Corporate Center
| FINANCIAL STATEMENTS (MILLIONS OF EUROS AND PERCENTAGE) | |||
|---|---|---|---|
| Income statement | 1Q24 | ∆ % | 1Q23 (1) |
| Net interest income | (76) | 25.9 | (60) |
| Net fees and commissions | (4) | (2.8) | (4) |
| Net trading income | (269) | 4.4 | (258) |
| Other operating income and expenses | 5 | (56.1) | 12 |
| Gross income | (344) | 10.7 | (311) |
| Operating expenses | (167) | (8.3) | (182) |
| Personnel expenses | (181) | 18.3 | (153) |
| Other administrative expenses | 68 | 215.6 | 21 |
| Depreciation | (53) | 6.2 | (50) |
| Operating income | (511) | 3.7 | (493) |
| Impairment on financial assets not measured at fair value through profit or loss | 1 | n.s. | 0 |
| Provisions or reversal of provisions and other results | 36 | n.s. | (3) |
| Profit (loss) before tax | (474) | (4.3) | (495) |
| Income tax | 129 | n.s. | (16) |
| Profit (loss) for the period | (345) | (32.5) | (511) |
| Non-controlling interests | (5) | 28.9 | (4) |
| Net attributable profit (loss) excluding non-recurring impacts | (350) | (32.1) | (515) |
Balance sheets | 31-03-24 | ∆ % | 31-12-23 |
| Cash, cash balances at central banks and other demand deposits | 630 | (7.9) | 684 |
| Financial assets designated at fair value | 2,745 | 9.2 | 2,512 |
| Of which: Loans and advances | (0) | n.s. | - |
| Financial assets at amortized cost | 4,098 | 13.2 | 3,622 |
| Of which: Loans and advances to customers | 455 | 97.5 | 230 |
| Inter-area positions | - | - | - |
| Tangible assets | 1,751 | 1.4 | 1,727 |
| Other assets | 13,987 | (3.7) | 14,530 |
| Total assets/liabilities and equity | 23,211 | 0.6 | 23,074 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 279 | 122.6 | 125 |
| Deposits from central banks and credit institutions | 757 | (1.1) | 765 |
| Deposits from customers | 204 | 12.4 | 181 |
| Debt certificates | 1,140 | 200.4 | 380 |
| Inter-area positions | 3,897 | (32.9) | 5,809 |
| Other liabilities | 6,172 | 72.4 | 3,581 |
| Regulatory capital allocated | (45,016) | 4.6 | (43,033) |
| Total equity | 55,778 | 0.9 | 55,265 |
(1) Restated balances. For more information, please refer to the “Business Areas” section.
Results
The Corporate Center recorded a net attributable loss of €-350m between January and March of 2024, which is an improvement compared with the €-515m recorded in the same period of the previous year.
In the year-on-year evolution of the results of this aggregate, it is worth highlighting:
- Operating expenses of the Corporate Center have resulted to be more moderate, as a result of the increase in costs charged to the business areas related to technological projects developed at the corporate level, which represent income for this aggregate.
- The provisions line reflects the positive impact of the reversal of the impairments for the investments in associated companies.
- Lastly, the Corporate Center's tax expense reflects the difference between the effective tax rate in the period for each business area and the Group's expected tax rate for the year as a whole. The year-on-year comparison is affected by the tax expense of the first quarter of 2023, which included the positive one-off effect recorded in Turkey derived from a tax change in that country11.
11 For more information on this matter, please refer to the information included in "Turkey", within the "Business areas" section.