Corporate Center
Financial statements (Millions of euros and percentage)
| Income statement | 1Q21 | ∆% | 1Q20 |
|---|---|---|---|
| Net interest income | (44) | (6.8) | (47) |
| Net fees and commissions | (3) | (66.2) | (9) |
| Net trading income | 46 | (77.7) | 208 |
| Other operating income and expenses | (18) | (29.4) | (25) |
| Gross income | (18) | n.s. | 127 |
| Operating expenses | (212) | 0.6 | (211) |
| Personnel expenses | (129) | 10.8 | (117) |
| Other administrative expenses | (36) | (23.3) | (46) |
| Depreciation | (47) | (1.1) | (48) |
| Operating income | (230) | 176.3 | (83) |
| Impairment on financial assets not measured at fair value through profit or loss | (0) | (98.0) | (0) |
| Provisions or reversal of provisions and other results | 9 | n.s. | (25) |
| Profit/(loss) before tax | (221) | 105.0 | (108) |
| Income tax | 11 | (64.8) | 31 |
| RProfit/(loss) after tax | (211) | 173.1 | (77) |
| Goodwill impairment in the United States and corporate operations (1) | 177 | n.s. | (2,224) |
| (34) | (98.5) | (2,301) | |
| Non-controlling interests | (1) | 132.9 | (0) |
| Net attributable profit/(loss) | (34) | (98.5) | (2,301) |
| Of which: | |||
| Discontinued operations | 177 | n.s. | (2,224) |
| Net attributable profit excluding discontinued operations | (211) | 172.9 | (77) |
- (1) Including the results generated by BBVA USA and the rest of the Group's companies in the United States included in the sale agreement signed with PNC.
| Balance sheets | 31-03-21 | ∆% | 31-03-20 |
|---|---|---|---|
| Cash, cash balances at central banks and other demand deposits | 923 | 5.6 | 874 |
| Financial assets designated at fair value | 1,680 | 14.7 | 1,464 |
| Of which: Loans and advances | - | - | - |
| Financial assets at amortized cost | 1,782 | 3.8 | 1,718 |
| Of which: Loans and advances to customers | 669 | 32.5 | 505 |
| Inter-area positions | - | - | - |
| Tangible assets | 2,039 | (1.2) | 2,063 |
| Other assets | 102,929 | 3.7 | 99,298 |
| Total assets/liabilities and equity | 109,353 | 3.7 | 105,416 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 60 | (16.0) | 72 |
| Deposits from central banks and credit institutions | 859 | 1.6 | 845 |
| Deposits from customers | 177 | (51.3) | 363 |
| Debt certificates | 3,383 | (22.1) | 4,344 |
| Inter-area positions | 496 | n.s. | 64 |
| Other liabilities | 87,418 | 4.4 | 83,707 |
| Economic capital allocated | (33,751) | (0.7) | (33,998) |
| Total equity | 50,711 | 1.4 | 50,020 |
The Corporate Center recorded a cumulative net attributable loss of €34m in the first quarter of 2021, compared with the €2,301m loss in the same period last year, due to the €2,084m goodwill impairment in the United States in the first quarter of 2020, which was mainly caused by the negative impact of the macroeconomic scenario adjustment as a consequence of the COVID-19 pandemic.
The profit/(loss) after tax from discontinued operations line includes the results generated by the Group businesses in the United States included in the agreement with PNC, which at the end of March 2021 amounted to €177m, while the result at the end of March, 2020 stood at €-2,224m, including the aforementioned goodwill impairment.
Apart from the above, the most relevant year-on-year aspect in the first quarter of 2021 is the lower NTI contribution (down 77.7% year-on-year) mainly due to gains in foreign-exchange rate hedging in 2020.