16
GROUP INFORMATION 1Q09
Business activity
Customer funds
(Million euros) 31-03-09
Δ%
31-03-08 31-12-08
CUSTOMER FUNDS ON BALANCE SHEET
DEPOSITS FROM CUSTOMERS
Domestic sector
Public sector
Other domestic sectors
• Current and savings accounts
• Time deposits
• Assets sold under repurchase agreement and other
Non-domestic sector
Current and savings accounts
Time deposits
Assets sold under repurchase agreement and other
DEBT CERTIFICATES
Mortgage bonds
Other debt certificates
SUBORDINATED LIABILITIES
OTHER CUSTOMER FUNDS
Mutual funds
Pension funds
Customer portfolio
TOTAL CUSTOMER FUNDS
respectively. If they are excluded from the above
comparison to achieve a like-for-like basis, the decline is
11.9%. Furthermore the amount rose 8.0% compared
to 31-Dec-08.
In Spain customers switched from mutual funds to time
deposits owing to the high volatility and uncertainty in
stock markets and encouraged by the high interest rates
available in previous quarters. However, after recent
interest-rate cuts, time deposits have lost some of their
attraction, more liquid types of deposits are growing
and the decline in mutual funds has slowed. This trend
is supported by the improved performance of those
mutual funds with a small exposure to equities. As a
result, time deposits have risen 2.9% since March
2008, to €39 billion. Moreover the increase would be
13.9% if the volatile movements in euro deposits
connected with market trading were excluded. Current
and savings accounts increased 8.2% to €44 billion
and mutual funds fell 18.0% to €34 billion. This is
370,045 8.8 340,237 376,380
243,795 9.8 222,028 255,236
97,326 1.8 95,596 104,959
5,345 (10.8) 5,989 6,328
91,980 2.6 89,607 98,630
44,055 8.2 40,697 44,589
39,364 2.9 38,236 43,829
8,562 (19.8) 10,673 10,213
146,469 15.8 126,432 150,277
58,293 20.1 48,535 56,930
81,542 19.7 68,139 85,647
6,634 (32.0) 9,757 7,700
109,021 6.3 102,564 104,157
38,676 (2.6) 39,697 39,673
70,345 11.9 62,866 64,484
17,230 10.1 15,646 16,987
122,618 (16.1) 146,110 119,017
46,436 (17.3) 56,118 46,295
52,056 (14.4) 60,779 48,140
24,127 (17.4) 29,213 24,582
492,663 1.3 486,348 495,397
lower than the banking sector average, thanks in part
to the greater proportion of guaranteed funds. This
helped BBVA to increase its market share and widen its
advantage as the leading manager of mutual funds in
Spain. At 31-Mar-09 its market share was up 30 basis
points to 20.2%. Pension funds (€16 billion), however,
remain practically unchanged compared to March or
December last year.
In the non-resident customer segment, the aggregate of
current and savings accounts, time deposits, mutual
funds and pension funds rose 7.3% year-on-year to
€188 billion. Current and savings accounts continue to
perform well, rising 20.1% to €58 billion.
Stable customer funds grew 2.5% year-on-year to €130
billion. Of this amount time deposits accounted for €82
billion (up 19.7%), pension funds €36 billion (down
18.4%) and mutual funds and investment companies
€12 billion (down 15.1%).
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