In this difficult economic situation, with the financial markets in turmoil, CIB has posted highly recurring earnings. In the first half of 2012 it generated gross income of €1,395m, practically the same (up 0.2%) as the high revenue obtained over the same period in 2011. By geographical area, revenue grew in South America and Mexico (26.4% and 44.0%, respectively) and fell in Spain, Eurasia and the United States (down 15.9%, 10.8% and 9.3%, respectively).

Operating expenses, which increased by 3.0% on the same period in 2011, show greater containment than in previous quarters, when most of the growth and technology investment plans were undertaken.

CIB reported operating income of €958m for the first half of 2012, compared to €967m twelve months earlier (excluding the foreign-currency effect). This is a very positive figure, taking into consideration the difficult environment in which it was generated, and represents a decrease of only 1.0%.

The asset quality of the various units in this area remains very high. The NPA ratio continues low, the coverage ratio high and loan-loss provisions amount to 7% of operating income. To sum up, CIB’s accumulated net attributable profit stands at €553m, (€644m in the first half of 2011, also excluding the foreign-currency effect).