BBVA closed the first quarter of 2012 with a balance sheet and activity that continue the trend of previous periods:
- Stability. The Group’s balance sheet closed 31-Mar-2012 with €600 billion in total assets, a figure that is very similar to that as of 31-Dec-2011.
- This stable performance is the result of gross customer lending practically maintained its year-end 2011 figures. The financial deleveraging of the Spanish economy is offset by the strength of the activity in the emerging countries.
- Customer deposits decreased over the quarter. This is a due to the decrease in assets sold under repurchase agreement (repos), since the three year ECB auction has enabled the swap of collateralized financing instruments from short term to long term.
- Off-balance sheet funds performed well in the first quarter of 2012 thanks to improved market conditions. This has reinforced BBVA’s leading position in both Spain and Latin America in pension funds, the category with the greatest off-balance-sheet fund growth in the Group.