January-September 2013



The key elements of the income statement for the first nine months of the year are as follows:

  • On the revenue side, net interest income amounted to €1,056m, 7.9% down on the same period in 2012. It has continued to be affected by the low interest-rate environment and very flat curves, which have detracted from the positive impact of significant volumes of activity. Income from fees and commissions increased slightly over the quarter to a cumulative €424m through September. This improvement over the quarter is basically due to increased volumes of business activity and a larger number of transactions within the corporate and investment banking business. NTI totaled €119m, a rise of 7.1% year-on-year, thanks to good structural interest rate risk management. Lastly, other income/expenses stood at €5m through September 2013, compared with a negative €36m twelve months earlier (–€35m at constant exchange rate). As a result, cumulative gross income amounted to €1,603m, 3.1% down on the figure for the first nine months of 2012.
  • Expenses continue to be held in check at very similar levels to the same period last year: €1,100m, a year-on-year rise of 0.4%. As a result, operating income amounted to €503m, a year-on-year decline of 10.1%.
  • Lastly, impairment losses on financial assets stood at €68m through September 2013, a decline of 5.7% despite the increased volumes of lending. The cumulative risk premium through September 2013 remained at 0.24% (0.25% twelve months earlier). This positive performance is due to improved quality in the loan book in the area, as mentioned at the start of this chapter.
  • To sum up, the United States has generated cumulative earnings of €314m, up 1.8% on the figure between January and September 2012, thanks to tight cost control and the good performance of provisions. Of this figure, 87% corresponds to BBVA Compass.
The United States. Operating income

(Million euros at constant exchange rate)

The United States. Net attributable profit

(Million euros at constant exchange rate)

(1) At current exchange rate: -12.6%.

(1) At current exchange rate:-1.0%.