Corporate Center
The Corporate Center basically includes the costs of the head offices that have a corporate function; management of structural exchange-rate positions; certain issuances 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 relationships, such as industrial holdings; certain tax assets and liabilities; funds due to commitments with employees; goodwill and other intangibles.
The Corporate Center had a net attributable loss of €586m in the first half of 2018, compared with a loss of €402m in the same period of 2017. The most relevant aspect of the income statement was the negative contribution from NTI. In the same period of 2017, capital gains were recorded, in the amount of €204m before taxes, from the sale of the 1.7% of the stake in CNCB.
Financial statements (Million euros and Percentage)
| IFRS 9 | IAS 39 | |||||
|---|---|---|---|---|---|---|
| Income statement | 1H18 | ∆% | 1H17 | |||
| Net interest income | (140) | (26.2) | (190) | |||
| Net fees and commissions | (32) | (31.7) | (47) | |||
| Net trading income | (58) | n.s. | 244 | |||
| Other operating income and expenses | 35 | (5.6) | 37 | |||
| Gross income | (196) | n.s. | 43 | |||
| Operating expenses | (460) | 4.1 | (441) | |||
| Personnel expenses | (245) | 1.0 | (243) | |||
| Other administrative expenses | (102) | 127.1 | (45) | |||
| Depreciation | (112) | (26.8) | (154) | |||
| Operating income | (655) | 64.5 | (398) | |||
| Impairment on financial assets not measured at fair value through profit or loss | (0) | (89.9) | (1) | |||
| Provisions or reversal of provisions and other results | (79) | 62.3 | (49) | |||
| Profit/(loss) before tax | (734) | 64.0 | (448) | |||
| Income tax | 158 | 160.3 | 61 | |||
| Profit/(loss) for the year | (576) | 48.9 | (387) | |||
| Non-controlling interests | (10) | (32.2) | (15) | |||
| Net attributable profit | (586) | 45.9 | (402) | |||
| IFRS 9 | IAS 39 | |||||
|---|---|---|---|---|---|---|
| Balance sheets | 30-06-18 | ∆% | 31-03-17 | |||
| Cash, cash balances at central banks and other demand deposits | 104 | n.s. | 5 | |||
| Financial assets designated at fair value | 5,386 | 114.3 | 2,514 | |||
| of which loans and advances | - | - | - | |||
| Financial assets at amortized cost | - | - | - | |||
| of which loans and advances to customers | - | - | - | |||
| Inter-area positions | (5,319) | 254.4 | (1,501) | |||
| Tangible assets | 1,645 | (13.1) | 1,893 | |||
| Other assets | 20,434 | 16.2 | 17,585 | |||
| Total assets/liabilities and equity | 22,248 | 8.5 | 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 | 8,086 | (7.8) | 8,772 | |||
| Inter-area positions | (15,681) | (4.3) | (16,384) | |||
| Other liabilities | 109 | (75.4) | 443 | |||
| Economic capital allocated | (23,358) | (6.3) | (24,941) | |||
| Shareholders' funds | 53,093 | 0.9 | 52,606 | |||