The key features of BBVA’s balance sheet and business activity at the close of the first half of 2012 are:

• Increased gross customer loans, varying widely by geographical areas, as in previous quarters. On the one hand, emerging markets continue strong, and there are signs of increased activity in BBVA Compass. On the other hand the deleveraging process continues in Spain, although this quarter it has been offset by the underwriting of the fund to finance payments to suppliers and the temporary rises in repurchase agreements and guarantees related to market operations.
• Slight decrease in customer deposits, which can be explained by the reduction of certain deposits from the wholesale business that are closely dependent on ratings, while retail customer deposits experience a sound evolution in all regions.
• Positive behavior of off-balance sheet funds, thanks to their good performance in the rest of the world, heavily influenced by foreign currency movements.
• Positive impact of exchange rates, both over the quarter and in the last 12 months.