18
GROUP INFORMATION 4Q09
Business activity
Customer funds
(Million euros) 31-12-09
Δ%
31-12-08 30-09-09
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
rise in equity markets towards the end of the year,
which boosted assets under management and
customer portfolios.
In Spain the sharp decline in interest rates caused
customers to switch from time deposits to savings
and current accounts, and to conservative types of
mutual funds. In addition the Group’s comfortable
liquidity meant the unit could focus in the defence
of spreads, as fund gathering was not a marketing
priority. Consequently time deposits fell 19.8%
year-on-year to €35 billion. Conversely, current and
savings accounts rose 6.3% during the year to €47
billion at 31-Dec-09. Although mutual funds
declined 6.0% year-on-year to €33 billion, they
ended the year little changed compared to
30-Sep-09. Furthermore the decline was smaller than
the market as a whole and therefore BBVA remains
the leading mutual fund manager in Spain with a
371,999 (1.2) 376,380 366,581
254,183 (0.4) 255,236 249,365
97,486 (7.1) 104,959 98,112
4,296 (32.1) 6,328 4,908
93,190 (5.5) 98,630 93,204
47,381 6.3 44,589 45,115
35,135 (19.8) 43,829 36,193
10,675 4.5 10,213 11,896
156,697 4.3 150,277 151,253
63,718 11.9 56,930 59,094
88,114 2.9 85,647 86,202
4,865 (36.8) 7,700 5,958
99,939 (4.1) 104,157 98,622
35,833 (9.7) 39,673 38,750
64,106 (0.6) 64,484 59,872
17,878 5.2 16,987 18,594
136,957 15.1 119,017 133,113
47,266 2.1 46,295 47,712
63,190 31.3 48,139 59,224
26,501 7.8 24,582 26,177
508,957 2.7 495,397 499,694
19.3% market share at 31-Dec-09. Pension funds
also did well, rising 6.9% in the year to €17 billion
(up 1.3% quarter-on-quarter). Customer portfolios
showed significant growth (22.8%).
In terms of non-resident customer funds the
aggregate of items on and off the balance sheet
increased 11.0% during the year to €231 billion (up
4.6% quarter-on-quarter). The rise reflects the
excellent performance of off balance sheet funds,
which increased 28.8% in 2009 (up 6.8%
quarter-on-quarter) thanks to contributions from
pension business in the South America and Mexico
Areas. Furthermore customer funds on the balance
sheet rose 4.3% year-on-year. This was mainly due
to an increase in items with bigger margins and
lower costs, eg, current and savings accounts, which
increased 11.9% during the year.
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