BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

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South America Millions of Euros South America June June 2010 2009 % Change NET INTEREST INCOME 1,197 1,235 (3.0) Net fees and commissions 457 427 7.0 Net gains (losses) on financial assets and liabilities and net exchange differences 277 265 4.8 Other operating income and expenses (87) (102) (14.5) GROSS INCOME 1,844 1,824 1.1 Operating expenses (785) (763) 2.8 Personnel, general and administrative expenses (724) (706) 2.6 Depreciation and amortization (61) (57) 6.3 OPERATING INCOME 1,059 1,061 (0.2) Impairment losses on financial assets (net) (214) (215) (0.4) Provisions (net) (13) (15) (11.9) Other gains (losses) - 7 (101.6) INCOME BEFORE TAX 832 839 (0.8) Income tax (185) (203) (8.6) NET INCOME 647 636 1.7 Net income attributed to non-controlling interests (194) (214) (9.7) NET INCOME ATTRIBUTED TO PARENT COMPANY 453 421 7.6 Millions of Euros South America June December 2010 2009 % Change Loans and advances to customers (gross) 28,783 26,223 9.8 Customer deposits (1) 34,437 31,528 9.2 Deposits 34,184 31,235 9.4 Funds received under financial asset transfers 253 293 (13.9) Off-balance-sheet funds 46,536 38,720 20.2 Mutual funds 3,203 2,617 22.4 Pension funds 43,333 36,104 20.0 Total Assets 48,631 44,378 9.6 NPL Ratio 2.7% 2.7% NPL Coverage Ratio 132.8% 129.5% (1) Includes trading debt securities The year-on-year comparison of the financial statements in the area is affected by the devaluation of the Venezuelan strong bolivar against the euro, and by the appreciation of the Argentinean peso in average exchange rates. The rest of the currencies were appreciated, in period-end and average exchange rates. For the most important transactions, a reference is given to the percentage change at constant exchange rates. The changes in the principal headings of the income statement in this business area were: • The balance of “Net interest income” for the six months ended June 30, 2010 was €1,197 million, a 3.0% decrease compared with the €1,235 million recorded for the six months ended June 30, 2009. This fall is mainly due to the exchange-rate effect (at constant exchange rates there would have been an increase of 12.3%, mainly as a result of increased volume of customer finance during the period in all geographical regions of this business area. • The balance of “Net fees and commissions” for the six months ended June 30, 2010 was €457 million, a 7.0% increase of on the €427 million for the six months ended June 30, 2009, due basically to fees charged for transactional services, and the incipient recovery of fees related to securities and the wholesale businesses. • The balance of “Net gains (losses) on financial assets and liabilities and net exchange differences” for the six months ended June 30, 2010 was €277 million, an increase of 4.8% over the €265 million recorded for the six months ended June 30, 2009, primarily as a result of the valuation of U.S. dollar positions from Venezuela due to the devaluation of the Venezuelan strong bolivar and the appreciation of the dollar against the euro. 12
• The balance of “Other operating income and expenses” for the six months ended June 30, 2010 was a loss of €87 million, a 14.5% decrease compared to the loss €102 million recorded for the six months ended June 30, 2009. This heading includes the adjustment for hyperinflation in Venezuela. As a result of the foregoing, the balance of “Gross income” for the six months ended June 30, 2010 was €1,844 million, an increase of 1.1% over the €1,824 million recorded for the six months ended June 30, 2009. • The balance of “Operating expenses” for the six months ended June 30, 2010 was €785 million, an increase of 2.8% over the €763 million recorded for the six months ended June 30, 2009, mainly due to the exchange-rate effect mentioned above (at constant exchange rates the increase would have been 12.2%). However, this increase is below the average rate of inflation in the countries in the region. As a result of the foregoing, the “Operating income” for the six months ended June 30, 2010 was €1,059 million, slight fall of 0.2% over the €1,061 million recordedfor the six months ended June 30, 2009 (at constant exchange rates there would have been a rise of 4.6%). • The balance of “Impairment losses on financial assets (net)” for the six months ended June 30, 2010 was €214 million, an increase of 0.4% on the €215 million recorded for the six months ended June 30, 2009, as the recovery in the economy is not leading to lower quality assets in the area. • The balance of "Provisions (net)” and “Other gains (losses)” for the six months ended June 30, 2010 was €13 million of various provisions, compared to a net of -€8 million for the six months ended June 30, 2009. As a result of the foregoing, "Income before tax" for the six months ended June 30, 2010 amounted to €832 million, a slight fall of 0.8% compared with €839 million for the six months ended June 30, 2009, due to exchange-rate movements, as without their effect the growth would have been 6.5%. • The balance of “Income tax” for the six months ended June 30, 2010 was €185 million, a fall of 8.6% on the €203 million for the six months ended June 30, 2009. The balance of “Net income” for the six months ended June 30, 2010 was €647 million, an increase of 1.7% over the €636 million recorded for the six months ended June 30, 2009 (at constant exchange rates the increase would have been 10.1%). • “Net income attributed to non-controlling interests" for the six months ended June 30, 2010 was €194 million, a fall of 9.7% on the €214 million for the six months ended June 30, 2009, mainly due to the exchange rate (at constant exchange rates the increase would have been 4.0%). In all, the “Net income attributed to parent company” for the six months ended June 30, 2010 was €453 million, an increase of 7.6% on the figure of €421 million for the six months ended June 30, 2009 (at constant exchange rates the increase would have been 12.9%). The changes in the principal headings of activity in this area of business were as follows: • As of December 31, 2009, the “Loan and advances to customers (gross)” balance was €28,783 million, up 9.8% on the figure of €26,223 million as of December 31, 2009, due to the recovery in the economy that has taken place so far in 2010. • As of June 30, 2010, total customer funds, both on-balance and off-balance, including mutual funds, pension funds and other funds, amounted to €80,173 million, an increase of 15.3% on the €70,248 million as of December 31, 2009, due primarily to the positive performance of assets in mutual funds, and above all in pension funds. There was also a positive performance in lower-cost balance-sheet funds, such as current and savings accounts. 13
