The United States

The United States highlights in 2011

Compliance with the business plan and progress in constructing the franchise.
Resilient net interest income despite unfavorable interest rates.
Growth in target portfolios more than offsets the fall in construction real-estate lending.
Continued improvement in risk indicators.

Income statement

(Million euros)

	The United States					Units
	The United States					BBVA Compass Banking Group
	2011	∆%	∆% ⁽¹⁾	2010	2009	2011	∆%	∆% ⁽¹⁾	2010
Net interest income	1,590	(11.4)	(7.4)	1,794	1,679	1,400	(9.6)	(6.2)	1,566
Net fees and commissions	632	(2.9)	1.1	651	612	525	(4.0)	0.3	549
Net trading income	140	(10.6)	(8.1)	156	155	94	(4.2)	0.0	98
Other income/expenses	(85)	70.1	79.0	(50)	(34)	(83)	72.8	89.9	(46)
Gross income	2,277	(10.7)	(7.0)	2,551	2,412	1,936	(9.6)	(6.3)	2,168
Operating income	(1,491)	(1.7)	2.8	(1,517)	(1,365)	(1,300)	(3.5)	0.9	(1,352)
Personnel expenses	(819)	8.8	13.6	(753)	(700)	(715)	6.7	12.8	(665)
General and administratve expenses	(502)	(11.1)	(7.1)	(565)	(459)	(420)	(13.2)	(10.5)	(493)
Deprecation and amortization	(170)	(14.8)	(10.6)	(199)	(205)	(165)	(13.6)	(10.9)	(194)
Operating income	786	(24.0)	(21.1)	1,034	1,047	636	(19.9)	(18.2)	816
Impairment on financial assets (net)	(346)	(50.9)	(48.7)	(703)	(1,424)	(332)	(39.6)	(41.2)	(592)
Provisions (net) and other gains (losses)	(1,501)	n.m.	n.m.	(22)	(1,051)	(1,480)	n.m.	n.m.	(18)
Income before taxes	(1,061)	n.m.	n.m.	309	(1,428)	(1,175)	n.m.	n.m.	206
Income taxes	339	n.m.	n.m.	(69)	478	362	n.m.	n.m.	(57)
Net incomes	(722)	n.m.	n.m.	239	(950)	(814)	n.m.	n.m.	149
Non-controlling interests	-	-	-	-	-	-	-	-	-
Net attributable profit	(722)	n.m.	n.m.	239	(950)	(814)	n.m.	n.m.	149
Net one-offs ⁽²⁾	(1,011)	-	-	-	(1,050)	(1,011)	-	-,	-
Net attributable profit (excluding one-offs)	289	20.8	23.2	239	100	197	29.4	39.3	149

(1) At constant exchange rate. (2) In the fourth quarter of 2011 a charge was booked for goodwill impairment in the United States, and in the fourth quarter of 2009, there was a charge for extraordinary provisions and a change for goodwill impairment in the United States.

Balance sheet

(Million euros)

	The United States					Units
	The United States					BBVA Compass Banking Group
	31-12-11	∆%	∆% ⁽¹⁾	31-12-10	31-12-09	31-12-11	∆%	∆% ⁽¹⁾	31-12-10
Cash and balances with central banks	3,379	47.9	43.3	2,284	871	2,103	(2.8)	(6.1)	2,170
Financial assets	8,375	12.1	8.6	7,470	6,954	7,486	11.5	9.2	6,638
Loans and receivables	40,647	2.3	(0.9)	39,729	42,434	33,228	6.3	3.6	31,046
Loans and advances to customers	38,927	1.4	(1.9)	38,408	40,053	32,118	5.3	2.6	30,326
Loans and advances to credit institutions and others	1,720	30.2	26.1	1,321	2,381	1,110	48.8	49.3	720
Inter-area positions	-	-	-	4,844	24,364	-	-	-	107
Tangible assets	833	4.7	1.4	795	711	794	4.4	1.6	757
Other assets	2,179	(11.2)	(14.0)	2,453	2,342	1,927	(9.4)	(13.3)	2,152
Total assets/Liabilities and equity	55,413	(3.8)	(6.8)	57,575	77,676	45,538	5.6	2.9	42,869
Deposits from cental banks and credit institutions	6,338	(5.3)	(8.3)	6,690	7,505	4,112	24.0	22.7	3,246
Deposits from customers	37,777	(10.8)	(13.6)	42,343	62,200	34,659	3.3	0.4	33,433
Debt certificates	363	(27.5)	(29.8)	501	510	-	-	-	-
Subordinated liabilities	1,211	6.1	2.7	1,141	1,118	963	9.4	6.9	873
Inter-area positions	2,466	-	-	-	-	-	-	-	-
Financial liabilities held for trading	454	26.1	22.1	360	187	440	51.2	51.9	280
Other liabilities	3,634	1.8	(1.4)	3,568	3,161	2,814	3.9	1.1	2,696
Economic capital allocated	3,170	6.7	3.3	2,972	2,995	2,549	8.0	5.4	2,341

(1) At constant exchange rate.

Significant ratios

(Percentage)

	The United States
	31-12-11	31-12-10	31-12-09
Efficiency ratio	65.5	59.5	56.6
NPA ratio	3.6	4.4	4.2
NPA coverage ratio	73	61	58
Risk premium	0.93	1.69	3.34