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Earnings

BBVA generated a net attributable profit for the third quarter of 2011 of €804m. There are two main factors that characterize the accounts for this period: on the one hand, the zero contribution from NTI; and on the other hand, the growth of the most recurrent earnings in the Group, i.e. the gross income excluding NTI or dividends. The following should be highlighted in this respect:

  • The positive performance of net interest income, which was up 2.2% in the quarter. This is due to the positive contribution of emerging markets and the resilience of net interest income in developed countries.
  • The greater contribution from net income by the equity method, thanks to the positive performance of CNCB.
  • As a result, the quarterly gross income excluding NTI or dividends was €4,602m, continuing with the upward trend since the start of the year.

Net attributable profit

(Million euros)

  • Finally, both operating expenses and impairment on financial assets were at similar levels to the previous quarter.
Consolidated income statement: quarterly evolution
(Million euros)

2011
2010

3Q 2Q 1Q
4Q 3Q 2Q 1Q
Net interest income 3,286 3,215 3,175
3,138 3,245 3,551 3,386
Net fees and commissions 1,143 1,167 1,114
1,135 1,130 1,166 1,106
Net trading income (25) 336 752
252 519 490 633
Dividend income 50 259 23
227 45 231 25
Income by the equity method 150 123 121
124 60 94 57
Other operating income and expenses 22 62 79
70 85 47 93
Gross income 4,627 5,162 5,263
4,946 5,084 5,579 5,301
Operating costs (2,461) (2,479) (2,359)
(2,325) (2,262) (2,262) (2,118)
Personnel expenses (1,325) (1,306) (1,276)
(1,240) (1,211) (1,215) (1,149)
General and administrative expenses (920) (964) (887)
(887) (855) (855) (796)
Depreciation and amortization (216) (208) (196)
(199) (197) (192) (174)
Operating income 2,166 2,683 2,904
2,621 2,821 3,317 3,183
Impairment on financial assets (net) (904) (962) (1,023)
(1,112) (1,187) (1,341) (1,078)
Provisions (net) (94) (83) (150)
(75) (138) (99) (170)
Other gains (losses) (166) (154) (71)
(273) 113 (88) (72)
Income before tax 1,002 1,484 1,659
1,162 1,609 1,789 1,862
Income tax (95) (189) (369)
(127) (359) (431) (510)
Net income 907 1,295 1,290
1,034 1,250 1,358 1,352
Non-controlling interests (103) (106) (141)
(96) (110) (70) (113)
Net attributable profit 804 1,189 1,150
939 1,140 1,287 1,240
Basic earnings per share (euros) 0.17 0.25 0.25
0.22 0.28 0.32 0.31
Consolidated income statement
(Million euros)





January-Sep. 11 ∆% ∆% at constant
exchange rates
January-Sep. 10
Net interest income 9,676 (5.0) (3.0) 10,182
Net fees and commissions 3,424 0.7 2.5 3,402
Net trading income 1,063 (35.3) (34.0) 1,642
Dividend income 332 10.2 10.7 302
Income by the equity method 394 86.6 86.6 211
Other operating income and expense 163 (27.5) (32.3) 225
Gross income 15,052 (5.7) (4.0) 15,964
Operating costs (7,299) 9.9 12.3 (6,642)
Personnel expenses (3,907) 9.3 11.5 (3,575)
General and administrative expenses (2,771) 10.6 13.2 (2,506)
Depreciation and amortization (620) 10.4 13.6 (562)
Operating income 7,753 (16.8) (15.6) 9,322
Impairment on financial assets (net) (2,890) (19.9) (18.4) (3,606)
Provisions (net) (328) (19.7) (19.2) (408)
Other gains (losses) (391) n.s. n.s. (47)
Income before tax 4,145 (21.2) (20.1) 5,260
Income tax (652) (49.8) (49.0) (1,300)
Net income 3,492 (11.8) (10.6) 3,960
Non-controlling interests (349) 19.3 24.5 (293)
Net attributable profit 3,143 (14.3) (13.3) 3,668
Basic earnings per share (euros) 0.66 (26.9) n.s. 0.90

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