These headings present the reconciliation of the Group’s income statements with Garanti using the equity method versus consolidation in proportion to the percentage of BBVA Group’s stake in the Turkish bank up to the second quarter of 2015 (25.01%). From the third quarter of 2015, BBVA’s stake in Garanti (currently 39.9%) is consolidated by the full integration method. Therefore, the differences are due to periods prior to the third quarter of this year. Furthermore, the corporate operations heading in 2015 includes the capital gains from the various sale operations equivalent to 6.34% of BBVA Group’s stake in CNCB, the effect of the valuation at fair value of the 25.01% initial stake held by BBVA in Garanti at the time of completing the acquisition of an additional 14.89%, the impact of the sale of BBVA’s 29.68% stake in CIFH and the badwill generated in the CX operation.
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Million euros | |||
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| Garanti integrated proportionally until the second quarter of 2015 and with the corporate operations heading |
Garanti by the equity method until the second quarter of 2015 |
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| Consolidated income statement BBVA Group | 2015 | 2014 | 2015 | 2014 |
| Net interest income | 16,426 | 15,116 | 16,022 | 14,382 |
| Net fees and commissions | 4,705 | 4,365 | 4,612 | 4,174 |
| Net trading income (1) | 2,009 | 2,135 | 2,030 | 2,134 |
| Dividend income | 415 | 531 | 415 | 531 |
| Income by the equity method | 8 | 35 | 174 | 343 |
| Other operating income and expenses | 117 | (826) | 110 | (839) |
| Gross income | 23,680 | 21,357 | 23,362 | 20,725 |
| Operating expenses | (12,317) | (10,951) | (12,108) | (10,559) |
| Personnel expenses | (6,377) | (5,609) | (6,273) | (5,410) |
| General and administrative expenses | (4,650) | (4,161) | (4,563) | (4,004) |
| Depreciation and amortization | (1,290) | (1,180) | (1,272) | (1,145) |
| Operating income | 11,363 | 10,406 | 11,254 | 10,166 |
| Impairment on financial assets (net) | (4,339) | (4,486) | (4,272) | (4,340) |
| Provisions (net) | (733) | (1,155) | (731) | (1,142) |
| Other gains (losses) (2) | (412) | (701) | (1,648) | (704) |
| Income before tax | 5,879 | 4,063 | 4,603 | 3,980 |
| Income tax | (1,441) | (981) | (1,274) | (898) |
| Net income from ongoing operations | 4,438 | 3,082 | 3,328 | 3,082 |
| Net income from discontinued operations | - | - | - | - |
| Results from corporate operations (3) | (1,109) | - | - | - |
| Net income | 3,328 | 3,082 | 3,328 | 3,082 |
| Non-controlling interests | (686) | (464) | (686) | (464) |
| Net attributable profit | 2,642 | 2,618 | 2,642 | 2,618 |