Customer funds
(Million euros) 30-09-09
Δ%
30-09-08 30-06-09 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
improvement since the end of the previous quarter is in
line with the rise in equity markets and the
corresponding increase in mutual funds and customer
portfolios. At constant exchange rates customer funds
are up 1.7% year-on-year (up 4.1% excluding
Consolidar AFJP balances). Spain accounted for €64
billion of customer funds, a rise of 2.7% in the latest
quarter. Customer funds in other countries came to
€69 billion, an increase of 4.7% at constant exchange
rates (up 9.7% after discounting the €3,796m
contributed by Consolidar AFJP in Argentina at
30-Sep-08).
In Spain, market uncertainty and low interest rates are
driving demand away from time deposits towards
liquid deposits and mutual funds with a low risk
profile. These factors, together with BBVA’s policy of
abstaining from aggressive campaigns to gather time
deposits, caused this item to drop 15.5% year-on-year
366,581 3.2 355,283 368,586 376,380
249,365 4.9 237,648 249,096 255,236
98,112 (1.1) 99,182 97,133 104,959
4,908 (22.4) 6,321 4,080 6,328
93,204 0.4 92,861 93,052 98,630
45,115 6.8 42,243 47,748 44,589
36,193 (15.5) 42,841 37,240 43,829
11,896 53.0 7,778 8,064 10,213
151,253 9.2 138,466 151,964 150,277
59,094 9.8 53,835 57,486 56,930
86,202 13.3 76,066 88,799 85,647
5,958 (30.4) 8,565 5,679 7,700
98,622 (3.4) 102,125 102,486 104,157
38,750 (2.5) 39,740 38,780 39,673
59,872 (4.0) 62,385 63,706 64,484
18,594 19.9 15,510 17,003 16,987
133,115 (3.1) 137,371 130,082 119,017
47,713 (9.1) 52,480 47,552 46,295
59,224 3.2 57,366 56,895 48,140
26,177 (4.9) 27,525 25,636 24,582
499,695 1.4 492,654 498,668 495,397
to €36 billion at the end of the third quarter.
However, current and savings accounts are up 6.8%
year-on-year to €45 billion. Mutual funds fell 8.8%
year-on-year to €34 billion but the entire system fell
12.4% and therefore BBVA again improved its market
share (up 77 basis points since 30-Sep-08 to 19.9%),
consolidating its leadership. Pension funds remain
higher compared to the first half of this year and the
third quarter last year. They now come to €17 billion
(up 3.8% quarter-on-quarter and up 5.3%
year-on-year).
In the non-resident customer segment in Spain the
aggregate of current and savings accounts, time
deposits, mutual funds and pension funds rose 8.0%
year-on-year to €201 billion. Current and savings
accounts performed well, rising 9.8% year-on-year to
€59 billion. This is particularly welcome because such
funds are associated with greater profitability.
3Q09 GROUP INFORMATION
Business activity
17
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