January-December 2013



Lending activity in the quarter has continued to follow the downward trend seen in recent quarters, and this continues to have a negative impact on the NPA ratio. On the contrary, deposits have performed well. Both items have allowed the area to once again improve its commercial gap.

In 2013, earnings were strongly affected by the elimination of the so-called “floor clauses”, the specific increase in loan-loss provisions due to the classification of refinanced loans, the accounting for the exceptional payment to the Deposit Guarantee Fund (DGF) in Spain in compliance with Royal Decree-Law 6/2013 and the capital gains generated by the reinsurance operation on the individual life and accident insurance portfolio.