January-June 2013

The most relevant

Within the general deleveraging process underway in the economy, BBVA’s banking activity in Spain continues to be focused on strengthening the franchise and making the most of the opportunities that arise in terms of increasing market share and the customer base.

In earnings, pressure largely continues from the elements that have been affecting net interest income in recent quarters: interest rates at all-time lows and weak new lending. This quarter, these two elements are combined with the court ruling issued on May 9 relating to the elimination of the floor clauses in residential mortgage loans. In contrast, income from fees and commissions and NTI performed well, while the level of provisions was somewhat lower than the figure for the previous quarter. As a result, the area registered a net attributable profit of €173m in the quarter, with the total figure for the first half of the year standing at €742m.

Lastly, the integration of the Unnim network into BBVA was completed this quarter.