Corporate Center
The Corporate Center contains the Group’s holding function, including: the costs of the head offices with a corporate function; management of structural exchange rate positions; some f equity instruments issuances to ensure an adequate management of the Group's global solvency. It also includes portfolios whose management is not linked to customer relationships, such as industrial holdings; certain tax assets and liabilities; funds due to commitments to employees; goodwill and other intangible assets.
Financial statements (Millions of euros and percentage)
| Income statement | 1Q19 | ∆% | 1Q18 |
|---|---|---|---|
| Net interest income | (71) | 4.9 | (67) |
| Net fees and commissions | (15) | 104.9 | (7) |
| Net trading income | (7) | (70.2) | (24) |
| Other operating income and expenses | (14) | n.s. | (3) |
| Gross income | (107) | 5.1 | (102) |
| Operating expenses | (239) | 12.7 | (212) |
| Personnel expenses | (133) | 3.9 | (128) |
| Other administrative expenses | (63) | 122.1 | (28) |
| Depreciation | (43) | (22.5) | (56) |
| Operating income | (346) | 10.2 | (314) |
| Impaiment on financial assets not measured at fair value through profit or loss | (1) | n.s. | (0) |
| Provisions or reversal of provisions and other results | (23) | (63.0) | (62) |
| Profit/(loss) before tax | (370) | (1.7) | (376) |
| Income tax | 84 | (11.3) | 94 |
| Profit/(loss) after tax from ongoing operations | (286) | 1.6 | (282) |
| Results from corporate operations | - | - | - |
| Profit/(loss) for the year | (286) | 1.6 | (282) |
| Non-controlling interests | (0) | (89.7) | (0) |
| Net attributable profit | (286) | 1.5 | (282) |
| Net attributable profit excluding results from corporate operations | (286) | 1.5 | (282) |
| Balance sheets | 31-03-19 | ∆% | 31-12-18 |
|---|---|---|---|
| Cash, cash balances at central banks and other demand deposits | 745 | 1.8 | 732 |
| Financial assets designated at fair value | 2,732 | (0.2) | 2,738 |
| of which loans and advances | - | - | - |
| Financial assets at amortized cost | 2,293 | (13.9) | 2,665 |
| of which loans and advances to customers | 551 | (44.3) | 990 |
| Inter-area positions | (13,173) | (6.1) | (14,026) |
| Tangible assets | 2,254 | 43.2 | 1,573 |
| Other assets | 21,224 | (6.1) | 22,598 |
| Total assets/liabilities and equity | 16,075 | (1.3) | 16,281 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 18 | (53.0) | 39 |
| Deposits from central banks and credit institutions | 740 | 0.9 | 733 |
| Deposits from customers | 280 | n.s. | 36 |
| Debt certificates | 8,521 | 3.8 | 8,212 |
| Inter-area positions | (25,746) | 12.9 | (22,808) |
| Other liabilities | 1,080 | (45.3) | 1,975 |
| Economic capital allocated | (22,159) | 1.5 | (21,833) |
| Shareholders' funds | 53,341 | 6.8 | 49,927 |
The Corporate Center registered a net attributable loss of €286m in the first quarter of 2019, compared with a loss of €282m (up 1.5%) in the same period of 2018.