16
GROUP INFORMATION 2Q09
Business activity
both the balance at 31-Mar-09 and at 31-Dec-08,
these funds have increased 6.0% and 9.3%,
respectively. In Spain off-balance-sheet funds fell
8.3% year-on-year to €62 billion due to the lower
demand for mutual funds. Nonetheless this decline
was once more less than the sector average because
BBVA has a greater presence in mutual funds with
less risk. In fact, the balance of such funds has risen
2.7% since the end of the first quarter. Outside
Spain off-balance-sheet funds stand at €68 billion,
down 6.2% (down 5.5% at constant rates). This
decline is also affected by the nationalisation of
Consolidar AFJP’s pension funds in Argentina. If this
is excluded from the comparison, the year-on-year
decline is 1.1%. However, in the last three months
off-balance-sheet funds in the non-domestic sector
have, in fact, risen 9.1%.
In Spain the recent sharp drops in interest rates and
their impact on time deposits, have increased
demand for savings and current accounts, and for
Customer funds
(Million euros) 30-06-09
Δ%
30-06-08 31-03-09 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
the more conservative types of mutual funds.
Furthermore the Group’s comfortable liquidity
means it does not have to resort to aggressive
campaigns to gather funds. As a result, time deposits
fell 9.4% year-on-year to €37 billion at 30-6-09. If
the volatile movements in euro deposits related to
market trading were excluded, the fall would be
2.9%. Current and savings accounts rose 10.4% to
€48 billion and mutual funds fell 13.4% to €34
billion. However this decline is less than average for
the entire banking sector and thus BBVA again
increased its market share (up 16 basis points to
20.4% at the end of June) and widened its
advantage as the leading manager of mutual funds in
Spain. Pension funds grew 1.2% year on year to €16
billion.
In the non-resident customer segment, the aggregate
of current and savings accounts, time deposits,
mutual funds and pension funds rose 10.9%
year-on-year to €200 billion at the end of the first
368,586 5.9 347,908 370,045 376,380
249,096 7.0 232,757 243,795 255,236
97,133 (3.4) 100,544 97,326 104,959
4,080 (50.0) 8,168 5,345 6,328
93,052 0.7 92,377 91,980 98,630
47,748 10.4 43,249 44,055 44,589
37,240 (9.4) 41,083 39,364 43,829
8,064 0.2 8,045 8,562 10,213
151,964 14.9 132,212 146,469 150,277
57,486 18.4 48,551 58,293 56,930
88,799 17.8 75,357 81,542 85,647
5,679 (31.6) 8,304 6,634 7,700
102,486 2.8 99,736 109,021 104,157
38,780 (2.3) 39,679 38,676 39,673
63,706 6.1 60,057 70,345 64,484
17,003 10.3 15,415 17,230 16,987
130,082 (7.2) 140,190 122,775 119,017
47,552 (12.9) 54,571 46,593 46,295
56,895 (1.3) 57,652 52,056 48,140
25,636 (8.3) 27,967 24,127 24,582
498,668 2.2 488,098 492,821 495,397
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