Rest of Business


  • Recovery in lending activity during the quarter
  • Dynamism in recurring income and NTI in the year
  • NPL ratio and cost of risk remain at low levels
  • Efficiency improvement continues in year-on-year terms

Business activity (1)

(1) Excluding repos.

Net interest income / AVERAGE TOTAL ASSETS

Operating income
(Millions of euros at constant exchange rates)

(1) At current exchange rates: +95.4%.

Net attributable profit (LOSS)
(Millions of euros at constant exchange rates)

(1) At current exchange rates: +76.7%.

Financial statements and relevant business indicators (Millions of euros and percentage)

Income statement Jan.-Sep. 23 ∆% ∆% (1) Jan.-Sep. 22
Net interest income 405 66.6 70.2 243
Net fees and commissions 192 3.5 5.0 186
Net trading income 251 66.6 69.6 151
Other operating income and expenses 4 (21.5) (11.4) 5
Gross income 852 45.8 48.6 584
Operating expenses (428) 16.5 18.6 (367)
Personnel expenses (211) 9.6 11.8 (193)
Other administrative expenses (198) 25.7 27.9 (157)
Depreciation (19) 9.0 9.5 (17)
Operating income 424 95.4 99.5 217
Impairment on financial assets not measured at fair value through profit or loss (25) n.s. n.s. (4)
Provisions or reversal of provisions and other results 10 (33.0) (26.7) 15
Profit (loss) before tax 410 79.2 83.3 229
Income tax (88) 89.2 93.1 (46)
Profit (loss) for the period 322 76.7 80.8 182
Non-controlling interests - - - -
Net attributable profit (loss) 322 76.7 80.8 182
Balance sheets 30-09-23 ∆% ∆% (1) 31-12-22
Cash, cash balances at central banks and other demand deposits 4,395 9.5 8.7 4,015
Financial assets designated at fair value 9,466 86.0 84.8 5,090
Of which: Loans and advances 8,731 106.4 105.1 4,230
Financial assets at amortized cost 41,296 2.2 1.9 40,425
Of which: Loans and advances to customers 37,862 1.3 1.1 37,375
Inter-area positions - - - -
Tangible assets 151 92.9 92.5 78
Other assets 433 26.1 25.6 343
Total assets/liabilities and equity 55,740 11.6 11.3 49,952
Financial liabilities held for trading and designated at fair value through profit or loss 8,598 95.5 94.2 4,397
Deposits from central banks and credit institutions 1,305 (52.5) (52.6) 2,745
Deposits from customers 10,204 3,8 3.5 9,827
Debt certificates 1,380 (11.6) (11.8) 1,561
Inter-area positions 28,853 10.7 10.5 26,060
Other liabilities 1,334 31.5 30.9 1,014
Regulatory capital allocated 4,066 (6.5) (6.7) 4,348
Relevant business indicators 30-09-23 ∆% ∆% (1) 31-12-22
Performing loans and advances to customers under management (2) 37,807 1.0 0.8 37,431
Non-performing loans 296 53.6 53.6 192
Customer deposits under management (2) 10,204 3.8 3.5 9,827
Off-balance sheet funds (3) 480 (7.7) (7.7) 520
Risk-weighted assets 35,087 0.1 (0.2) 35,064
Efficiency ratio (%) 50.2 65.0
NPL ratio (%) 0.6 0.4
NPL coverage ratio (%) 82 131
Cost of risk (%) 0.09 0.04

(1) At constant exchange rates.

(2) Excluding repos.

(3) Includes pension funds.

Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. These rates, together with the changes at current exchange rates, can be found in the attached tables of the financial statements and relevant business indicators. Comments that refer to Europe exclude Spain.


The most relevant aspects of the evolution of BBVA Group's Rest of Business activity between January and September 2023 were:

  • Lending activity (performing loans under management) remained practically stable (+0.8%), mainly due to the favorable performance of the New York branch and, to a lesser extent, the business in Europe, which have offset the deleveraging of the wholesale business in Asia.
  • Customer funds under management grew by 2.9%, thanks to the growth in time deposits in the Asian and, to a lesser extent, New York branches, which offset the decline in demand deposits.

The most relevant aspects of the evolution of BBVA Group's Rest of Business activity during the third quarter of 2023 were:

  • Lending activity (performing loans under management) grew at a rate of 3.7%, highlighting the good performance in Europe and New York.
  • Regarding credit risk indicators, the NPL ratio increased to 0.6%, which is above the previous quarter but still within contained levels, due to an NPL inflow from a specific customer. On the other hand, the coverage ratio decreased to 82%.
  • Customer funds under management decreased by 3.6% due to the performance of deposits in the European and New York branches, partially offset by the time deposits evolution in Asia. Off-balance-sheet customer funds registered a decline of 5.1% compared to the previous quarter.


Rest of Business achieved an accumulated net attributable profit of €322m at the end of the first nine months of 2023, 80.8% higher than in the same period of the previous year, thanks to a favorable performance of recurring income, especially the net interest income, and the NTI, which offset the increase in expenses in a context of higher inflation and normalization of loan-loss provisions.

In the year-on-year evolution of the main lines of the area's income statement at the end of September 2023, this was particularly noteworthy:

  • The net interest income improved 70.2% as a result of generalized interest rate hikes by central banks in the geographical areas included in this aggregate. The performance in Europe and, to a lesser extent, of the New York branch, were particularly worthy of mention.
  • Net fees and commissions increased (+5.0%), with a good performance especially in the New York office, BBVA Securities and, to a lesser extent, the CIB business in Asia, which offset lower fees and commissions recorded in Europe.
  • The NTI grew by 69.6% supported by the results of the businesses that the Group maintains in the United States, with the New York branch standing out, and, to a lesser extent, by the results in Europe and Asia.
  • Increase in operating expenses of 18.6%, mainly due to higher general and personnel expenses, mainly in Europe and the New York branch.
  • The impairment on financial assets line at the end of September 2023 registered a provision of €25m, mainly originated in Europe.
  • The provisions or reversal of provisions line and other results as a whole showed a decline of 26.7% partly due to lower releases for risks and contingent commitments compared to the same period of the previous year, originated in the New York branch.

In the third quarter of 2023 and excluding the effect of the variation in exchange rates, the Group's Rest of Businesses as a whole generated a net attributable profit of €107m (-12.0% compared to the previous quarter) mainly due to the decline of recurring revenues and NTI, mainly in the Group's wholesale businesses in Europe, and the growth in operating expenses, partially offset by lower loan-loss provisioning requirements and provision releases.