The income statement for the first three quarters 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.
Other factors influencing the situation, although to a lesser extent, are: the consolidation by the equity method of the stake in Metrovacesa, which is registered under the “Other income/expenses” heading; the positive results from portfolio sales; and the year-on-year increase in operating expenses, due to greater staff numbers assigned to the area to carry out 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 registered a loss in the quarter of €216m, and €845 in the first nine months of the year. The figure for the first nine months compares favorably with the loss of €2,715m in the same period in 2012.