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January-March 2013

Earnings

In the first quarter of 2013, the BBVA Group generated a net attributable profit of €1,734m, 72.6% above the figure for the same period in the previous year. This is the result of the following:

1. Resilience of the most recurring revenue, specifically net interest income plus income from fees and commissions.

2. Strong contribution of NTI.

3. Evolution of expenses in line with previous quarters.

Net attributable profit (1)

(Million euros)

(1) Adjusted (2) At constant exchange rates: -28.9%
Consolidated income statement: quarterly evolution  (1)

(Million euros)

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2013 2012

1Q 4Q 3Q 2Q 1Q
Net interest income 3,623 3,910 3,877 3,741 3,594
Net fees and commissions 1,052 1,126 1,104 1,061 1,062
Net trading income 719 646 319 461 340
Dividend income 19 17 35 311 27
Income by the equity method 51 191 169 175 191
Other operating income and expenses 7 (32) 6 57 51
Gross income 5,471 5,858 5,512 5,806 5,265
Operating costs (2,758) (2,855) (2,771) (2,633) (2,528)
Personnel expenses (1,458) (1,472) (1,447) (1,396) (1,347)
General and administrative expenses (1,025) (1,089) (1,064) (1,001) (951)
Depreciation and amortization (276) (294) (259) (236) (230)
Operating income 2,712 3,003 2,741 3,173 2,738
Impairment on financial assets (net) (1,376) (2,675) (2,038) (2,182) (1,085)
Provisions (net) (167) (228) (195) (98) (130)
Other gains (losses) 343 (269) (561) (311) (223)
Income before tax 1,513 (168) (53) 582 1,299
Income tax (395) 220 275 3 (223)
Net income from on-going operations 1,118 52 222 584 1,076
Net income from discontinued operations 823 138 83 75 96
Net income 1,941 190 305 659 1,173
Non-controlling interests (206) (170) (159) (154) (168)
Net attributable profit 1,734 20 146 505 1,005
Adjusted (2) 870 (1,155) (901) (1,067) (226)
Net attributable profit (adjusted) (2) 865 1,175 1,047 1,572 1,231
Basic earnings per share (euros) 0.31 0.01 0.03 0.10 0.19
Basic earnings per share adjusted (euros) (2) 0.16 0.21 0.19 0.29 0.23
(1) Pro forma financial statements with Garanti Group accounted for by the proportional consolidation method, without early application of the IFRS 10, 11 and 12. (2) Adjusted based on the result of real-estate activity in Spain, the profit from the pension business in Latin America, the badwill from Unnim and the reinsurance operation on the individual life-risk insurance portfolio in Spain.
Consolidated income statement: quarterly evolution (1)

(Million euros)

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1Q13 Δ % Δ % at constant exchange rates 1Q12
Net interest income 3,623 0.8 2.5 3,594
Net fees and commissions 1,052 (1.0) (0.0) 1,062
Net trading income 719 111.5 117.6 340
Dividend income 19 (28.0) (27.2) 27
Income by the equity method 51 (73.5) (73.4) 191
Other operating income and expenses 7 (86.1) (89.3) 51
Gross income 5,471 3.9 5.2 5,265
Operating costs (2,758) 9.1 10.2 (2,528)
Personnel expenses (1,458) 8.2 9.2 (1,347)
General and administrative expenses (1,025) 7.8 8.9 (951)
Depreciation and amortization (276) 20.2 21.9 (230)
Operating income 2,712 (0.9) 0.5 2,738
Impairment on financial assets (net) (1,376) 26.7 26.5 (1,085)
Provisions (net) (167) 28.4 35.8 (130)
Other gains (losses) 343 n.m. n.m. (223)
Income before tax 1,513 16.4 19.6 1,299
Income tax (395) 77.3 82.4 (223)
Net income from on-going operations 1,118 3.8 6.7 1,076
Net income from discontinued operations 823 n.m. n.m. 96
Net income 1,941 65.5 69.3 1,173
Non-controlling interests (206) 23.0 33.4 (168)
Net attributable profit 1,734 72.6 74.9 1,005
Adjusted (2) 870 n.m. n.m. (226)
Net attributable profit (adjusted) (2) 865 (29.8) (28.9) 1,231
Basic earnings per share (euros) 0.31

0.19
Basic earnings per share adjusted (euros) (2) 0.16

0.23
(1) Pro forma financial statements with Garanti Group accounted for by the proportional consolidation method, without early application of the IFRS 10, 11 and 12. (2) Adjusted based on the result of real-estate activity in Spain, the profit from the pension business in Latin America and the reinsurance operation on the individual life-risk insurance portfolio in Spain.

4. Increased provisions, focused primarily on the commercial loans portfolio in Spain, as expected.

5. Generation of capital gains through a reinsurance operation for 90% of the individual life insurance portfolio in Spain and the closing of the sale of the pension business in Mexico.

In short, a quarter with high earnings, influenced by one-offs and with strong recurring revenue, despite the environment.


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