Balance sheet and business activity
The most relevant aspects related to the evolution of the Group's balance sheet and business activity as of March 31, 2025 are summarized below:
- Loans and advances to customers increased 1.2% in the quarter, particularly favored by the evolution of loans in the wholesale segment, where loans to companies (+2.0% at Group level), and to a lesser extent, to the public sector (+3.7%), stood out. Loans to individuals remained stable in the quarter, with a decrease mainly in credit cards (seasonal due to year-end campaigns), offset by the rest of products.
- Customer funds increased by 1.9% compared to the end of the previous year, driven by the growth in customer deposits (+1.8%), mainly due to the favorable evolution of time deposits (+5.2%), and by the evolution of investment funds and managed portfolios (+2.9%), with an outstanding performance of these off-balance sheet products in Spain and Mexico.
| CONSOLIDATED BALANCE SHEET (MILLIONS OF EUROS) | |||
|---|---|---|---|
| 31-03-25 | ∆ % | 31-12-24 | |
| Cash, cash balances at central banks and other demand deposits | 50,406 | (1.4) | 51,145 |
| Financial assets held for trading | 101,716 | (6.6) | 108,948 |
| Non-trading financial assets mandatorily at fair value through profit or loss | 10,570 | 0.2 | 10,546 |
| Financial assets designated at fair value through profit or loss | 929 | 11.1 | 836 |
| Financial assets at fair value through accumulated other comprehensive income | 59,718 | 1.2 | 59,002 |
| Financial assets at amortized cost | 512,434 | 2.0 | 502,400 |
| Loans and advances to central banks and credit institutions | 32,197 | 4.2 | 30,909 |
| Loans and advances to customers | 417,266 | 1.2 | 412,477 |
| Debt securities | 62,972 | 6.7 | 59,014 |
| Investments in joint ventures and associates | 981 | (0.8) | 989 |
| Tangible assets | 9,530 | (2.3) | 9,759 |
| Intangible assets | 2,492 | 0.1 | 2,490 |
| Other assets | 24,086 | (8.4) | 26,287 |
| Total assets | 772,863 | 0.1 | 772,402 |
| Financial liabilities held for trading | 76,246 | (11.9) | 86,591 |
| Other financial liabilities designated at fair value through profit or loss | 15,309 | 2.4 | 14,952 |
| Financial liabilities at amortized cost | 594,752 | 1.8 | 584,339 |
| Deposits from central banks and credit institutions | 47,455 | (3.3) | 49,074 |
| Deposits from customers | 455,708 | 1.8 | 447,646 |
| Debt certificates | 71,987 | 3.0 | 69,867 |
| Other financial liabilities | 19,601 | 10.4 | 17,753 |
| Liabilities under insurance and reinsurance contracts | 11,392 | 3.7 | 10,981 |
| Other liabilities | 15,901 | 2.4 | 15,525 |
| Total liabilities | 713,599 | 0.2 | 712,388 |
| Non-controlling interests | 4,187 | (3.9) | 4,359 |
| Accumulated other comprehensive income | (17,948) | 4.2 | (17,220) |
| Shareholders’ funds | 73,025 | 0.2 | 72,875 |
| Total equity | 59,264 | (1.3) | 60,014 |
| Total liabilities and equity | 772,863 | 0.1 | 772,402 |
| Memorandum item: | |||
| Guarantees given | 66,090 | 2.9 | 64,257 |
| LOANS AND ADVANCES TO CUSTOMERS (MILLIONS OF EUROS) | |||
|---|---|---|---|
| 31-03-25 | ∆ % | 31-12-24 | |
| Public sector | 22,918 | 3.7 | 22,108 |
| Individuals | 177,869 | 0.1 | 177,751 |
| Mortgages | 95,370 | 0.8 | 94,577 |
| Consumer | 46,399 | 1.8 | 45,562 |
| Credit cards | 25,047 | (3.9) | 26,067 |
| Other loans | 11,052 | (4.3) | 11,544 |
| Business | 214,116 | 2.0 | 210,017 |
| Non-performing loans | 13,771 | (3.1) | 14,211 |
| Loans and advances to customers (gross) | 428,673 | 1.1 | 424,087 |
| Allowances (1) | (11,408) | (1.7) | (11,611) |
| Loans and advances to customers | 417,266 | 1.2 | 412,477 |
(1) Allowances include valuation adjustments for credit risk throughout the expected residual life in those financial instruments that have been acquired (mainly originating from the acquisition of Catalunya Banc, S.A.). As of March 31, 2025, December 31, 2024 and March 31, 2024 the remaining amount was €101m, €107m and €134m respectively.
LOANS AND ADVANCES TO CUSTOMERS
(BILLIONS OF EUROS)
(1) At constant exchange rates: +3.3%.
CUSTOMER FUNDS
(BILLIONS OF EUROS)
(1) At constant exchange rates: +4.0%.
| CUSTOMER FUNDS (MILLIONS OF EUROS) | |||
|---|---|---|---|
| 31-03-25 | ∆ % | 31-12-24 | |
| Deposits from customers | 455,708 | 1.8 | 447,646 |
| Current accounts | 330,383 | (0.4) | 331,780 |
| Time deposits | 111,882 | 5.2 | 106,362 |
| Other deposits | 13,442 | 41.4 | 9,503 |
| Other customer funds | 196,989 | 2.3 | 192,604 |
| Mutual funds and investment companies and customer portfolios (1) | 160,843 | 2.9 | 156,265 |
| Pension funds | 31,335 | (0.9) | 31,614 |
| Other off-balance sheet funds | 4,811 | 1.8 | 4,726 |
| Total customer funds | 652,696 | 1.9 | 640,250 |
(1) Includes the customer portfolios in Spain, Mexico, Peru (preliminary data) and Colombia (preliminary data).