10
GROUP INFORMATION 1Q09
Earnings
lower than the €139m obtained in the first quarter
of 2008, which included €131m from the sale of an
interest in Gamesa.
Lastly, other operating income and expenses in the
quarter came to €129m, which is very close to
€130m obtained a year earlier. The main items were:
€162m from insurance activities, which continues its
excellent performance, growing 7.6% year-on-year.
€18m in net revenues from non-financial activities,
which includes the income from leased properties.
And a deduction of €75m for contributions to the
deposit guarantee funds in various countries, which
rose 29% year on year; this increase is bigger than
that of business itself due to the increased
contribution in the United States.
As a result, gross income, which is the sum of net
interest income and the other income items
mentioned above, came to €4,889m in the first
quarter. This is an increase of 2.5% compared to
€4,772m a year earlier (up 4.6% at constant
exchange rates) and up 7.3% compared to the fourth
quarter.
Operating costs, depreciation and efficiency
(Million euros)
PERSONNEL EXPENSES
Wages and salaries
Employee welfare expenses
Training expenses and other
GENERAL AND ADMINISTRATIVE EXPENSES
Premises
IT
Communications
Advertising and publicity
Corporate expenses
Other expenses
Levies and taxes
ADMINISTRATION COSTS
DEPRECIATION AND AMORTIZATION
OPERATING COSTS
GROSS INCOME
EFFICIENCY RATIO
(Operating costs/gross income,%)
Gross income
(Million euros)
Operating income
Administration costs fell steadily quarter on quarter
during 2008. In the first quarter of 2009 they were
lower than the fourth quarter of 2008 (–6.0%) and
also lower than the first quarter of that year (–0.7%).
This improvement was the result of the Group’s
ability to anticipate the crisis and its implementation
of transformation and restructuring plans in 2006. In
the first quarter administration costs came to
1Q09
4,772 4,854 4,794
4,558
1Q 2Q 3Q 4Q
1Q
2008
2009
(1) At constant exchange rate: +4.6%.
Δ%
1,161 (1.4) 1,178 4,716
885 (0.9) 892 3,593
181 (1.4) 183 693
96 (6.0) 102 430
734 0.5 730 3,040
154 9.2 141 617
145 (1.7) 148 598
65 1.9 64 260
63 (5.1) 67 272
23 (15.2) 27 110
217 13.4 191 887
66 (28.2) 92 295
1,895 (0.7) 1,907 7,756
175 (0.9) 177 699
2,070 (0.7) 2,084 8,455
4,889 2.5 4,772 18,978
42.3 43.7 44.6
+2.5% (1)
1Q08 2008
4,889
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