Earnings
Earnings influenced by the incorporation of Catalunya Banc (CX), the purchase of an additional 14.89% stake in Garanti and the partial sale of BBVA Group stake of China Citic Bank (CNCB).
Consolidated income statements (1)
(Million euros)
| 2015 | Var. % | Var.% (2) | 2014 | |
|---|---|---|---|---|
| Net interest income | 16,426 | 8.7 | 21.5 | 15,116 |
| Net fees and commissions | 4,705 | 7.8 | 12.1 | 4,365 |
| Net trading income | 2,009 | (5.9) | (2.6) | 2,135 |
| Dividend income | 415 | (21.8) | (22.4) | 531 |
| Income by the equity method | 8 | (77.2) | (78.9) | 35 |
| Other operating income and expenses | 117 | n.s. | 2.7 | (826) |
| Gross income | 23,680 | 10.9 | 15.7 | 21,357 |
| Operating expenses | (12,317) | 12.5 | 15.8 | (10,951) |
|
Personal expenses |
(6,377) | 13.7 | 14.7 | (5,609) |
|
General and administrative expenses |
(4,650) | 11.7 | 17.6 | (4,161) |
|
Depreciation and amortization |
(1,290) | 9.3 | 14.7 | (1,180) |
| Operating income | 11,363 | 9.2 | 15.6 | 10,406 |
| Impairment on financial assets (net) | (4,339) | (3.3) | 1.6 | (4,486) |
| Provisions (net) | (733) | (36.6) | (30.9) | (1,155) |
| Other gains (losses) | (412) | (41.2) | (41.3) | (701) |
| Income before tax | 5,879 | 44.7 | 54.9 | 4,063 |
| Income tax | (1,441) | 46.9 | 58.5 | (981) |
| Net income from ongoing operations | 4,438 | 44.0 | 53.8 | 3,082 |
| Results from corporate operations (3) | (1,109) | n.s. | n.s. | - |
| Net income | 3,328 | 8.0 | 15.3 | 3,082 |
| Non-controlling interests | (686) | 48.0 | 93.9 | (464) |
| Net attributable profit | 2,642 | 0.9 | 4.4 | 2,618 |
| Net attributable profit from ongoing operations (4) | 3,752 | 43.3 | 48.2 | 2,618 |
(1) From the third quarter of 2015, BBVA’s total stake in Garanti is consolidated by the full integration method. For previous periods, Garanti’s revenues and costs are integrated in the proportion corresponding to the percentage of the Group’s stake then (25.01%).
(2) At constant exchange rates.
(3) 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, the impact of the sale of BBVA’s 29.68% stake in CIFH and the badwill from the CX operation.
(4) It corresponds to the attributable profit excluding results from corporate operations.
Positive income performance
Net interest income growth in all the geographies, supported by activity, offsetting pressure on spreads
Gross income driven by recurring revenue performance…
… despite the absence of dividend income from CNCB and an increased contribution to the deposit guarantee funds and the Spanish Resolution Fund
Operating expenses: efficiency above peer average
Year-on-year rate of change
(%, at constant exchange rates)
Efficiency
BBVA 12M15 vs. peer group 9M15, (%)
European peer group: BARC, BNPP, CASA, CS, CMZ, DB, HSBC, ISP, LBG, RBS, SAN, SG, UBS and UCG.
Impairment losses on financial assets continue to decline, with a positive impact on cost of risk
Impairment on financial assets (net)
(%)
-3.3%
Cost of risk year-to-date
(%)
A detailed explanation about the Group's results can be found in the Consolidated Annual Accounts, the Management Report and the Auditors´ Report.
