Investment Banking by tdh65102

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									Wholesale and Investment Banking
Income statement
(Million euros)
                                                         Wholesale and Investment Banking                              Memorandum item:
                                                                                                           Wholesale Banking           Markets
                                                               1Q04             D%            1Q03             1Q04          D%       1Q04             D%
NET INTEREST INCOME                                             190              7.4           177              130          4.3        28              5.5
Net fee income                                                   55             14.7            48               38           4.4       18             46.2

CORE REVENUES                                                   246             8.9             225                   168      4.3         46          18.4
Net trading income                                               22           (43.4)             39                     9     13.5         14         (52.3)
ORDINARY REVENUES                                                268            1.2             264                177         4.8          61       (12.3)
Personnel costs                                                 (49)            7.0             (46)              (29)        (2.2)       (17)          23.0
General expenses                                                (24)            3.3             (23)              (12)          4.4       (11)         (0.1)

GENERAL ADMINISTRATIVE EXPENSES                                 (73)            5.8            (69)               (41)       (0.4)        (27)         12.9
Depreciation and amortization                                    (2)          (42.1)             (3)               (1)      (11.1)         (1)        (67.5)
Other operating income and expenses                              (1)          (40.2)             (2)               (1)      (26.6)           -             -

OPERATING PROFIT                                             192                 0.6            191                134         6.9          33       (23.7)
Net income from companies accounted for by the equity method(17)                n.m.              16                (5)       n.m.           -            -
Amortization of goodwill                                      (1)                  -             (1)                  -          -           -            -
Net income from Group transactions                             27               n.m.               7                  -          -           -            -
Net loan loss provisions                                    (46)               146.4            (19)              (42)       172.6         (4)         73.9
Net extraordinary income (loss)                                 -             (88.8)             (2)                  9       n.m.         (6)         n.m.

PRE-TAX PROFIT                                                   156         (19.0)             192                 96      (11.9)          24       (41.5)
Corporate income tax                                            (37)          (20.4)            (46)              (30)        (6.0)        (4)        (66.5)

NET PROFIT                                                      119          (18.5)             146                    67   (14.3)          20       (31.9)
Minority interests                                               (8)          (24.0)            (10)                  (5)    (26.6)        (1)         (9.6)
NET ATTRIBUTABLE PROFIT                                         111          (18.1)             136                   61    (13.0)         18        (33.1)

Balance sheets
(Million euros)
                                                          31-03-04              D%        31-03-03           31-03-04          D%     31-03-04           D%
Total net lending                                           39,232               1.8         38,556            37,327          2.0       1,583        (12.7)
Securities portfolio                                        28,308              14.4         24,745             3,565        (7.6)      23,162          17.2
Liquid assets                                               53,428              48.3         36,028             6,868       (12.8)      46,406          66.1
Inter-area positions                                        45,319              13.4         39,952           (1,145)         n.m.      46,393          16.3
Property and equipment and intangible assets                    45            (10.6)             51                40        (9.4)           5        (21.9)
Other assets                                                 6,466             (8.9)          7,095               448          1.5       5,962         (9.4)

TOTAL ASSETS / LIABILITIES AND EQUITY                      172,798             18.0        146,426             47,102        (3.5)    123,512          28.6

Deposits                                                     52,780             27.2         41,496            15,518       (12.6)      37,260          57.2
Debt securities                                               5,657              9.7          5,156             5,657          9.7           -             -
Equity                                                        3,788             13.4          3,340             2,234          1.9         739          40.1
 . Shareholders´ funds                                        2,234             15.5          1,935             1,193          2.0         440          40.0
 . Other eligible funds                                       1,554             10.6          1,405             1,040          1.7         299          40.2
Liquid liabilities                                           78,934             32.5         59,588             7,224        (6.3)      71,227          37.3
Inter-area positions                                         24,126           (17.1)         29,098            15,280          3.0       8,059        (40.2)
Other liabilities                                             7,513            (3.0)          7,748             1,188          3.1       6,228         (3.4)

OTHER CUSTOMER FUNDS MANAGED
. Mutual funds                                                  793             9.8              722               775         7.4         18          n.m.
. Pension funds                                                   2             7.5                2                 2         7.5          -             -
. Customer portfolios (1)                                     4,025           227.8            1,228             4,025       227.8          -             -

Significant ratios
(Percentage)
                                                          31-03-04                        31-03-03           31-03-04                 31-03-04
ROE                                                           21.4                             27.9              20.6                     19.3
Efficiency ratio                                              27.2                             26.0              23.1                     45.0
NPL ratio (Nonperforming assets/Total risks)                  0.38                             0.79              0.41                        -
Coverage ratio                                               313.9                            150.3             293.4                        -


(1) In the second quarter of 2003, €2.5 billion were transferred from the Retail Banking in Spain and Portugal area
     (Asset Management and Private Banking).




                                                                                                                                           Wholesale and I.B.

								
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