BBVA in 2013


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The Uruguayan economy slowed slightly in 2013. However, on the demand side, private consumption has grown strongly and investment is at all-time highs. Inflation stands at 9%.

BBVA Uruguay remains in second place in the ranking of private banks by volume of lending, with a year-on-year growth of 34.6% in performing loans and a market share of 20.3% according to the latest available information. Customer funds have increased year-on-year by 17.9%, positioning BBVA in third place in the ranking. The net attributable profit of BBVA Uruguay in 2013 is €19m, a decline of 7.9%, which is explained by the increase in impairment losses on financial assets, as revenue increased by 5.1% and operating income by 4.8%.

The most relevant highlights this year are summarized below:

  • In the corporate segment, the conclusion of an alliance with one of the main importers of agricultural machinery, which has extended the customer base and volume of business through the funding provided.
  • In the segment of private individuals, several actions have been carried out: Re-segmentation of the customer portfolio and improvement of cross-selling and productivity. In credit cards, a commercial agreement has been signed with the biggest retailer in Uruguay, which has increased the number of new customers and thus extended coverage across the country. In mortgage loans, a new line has been incorporated under an agreement with the National Housing Agency (a government body) and Banco Hipotecario del Uruguay, which allows finance for up to 90% of the home. This has given the bank access to social housing projects. In loans for car purchases, a number of alliances have been made with the main car manufacturers, through products designed for each segment. Lastly, a campaign called “AhorroMás” was launched in November to gather time deposits in local currency.
  • In channels, the design of the “Cliente Digital” (Digital Customer) project began, involving the development of the public website and BBVA Net, as well as a boost to mobile banking. In addition, the campaign “Un Cliente, Un Cliente Digital” (One Customer, One Digital Customer) was launched to promote the use of digital channels.
  • In insurance, a new platform has been developed to manage and launch new products, such as MediMapfre, 24-hour assistance, new life and savings insurance and fraud insurance, among others, which explains the year-on-year growth recorded in insurance premiums (up 92%) and fees generated (up 119%).