Highlights of real-estate activity in Spain in the first quarter
- Configuration of a specialized unit.
- Segmentation of portfolios and assets.
- Reduction of exposure to developers.
- Increased pace of sales of foreclosed properties.
Income statement
(Million euros)
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Real-estate activity in Spain | ||
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1Q13 | Δ % | 1Q12 |
| Net interest income | 16 | n.m. | 3 |
| Net fees and commissions | 3 | (50.2) | 5 |
| Net trading income | 12 | n.m. | 1 |
| Other income/expenses | (34) | n.m. | 1 |
| Gross income | (4) | n.m. | 10 |
| Operating costs | (38) | 40.0 | (27) |
| Personnel expenses | (24) | 79.9 | (13) |
| General and administrative expenses | (8) | 9.7 | (7) |
| Depreciation and amortization | (6) | (7.1) | (6) |
| Operating income | (42) | 150.5 | (17) |
| Impairment on financial assets (net) | (153) | (15.1) | (180) |
| Provisions (net) and other gains (losses) | (271) | 12.4 | (241) |
| Income before tax | (465) | 6.3 | (438) |
| Income tax | 123 | (10.3) | 137 |
| Net income | (342) | 13.8 | (301) |
| Non-controlling interests | (4) | n.m. | 0 |
| Net attributable profit | (346) | 15.2 | (300) |
Balance sheet
(Million euros)
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Real-estate activity in Spain | ||
|---|---|---|---|
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31-03-13 | Δ % | 31-03-12 |
| Cash and balances with central banks | 3 | - | - |
| Financial assets | 1,101 | 2.7 | 1,072 |
| Loans and receivables | 10,284 | (22.5) | 13,277 |
| Loans and advances to customers | 10,284 | (22.5) | 13,277 |
| Loans and advances to credit institutions and other | - | - | - |
| Inter-area positions | - | - | - |
| Tangible assets | 1,798 | 15.3 | 1,559 |
| Other assets | 7,061 | 10.8 | 6,374 |
| Total assets/Liabilities and equity | 20,248 | (9.1) | 22,283 |
| Deposits from central banks and credit institutions | - | - | - |
| Deposits from customers | 164 | (18.8) | 203 |
| Debt certificates | 8 | - | - |
| Subordinated liabilities | 845 | (49.7) | 1,679 |
| Inter-area positions | 15,849 | (4.9) | 16,667 |
| Financial liabilities held for trading | - | - | - |
| Other liabilities | - | - | - |
| Economic capital allocated | 3,381 | (9.5) | 3,734 |