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.