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We closed 2009 as a 'better bank'

Sound operating result

Net interest income
(Million euros)
Net interest income
A strong net interest income through a proper price management and improved funding mix
Gross income
(Million euros)
Gross income
Good performance of gross income
Operating costs
(Million euros)
Operating costs
Strict cost control
Total income/costs
Accrued earnings (base 100 = 2007)
Total income/costs
Efficiency ratio
(Percentage)
Efficiency ratio

Resulting in overall improved efficiency

Operating income
(Million euros)
Operating income
And an extremely dynamic operating income

This allows a major effort to be made in provisioning

A high level of coverage for doubtful assets with provisions and collaterals

Recurrent earnings in a much more complex environment

Operating income and provisions
(Million euros and number of times)
Operating income and provisions
Coverage including provisions and collaterals(Million euros)
Coverage including provisions and collaterals
Group net attributable profit excluding one-offs(Million euros)
Group net attributable profit excluding one-offs

That result in closing 2009 better capitalized

And obtain an above-average total return for the shareholder

Evolution of core capital
(Percentage)
Evolution of core capital

And maintain a cash dividend payment of 0.42 euros per share (a 30% payout on net attributable profit excluding one-offs)

Total shareholder return
(Percentage)

2009 2008-2009 2007-2009 2006-2009
BBVA +53.7% -8.1% -7.0% +0.2%
Median for peers1 +29.2% -22.1% -21.8% -11.8%
1 Peers: BARCL, BNPP, CASA CMZ, CS, DB, HSBC, ISP, RBS, SAN, SG, UBS, LBG, Citi, BOA, JPM, Wells Fargo.
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