BBVA in 2012

43 South America. Net attributable profit(Million euros at constant exchange rates)1,0891,347+23.6% (1)2500200021519381500148010005002010201120120(1) At current exchange rates: +33.8%.(1) A tipo de cambio constanteRecurring revenues have continued to grow thanks to growing activity and good pricemanagement, which is reflected in higher spreads. As a result, net interest income closed theyear at €4,291m, up 25.6% on the figure posted in 2011. Fees and commissions were up 18.3% to€910m.NTI is down 14.9% on the previous year, since 2011 earnings included the effect of the revaluationof USD positions of BBVA Provincial in Venezuela. The other income/expenses heading amounts toa negative €281m, despite the favorable performance of the insurance business in the region, dueto the negative effect of hyperinflation in Venezuela and the greater contribution of the depositguarantee funds in the countries where the Bank operates.As a result of the above, the cumulative gross income for the area increased by 21.6% year-on-yearto €5,363m.Operating costs have remained high and stand at €2,328m, up 15.4% on the figure for thesame period in the previous year. This increase is the result of the high inflation recordedin the area and the investments made to implement the expansion and technologicaltransformation plans. The investment plan seeks to make the most of the growthopportunities in the region, due both to buoyant activity and the possibilities for bankpenetration. It also seeks to improve the quality of customer service, based on the corporatecustomer-centric policy.44 South America. Evolution of branch network and ATMs4,6825,398600050004,0794000ATMs3000Branches1,4561,5671,644200010002010201120120South America175