Corporate Center

Financial statements (Millions of euros and percentage)

Income statement 2022 ∆% 2021 (1)
Net interest income (109) (33.0) (163)
Net fees and commissions (31) (11.9) (36)
Net trading income (294) n.s. 266
Other operating income and expenses 105 (27.7) 146
Gross income (329) n.s. 212
Operating expenses (852) 4.0 (820)
Personnel expenses (625) 12.1 (558)
Other administrative expenses (21) (68.7) (68)
Depreciation (206) 6.2 (194)
Operating income (1,181) 94.6 (607)
Impairment on financial assets not measured at fair value through profit or loss (2) 6.1 (2)
Provisions or reversal of provisions and other results 8 (73.4) 32
Profit (loss) before tax (1,175) 103.5 (577)
Income tax 277 265.3 76
Profit (loss) for the period (898) 79.1 (501)
Non-controlling interests (25) 21.9 (20)
Net attributable profit (loss) excluding non-recurring impacts (922) 76.9 (522)
Profit (loss) after tax from discontunued operations (2) - - 280
Net costs associated with the restructuring process - - (696)
Net attributable profit (loss) (922) (1.6) (938)
  • (1) Restated balances. For more information, please refer to the “Business Areas” section.
  • (2) Including the results generated by BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021.
Balance sheets 31-12-22 ∆% 31-12-21
Cash, cash balances at central banks and other demand deposits 856 (91.1) 9,609
Financial assets designated at fair value 2,390 13.9 2,099
Of which: Loans and advances - n.s. -
Financial assets at amortized cost 3,262 49.9 2,175
Of which: Loans and advances to customers 278 (72.4) 1,006
Inter-area positions - - -
Tangible assets 1,863 (5.1) 1,964
Other assets 14,349 (4.3) 14,988
Total assets/liabilities and equity 22,719 (26.3) 30,835
Financial liabilities held for trading and designated at fair value through profit or loss 108 29.1 84
Deposits from central banks and credit institutions 682 (17.4) 825
Deposits from customers 187 6.6 175
Debt certificates (863) n.s. 1,556
Inter-area positions 7,865 1.4 7,758
Other liabilities 4,012 (42.1) 6,932
Regulatory capital allocated (39,887) 13.1 (35,257)
Total equity 50,615 3.8 48,760

Results

The Corporate Center recorded a net attributable loss of €922m in the year 2022. This result compares to the loss of €938m recorded in the same period of the previous year, which included the net costs associated with the restructuring process in Spain carried out by the Group in 2021, in addition to the results generated by the Group's businesses in the United States until their sale to PNC on June 1, 2021.

In addition to the aforementioned, the most relevant aspects of the year-on-year evolution of this aggregate are summarized below:

  • Between January and December 2022, the NTI registered a negative result of €294m, which contrasts with the gains of €266m in the same period of the previous year, mainly due to the negative contribution of the foreign exchange hedge as a result of a better currencies evolution than expected and a very positive contribution from the Group's portfolio holdings in 2021.
  • Contained operating expenses (+4.0%), mainly due to lower IT- related costs.

In the quarterly evolution of this aggregate, the evolution of the NTI stands out, which generated a negative result of €213m between October and December 2022, mainly due to the impact of foreign exchange hedging (negatively affected by the U.S. dollar depreciation in the quarter).