50
BUSINESS AREAS 3Q09
South America
29.2%), due to focussed management of spreads. This
made it possible to offset the slowdown in lending activity,
which nonetheless maintained positive growth of 4.4%, as
did customer funds (up 1.5%). With the help of cost
control, the year-to-date operating income showed a
year-on-year increase of 35.0% to September. BBVA Banco
Continental continues to be the most profitable bank in
Peru, according to reports in the national press. According
to the annual ranking published by the magazine América
Economía, BBVA Banco Continental is the best bank in
Peru and the fourth in Latin America.
In Venezuela, BBVA Banco Provincial contributed an
attributable profit of €197m to September (up 23.8%).
Despite the regulatory constraints on rates for both assets
and liabilities, the bank was able to report a year-on-year
increase of 21.4% in its net interest income, defending
spreads and growing its volumes (which rose 13.9% in
lending and 30.7% in customer funds). The rise in costs
was moderate (up 18.1%) in an environment of high
inflation, leading to a cost-income ratio of 39.5% at the
end of September. Operating income for the nine months
showed an increase of 7.3% against the January-September
period of 2008.
Elsewhere in the region, BBVA Panama reported a
year-to-date profit of €23m (up 0.1%); BBVA Paraguay
€21m (up 29.7%) and BBVA Uruguay, €5m (down 42.8%).
South America. Data per country (banking business, pensions and insurance)
(Million euros)
Country
Argentina
Chile
Colombia
Peru
Venezuela
Other countries (1)
TOTAL
Jan.-Sep. 09
Operating income
Δ% Δ% at constant
exchange rates Jan.-Sep. 08
(1) Panama, Paraguay, Uruguay, Bolivia and Ecuador. Additionally, it includes eliminations and other charges.
Pensions and Insurance
The Pensions & Insurance unit in South America obtained
an attributable profit of €110m to September, 145.3%
more than in 2008. Of this, €73m came from the pension
business and €37m from the insurance business. In the
third quarter, sales remained strong in all the companies,
despite the employment figures for the region.
AFP Provida, in Chile, contributed €52m in attributable
profit to September (as against €7m in the first nine
months of 2008). This was driven by the performance of
new assets under management (up 13.0%), the evolution
of financial results and the progressive pruning of costs (up
just 3.6%). This fed into an operating income of €100m
(as against €14m during the same period of 2008).
The three companies in the Consolidar Group generated an
attributable profit of €14m over the nine-month period,
with very positive progress in sales and a slowdown in
costs.
In the rest of the companies, the most significant figures
were the €12m attributable profit brought in from AFP
Horizonte in Peru, and the €13m attributable profit from
AFP Horizonte in Colombia. Both benefitted from good
sales figures and improved financial results.
224 19.6 28.2 187 105 (16.5) (10.4) 126
272 93.7 105.6 140 117 89.0 100.7 62
310 18.6 26.8 262 129 14.6 22.5 113
348 48.1 41.5 235 101 61.0 53.9 63
494 21.5 9.1 407 206 39.5 25.2 148
36 32.3 25.1 27 30 8.9 4.9 27
1,684 33.9 31.7 1,258 689 27.8 27.5 539
Jan.-Sep. 09
Net attributable profit
Δ% Δ% at constant
exchange rates Jan.-Sep. 08
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