January-September 2013



Business activity in South America has continued its positive trend in both lending and, in particular, customer funds, with high rates of growth in both cases. Furthermore, this good performance has taken place without any deterioration in the asset quality indicators.

This strong activity is reflected in earnings in the region, whose main characteristics are significant progress in more recurring revenue, increased expenses due to the growth and expansion plans in the region, and a greater volume of loan-loss provisions due to the strength of business activity.