Impairment losses on financial assets totaled €5,776m, down 27.6% on the figure for 2012, which included impairment on assets related to the real-estate sector in Spain. This is despite the fact that in the third quarter of 2013 this heading registered a one-off increase due to the effect of the classification of refinanced loans.
BBVA Group. Impairment losses on financial assets
(Million euros)
Provisions totaled €630m for the year, down €21m on the figure for 2012. This heading includes, among other items, early retirement costs, provisions for contingent liabilities, contributions to pension funds and other commitments to staff.
Other gains (losses) include various items, such as the provisions made for real-estate and foreclosed or acquired assets in Spain. It totaled a negative €1,040m in the year as a whole (a negative €1,726m in 2012).
Lastly, the new heading results from corporate operations includes the following items in 2013: results from the Group’s pension businesses in Latin America, including the capital gains from the sale of the different companies (Mexico in the first quarter, Colombia and Peru in the second, and Chile in the fourth); the capital gains from the sale of BBVA Panama (fourth quarter); the capital gains generated by the reinsurance operation on the individual life and accident insurance portfolio in Spain (first quarter); and the effect of the new agreement with CITIC Group (fourth quarter), basically valuing BBVA’s stake in CNCB marked to market and accounting for earnings from CNCB using the equity method until the moment of the sale agreement (not including dividends). In 2012, this item includes the badwill generated in the Unnim operation, the result from the sale of BBVA Puerto Rico and the historical figures of the pension business and the income by the equity method of CNCB. Lastly, 2011 includes the earnings from the pension business and the income by the equity method of CNCB, as the historical series have been reconstructed to make them more homogenous and comparable.
Breakdown of results from corporate operations
(Million euros)
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2013 | 2012 | 2011 |
|---|---|---|---|
| Results and net capital gains from the pensions business in Latin America | 1,866 | 392 | 246 |
| CNCB impacts (1) | (2,374) | 550 | 499 |
| Sale of BBVA Panama | 230 | - | - |
| Reinsurance agreement on the individual life and accident insurance portfolio in Spain | 630 | - | - |
| Unnim badwill (net) | - | 376 | - |
| Sale of BBVA Puerto Rico (1) | - | (15) | - |
| Income tax from corporate operations | 471 | - | - |
| Results from corporate operations | 823 | 1,303 | 745 |
