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January-June 2013

Balance sheet and business activity

In the second quarter of 2013 there were no significant changes in the balance sheet and business activity of the BBVA Group, where trends in general were similar to those seen in previous periods. The most noteworthy aspects are listed below:

  • Overall currency depreciation relative to the euro impacting the Group’s financial statements, which had a negative impact on the year-on-year changes in the main variables.
  • Gross lending to customers was down in the quarter, as lending activity in Spain and the CIB portfolios, particularly in the developed economies, continued the downward trend of previous periods. This is despite the increase that continues to be registered in emerging countries.
  • Customer deposits are up in both quarterly and year-on-year terms, highly focused on the retail business.
  • Thanks to this more positive performance of deposits, the commercial gap in Spain has continued to improve, as has the Group’s general liquidity situation and funding structure.
  • Non-performing loans are up, due to a large extent to the impairment in the commercial segment of the domestic business.
  • There has been an increase in total equity in the quarter. This was due to the ordinary generation of earnings in the period and the conversion of the outstanding Subordinated Mandatory Convertible Bonds issued in December 2011, which was completed on June 30, 2013, and the issue of contingent convertible securities into shares done during the second quarter.
  • Lastly, all headings of off-balance sheet funds continued to perform well, as in the previous quarter, in all the geographical regions where the Group operates.
Consolidated balance sheet (1)

(Million euros)

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30-06-13 Δ % 31-03-13 31-03-13 31-12-12
Cash and balances with central banks 24,926 3.8 24,011 30,208 37,434
Financial assets held for trading 72,833 (7.6) 78,792 75,750 79,954
Other financial assets designated at fair value through profit or loss 2,937 (12.9) 3,371 3,079 2,853
Available-for-sale financial assets 75,492 14.7 65,834 74,135 71,500
Loans and receivables 382,208 (2.2) 390,654 387,551 383,410
Loans and advances to credit institutions 27,401 (4.7) 28,764 26,383 26,522
Loans and advances to customers 350,071 (2.3) 358,332 357,490 352,931
Other 4,736 33.1 3,559 3,678 3,957
Held-to-maturity investments 9,755 (4.0) 10,157 9,734 10,162
Investments in entities accounted for using the equity method 6,962 5.4 6,604 6,991 6,795
Tangible assets 7,678 2.7 7,477 7,831 7,785
Intangible assets 8,612 (3.5) 8,927 8,952 8,912
Other assets 27,101 2.1 26,533 28,843 28,980
Total assets 618,503 (0.6) 622,359 633,073 637,785
Financial liabilities held for trading 50,280 (10.7) 56,296 54,894 55,927
Other financial liabilities at fair value through profit or loss 2,865 36.1 2,105 3,001 2,516
Financial liabilities at amortized cost 490,018 (0.3) 491,717 499,038 506,487
Deposits from central banks and credit institutions 80,053 (33.1) 119,709 91,277 106,511
Deposits from customers 312,162 13.8 274,285 304,574 292,716
Debt certificates 80,604 3.0 78,277 83,813 87,212
Subordinated liabilities 10,197 (13.6) 11,801 12,009 11,831
Other financial liabilities 7,003 (8.4) 7,645 7,364 8,216
Liabilities under insurance contracts 10,038 24.6 8,054 10,314 9,032
Other liabilities 17,913 (15.3) 21,138 19,253 20,021
Total liabilities 571,114 (1.4) 579,309 586,500 593,983
Non-controlling interests 2,205 5.0 2,100 2,362 2,372
Valuation adjustments (2,922) 3.0 (2,835) (1,005) (2,184)
Shareholders’ funds 48,106 9.9 43,785 45,216 43,614
Total equity 47,388 10.1 43,050 46,573 43,802
Total equity and liabilities 618,503 (0.6) 622,359 633,073 637,785
Memorandum item:




Contingent liabilities 37,098 (5.9) 39,407 38,195 39,407
(1) Pro forma financial statements with Garanti Group accounted for by the proportional consolidation method, without early application of the IFRS 10, 11 and 12.
Customer lending (gross)

(Billion euros)

(1) At constant exchange rates: +1.3%.
Customer lending

(Million euros)

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30-06-13 Δ % 30-06-12 31-03-13 31-12-12
Domestic sector 186,513 (3.5) 193,358 192,543 190,817
Public sector 26,057 (5.3) 27,501 25,799 25,399
Other domestic sectors 160,456 (3.3) 165,856 166,744 165,417
Secured loans 99,123 2.7 96,546 103,373 105,664
Other loans 61,333 (11.5) 69,311 63,371 59,753
Non-domestic sector 156,491 (1.7) 159,243 158,640 156,312
Secured loans 63,229 0.3 63,032 64,809 61,811
Other loans 93,263 (3.1) 96,211 93,831 94,500
Non-performing loans 21,810 34.3 16,243 21,448 20,287
Domestic sector 16,645 44.4 11,531 16,184 15,159
Non-domestic sector 5,165 9.6 4,713 5,263 5,128
Customer lending (gross) 364,815 (1.1) 368,844 372,630 367,415
Loan-loss provisions (14,744) 40.2 (10,513) (15,140) (14,484)
Customer lending (net) 350,071 (2.3) 358,332 357,490 352,931
Customer funds

(Billion euros)

(1) At constant exchange rates: +16.2%.
Customer funds

(Million euros)

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30-06-13 Δ % 30-06-12 31-03-13 31-12-12
Deposits from customers 312,162 13.8 274,285 304,574 292,716
Domestic sector 156,780 23.1 127,356 146,359 141,169
Public sector 22,609 5.4 21,448 21,646 21,807
Other domestic sectors 134,171 26.7 105,908 124,713 119,362
Current and savings accounts 50,296 8.9 46,190 48,290 48,208
Time deposits 68,006 40.9 48,278 66,789 61,973
Assets sold under repurchase agreement and other 15,868 38.7 11,440 9,634 9,181
Non-domestic sector 155,382 5.8 146,929 158,215 151,547
Current and savings accounts 98,688 7.6 91,706 97,419 98,169
Time deposits 49,794 (0.5) 50,021 53,514 48,691
Assets sold under repurchase agreement and other 6,899 32.6 5,203 7,282 4,688
Other customer funds 95,232 8.9 87,445 96,699 91,774
Spain 53,762 10.4 48,709 53,095 52,179
Mutual funds 19,651 5.1 18,694 19,259 19,116
Pension funds 19,272 12.1 17,192 19,019 18,577
Customer portfolios 14,839 15.7 12,823 14,817 14,486
Rest of the world 41,470 7.1 38,736 43,605 39,596
Mutual funds and investment companies 22,354 1.1 22,113 23,808 22,255
Pension funds (1) 3,973 23.5 3,216 3,761 3,689
Customer portfolios 15,142 12.9 13,408 16,036 13,652
Total customer funds 407,394 12.6 361,731 401,274 384,491

(1) They do not include the assets under management by pension fund administrators in Chile, Mexico, Colombia and Peru.

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