January-June 2013


The income statement for the first half of 2013 again shows two key elements: first, the expected impact of loan-loss provisions in the developer book, and the decline in value of foreclosed real-estate assets; and second, the effect of the sale of properties, which has accelerated. Other elements that also influence the situation are: the consolidation by the equity method of the stake in Metrovacesa, which is registered under the ‘Other income/expenses’ heading, and the year-on-year increase in operating expenses, due to greater staff numbers assigned to the area to carry out a separate and specialized management of this business and deal with increased activity.

As a result of the above, BBVA’s real-estate activity in Spain has registered a loss over the first six months of the year of €629m, which compares favorably with the loss of €1,427m in the same period last year.