Against this backdrop, BBVA continues to show strength that sets it apart from its peers and maintains its strategy of profitable growth in the segments with greatest customer loyalty.

Gross lending to customers was influenced by this environment of lower demand for solvent credit and closed as of 31-Mar-2012 at €209,076m, 2.4% down on the figure for 31-Dec-2011. However, the market share of household and company lending remains stable (according to the latest available data as of February 2012). This underlines BBVA’s commitment to its customers and its capacity to meet the demand for solvent credit.

With respect to asset quality, the main risk indicators remain stable and at levels that are clearly below the average in the sector, in line with previous quarters. The NPA ratio stood at 4.9% and the coverage ratio at 43% at the close of March 2012 (4.8% and 44%, respectively, at the close of December 2011).

The most stable customer funds under management performed particularly well (customer deposits and promissory notes). They stood at €109,618m as of 31-Mar-2012, 0.2% up on the figure posted the previous quarter. This is the result of a careful policy of attracting and renewing deposits, without losing the customer-centric approach and personalization.

The Group managed a total of €50,853m of off-balance-sheet funds in Spain at the end of March 2012, 0.9% up on the figure for 31-Dec-2011. Of this figure, mutual funds totaled €19,747m (up 0.8% quarter-on-quarter), a market share of 15.2% of the system (according to the latest available figures for February 2012). Assets under management in pension funds amounted to €17,590m (up 2.1% in the quarter). The Group’s market share in Spain was 18.9% (December figures), maintaining BBVA in the leading position in the market.