With a balance of €61,701m as of 30-Jun-2012, CIB’s loan book recorded an increase of 7.7% over the quarter. Its performance varied by geographical areas. Spain, as explained previously, posted an 18.6% rise due to a temporary rise of the most volatile balances from the repos and guarantees related to market operations. Excluding the Global Markets unit, Banking & Corporate Finance recorded a €158m reduction on 31-Mar-2012. Performance in Eurasia continues to be very flat (up 0.2%), while in the Americas it went up 8.6%, basically thanks to higher activity from the emerging regions (South America and Mexico).

On-balance sheet customer funds ended the six months to 30-Jun-2012 at €29,113m, 14.1% down on the figure for 31-Mar-2012. This fall can be explained essentially by the performance of deposits in developed countries. BBVA’s rating downgrades announced by various credit rating agencies during the quarter have negatively affected the Group’s wholesale activity, basically in Europe and the United States.