Operating costs
(Million euros)
2,084 2,069 2,203
2,099
€2,070m, compared to €2,084m a year earlier. In
the Spain & Portugal Area efforts to reduce costs
were particularly successful, achieving a reduction of
6.5% year-on-year. In the Americas costs were also
kept under control: they increased 2.6%, which was
less than inflation in most countries in the region.
At the end of March 2009, the Group had 105,154
employees, compared to 108,972 in December.
Numbers declined in Spain and the Americas. The
United States was especially affected by retrenchments
in the first quarter of 2009 resulting in 1,360 fewer
Number of employees
Spain
Mexico
1Q 2Q 3Q 4Q
1Q
2008
2009
(1) At constant exchange rate: –0.1%.
South America
The United States
Rest of the world
Number of branches
Spain
Mexico 3,548
South America
The United States
Rest of the world
31,083
35,494
29,750
14,107
March
2008
–0.7% (1)
112,460 108,972 105,154
29,070
34,535
30,022
13,371
12,011
December
March
2008 2009
7,984 7,787 7,648
2,052
3,375
2,052
1,586
1,574
1,519
654 641 645
March
December
March
2008
2008 2009
28,984
33,522
28,683
3,309
2,030
2,070
employees. At the end of the first quarter BBVA’s
network consisted of 7,648 branches, 139 less
compared to the end of 2008. Restructuring of the
network continues both in Spain and the Americas.
Under the new reporting standards the cost/income
ratio (a measure of efficiency) is calculated by dividing
operating expenses (personnel costs plus general and
administrative expenses plus depreciation &
amortization) by gross income. It improved during the
quarter to 42.3%, compared to 43.7% a year earlier.
Efficiency
(Percentages)
Gross income variation 1Q09/1Q08
Operating costs variation 1Q09/1Q08
2.5
The good performance by recurrent revenues and the
containment of expenses helped operating income to
rise 4.9% year-on-year to €2,819m for the quarter.
At constant exchange rates the increase is 8.3% and,
if we compare the amount with the fourth quarter of
2008, the increase is 19.7%.
Operating income
(Million euros)
2,688 2,784
(1) At constant exchange rate: +8.3%.
–0.7
1Q 2Q 3Q 4Q
1Q
2008
2009
+4.9 (1)
2,695
Provisions and others
Impairment losses on financial assets in the first
quarter of 2009 came to €916m, which was 64.6%
higher compared to €557m for the first quarter last
1Q09 GROUP INFORMATION
Earnings
Efficiency ratio
43.7 44.6
1Q
2008
1Q
2008 2009
2,355
42.3
2,819
11
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