Below are the Group’s financial statements with and without the early application of IFRS 10, 11 and 12. The early application of these standards means consolidating the stake in Garanti Group by the equity method instead of by the proportional consolidation method. In terms of reporting to the market, the proportional consolidation method is better for evaluating the nature and financial effects of Garanti Group’s business activities, consistent with the information from previous periods, and more coherent in its effects on capital adequacy. Moreover, the inclusion under the heading “Results from corporate operations” of all the impacts of such operations (which are described in this report) on the BBVA Group’s earnings and the reconstruction, where applicable, of the historical series to guarantee a homogeneous comparison of the accounts.
Consolidated income statement BBVA Group
(Million euros)
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Garanti Group consolidated using the proportional consolidation and with new heading “Results from corporate operations” |
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Garanti Group consolidated using the equity method |
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2013 | 2012 | 2011 |
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2013 | 2012 | 2011 |
| Net interest income | 14,613 | 15,122 | 13,152 |
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13,900 | 14,474 | 12,724 |
| Net fees and commissions | 4,431 | 4,353 | 4,031 |
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4,250 | 4,156 | 3,894 |
| Net trading income | 2,527 | 1,767 | 1,481 |
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2,511 | 1,705 | 1,480 |
| Dividend income | 365 | 527 | 601 |
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235 | 390 | 562 |
| Income by the equity method | 72 | 41 | 57 |
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694 | 1,039 | 787 |
| Other operating income and expenses | (612) | 82 | 206 |
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(632) | 60 | 193 |
| Gross income | 21,397 | 21,892 | 19,528 |
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20,958 | 21,824 | 19,640 |
| Operating expenses | (11,201) | (10,786) | (9,737) |
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(9,701) | (9,396) | (8,634) |
| Personnel expenses | (5,788) | (5,662) | (5,191) |
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(5,588) | (5,467) | (5,053) |
| General and administrative expenses | (4,280) | (4,106) | (3,707) |
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(4,113) | (3,929) | (3,581) |
| Depreciation and amortization | (1,133) | (1,018) | (839) |
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(1,095) | (978) | (810) |
| Operating income | 10,196 | 11,106 | 9,791 |
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10,162 | 11,450 | 10,196 |
| Impairment on financial assets (net) | (5,776) | (7,980) | (4,226) |
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(5,612) | (7,859) | (4,185) |
| Provisions (net) | (630) | (651) | (509) |
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(609) | (641) | (503) |
| Other gains (losses) | (1,040) | (1,726) | (2,110) |
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(2,781) | (1,368) | (2,110) |
| Income before tax | 2,750 | 749 | 2,946 |
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1,160 | 1,582 | 3,398 |
| Income tax | (593) | 276 | (206) |
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(46) | 352 | (158) |
| Net income from ongoing operations | 2,158 | 1,024 | 2,740 |
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1,114 | 1,934 | 3,240 |
| Net income from discontinued operations | - | - | - |
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1,866 | 393 | 245 |
| Results from corporate operations | 823 | 1,303 | 745 |
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- | - | - |
| Net income | 2,981 | 2,327 | 3,485 |
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2,981 | 2,327 | 3,485 |
| Non-controlling interests | (753) | (651) | (481) |
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(753) | (651) | (481) |
| Net attributable profit | 2,228 | 1,676 | 3,004 |
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2,228 | 1,676 | 3,004 |
Consolidated balance sheet BBVA Group
(Million euros)
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Garanti consolidated using the proportional consolidation |
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Garanti Group consolidated using the equity method |
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2013 | 2012 | 2011 |
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2013 | 2012 | 2011 |
| Cash and balances with central banks | 37,064 | 37,434 | 30,939 |
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34,903 | 35,494 | 29,841 |
| Financial assets held for trading | 72,301 | 79,954 | 70,602 |
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72,112 | 79,829 | 70,471 |
| Other financial assets designated at fair value | 2,734 | 2,853 | 2,977 |
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2,413 | 2,530 | 2,773 |
| Available-for-sale financial assets | 80,848 | 71,500 | 58,143 |
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77,774 | 67,500 | 54,641 |
| Loans and receivables | 363,575 | 383,410 | 381,077 |
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350,945 | 371,347 | 369,916 |
| Loans and advances to credit institutions | 24,203 | 26,522 | 26,107 |
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22,862 | 25,448 | 24,503 |
| Loans and advances to customers | 334,744 | 352,931 | 351,900 |
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323,607 | 342,163 | 342,543 |
| Other | 4,628 | 3,957 | 3,069 |
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4,476 | 3,736 | 2,870 |
| Held-to-maturity investments | - | 10,162 | 10,955 |
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- | 10,162 | 10,955 |
| Investments in entities accounted for using the equity method |
1,497 | 6,795 | 5,843 |
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4,742 | 10,782 | 9,299 |
| Tangible assets | 7,723 | 7,785 | 7,330 |
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7,534 | 7,572 | 7,126 |
| Intangible assets | 8,165 | 8,912 | 8,677 |
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6,759 | 7,132 | 6,880 |
| Other assets | 25,576 | 28,980 | 21,145 |
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25,393 | 28,724 | 20,936 |
| Total assets | 599,482 | 637,785 | 597,688 |
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582,575 | 621,072 | 582,838 |
| Financial liabilities held for trading | 45,782 | 55,927 | 51,303 |
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45,648 | 55,834 | 51,178 |
| Other financial liabilities at fair value | 2,772 | 2,516 | 1,825 |
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2,467 | 2,216 | 1,621 |
| Financial liabilities at amortized cost | 480,307 | 506,487 | 479,904 |
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464,141 | 490,605 | 465,717 |
| Deposits from central banks and credit institutions |
87,746 | 106,511 | 92,503 |
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83,315 | 102,150 | 89,478 |
| Deposits from customers | 310,176 | 292,716 | 282,173 |
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300,490 | 282,795 | 272,402 |
| Debt certificates | 65,497 | 87,212 | 81,930 |
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64,120 | 86,255 | 81,124 |
| Subordinated liabilities | 10,579 | 11,831 | 15,419 |
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10,556 | 11,815 | 15,303 |
| Other financial liabilities | 6,309 | 8,216 | 7,879 |
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5,659 | 7,590 | 7,410 |
| Liabilities under insurance contracts | 9,844 | 9,032 | 7,737 |
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9,834 | 9,020 | 7,729 |
| Other liabilities | 15,962 | 20,021 | 16,861 |
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15,636 | 19,595 | 16,535 |
| Total liabilities | 554,667 | 593,983 | 557,630 |
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537,725 | 577,270 | 542,780 |
| Non-controlling interests | 2,371 | 2,372 | 1,893 |
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2,371 | 2,372 | 1,893 |
| Valuation adjustments | (3,866) | (2,184) | (2,787) |
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(3,831) | (2,184) | (2,787) |
| Shareholders' funds | 46,310 | 43,614 | 40,952 |
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46,310 | 43,614 | 40,952 |
| Total equity | 44,815 | 43,802 | 40,058 |
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44,850 | 43,802 | 40,058 |
| Total equity and liabilities | 599,482 | 637,785 | 597,688 |
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582,575 | 621,072 | 582,838 |
| Memorandum item: |
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| Contingent liabilities | 36,437 | 39,540 | 39,904 |
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33,543 | 37,019 | 37,629 |
