Additional pro forma information: Corporate & Investment Banking
Highlights
- The upward trend in lending continues, with sustained quarter-on-quarter growth
- Favorable evolution of recurrent revenues and NTI in the first half of the year
- Solid gross income in all business divisions
- Outstanding attributable profit in the first half of the year
BUSINESS ACTIVITY (1) (VARIATION AT CONSTANT EXCHANGE RATES COMPARED TO 31-12-24)
(1) Excluding repos.
RECURRING REVENUES / AVERAGE TOTAL ASSETS
(PERCENTAGE AT CONSTANT EXCHANGE RATES)
OPERATING INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +13.1%.
NET ATTRIBUTABLE PROFIT (LOSS)
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +15.4%.
The pro forma information of CIB does not include the application of hyperinflation accounting nor the wholesale business of the Group in Venezuela.
| FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) | ||||
|---|---|---|---|---|
| Income statement | 1H25 | 𝚫 % | 𝚫 % (1) | 1H24 (2) |
| Net interest income | 1,458 | 20.6 | 40.3 | 1,210 |
| Net fees and commissions | 669 | 9.9 | 21.3 | 609 |
| Net trading income | 1,091 | 3.6 | 15.9 | 1,053 |
| Other operating income and expenses | (25) | (21.4) | (11.8) | (31) |
| Gross income | 3,194 | 12.5 | 27.5 | 2,840 |
| Operating expenses | (848) | 10.8 | 19.6 | (765) |
| Personnel expenses | (380) | 11.0 | 17.7 | (343) |
| Other administrative expenses | (407) | 11.1 | 22.7 | (366) |
| Depreciation | (60) | 7.5 | 11.8 | (56) |
| Operating income | 2,346 | 13.1 | 30.7 | 2,074 |
| Impairment on financial assets not measured at fair value through profit or loss | 55 | 56.8 | 232.3 | 35 |
| Provisions or reversal of provisions and other results | 6 | (48.7) | (50.9) | 12 |
| Profit (loss) before tax | 2,407 | 13.5 | 32.0 | 2,121 |
| Income tax | (690) | 12.3 | 31.6 | (615) |
| Profit (loss) for the period | 1,717 | 14.0 | 32.1 | 1,507 |
| Non-controlling interests | (164) | 1.9 | 19.8 | (161) |
| Net attributable profit (loss) | 1,553 | 15.4 | 33.5 | 1,346 |
| Balance sheets | 30-06-25 | 𝚫 % | 𝚫 % (1)| 31-12-24 (2)
| |
| Cash, cash balances at central banks and other demand deposits | 4,974 | (46.7) | (40.7) | 9,333 |
| Financial assets designated at fair value | 106,247 | (5.3) | (4.7) | 112,237 |
| Of which: Loans and advances | 35,485 | (3.5) | (3.3) | 36,785 |
| Financial assets at amortized cost | 121,212 | 5.8 | 10.4 | 114,620 |
| Of which: Loans and advances to customers | 98,893 | 6.4 | 11.6 | 92,966 |
| Inter-area positions | — | — | — | — |
| Tangible assets | 198 | 1.8 | 11.4 | 194 |
| Other assets | (3,334) | n.s. | n.s. | 16,111 |
| Total assets/liabilities and equity | 229,297 | (9.2) | (6.6) | 252,495 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 78,720 | (2.2) | (1.9) | 80,460 |
| Deposits from central banks and credit institutions | 31,978 | (7.5) | (6.9) | 34,589 |
| Deposits from customers | 66,769 | (2.3) | 3.4 | 68,346 |
| Debt certificates | 7,604 | 16.7 | 17.3 | 6,516 |
| Inter-area positions | 28,018 | (35.0) | (32.2) | 43,094 |
| Other liabilities | 3,887 | (43.4) | (40.3) | 6,872 |
| Regulatory capital allocated | 12,321 | (2.4) | 2.7 | 12,617 |
| Relevant business indicators | 30-06-25 | 𝚫 % | 𝚫 % (1)| 31-12-24 (2)
| |
| Performing loans and advances to customers under management (3) | 97,689 | 5.1 | 10.3 | 92,914 |
| Non-performing loans | 533 | (11.1) | 6.5 | 599 |
| Customer deposits under management (3) | 61,463 | (4.2) | 1.6 | 64,174 |
| Off-balance sheet funds (4) | 3,874 | 0.8 | 8.8 | 3,844 |
| Efficiency ratio (%) | 26.5 | 28.6 | ||
| General note: For the translation of the income statement in those countries where hyperinflation accounting is applied, the punctual exchange rate as of June 30, 2025. (1) At constant exchange rates. (2) Revised balances. For more information, please refer to the “Business Areas” section. (3) Excluding repos. (4) Includes mutual funds, customer portfolios and other off-balance sheet funds. |
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Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. For the conversion of these figures in those countries in which accounting for hyperinflation is applied, the end of period exchange rate as of June 30, 2025 is used. These rates, together with changes at current exchange rates, can be found in the attached tables of financial statements and relevant business indicators. When making comments referring to Europe in this area, Spain is excluded.
