Income statement
(Million euros)
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Corporate Center | ||
|---|---|---|---|
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2013 | Δ % | 2012 |
| Net interest income | (719) | 51.9 | (473) |
| Net fees and commissions | (61) | 142.4 | (25) |
| Net trading income | 347 | (41.6) | 594 |
| Other income/expenses | 119 | (38.2) | 192 |
| Gross income | (314) | n.m. | 288 |
| Operating expenses | (1,105) | 7.4 | (1,029) |
| Personnel expenses | (477) | (5.4) | (504) |
| General and administrative expenses | (194) | 10.9 | (175) |
| Depreciation and amortization | (434) | 24.1 | (350) |
| Operating income | (1,419) | 91.5 | (741) |
| Impairment on financial assets (net) | (8) | (48.5) | (15) |
| Provisions (net) and other gains (losses) | (80) | 14.6 | (70) |
| Income before tax | (1,507) | 82.3 | (826) |
| Income tax | 241 | (42.4) | 418 |
| Net income from ongoing operations | (1,266) | 210.2 | (408) |
| Results from corporate operations | 383 | (70.6) | 1,303 |
| Net income | (883) | n.m. | 895 |
| Non-controlling interests | (116) | 60.8 | (72) |
| Net attributable profit | (999) | n.m. | 823 |
Balance sheet
(Million euros)
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Corporate Center | ||
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31-12-13 | Δ % | 31-12-12 |
| Cash and balances with central banks | 29 | (67.3) | 88 |
| Financial assets | 3,130 | 11.8 | 2,799 |
| Loans and receivables | 979 | (41.0) | 1,660 |
| Loans and advances to customers | 979 | (41.0) | 1,660 |
| Loans and advances to credit institutions and other | - | - | - |
| Inter-area positions | - | - | - |
| Tangible assets | 2,101 | 4.7 | 2,006 |
| Other assets | 16,403 | (21.8) | 20,970 |
| Total assets/liabilities and equity | 22,641 | (17.7) | 27,523 |
| Deposits from central banks and credit institutions | - | - | - |
| Deposits from customers | - | - | - |
| Debt certificates | 7,541 | (26.6) | 10,273 |
| Subordinated liabilities | 1,507 | 229.5 | 458 |
| Inter-area positions | (10,413) | 112.9 | (4,892) |
| Financial liabilities held for trading | - | - | - |
| Other liabilities | 4,055 | (53.4) | 8,700 |
| Shareholders' funds | 44,847 | 3.7 | 43,261 |
| Economic capital allocated | (24,897) | (17.8) | (30,275) |
In 2013, the Corporate Center’s results were a loss of €999m, compared with earnings of €823m the previous year. These figures are heavily conditioned by the closing of several corporate operations carried out by the Group throughout the year. As stated on several occasions in this report, with the aim of guaranteeing a homogenous comparison of the accounts, all the effects derived from these Group decisions have been transferred to a new heading, called “results of corporate operations”. In 2013, this heading registered €383m and basically includes the effects of the following items:
- Earnings from the Group’s pension business in Latin America and the capital gains from the sale of the different companies (Mexico in the first quarter, Colombia and Peru in the second, and Chile in the fourth).
- The capital gain from the sale of BBVA Panama (fourth quarter).
- The impact of the new agreement with the CITIC group (fourth quarter), basically the mark to market of BBVA’s stake in CNCB and the equity-accounted earnings from CNCB (not including dividends) from previous quarters.
In 2012, results from corporate operations amounted to €1,303m and included:
- The badwill generated in the Unnim operation.
- The earnings from the sale of BBVA Puerto Rico.
- And the figures from the pension business and the equity-accounted earnings from CNCB (not including dividends) for that year.