31-Dec-09). In all, the net attributable profit was €36m,
2.7% up on the first quarter of last year.
BBVA Banco Continental of Peru had a net attributable
profit of €28m, with an increase in the net interest income
to March of 3.1% to €106m. The keys were positive
spread management and a good performance of both retail
loans (+3.6%) and current and savings accounts (+25.6%).
There was also a notable year-on-year increase in fees
(+13.5%), fuelled by transactional accounts. In addition,
operating expenses (+9.8% year-on-year) have been
affected by expansion plans undertaken by the bank, which
has not prevented the operating income from growing by
7.8% to €114m in the last 12 months, with an efficiency
ratio of 29.2%. Its excellent management capacity has
been recognized by the magazine Global Finance, which
for the seventh year in a row considers BBVA Banco
Continental to be the best bank in Peru.
BBVA Banco Provincial of Venezuela had a net attributable
profit of €53m, compared with €22m in the first quarter of
2009 (+17.7% at constant exchange rates). The period has
been marked by the devaluation of the Bolívar which,
indirectly, has meant a revaluation of positions held by the
bank in dollars, with a positive impact on net trading
income. Excluding this effect, the net interest income
maintained its growing trend, at +21.2% to €139m, thanks
both to increased activity (lending increased by 23.5%
year-on-year) and the sound management of asset and
liabilities spreads. Costs continue to increase below the rate
of inflation, and combined with the increase in revenues, this
has meant that the operating income was €130m (+9.9% at
constant exchange rates). The bank was chosen as the best in
Venezuela by Global Finance for the fourth consecutive year.
South America. Data per country (banking business, pensions and insurance)
(Million euros)
1Q10
Δ% at constant
Δ% 1Q09
Country exchange rate
Argentina
Chile
Colombia
Perú
Venezuela
Other countries (1)
Total
In the other banks, the quarterly profit of BBVA Panama
was €8m (down –0.2% year-on-year); BBVA Paraguay also
earned €8m (up +14.7%) and BBVA Uruguay €0.5m
(€1.4m in the first quarter of 2009).
PENSIONS AND INSURANCE
This unit contributed a net attributable profit of €46m,
compared with €27m in the first quarter of 2009. Of this
figure, €27m were generated by the pension-fund business
and €19m by the insurance business.
AFP Provida in Chile had a net attributable profit for the
quarter of €25m, 82.3% higher than in the same period
last year. There was a very positive performance in
quarterly collection, with a year-on-year increase of 11.4%
reflected in an increase of +39.9% in income from fees to
€54m. Net trading income was also favorable, at €10m,
and costs increased only moderately (+9.0%), resulting in
an operating income of €47m, up +94.3% on the figure
for 2009.
Grupo Consolidar in Argentina had a very favorable
quarter, with a net attributable profit in the insurance
business of €10m (+4.4%), due to the increase in
commercial activity and sources of revenue in the three
companies, reflected in a 0.8% year-on-year growth in the
operating profit.
Finally, AFP Horizonte in Colombia had an attributable
profit of €4m and AFP Horizonte in Peru €3 million, in a
context of greater commercial activity, but more moderate
trading income compared with the previous year.
Operating income Net attributable profit
80 (3.4) 10.4 83 37 (28.6) (18.4) 52
123 31.6 19.3 94 57 86.5 69.1 30
93 2.9 (11.7) 90 43 27.3 9.1 34
121 11.9 6.4 108 31 (1.4) (6.3) 32
137 8.3 118.5 126 55 15.1 132.2 48
12 1.0 3.2 12 10 4.2 5.9 10
566 10.3 20.7 513 233 13.6 26.1 205
(1) Panama, Paraguay, Uruguay, Bolivia and Ecuador. Additionally, it includes eliminations and other charges.
Δ% at constant
1Q10 Δ% 1Q09
exchange rate
| 1Q10 |
43
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.