Corporate Center
Financial statements (Millions of euros and percentage)
| Income statement | 2023 | ∆% | 2022 |
|---|---|---|---|
| Net interest income | (386) | 253.3 | (109) |
| Net fees and commissions | (44) | 40.2 | (31) |
| Net trading income | (686) | 133.6 | (294) |
| Other operating income and expenses | 87 | (17.1) | 105 |
| Gross income | (1,029) | 212.7 | (329) |
| Operating expenses | (849) | (0.4) | (852) |
| Personnel expenses | (670) | 7.9 | (621) |
| Other administrative expenses | 31 | n.s. | (26) |
| Depreciation | (210) | 2.1 | (206) |
| Operating income | (1,878) | 59.0 | (1,181) |
| Impairment on financial assets not measured at fair value through profit or loss | 1 | n.s. | (2) |
| Provisions or reversal of provisions and other results | (21) | n.s. | 8 |
| Profit (loss) before tax | (1,898) | 61.6 | (1,175) |
| Income tax | 288 | 4.1 | 277 |
| Profit (loss) for the period | (1,610) | 79.3 | (898) |
| Non-controlling interests | 3 | n.s. | (25) |
| Net attributable profit (loss) | (1,607) | 74.2 | (922) |
| Balance sheets | 31-12-23 | ∆% | 31-12-22 |
|---|---|---|---|
| Cash, cash balances at central banks and other demand deposits | 684 | (20.1) | 856 |
| Financial assets designated at fair value | 2,512 | 5.1 | 2,390 |
| Of which: Loans and advances | — | (100.0) | — |
| Financial assets at amortized cost | 3,622 | 11.0 | 3,262 |
| Of which: Loans and advances to customers | 230 | (17.2) | 278 |
| Inter-area positions | — | — | — |
| Tangible assets | 1,727 | (7.3) | 1,863 |
| Other assets | 14,530 | 1.3 | 14,349 |
| Total assets/liabilities and equity | 23,074 | 1.6 | 22,719 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 125 | 15.6 | 108 |
| Deposits from central banks and credit institutions | 765 | 12.2 | 682 |
| Deposits from customers | 181 | (2.8) | 187 |
| Debt certificates | 380 | n.s. | (863) |
| Inter-area positions | 5,835 | (26.7) | 7,963 |
| Other liabilities | 3,554 | (11.4) | 4,011 |
| Regulatory capital allocated | (43,033) | 7.9 | (39,887) |
| Total equity | 55,265 | 9.4 | 50,517 |
General note: 2022 figures have been restated according to IFRS 17 - Insurance contracts.
Results
The Corporate Center recorded a net attributable profit of €-1,607m between January and December of 2023, compared with €-922m recorded on the same period of the previous year, mainly due to a negative contribution in the NTI line from exchange rate hedges as a result of a better than expected currency performance, in particular, the Mexican peso during the first half of the year.
On the other hand, the quarterly evolution of this aggregate compares favorably to the loss of the previous quarter partially due to the impact on the NTI of the evolution of exchange rate coverage, specially the Mexican peso.