The United States generated a net attributable profit in the first half of 2012 of €245m, 24.2% up year-on-year (up 36.1% including the foreign-currency effect).
This result is due to resilient revenue, cost control and improving credit quality. Net interest income remains at the same level as the previous quarter, at €849m, down by only 3.4% on the figure for the first half of 2011. Other revenue amounted to €377m year to date, a year-on-year fall of 8.1%. BBVA Compass has managed to mitigate the effects of increased regulatory pressure by increasing service fees. Gross income for the half-year in the area amounted to €1,226m, a year-on-year decline of 4.9%.
Operating expenses amounted to €783m year to date, down 2.2% on the same period the previous year thanks to continued emphasis on cost management and control. Specifically, general administrative expenses and amortization decreased by 10.6%.
The continued improvement in credit quality in the area has reduced impairment losses on financial assets by 74.0% year-on-year to €54m. This fall, combined with increased lending, has had a positive effect on the accumulated risk premium in the area, which closed at 0.26% as of 30-Jun-2012 (0.35% as of 31-Mar-2012, and 1.01% as of 30-Jun-2011).
Finally, the solid capital ratios published by BBVA Compass as of 30-Jun-2012 are impressive: 11.3% for Tier I and 11.0% for Tier I Common, both using local criteria.
