Other information: Corporate & Investment Banking


  • Increase in lending activity
  • Excellent performance of NTI and favorable evolution of recurring income
  • Efficiency improvement
  • Year-on-year increase in net attributable profit

Business activity (1)

(1) Excluding repos.


Operating income
(Millions of euros at constant exchange rates)

(1) At current exchange rates: +25.5%.

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

(1) At current exchange rates: +32.2%.

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

Income statement 2023 (1) ∆% ∆% (2) 2022
Net interest income 2,102 7.7 19.5 1,952
Net fees and commissions 1,007 10.2 16.8 914
Net trading income 1,759 56.0 78.2 1,128
Other operating income and expenses (64) 50.0 68.1 (43)
Gross income 4,804 21.6 34.6 3,950
Operating expenses (1,260) 11.9 16.1 (1,125)
Personnel expenses (622) 15.3 17.9 (540)
Other administrative expenses (531) 10.3 17.6 (481)
Depreciation (107) 2.2 1.1 (105)
Operating income 3,544 25.5 42.6 2,825
Impairment on financial assets not measured at fair value through profit or loss (11) (89.8) (82.7) (104)
Provisions or reversal of provisions and other results n.s. n.s. (12)
Profit (loss) before tax 3,534 30.4 46.6 2,709
Income tax (1,006) 31.6 47.8 (764)
Profit (loss) for the period 2,528 30.0 46.1 1,945
Non-controlling interests (275) 14.2 60.5 (241)
Net attributable profit (loss) 2,253 32.2 44.5 1,704
Balance sheets 31-12-23 ∆% ∆% (2) 31-12-22
Cash, cash balances at central banks and other demand deposits 5,036 (8.8) (10.1) 5,524
Financial assets designated at fair value 159,379 35.1 33.4 117,958
Of which: Loans and advances 84,126 85.5 85.8 45,360
Financial assets at amortized cost 97,325 8.8 10.8 89,440
Of which: Loans and advances to customers 78,376 1.5 3.7 77,208
Inter-area positions
Tangible assets 141 171.6 170.6 52
Other assets 10,645 n.s. n.s. 862
Total assets/liabilities and equity 272,526 27.4 27.6 213,836
Financial liabilities held for trading and designated at fair value through profit or loss 131,118 32.7 31.5 98,790
Deposits from central banks and credit institutions 28,161 34.2 33.7 20,987
Deposits from customers 59,094 22.7 25.5 48,180
Debt certificates 6,076 14.8 13.5 5,292
Inter-area positions 29,657 15.8 16.9 25,609
Other liabilities 7,367 78.6 60.3 4,124
Regulatory capital allocated 11,054 1.8 6.3 10,855
Relevant business indicators 31-12-23 ∆% ∆% (2) 31-12-22
Performing loans and advances to customers under management (3) 77,532 0.3 2.5 77,291
Non-performing loans 905 20.1 70.7 753
Customer deposits under management (3) 53,545 13.3 16.0 47,270
Off-balance sheet funds (4) 4,189 139.4 262.6 1,750
Efficiency ratio (%) 26.2 28.5

(1) For the translation of the income statement in those countries where hyperinflation accounting is applied, the punctual exchange rate as of December 31, 2023 is used.

(2) At constant exchange rates.

(3) Excluding repos.

(4) Includes mutual funds, customer portfolios and other off-balance sheet 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. For the conversion of these figures in those countries in which accounting for hyperinflation is applied, the end of period exchange rate as of December 31, 2023 is used. These rates, together with changes at current exchange rates, can be found in the attached tables of financial statements and relevant business indicators.


The most relevant aspects related to the area's activity in 2023 were:

  • Lending activity (performing loans under management) was higher than at the end of December 2022 (+2.5%). Global Transaction Banking stands out, specially in the second half of the year, and by geographical areas, the performance in the United States and in Europe (excluding Spain) is noteworthy, both in Investment Banking & Finance.
  • Customer funds continued to grow by 22.0% in 2023, maintaining the positive trend in price management.

The most relevant aspects related to the area's activity in the fourth quarter of 2023 were:

  • Improvement in the evolution of lending activity balances, which stood above the figure of the end of September (+1.3%), with the favorable evolution of the United States and Europe (excluding Spain) standing out again thanks to the end-of-quarter campaign.
  • Customer funds increased by 11.3% mainly in Mexico and in Europe (excluding Spain).


CIB generated a net attributable profit of €2,253m between January and December of 2023. These results, which do not include the application of hyperinflation accounting, represent an increase of 44.5% on a year-on-year basis and reflect the contribution of the diversification of products and geographical areas, as well as the progress of the Group's wholesale businesses in its strategy, leveraged on globality and sustainability, with the purpose of being relevant to its clients.

The contribution by business areas, excluding the Corporate Center, to CIB's accumulated net attributable profit at the end of December 2023 was as follows: 15% Spain, 29% Mexico, 29% Turkey, 13% South America and 15% Rest of Business.

All business line results have performed well, highlighting particularly the Global Transaction Banking (GTB) performance in all geographical areas, the contribution of Global Markets and Project Finance within Investment Banking & Finance (IB&F).

The most relevant aspects of the year-on-year evolution in the income statement of this aggregate are summarized below:

  • Net interest income was 19.5% higher than in last year. GTB stands out, which evolved favorably, especially in Spain and the American region.
  • Net fees and commissions registered an increase of 16.8%, with positive evolution in all businesses, specially in the United States and Mexico.
  • Excellent NTI performance (+78.2%), mainly due to the performance of the Global Markets due to the income generated by foreign currency operations in emerging markets. By geographical areas, all of them showed growth, except Spain, which fell slightly.
  • The operating expenses increased by 16.1%, driven by higher personnel expenses, partly due to measures taken by the Group to compensate for the loss in purchasing power of the workforce and salary review processes, as well as the increase in the number of employees in the area. On the other hand, general expenses continue to be affected by inflation and higher technology-related expenses. Despite this, the efficiency ratio stood at 26.2%, which represents an improvement compared to the previous year.
  • Provisions for impairment on financial assets stood below the previous year, partly due to releases in Mexico.

In the fourth quarter of 2023 and excluding the effect of the variation in exchange rates, the Group's wholesale businesses generated a net attributable profit of €597m, +20.4% compared to the previous quarter. The fourth quarter reached a record high in income, highlighting the excellent results in Global Markets in emerging markets and GTB in all geographical areas, together with the release of provisions for the impairment of financial assets in the quarter.