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Balance sheet and business activity

At the close of the third quarter of 2011, BBVA’s balance sheet continues to show great stability, at €584 billion. The main features of the Group’s balance sheet and business activity in this period can be summed up as follows:

  • Given the current economic and financial situation, it is important to stress that BBVA has a sound balance sheet with little leverage and its 2011 funding requirements covered. For 2012 these requirements are the lowest among its main competitors. This is because its business model, focused on the retail segment and with a high degree of capillarity in its distribution network, gives it a great capacity to gather liquidity without recourse to the markets. In fact, it has the best ratio of customer deposits to total assets within its peer group at 48.3% at the close of September 2011.
Consolidated balance sheet
(Million euros)






30-09-11 ∆% 30-09-10 30-06-11 31-12-10
Cash and balances with central banks 24,637 18.2 20,836 21,369 19,981
Financial assets held for trading 74,859 8.0 69,306 63,421 63,283
Other financial assets designated at fair value through profit or loss 2,825 4.4 2,706 2,912 2,774
Available-for-sale financial assets 58,768 2.1 57,558 60,599 56,457
Loans and receivables 369,919 2.5 360,762 371,314 364,707
Loans and advances to credit institutions 23,756 (4.4) 24,846 22,890 23,636
Loans and advances to customers 343,416 2.9 333,741 346,222 338,857
Other 2,747 26.3 2,175 2,202 2,213
Held-to-maturity investments 11,049 11.9 9,877 9,334 9,946
Investments in entities accounted for using the equity method 5,352 25.9 4,250 4,518 4,547
Tangible assets 7,026 6.6 6,593 6,965 6,701
Intangible assets 10,068 29.3 7,785 9,722 8,007
Other assets 19,935 10.2 18,087 18,551 16,336
Total assets 584,438 4.8 557,761 568,705 552,738
Financial liabilities held for trading 50,616 6.1 47,706 34,686 37,212
Other financial liabilities at fair value through profit or loss 1,716 9.7 1,565 1,815 1,607
Financial liabilities at amortized cost 468,494 3.9 450,843 471,248 453,164
Deposits from central banks and credit institutions 80,072 6.4 75,225 80,545 68,180
Deposits from customers 282,050 10.3 255,798 278,496 275,789
Debt certificates 83,107 (12.0) 94,394 86,669 85,180
Mortgage bonds and covered bonds 44,263 15.2 38,436 44,784 40,246
Other debt certificates 38,844 (30.6) 55,957 41,885 44,933
Subordinated liabilities 16,067 (13.4) 18,553 17,586 17,420
Other financial liabilitie 7,198 4.7 6,873 7,948 6,596
Liabilities under insurance contracts 7,478 (6.1) 7,961 7,607 8,033
Other liabilities 16,265 (3.1) 16,777 15,705 15,246
Total liabilities 544,569 3.8 524,852 531,062 515,262
Non-controlling interests 1,730 21.3 1,426 1,562 1,556
Valuation adjustments (3,414) n.s. (128) (2,596) (770)
Shareholders’ funds 41,552 31.5 31,610 38,677 36,689
Total equity 39,868 21.1 32,909 37,643 37,475
Total equity and liabilities 584,438 4.8 557,761 568,705 552,738
Memorandum item:




Contingent liabilities 38,530 13.9 33,819 36,360 36,441
  • Geography continues to be the main differentiating factor in the loan book. On the one hand, there is the positive performance of Latin America, China and Turkey; on the other, weakness in asset new production continues in Spain. Finally, in the United States growth is variable, with the corporate segment performing particularly well.
  • Customer funds are performing well, thanks to the favorable trend in deposits in practically all the geographical areas. Mexico and South America stand out in this respect. In Spain there was a high rate of success in renewing time deposits gathered a year ago and maturing this quarter.
  • The exchange rate has had a negative influence over the last 12 months, and in particular over the quarter. The final rates of the Mexican peso have depreciated notably, in both year-on-year and particularly quarter-on-quarter terms. This is the currency with the biggest influence on the Group’s financial statements.

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