The BBVA Group’s activity is geographically diversified in Spain, Mexico, South America and the United States, with an active presence in Europe and Asia, especially Turkey and China. As mentioned in Note 6 of the consolidated Financial Statements, the business areas used by the BBVA Group as a basic management tool are: Spain, Eurasia, Mexico, South America and the United States.
The BBVA Group’s business areas and their composition have changed in 2011 compared with 2010. Thus, the information shown below in terms of the business areas referring to December 31, 2010 has been reworked using the criteria indicated in Note 6 to make it comparable with the information relating to December 31, 2011.
The breakdown of “Net income attributed to parent company” in 2011 and 2010 by business area in the Group is as follows:
| Net Income by Bussiness Areas | Millions of Euros | ||
|---|---|---|---|
| 2011 | 2010 | % Change 2011-2010 |
|
| Spain | 1,363 | 2,255 | (39.5) |
| Eurasia | 1,027 | 588 | 74.8 |
| Mexico | 1,741 | 1,707 | 2.0 |
| South America | 1,007 | 889 | 13.2 |
| The United States | (722) | 239 | n.a |
| Corporate Activities | (1,413) | (1,072) | 31.8 |
| Total | 3,004 | 4,606 | (34.8) |
Following the acquisition of 24.9% of the Turkish bank Garanti and its incorporation, starting on March 2011, into the financial statements of the Group, BBVA is beginning to have a relevant presence, in terms of both the balance sheet and income, in Europe and Asia.
In the United States, not including the amortization of goodwill, income amounted to a €289 million profit, with a 20.9% increase on the previous year.
The explanations for the changes in the income statement and the main figures on the balance sheet for each of the business areas are given below.