Activity
The most relevant aspects related to the area's activity in the first half of 2025 were:
Lending activity in the Group's wholesale businesses remained strong, with balances growing by 10.3% over the end of 2024; the United States, Europe and Asia drove this growth, with notable operations in project finance and corporate lending.
Customer funds increased (+2.0%) in the first half, with a mixed performance by geographical area.
The most relevant aspects related to the area's activity in the second quarter of 2025 were:
Lending stood at the end of June 2025, 5.5% above the balance at March 31, 2025, continuing the upward trend shown in recent quarters. It was observed a particularly strong growth both in transactional business and in Investment Banking & Finance (IB&F).
Customer funds decreased by 4.5% during the second quarter of the year 2025, due to lower balances deposited, generally in all geographical areas except Asia and South America.
Results
CIB generated a net attributable profit of €1,553m in the first half of 2025, up 33.5% compared to the same period of the previous year and reflects the strength of the Group's wholesale businesses, with the aim of offering a value proposition focused on the needs of its customers16.
All business divisions posted double-digit revenue growth: Global Markets with good behavior in all its products, particularly in currency, credit and interest rates; Global Transaction Banking (GTB), thanks to the positive evolution of recurring revenues, mainly net interest income; excellent first half in IB&F, with singular operations in fees and the good evolution of net interest income.
The most relevant aspects of the year-on-year income statement evolution of this aggregate as of end of June 2025 are summarized below:
Net interest income increased by 40.3%, thanks to the continued growth of the portfolio in both 2024 and in the first half of 2025, as well as effective price management. By geographical areas, Turkey and Mexico showed higher growth, followed by the United States.
Net fees and commissions grew by 21.3%, with relevant agreements in all the geographical areas, where Mexico, and Rest of Business stand out. Noteworthy was the issuance activity in the primary debt market, treasury management in Mexico and significant operations in project finance and corporate loans.
In the NTI line (+15.9%), the Global Markets unit showed a favorable evolution. Of note in the first half were equity and currency operations. Trading activity grew year-on-year, with special mention of the evolution of Rest of Business.
Operating expenses increased by 19.6% due to higher personnel expenses associated with strategic plans and new capacities, as well as growth in technology expenses, associated with the execution of strategic projects for the area. However, the efficiency ratio stood at 26.5% at the end of June, which represents an improvement of 177 basis points compared to the first half of 2024, thanks to the strong growth in gross income.
Provisions for impairment on financial assets line recorded a release of €55m, 232.3% higher than in the same period of 2024, mainly originating in Turkey, and to a lesser extent, in Peru.
In the second quarter of 2025 and excluding the effect of the variation in exchange rates, the Group's wholesale businesses generated a net attributable profit of €766m (-2.7% compared to the previous quarter). This evolution is negatively impacted by the behavior of the ROF.
16 CIB results do not include the application of hyperinflation accounting.
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