January - September 2012


The most important aspect of BBVA’s activity in Spain over the quarter is the favorable trend in customer deposits and promissory notes and the ongoing process of deleveraging. As a result, the commercial gap and the liquidity position in the area have improved as of the close of the third quarter of 2012.

As of 30-Sep-2012, BBVA managed a volume of €163,425m in customer funds, including customer deposits, promissory notes and off-balance-sheet funds, up 9.1% year-on-year and 9.2% quarter-on-quarter. Of this figure, €129,813m were on-balance-sheet customer funds and promissory notes, which increased by 7.6% over the last 12 months and 12.8% on the close of the first half of 2012. Not including the Unnim figures, there was also a rise over the last 12 months (6.1%) and over the quarter (3.1%), confirming the outstanding management of fund gathering and renewals arranged by the commercial network and with wholesale customers (in the latter case, the amount of this heading in CIB went up 5.5% on the figure for 30-Jun-2012).

BBVA managed in Spain off-balance-sheet funds of €50,492m, an increase of 3.7% on the figure for the previous quarter and 0.5% on the same date last year. Of these, €18,987m are mutual funds that account for 17.3% of the market (latest available figure for August), with a slight increase over the quarter of 1.6%. The rest are distributed among other off-balance-sheet funds and pension funds, which as of 30-Sep-2012 amounted to €17,695m, a rise of 2.9% since 30-Jun-2012 (up 5.7% year-on-year) thanks to the positive management of renewals and attraction of new accounts. As a result of the above, BBVA is maintaining its position as the biggest pension fund manager in Spain, with a market share of 19.1% (latest available figures as of June).

Gross lending to customers closed September at €219,469m, with rises of 3.2% year-on-year and 3.9% quarter-on-quarter due to the incorporation of the Unnim balances. Excluding these, the loan book in the area has continued to shrink (by 6.1% year-on-year and 5.5% quarter-on-quarter), in line with the necessary process of deleveraging in the economy.

With respect to asset quality, the slight upward movement in the NPA ratio over previous quarters has continued, due to the difficult macroeconomic situation and the reduced volumes of lending activity. Despite this, the ratio is still far below that reported in the sector overall, and closed September at 5.7% (6.5% including the Unnim figures). The significant provisions made explain the improved coverage ratio, which increased from 50% as of 30-Jun-2012 to 56% as of 30-Sep-2012 (59% including Unnim).