BBVA posted gross income in the first quarter of 2013 of €5,471m, a year-on-year increase of 3.9%. This represents a fall of 6.6% on the amount in the preceding quarter.
Gross income
(Million euros)
Net interest income has been strong and increased 0.8% on the figure for the first quarter of 2012 to €3,623m. This figure is highly significant, given the environment in which it has been generated, with low interest rates and more expensive funding of the euro balance sheet, which explains the 7.3% decline on the figure for the fourth quarter of 2012.
Net interest income
(Million euros)
Breakdown of yields and costs
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1Q13 | 4Q12 | 3Q12 | 2Q12 | 1Q12 | |||||
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% of ATA |
% yield/ Cost |
% of ATA |
% yield/ Cost |
% of ATA |
% yield/ Cost |
% of ATA |
% yield/ Cost |
% of ATA |
% yield/ Cost |
| Cash and balances with central banks | 5.0 | 0.99 | 4.8 | 1.19 | 4.2 | 0.82 | 3.7 | 0.98 | 4.0 | 0.94 |
| Financial assets and derivatives | 27.4 | 2.58 | 26.9 | 2.89 | 26.8 | 2.85 | 27.1 | 2.75 | 26.3 | 2.99 |
| Loans and advances to credit institutions | 4.3 | 1.50 | 4.0 | 1.58 | 4.4 | 1.80 | 4.4 | 1.90 | 4.2 | 2.01 |
| Loans and advances to customers | 55.8 | 5.39 | 56.5 | 5.83 | 57.1 | 5.60 | 57.9 | 5.75 | 58.6 | 5.72 |
| Euros | 34.5 | 3.10 | 34.2 | 3.20 | 34.4 | 3.23 | 34.8 | 3.43 | 36.0 | 3.52 |
| Domestic | 28.8 | 3.56 | 28.2 | 3.71 | 28.2 | 3.78 | 29.0 | 3.84 | 29.9 | 3.85 |
| Other | 5.7 | 0.75 | 6.1 | 0.85 | 6.3 | 0.77 | 5.8 | 1.35 | 6.1 | 1.91 |
| Foreign currencies | 21.2 | 9.12 | 22.3 | 9.88 | 22.6 | 9.20 | 23.1 | 9.24 | 22.6 | 9.23 |
| Other assets | 7.5 | 0.30 | 7.8 | 0.58 | 7.5 | 0.33 | 6.9 | 0.47 | 6.9 | 0.39 |
| Total assets | 100.0 | 3.85 | 100.0 | 4.24 | 100.0 | 4.10 | 100.0 | 4.23 | 100.0 | 4.29 |
| Deposits from central banks and credit institutions | 15.7 | 1.74 | 17.0 | 2.02 | 19.6 | 1.90 | 17.5 | 2.26 | 14.8 | 2.50 |
| Deposits from customers | 46.3 | 1.63 | 45.1 | 1.89 | 43.9 | 1.82 | 45.2 | 1.80 | 47.5 | 1.85 |
| Euros | 24.3 | 1.34 | 23.3 | 1.39 | 22.4 | 1.25 | 23.1 | 1.31 | 25.6 | 1.39 |
| Domestic | 17.0 | 1.51 | 15.4 | 1.58 | 14.7 | 1.47 | 15.3 | 1.57 | 15.8 | 1.68 |
| Other | 7.2 | 0.95 | 7.9 | 1.04 | 7.6 | 0.83 | 7.8 | 0.81 | 9.8 | 0.92 |
| Foreign currencies | 22.1 | 1.95 | 21.8 | 2.41 | 21.6 | 2.41 | 22.1 | 2.31 | 22.0 | 2.39 |
| Debt certificates and subordinated liabilities | 16.7 | 2.77 | 16.8 | 2.69 | 15.8 | 2.69 | 16.6 | 2.68 | 17.6 | 2.76 |
| Other liabilities | 13.9 | 0.92 | 14.1 | 1.14 | 13.8 | 0.89 | 13.8 | 0.70 | 13.3 | 1.03 |
| Equity | 7.4 | - | 7.0 | - | 6.8 | - | 6.9 | - | 6.9 | - |
| Total liabilities and equity | 100.0 | 1.62 | 100.0 | 1.81 | 100.0 | 1.72 | 100.0 | 1.75 | 100.0 | 1.87 |
| Net interest income/Average total assets (ATA) | 2.23 | 2.43 | 2.38 | 2.47 | 2.42 | |||||
Net interest income/ATA BBVA Group
(Percentage)
Income from fees and commissions contributed €1,052m to the Group’s income statement. This figure is similar to that of the same period in 2012, despite the coming into effect in 2012 and 2013 in some geographical areas of regulations restricting the charging of some fee items, which had a negative effect on this heading.
Net interest income plus fees and commissions
(Million euros)
NTI made an outstanding contribution, as a result of good performance of the markets unit in practically all the regions and good management of the structural risks on the balance sheet. In the first quarter of 2013 it stood at €719m, with a year-on-year rise of 111.5% and a quarter-on-quarter increase of 11.3%.
Revenue from dividends amounted to €19m. This heading basically includes the remuneration from the Group’s stake in Telefónica (temporarily suspended until November 2013) and, to a lesser extent, the dividends collected in the Global Markets area.
Income by the equity method amounted to €51m. It declined compared with the figures for the first and fourth quarters of 2012 as a result of a smaller contribution by CNCB due to an increase in loans-loss provisions by the Chinese bank in response to the coming into force of the new provisioning policies at local level.
Finally, other operating income and expenses amounted to €7m, reflecting the good progress of the insurance business in all geographical areas (generating net income very similar to that for the same period in 2012, despite the aforementioned reinsurance operation in Spain); it also includes the bigger contribution (compared with the first quarter of 2012) to the various deposit guarantee funds in the regions where BBVA operates.