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BBVA in 2013

Conciliation of BBVA Group financial statements

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Below are the Group’s financial statements with and without the early application of IFRS 10, 11 and 12. The early application of these standards means consolidating the stake in Garanti Group by the equity method instead of by the proportional consolidation method. In terms of reporting to the market, the proportional consolidation method is better for evaluating the nature and financial effects of Garanti Group’s business activities, consistent with the information from previous periods, and more coherent in its effects on capital adequacy. Moreover, the inclusion under the heading “Results from corporate operations” of all the impacts of such operations (which are described in this report) on the BBVA Group’s earnings and the reconstruction, where applicable, of the historical series to guarantee a homogeneous comparison of the accounts.

Consolidated income statement BBVA Group

(Million euros)

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Garanti Group consolidated using
the proportional consolidation
and with new heading
“Results from corporate operations”

Garanti Group consolidated
using the equity method

2013 2012 2011
2013 2012 2011
Net interest income 14,613 15,122 13,152
13,900 14,474 12,724
Net fees and commissions 4,431 4,353 4,031
4,250 4,156 3,894
Net trading income 2,527 1,767 1,481
2,511 1,705 1,480
Dividend income 365 527 601
235 390 562
Income by the equity method 72 41 57
694 1,039 787
Other operating income and expenses (612) 82 206
(632) 60 193
Gross income 21,397 21,892 19,528
20,958 21,824 19,640
Operating expenses (11,201) (10,786) (9,737)
(9,701) (9,396) (8,634)
Personnel expenses (5,788) (5,662) (5,191)
(5,588) (5,467) (5,053)
General and administrative expenses (4,280) (4,106) (3,707)
(4,113) (3,929) (3,581)
Depreciation and amortization (1,133) (1,018) (839)
(1,095) (978) (810)
Operating income 10,196 11,106 9,791
10,162 11,450 10,196
Impairment on financial assets (net) (5,776) (7,980) (4,226)
(5,612) (7,859) (4,185)
Provisions (net) (630) (651) (509)
(609) (641) (503)
Other gains (losses) (1,040) (1,726) (2,110)
(2,781) (1,368) (2,110)
Income before tax 2,750 749 2,946
1,160 1,582 3,398
Income tax (593) 276 (206)
(46) 352 (158)
Net income from ongoing operations 2,158 1,024 2,740
1,114 1,934 3,240
Net income from discontinued operations - - -
1,866 393 245
Results from corporate operations 823 1,303 745
- - -
Net income 2,981 2,327 3,485
2,981 2,327 3,485
Non-controlling interests (753) (651) (481)
(753) (651) (481)
Net attributable profit 2,228 1,676 3,004
2,228 1,676 3,004
Consolidated balance sheet BBVA Group

(Million euros)

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Garanti consolidated using
the proportional consolidation

Garanti Group consolidated
using the equity method

2013 2012 2011
2013 2012 2011
Cash and balances with central banks 37,064 37,434 30,939
34,903 35,494 29,841
Financial assets held for trading 72,301 79,954 70,602
72,112 79,829 70,471
Other financial assets designated at fair value 2,734 2,853 2,977
2,413 2,530 2,773
Available-for-sale financial assets 80,848 71,500 58,143
77,774 67,500 54,641
Loans and receivables 363,575 383,410 381,077
350,945 371,347 369,916
Loans and advances to credit institutions 24,203 26,522 26,107
22,862 25,448 24,503
Loans and advances to customers 334,744 352,931 351,900
323,607 342,163 342,543
Other 4,628 3,957 3,069
4,476 3,736 2,870
Held-to-maturity investments - 10,162 10,955
- 10,162 10,955
Investments in entities accounted for using
the equity method
1,497 6,795 5,843
4,742 10,782 9,299
Tangible assets 7,723 7,785 7,330
7,534 7,572 7,126
Intangible assets 8,165 8,912 8,677
6,759 7,132 6,880
Other assets 25,576 28,980 21,145
25,393 28,724 20,936
Total assets 599,482 637,785 597,688
582,575 621,072 582,838
Financial liabilities held for trading 45,782 55,927 51,303
45,648 55,834 51,178
Other financial liabilities at fair value 2,772 2,516 1,825
2,467 2,216 1,621
Financial liabilities at amortized cost 480,307 506,487 479,904
464,141 490,605 465,717
Deposits from central banks
and credit institutions
87,746 106,511 92,503
83,315 102,150 89,478
Deposits from customers 310,176 292,716 282,173
300,490 282,795 272,402
Debt certificates 65,497 87,212 81,930
64,120 86,255 81,124
Subordinated liabilities 10,579 11,831 15,419
10,556 11,815 15,303
Other financial liabilities 6,309 8,216 7,879
5,659 7,590 7,410
Liabilities under insurance contracts 9,844 9,032 7,737
9,834 9,020 7,729
Other liabilities 15,962 20,021 16,861
15,636 19,595 16,535
Total liabilities 554,667 593,983 557,630
537,725 577,270 542,780
Non-controlling interests 2,371 2,372 1,893
2,371 2,372 1,893
Valuation adjustments (3,866) (2,184) (2,787)
(3,831) (2,184) (2,787)
Shareholders' funds 46,310 43,614 40,952
46,310 43,614 40,952
Total equity 44,815 43,802 40,058
44,850 43,802 40,058
Total equity and liabilities 599,482 637,785 597,688
582,575 621,072 582,838
Memorandum item:

Contingent liabilities 36,437 39,540 39,904
33,543 37,019 37,629
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