Corporate Center
The Corporate Center basically includes the costs of the head offices that have a corporate function; management of structural exchange-rate positions; specific issues of equity instruments to ensure adequate management of the Group's global solvency; portfolios and their corresponding earnings, whose management is not linked to customer relations, such as industrial holdings; certain tax assets and liabilities; funds due to commitments with employees; goodwill and other intangibles. The highlights of this income statement for the first quarter of 2018 are summarized below:
- Negative contribution of NTI. The same period of 2017 registered capital gains of €204 m before tax, from the sale of 1.7% of the stake in CNCB.
- Increase of other income/expenses (up 7.3% year-on-year).
As a result, the Corporate Center had a net attributable loss of €295m, compared with a loss in 2017 of €122 m.
Financial statements (Million euros. Percentage)
| IFRS 9 | IAS 39 | |||||
|---|---|---|---|---|---|---|
| Income statement | 1 Q 18 | ∆% | 1 Q 17 | |||
| Net interest income | (68) | (39) | (110) | |||
| Net fees and commissions | (7) | 47,5 | (5) | |||
| Net trading income | (24) | n.s. | 213 | |||
| Other income/expenses | (7) | (75.5) | (27) | |||
| Gross income | (106) | n.s. | 70 | |||
| Operating expenses | (224) | 7.3 | (209) | |||
| Personnel expenses | (123) | 4.7 | (118) | |||
| Other administrative expenses | (41) | 168.4 | (15) | |||
| Depreciation | (60) | (21.4) | (76) | |||
| Operating income | (330) | 137.6 | (139) | |||
| Impaiment on financial assets not measured at fair value through profit or loss | (0) | n.s. | 1 | |||
| Provisions or reversal of provisions and other results | (63) | n.s. | (7) | |||
| Profit/(loss) before tax | (393) | 171.1 | (145) | |||
| Income tax | 98 | n.s. | 22 | |||
| Profit/(loss) for the year | (295) | 139.4 | (123) | |||
| Non-controlling interests | (0) | n.s. | 1 | |||
| Net attributable profit | (295) | 141.3 | (122) | |||
| IFRS 9 | IAS 39 | |||||
|---|---|---|---|---|---|---|
| Balance sheets | 31-03-18 | ∆% | 31-03-17 | |||
| Cash, cash balances at central banks and other demand deposits | 315 | n.s. | 5 | |||
| Financial assets designated at fair value | 3,346 | 33.1 | 2,514 | |||
| Financial assets at amortized cost | - | - | - | |||
| of which loans and advances to customers | - | - | - | |||
| Inter-area positions | (1.897) | 26.4 | (1,501) | |||
| Tangible assets | 1,661 | (12.3) | 1,893 | |||
| Other assets | 21,239 | 20.8 | 17,585 | |||
| Total assets/liabilities and equity | 24,664 | 20.3 | 20,497 | |||
| Financial liabilities held for trading and designated at fair value through profit or loss | - | - | - | |||
| Deposits from central banks and credit institutions | - | - | - | |||
| Deposits from customers | - | - | - | |||
| Debt certificates | 8,491 | (3,2) | 8,772 | |||
| Inter-area positions | (12,535) | (23,5) | (16,384) | |||
| Other liabilities | - | - | - | |||
| Economic capital allocated | (24,593) | (1.4) | (24,941) | |||
| Shareholders' funds | 53,301 | 1.3 | 52,606 | |||