentage)
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| Income statement |
1Q14 |
Δ % |
Δ % (1) |
1Q13 |
| Net interest income |
934 |
(9.3) |
34.1 |
1,030 |
| Net fees and commissions |
173 |
(14.9) |
21.3 |
203 |
| Net trading income |
152 |
(18.7) |
26.4 |
187 |
| Other income/expenses |
(99) |
5.3 |
205.8 |
(94) |
| Gross income |
1,160 |
(12.6) |
25.2 |
1,327 |
| Operating expenses |
(494) |
(12.5) |
22.6 |
(565) |
| Personnel expenses |
(245) |
(14.2) |
18.4 |
(286) |
| General and administrative expenses |
(215) |
(10.6) |
26.4 |
(240) |
| Depreciation and amortization |
(34) |
(11.8) |
30.7 |
(39) |
| Operating income |
666 |
(12.6) |
27.1 |
762 |
| Impairment on financial assets (net) |
(137) |
(9.3) |
20.7 |
(151) |
| Provisions (net) and other gains (losses) |
(27) |
(1.2) |
174.8 |
(27) |
| Income before tax |
503 |
(14.0) |
25.4 |
585 |
| Income tax |
(142) |
2.4 |
44.8 |
(139) |
| Net income |
361 |
(19.0) |
19.1 |
446 |
| Non-controlling interests |
(117) |
(20.1) |
26.1 |
(146) |
| Net attributable profit |
244 |
(18.5) |
16.0 |
300 |
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| Balance sheet |
31-03-14 |
Δ % |
Δ % (1) |
31-03-13 |
| Cash and balances with central banks |
11,076 |
(8.7) |
25.9 |
12,135 |
| Financial assets |
9,292 |
(15.3) |
10.7 |
10,965 |
| Loans and receivables |
47,225 |
(3.4) |
27.1 |
48,872 |
| Loans and advances to customers |
42,700 |
(3.5) |
25.9 |
44,256 |
| Loans and advances to credit institutions and other |
4,525 |
(2.0) |
39.7 |
4,616 |
| Tangible assets |
795 |
(1.3) |
35.6 |
805 |
| Other assets |
1,620 |
0.4 |
32.6 |
1,614 |
| Total assets/liabilities and equity |
70,009 |
(5.9) |
24.7 |
74,391 |
| Deposits from central banks and credit institutions |
4,417 |
(26.0) |
(9.7) |
5,965 |
| Deposits from customers |
48,058 |
(4.8) |
29.0 |
50,506 |
| Debt certificates |
3,783 |
3.4 |
25.1 |
3,660 |
| Subordinated liabilities |
1,243 |
(11.4) |
7.2 |
1,402 |
| Financial liabilities held for trading |
1,358 |
50.0 |
86.3 |
906 |
| Other liabilities |
8,242 |
(6.5) |
22.5 |
8,812 |
| Economic capital allocated |
2,907 |
(7.4) |
23.1 |
3,140 |
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| Relevant business indicators |
31-03-14 |
31-12-13 |
31-03-13 |
| Loans under management (1) |
43,334 |
41,965 |
34,598 |
| Customer deposits under management (1-2) |
52,128 |
49,049 |
40,452 |
| Mutual funds |
3,220 |
2,952 |
3,807 |
| Pension funds |
3,656 |
3,600 |
3,117 |
| Efficiency ratio (%) |
42.6 |
42.5 |
42.6 |
| NPA ratio (%) |
2.2 |
2.1 |
2.2 |
| NPA coverage ratio (%) |
136 |
141 |
143 |
| Risk premium (%) |
1.23 |
1.50 |
1.33 |
(1) Figures at constant exchange rates.
(2) Excluding repos and including specific marketable debt securities.
