46
BUSINESS AREAS 3Q09
The United States
3.2%. The 1.5% year-on-year dip in gross income was
due to decreased fees in most categories, because of
slower volume growth and higher FDIC insurance
(increase in rate and special assessment).
Year-to-date operating expenses declined 11.1%
year-on-year, due to lower amortisation of intangibles,
merger & integration costs and salaries & benefits.
Consequently, the operating income increased to
€595m, up 17.2% year-on-year.
Thus, the cost-income ratio for the first nine months of
the year was 59.9%, an improvement over the 66.3%
of the same period of the previous year.
After impairment losses on financial assets, the
year-to-date net attributable profit reached €104m at
the end of September (€163m excluding amortisation of
intangibles).
At 30th September 2009, the Corporate & Commercial
Group unit (CCG) (excluding Guaranty) managed a
loan portfolio of €14,806m (up 2.9% year-on-year).
Customer deposits were €8,103m, having grown 24.9%
since September 2008. This growth was mainly driven
by non-interest bearing deposits that have experienced
exceptional growth, primarily the results of strong
correspondent banking efforts and increases in several
large relationships within the line of business.
The Retail Banking unit ended the third quarter with a
loan portfolio of €8,345m, flat to September 2008 as
increases in residential real estate were offset by the
run-off in the Indirect Auto Dealer and Student Lending
portfolios. The unit generated €379m of new residential
mortgages over the third quarter, significantly higher
than both 2Q09 and 3Q08. Customer deposits were
€12,443m, down €210m against the same date of last
year.
The Wealth Management unit manages a €1,973m loan
portfolio, having grown 15.1% since September 2008.
Additionally, deposits have increased to €3,100m
–nearly doubling from a year ago. The equity-linked
Power CD, launched in March, has generated $29m in
new deposits for the quarter and has already reached its
annual goal of $100m since inception. At 30th
September 2009, the unit had €12,347m assets under
management. Their 5.8% decline from a year ago
reflects the economic downturn.
Other units
At 30th September 2009, BBVA Puerto Rico managed a
loan portfolio of €3,049m, down 5.2% from September
2008. Customer deposits were €1,416m, growing 4.8%
from last year. Operating profit for the year to date
was €56m, decreasing 5.3% from a year ago.
Attributable profit, after €66m impairment losses on
financial assets, stood at a negative €6 million.
Finally, BTS consolidated its position as the biggest
remittance operator between USA and Mexico,
reporting an attributable profit of €11m for the first
nine months of 2009, representing year-on-year growth
of 41.9%.
To view a Ceros magazine you need to have JavaScript enabled in your browser and have the flash player 8 or higher installed. To install the latest flash player, click the icon above, install the flash plugin and then click here to refresh this page.