In this difficult environment CIB has managed to post highly recurring and resilient earnings. In the first nine months of 2012 it generated gross income of €2,067m, a rise of 6.0% on the figure for the same period last year. By geographical areas, revenue grew in South America, Mexico and Spain (up 30.8%, 38.0% and 2.6%, respectively) and fell in Eurasia and the United States (down 26.2% and 10.0%, respectively). Progress in South America and Mexico can be explained by buoyant activity. The growth in Spain is due to increased income from fees and commissions. The decrease in Eurasia and the United States is the result of reduced banking activity.

Cumulative operating expenses through September continued at a similar year-on-year pace to the first half of 2012 (up 3.3%). The tight cost control of the previous quarter is still in place.

This evolution of revenue and expenses result in an operating income for January to September 2012 was €1,408m, a year-on-year growth of 7.4%.

Impairment losses on financial assets stood at €109m. These account for 7.7% of operating income. Thus, the cumulative net attributable profit was €819m, very similar to the figure posted 12 months previously (down 0.4% year-on-year).

The asset quality of the various units in this area remains stable. The NPA ratio continues at 0.6%, the same figure as the close of June 2012, while the coverage ratio improved over the quarter to 151%.