Corporate Center
Financial statements (Millions of euros and percentage)
| Income statement | 1Q22 | ∆% | 1Q21 (1) |
|---|---|---|---|
| Net interest income | (37) | (14.6) | (44) |
| Net fees and commissions | (4) | 41.8 | (3) |
| Net trading income | (38) | n.s. | 46 |
| Other operating income and expenses | 1 | n.s. | (18) |
| Gross income | (79) | n.s. | (18) |
| Operating expenses | (187) | (4.9) | (197) |
| Personnel expenses | (131) | 1.6 | (129) |
| Other administrative expenses | (8) | (63.0) | (20) |
| Depreciation | (48) | 2.5 | (47) |
| Operating income | (266) | 23.8 | (215) |
| Impairment on financial assets not measured at fair value through profit or loss | 1 | n.s. | 0 |
| Provisions or reversal of provisions and other results | 11 | 18.8 | 9 |
| Profit (loss) before tax | (255) | 23.7 | (206) |
| Income tax | 46 | n.s. | 6 |
| Profit (loss) for the period | (209) | 4.6 | (200) |
| Non-controlling interests | (6) | n.s. | (1) |
| Net attributable profit (loss) excluding non-recurring impacts | (215) | 7.4 | (201) |
| Profit (loss) after tax from discontunued operations (2) | — | — | 177 |
| Net attributable profit (loss) | (215) | n.s. | (24) |
- (1) Restated balances. For more information, please refer to the “Business Areas” section.
- (2) Including the results generated by BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021.
| Balance sheets | 31-03-22 | ∆% | 31-12-21 |
|---|---|---|---|
| Cash, cash balances at central banks and other demand deposits | 8.608 | (10.4) | 9,609 |
| Financial assets designated at fair value | 2,680 | 27.7 | 2,099 |
| Of which: Loans and advances | - | n.s. | - |
| Financial assets at amortized cost | 1,331 | (38.8) | 2,175 |
| Of which: Loans and advances to customers | 501 | (50.2) | 1,006 |
| Inter-area positions | - | - | - |
| Tangible assets | 1,914 | (2.5) | 1,964 |
| Other assets | 14,769 | (1.5) | 14,988 |
| Total assets/liabilities and equity | 29,303 | (5.0) | 30,835 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 137 | 62.9 | 84 |
| Deposits from central banks and credit institutions | 763 | (7.6) | 825 |
| Deposits from customers | 182 | 3.9 | 175 |
| Debt certificates | 947 | (39.2) | 1,556 |
| Inter-area positions | 9,621 | 24.0 | 7,758 |
| Other liabilities | 7,297 | 5.3 | 6,932 |
| Regulatory capital allocated | (37,901) | 7.5 | (35,257) |
| Total equity | 48,258 | (1.0) | 48,760 |
Results
The Corporate Center recorded a net attributable loss of €-215m in the first quarter of 2022, This result compares to €-24m recorded in the same period of the previous year, although it must be taken into account that this figure included the results generated by the businesses that the Group had in the United States until its sale to PNC on June 1, 2021. Excluding the non-recurring impact, the net attributable profit of the Corporate Center stood at €-201m.
In addition to the aforementioned, the most relevant aspects of the year-on-year evolution are summarized below:
- Between January and March 2022, the NTI registered a negative result of €38m, which contrasts with the gains of €46m in the same period of the previous year, mainly due to lower results due to exchange rate hedges and a lower contribution of the portfolio of industrial and financial holdings, partially offset by the positive results of the valuation of the Group’s stakes in Funds & Investment Vehicles in tech companies.
- Finally, the reduction in operating expenses mainly due to lower IT-related costs.