Corporate Center
Financial statements (Millions of euros and percentage)
| Income statement | 2022 | ∆% | 2021 (1) |
|---|---|---|---|
| Net interest income | (109) | (33.0) | (163) |
| Net fees and commissions | (31) | (11.9) | (36) |
| Net trading income | (294) | n.s. | 266 |
| Other operating income and expenses | 105 | (27.7) | 146 |
| Gross income | (329) | n.s. | 212 |
| Operating expenses | (852) | 4.0 | (820) |
| Personnel expenses | (625) | 12.1 | (558) |
| Other administrative expenses | (21) | (68.7) | (68) |
| Depreciation | (206) | 6.2 | (194) |
| Operating income | (1,181) | 94.6 | (607) |
| Impairment on financial assets not measured at fair value through profit or loss | (2) | 6.1 | (2) |
| Provisions or reversal of provisions and other results | 8 | (73.4) | 32 |
| Profit (loss) before tax | (1,175) | 103.5 | (577) |
| Income tax | 277 | 265.3 | 76 |
| Profit (loss) for the period | (898) | 79.1 | (501) |
| Non-controlling interests | (25) | 21.9 | (20) |
| Net attributable profit (loss) excluding non-recurring impacts | (922) | 76.9 | (522) |
| Profit (loss) after tax from discontunued operations (2) | - | - | 280 | Net costs associated with the restructuring process | - | - | (696) |
| Net attributable profit (loss) | (922) | (1.6) | (938) |
- (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 | 31-12-22 | ∆% | 31-12-21 |
|---|---|---|---|
| Cash, cash balances at central banks and other demand deposits | 856 | (91.1) | 9,609 |
| Financial assets designated at fair value | 2,390 | 13.9 | 2,099 |
| Of which: Loans and advances | - | n.s. | - |
| Financial assets at amortized cost | 3,262 | 49.9 | 2,175 |
| Of which: Loans and advances to customers | 278 | (72.4) | 1,006 |
| Inter-area positions | - | - | - |
| Tangible assets | 1,863 | (5.1) | 1,964 |
| Other assets | 14,349 | (4.3) | 14,988 |
| Total assets/liabilities and equity | 22,719 | (26.3) | 30,835 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 108 | 29.1 | 84 |
| Deposits from central banks and credit institutions | 682 | (17.4) | 825 |
| Deposits from customers | 187 | 6.6 | 175 |
| Debt certificates | (863) | n.s. | 1,556 |
| Inter-area positions | 7,865 | 1.4 | 7,758 |
| Other liabilities | 4,012 | (42.1) | 6,932 |
| Regulatory capital allocated | (39,887) | 13.1 | (35,257) |
| Total equity | 50,615 | 3.8 | 48,760 |
Results
The Corporate Center recorded a net attributable loss of €922m in the year 2022. This result compares to the loss of €938m recorded in the same period of the previous year, which included the net costs associated with the restructuring process in Spain carried out by the Group in 2021, in addition to the results generated by the Group's businesses in the United States until their sale to PNC on June 1, 2021.
In addition to the aforementioned, the most relevant aspects of the year-on-year evolution of this aggregate are summarized below:
- Between January and December 2022, the NTI registered a negative result of €294m, which contrasts with the gains of €266m in the same period of the previous year, mainly due to the negative contribution of the foreign exchange hedge as a result of a better currencies evolution than expected and a very positive contribution from the Group's portfolio holdings in 2021.
- Contained operating expenses (+4.0%), mainly due to lower IT- related costs.
In the quarterly evolution of this aggregate, the evolution of the NTI stands out, which generated a negative result of €213m between October and December 2022, mainly due to the impact of foreign exchange hedging (negatively affected by the U.S. dollar depreciation in the quarter).