8
GROUP INFORMATION 4Q09
Earnings
Consolidated income statement
(Million euros)
NET INTEREST INCOME
Net fees and commissions
Net trading income
Dividend income
Income by the equity method
Other operating income and expenses
GROSS INCOME
Operating costs
Personnel expenses
General and administrative expenses
Depreciation and amortization
OPERATING INCOME
Impairment on financial assets (net)
Provisions (net)
Other gains (losses)
INCOME BEFORE TAX
Income tax
NET INCOME
Minority interests
NET ATTRIBUTABLE PROFIT
Net one-offs (1)
NET ATTRIBUTABLE PROFIT (excluding one-off
operations)
EARNINGS PER SHARE CALCULATION
Basic earnings per share (euros)
Basic earnings per share excluding one-offs (euros)
These factors led to a general improvement in
efficiency (measured by the cost/income ratio),
which now stands at 40.4% (44.6% at 31-Dec-08).
The Group made an important effort to strengthen
its balance sheet and those of its franchises through
loan-loss provisions and other provisions for early
retirements and for adjustments in the value of
various foreclosed or acquired assets in Spain.
4Q
(1) In the third quarter of 2009, capital gains on the sale and lease-back of properties which have been allotted to generic provisions for NPLs with no effect on net attributable profit.
In the fourth quarter the extraordinary allocation to provisions and the goodwill impairment, both in the US. In 2008, capital gains from Bradesco in the first quarter, provisions
for non-recurrent early retirements in the second and fourth quarters and provision for the loss originated by the Madoff fraud in the fourth quarter.
2009 2008
3Q 2Q 1Q
3,589 3,434 3,586 3,272 3,088 3,043 2,829 2,726
1,163 1,086 1,102 1,079 1,105 1,138 1,153 1,131
420 325 435 364 139 260 568 591
153 42 207 41 45 161 186 56
114 (21) 22 4 25 95 34 139
(151) 130 140 129 157 96 83 130
5,288 4,998 5,491 4,889 4,558 4,794 4,854 4,772
(2,254) (2,017) (2,017) (2,070) (2,203) (2,099) (2,069) (2,084)
(1,233) (1,127) (1,130) (1,161) (1,188) (1,185) (1,165) (1,178)
(852) (716) (709) (734) (827) (740) (743) (730)
(169) (174) (178) (175) (187) (174) (161) (177)
3,034 2,981 3,474 2,819 2,355 2,695 2,784 2,688
(1,787) (1,741) (1,029) (916) (859) (917) (607) (557)
(224) (82) (48) (104) (837) 18 (467) (145)
(1,238) 789 (228) 36 (30) 11 (2) 796
(214) 1,947 2,168 1,834 629 1,807 1,708 2,783
277 (457) (480) (480) (12) (316) (476) (738)
63 1,490 1,688 1,354 617 1,491 1,232 2,045
(31) (110) (127) (116) (98) (99) (75) (94)
31 1,380 1,561 1,238 519 1,392 1,157 1,951
(1,050) - - - (575) - (329) 509
1,082 1,380 1,561 1,238 1,094 1,392 1,486 1,442
0.01 0.37 0.42 0.34 0.14 0.38 0.31 0.53
0.29 0.37 0.42 0.34 0.30 0.38 0.40 0.39
The Group maintained its ability to generate high
levels of core capital in an organic manner, with
180 basis points in the year.
4Q
The year-on-year comparisons of the Group’s
earnings are affected by a series of one-off items:
In the third quarter of 2009 there were capital
gains of €830m from the sale and leaseback of
3Q
2Q
1Q
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