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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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27. COMMON STOCK...................
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Translation of consolidated financi
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Millions of Euros LIABILITIES AND E
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Millions of Euros June June Notes 2
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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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The BBVA Group ICFR Model is summar
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2.2. ACCOUNTING POLICIES AND VALUAT
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- Other financial instruments The f
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In the case of unsecured transactio
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2.2.2. TRANSFERS AND DERECOGNITION
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The fair value of non-current asset
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2.2.7. BUSINESS COMBINATIONS The re
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insurees, as the case may be, based
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• The discount rate used is deter
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2.2.16. FOREIGN CURRENCY TRANSACTIO
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2.2.22. CONSOLIDATED STATEMENTS OF
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IFRIC 17 - Distributions of non-cas
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The Group’s activity is mainly lo
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Changes in the Group The most signi
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- In the denominator, the average n
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The breakdown of the consolidated n
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Management & Asset Allocation, Risk
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Maximum exposure to credit risk The
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debtors includes mortgages, cash gu
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Policies and procedures for prevent
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December 2009 Less than 6 Months Pa
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7.2 MARKET RISK a) Market Risk Mark
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Below are the average interest rate
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7.4. RISK CONCENTRATIONS Below is p
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Determining the fair value of finan
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Financial Instruments LEVEL 2 Valua
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The changes in the six months ended
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10.2. DEBT SECURITIES The breakdown
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11. OTHER FINANCIAL ASSETS DESIGNAT
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12.3. EQUITY INSTRUMENTS The breakd
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13.2. LOANS AND ADVANCES TO CREDIT
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Millions of Euros December 2009 Amo
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December 2009 Currency Risk Interes
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17.1. ASSOCIATES The following tabl
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17.3. INFORMATION ABOUT ASSOCIATES
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The main activity of the Group is c
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21.3 RECONCILIATION The reconciliat
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23. FINANCIAL LIABILITIES AT AMORTI
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Millions of Euros December 2009 Dem
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The item “Subordinated Liabilitie
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The breakdown of the commitments pe
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June 30, 2010 and December 31, 2009
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Post-employments Benefits in Spain
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Post-Employment Actuarial Hypothesi
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during which to increase the common
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Reserves Assigned to the Consolidat
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Millions of Euros Valuation Adjustm
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on equity (ROE) by each business; a
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39. INTEREST, INCOME AND SIMILAR EX
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39.3. AVERAGE RETURN ON INVESTMENTS
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41. SHARE OF PROFIT OR LOSS OF ENTI
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45. OTHER OPERATING INCOME AND EXPE
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linked to the movement of the Total
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48. PROVISIONS (NET) The net allowa
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The table below breaks down the mai
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

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