At the close of the third quarter of 2011, BBVA’s balance sheet continues to show great stability, at €584 billion. The main features of the Group’s balance sheet and business activity in this period can be summed up as follows:
- Given the current economic and financial situation, it is important to stress that BBVA has a sound balance sheet with little leverage and its 2011 funding requirements covered. For 2012 these requirements are the lowest among its main competitors. This is because its business model, focused on the retail segment and with a high degree of capillarity in its distribution network, gives it a great capacity to gather liquidity without recourse to the markets. In fact, it has the best ratio of customer deposits to total assets within its peer group at 48.3% at the close of September 2011.
| Consolidated balance sheet (Million euros) |
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30-09-11 | ∆% | 30-09-10 | 30-06-11 | 31-12-10 |
| Cash and balances with central banks | 24,637 | 18.2 | 20,836 | 21,369 | 19,981 |
| Financial assets held for trading | 74,859 | 8.0 | 69,306 | 63,421 | 63,283 |
| Other financial assets designated at fair value through profit or loss | 2,825 | 4.4 | 2,706 | 2,912 | 2,774 |
| Available-for-sale financial assets | 58,768 | 2.1 | 57,558 | 60,599 | 56,457 |
| Loans and receivables | 369,919 | 2.5 | 360,762 | 371,314 | 364,707 |
| Loans and advances to credit institutions | 23,756 | (4.4) | 24,846 | 22,890 | 23,636 |
| Loans and advances to customers | 343,416 | 2.9 | 333,741 | 346,222 | 338,857 |
| Other | 2,747 | 26.3 | 2,175 | 2,202 | 2,213 |
| Held-to-maturity investments | 11,049 | 11.9 | 9,877 | 9,334 | 9,946 |
| Investments in entities accounted for using the equity method | 5,352 | 25.9 | 4,250 | 4,518 | 4,547 |
| Tangible assets | 7,026 | 6.6 | 6,593 | 6,965 | 6,701 |
| Intangible assets | 10,068 | 29.3 | 7,785 | 9,722 | 8,007 |
| Other assets | 19,935 | 10.2 | 18,087 | 18,551 | 16,336 |
| Total assets | 584,438 | 4.8 | 557,761 | 568,705 | 552,738 |
| Financial liabilities held for trading | 50,616 | 6.1 | 47,706 | 34,686 | 37,212 |
| Other financial liabilities at fair value through profit or loss | 1,716 | 9.7 | 1,565 | 1,815 | 1,607 |
| Financial liabilities at amortized cost | 468,494 | 3.9 | 450,843 | 471,248 | 453,164 |
| Deposits from central banks and credit institutions | 80,072 | 6.4 | 75,225 | 80,545 | 68,180 |
| Deposits from customers | 282,050 | 10.3 | 255,798 | 278,496 | 275,789 |
| Debt certificates | 83,107 | (12.0) | 94,394 | 86,669 | 85,180 |
| Mortgage bonds and covered bonds | 44,263 | 15.2 | 38,436 | 44,784 | 40,246 |
| Other debt certificates | 38,844 | (30.6) | 55,957 | 41,885 | 44,933 |
| Subordinated liabilities | 16,067 | (13.4) | 18,553 | 17,586 | 17,420 |
| Other financial liabilitie | 7,198 | 4.7 | 6,873 | 7,948 | 6,596 |
| Liabilities under insurance contracts | 7,478 | (6.1) | 7,961 | 7,607 | 8,033 |
| Other liabilities | 16,265 | (3.1) | 16,777 | 15,705 | 15,246 |
| Total liabilities | 544,569 | 3.8 | 524,852 | 531,062 | 515,262 |
| Non-controlling interests | 1,730 | 21.3 | 1,426 | 1,562 | 1,556 |
| Valuation adjustments | (3,414) | n.s. | (128) | (2,596) | (770) |
| Shareholders’ funds | 41,552 | 31.5 | 31,610 | 38,677 | 36,689 |
| Total equity | 39,868 | 21.1 | 32,909 | 37,643 | 37,475 |
| Total equity and liabilities | 584,438 | 4.8 | 557,761 | 568,705 | 552,738 |
| Memorandum item: |
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| Contingent liabilities | 38,530 | 13.9 | 33,819 | 36,360 | 36,441 |
- Geography continues to be the main differentiating factor in the loan book. On the one hand, there is the positive performance of Latin America, China and Turkey; on the other, weakness in asset new production continues in Spain. Finally, in the United States growth is variable, with the corporate segment performing particularly well.
- Customer funds are performing well, thanks to the favorable trend in deposits in practically all the geographical areas. Mexico and South America stand out in this respect. In Spain there was a high rate of success in renewing time deposits gathered a year ago and maturing this quarter.
- The exchange rate has had a negative influence over the last 12 months, and in particular over the quarter. The final rates of the Mexican peso have depreciated notably, in both year-on-year and particularly quarter-on-quarter terms. This is the currency with the biggest influence on the Group’s financial statements.