12
GROUP INFORMATION 1Q09
Earnings
year but much in line with the €917 and €859m for
the third and fourth quarters. It was affected by
higher levels of business and by non-performing
loans associated with the weaker economy and the
Group’s highly prudent criteria.
On the other hand, net provisions in the quarter
came to €104m although this was less than €145m
provided a year earlier. These amounts contain
€88m in early retirement provisions of an ongoing
nature in the first quarter of 2009 and €64m in the
same period last year.
Net attributable profit
Net operating income (operating income less
impairment losses on financial assets and less net
provisions) plus other gains and losses of a one-off
nature, bring income before tax at 31-Mar-09 to
€1,834m, compared to €2,783m at the same point
last year. After deducting income tax, net income
comes to €1,354m (€2,045m in the same quarter
last year). Minority interests account for €116m and
thus the net attributable profit of the Group in the
first quarter of 2009 is €1,238m, a decrease of
36.6% compared to €1,951m in the same period
last year but only a 14.2% decrease if one-off
operations are ignored. Moreover, growth is 13.2%
if its compared with the last quarter of 2008 (one-off
operations excluded)
The contributions of the different business areas to
net attributable profit are all positive: Spain &
Portugal contributed €657m (down 2.4%
year-on-year), Wholesale Banking & Asset
Management provided €268m (down 0.1%),
Mexico €363m (down 27.5% in euros and down
16.1% in local currency), United States €42m (down
49.4% in euros and down 56.0% in dollars) and
South America €225m (up 24.3% at current
exchange rates and up 19.5% at constant rates).
Earnings per share (EPS) came to €0.34 in the first
quarter, compared to €0.39 in the same quarter last
year (excluding one-off operations) and the variation
is similar to that of net attributable profit. The
increase in the shareholders’ funds leads to an increase
Earnings per share (1)
(Euros)
0.35 0.39
1Q
2007 1Q
2008 1Q
2009
(1) Excluding results of one-off operations.
in book value per share, which rises 8.5%
year-on-year to €7.40. The net book value (after
deducting goodwill) per share comes to €5.36. ROE
stands at 19.4% and the return on average total assets
(ROA) is 1.00%. These figures compare with ROE of
25.2% excluding one-offs and ROA of 1.25% on the
same basis, in the first quarter last year.
ROE (1)
(Percentage)
25.2
1Q
2008
(1) Excluding results of one-off operations.
ROA (1)
(Percentage)
1.25
1Q
2008
(1) Excluding results of one-off operations.
23.2
2008 1Q
2009
1.12
2008 1Q
2009
0.34
–13.1%
19.4
1.00
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