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January-September 2013

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Conciliation of BBVA Group financial statements. Garanti Group is consolidated by the equity method and the proportional consolidation method

Below are the Group’s financial statements with and without the early application of IFRS 10, 11 and 12. The early application of these standards means consolidating the stake in Garanti Group by the equity method instead of by the proportional consolidation method.

In terms of reporting to the market, the proportional consolidation method is better for evaluating the nature and financial effects of Garanti Group’s business activities, consistent with the information from previous periods, and more coherent in its effects on capital adequacy.

Consolidated income statement BBVA Group

(Million euros)

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Garanti Group consolidated using the equity method
January-September 13
Garanti Group consolidated using the proportional consolidation
January-September 13
Net interest income 10,294 10,853
Net fees and commissions 3,153 3,292
Net trading income 1,893 1,918
Dividend income 121 122
Income by the equity method 612 376
Other operating income and expenses (275) (259)
Gross income 15,798 16,303
Operating Costs (8,045) (8,349)
Personnel expenses (4,211) (4,364)
General and administrative expenses (3,026) (3,147)
Depreciation and amortization (808) (838)
Operating income 7,754 7,954
Impairment on financial assets (net) (4,456) (4,566)
Provisions (net) (413) (434)
Other gains (losses) (28) (28)
Income before tax 2,857 2,926
Income tax (600) (669)
Net income from ongoing operations 2,257 2,257
Net income from discontinued operations 1,400 1,400
Net income 3,657 3,657
Non-controlling interests (581) (581)
Net attributable profit 3,077 3,077

Consolidated balance sheet BBVA Group

(Million euros)

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Garanti Group consolidated using the equity method
30-09-13
Garanti Group consolidated using the proportional consolidation
30-09-13
Cash and balances with central banks 25,577 27,926
Financial assets held for trading 71,244 71,409
Other financial assets designated at fair value through profit or loss 2,443 2,774
Available-for-sale financial assets 77,700 80,948
Loans and receivables 361,100 373,919
Loans and advances to credit institutions 26,502 27,845
Loans and advances to customers 330,239 341,553
Other 4,359 4,521
Held-to-maturity investments - -
Investments in entities accounted for using the equity method 10,391 6,920
Tangible assets 7,390 7,574
Intangible assets 6,741 8,255
Other assets 27,268 27,452
Total assets 589,856 607,177
Financial liabilities held for trading 47,723 47,826
Other financial liabilities at fair value through profit or loss 2,479 2,791
Financial liabilities at amortized cost 464,134 480,708
Deposits from central banks and credit institutions 82,076 86,262
Deposits from customers 293,155 303,656
Debt certificates 72,442 73,619
Subordinated liabilities 9,885 9,909
Other financial liabilities 6,576 7,262
Liabilities under insurance contracts 9,858 9,869
Other liabilities 18,284 18,629
Total liabilities 542,478 559,821
Non-controlling interests 2,254 2,254
Valuation adjustments (3,305) (3,328)
Shareholders' funds 48,429 48,429
Total equity 47,378 47,355
Total equity and liabilities 589,856 607,177
Memorandum item:

Contingent liabilities 34,197 36,813

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