1Q 2013 Financial Results - CaixaBank...2011 Proforma March'13 Dec'13E Branch reduction plan 5,196...

1Q 2013 Financial Results

Barcelona, 25th April 2013

Disclaimer

The purpose of this presentation is purely informative and the information contained herein is subject to, and must be read in conjunction with, all other publicly available information. In particular, regarding the data provided by third parties, neither CaixaBank, S.A. (“CaixaBank”), nor any of its administrators, directors or employees, is obliged, either explicitly or implicitly, to vouch that these contents are exact, accurate, comprehensive or complete, nor to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in any medium, CaixaBank may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, assumes no liability for any discrepancy. This document has at no time been submitted to the Comisión Nacional del Mercado de Valores (CNMV – the Spanish Stock Markets regulatory body) for approval or scrutiny. In all cases its contents are regulated by the Spanish law applicable at time of writing, and it is not addressed to any person or legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions. CaixaBank cautions that this presentation might contain forward-looking statements. While these statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, future share price or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. This presentation on no account should be construed as a service of financial analysis or advice, nor does it aim to offer any kind of financial product or service. In particular, it is expressly remarked here that no information herein contained should be taken as a guarantee of future performance or results. In making this presentation available, CaixaBank gives no advice and makes no recommendation to buy, sell or otherwise deal in CaixaBank shares, or any other securities or investment whatsoever. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. Without prejudice to legal requirements, or to any limitations imposed by CaixaBank that may be applicable, permission is hereby expressly refused for any type of use or exploitation of the contents of this presentation, and for any use of the signs, trademarks and logotypes which it contains. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion into any other medium, for commercial purposes, without the previous express permission of CaixaBank and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevailing laws in such cases. In so far as it relates to results from investments, this financial information from the CaixaBank Group for 1Q 2013 has been prepared mainly on the basis of estimates.

2

1Q13: Delivering on execution...

3


Closing statement of

4Q12:

“2013: the key year for

execution”

€1.8 bn net in “badwill”

Closing of BdV acquisition

All four IT systems are now fully integrated

BCIV IT integration

Agreement with trade unions to adjust headcount by 2,600 employees

Setting the stage for cost reductions

Provisioning requirements completed

Charging final €902M of pending RD 18/12 requirements

Strong organic capital generation

Prepayment of €977 M of BCIV FROB capital (April)

Moving to a more normalised funding environment

Prepayment of €9.3 bn of ECB funding

...supported by a premium balance sheet and resilient operating metrics


4

Liquidity cushion continues to increase: total liquidity at €61 bn

Core Capital BIS-II at 10.6% & targetting YE’13 BIS-III Core Capital > 8% (fully-loaded)

NPL coverage increased to 75%

Weak macro continues to impact asset quality

Taking the opportunity to further bolster the balance sheet

Sound operating metrics supported by acquisitions

Confirmation of downward trends in deposit pricing

Cost restructuring accelerates as recurring costs improve

Provisioning charges peak as RD18/12 regime is completed

Extraordinaries have a material impact on results

Resilient operating metrics complemented by extraordinaries

1Q 2013: Activity and Financial Results

Update on acquisitions

Commercial activity

Financial results analysis

Asset quality

Liquidity

Solvency

Final remarks

5

Banca Cívica integration finalised according to schedule


• Merger registration

• Operational integration

• CAN systems integration

• CajaSol systems integration

• Caja Canarias systems integration

• Caja Burgos systems integration

Aug’12

Oct’12

Dec’12

Mar’13

Apr’13

2012

2013

6

IT integration completed in April

Only 9 months after closing of legal merger

Strict management of the incorporated franchises

Executed more than 4,400 projected activities

BCIV adds a significant presence in its core regions

Market share in core regions by business volume1

(1) Market shares as of December 2012 include loans and deposits Source: Bank of Spain

2.8% 8.7%

5.0% 9.8%

34.3% 41.7%

37.6%

27.0%

Burgos Tenerife Navarra Andalucía Occ.

2011 2012


Banco de Valencia adds regional footprint and reinforces leadership in the segment

7 (1) Market shares as of December 2012 include loans and deposits. Source: Bank of Spain (2) 23rd April close of €2.795 for CABK

• Approval of the Merger

Project by CABK and BdV

Boards

• Acquisition agreement

• Closing

• BdV EGM to approve

merger project

• Merger and I.T integration

Nov’12

Feb’13

Apr’13

Jun’13

Jul’13

2012

2013

BdV acquisition completed

Transaction completed in Feb and consolidates from 1st Jan.

Merger project to be presented to BdV EGM in June:

o Exchange ratio for 1.1% minority interest: 1 CABK share for 479 BdV shares equal to €27.2 M2

o Use of 9.7M treasury shares for the exchange

o Fairness Opinion commissioned by BdV Board supports the adequacy of the exchange ratio

Full IT integration expected in July’13

BdV adds a significant presence in the Levante region

4.2% 6.2% 5.9% 6.7%

9.4%

14.8%

8.0% 10.0%

Castellón Valencia Alicante Murcia 2011 2012

Market share in core regions by business volume1

Información a Mercado 3T12 Acquisition results in significant badwill after fair value adjustments

8 (1) Book value adjusted by fair value adjustments taking into account % acquired BV (€1,803M-€25M) (2) After adjusting for APS valuation of €842 M (net of taxes)

Book value as of 31st Dec. 2012 2,200

Provisioning deficit and other adjustments (net)

-397

Adjusted Book value as of 31st Dec. 2012 1,7771

Price of the transaction €1

Badwill (Net) 1,777

Badwill calculation In Million Euros (except price)

Burden-sharing (institutional)

Tax assets

Loan book adj. (not

covered by APS)

Total adjustments

Total Fair Value adjustments (net) -397

Other adj.

-1,0552

249 500

-91

-397


FY12 1Q13

1,825 945 759

Acceleration of restructuring efforts to ensure delivery of expected synergies

9

Synergy targets confirmed In Million Euros

Through voluntary redundancies and early retirements- facilitates execution.

Departures to be phased until end 2014.

This agreement is within targets for both restructuring costs and expected synergies.

Included in total restructuring costs of €759M in the quarter Restructuring costs within guidance

In Million Euros

Accounted in Announced

104

270

540

9 85

2012 2013E 2014E

BCIV BdV

279

625


Agreement reached with trade unions to adjust headcount by 2,600 employees

Pending Expenses

~801

(1 ) Expenses related to IT and branch reorganization

Continued rightsizing efforts are critical to improve profitability

10

2011 Proforma March'13 Dec'13E

Branch reduction plan

5,196 ≈ 5,700

+1,469 +356 -621

BCIV

BdV

19% reduction of branch network since 2011

90% in core regions of BdV

50% in core regions of BCIV

25% reduction since 2007 which includes Caixa Girona and Bankpyme

Branch network optimization gathers pace following IT integrations of new franchises

17% reduction in employee base

50% of BdV base

≈15% of BCIV + CABK combined base

7,021


(1 ) Includes staff in subsidiaries

6,400 ≈ -700

2011 Proforma March'13 Dec'14E

Employee reduction plan

26,993 ≈31,700

+9,377 +1,733 -3,769

BCIV1

BdV1

38,103 -2,600 34,334



Commercial activity


Asset quality

Liquidity

Solvency

Final remarks

11

Commercial activity

Acquisitions strengthen regional footprint and market leadership

12

BCIV and BdV add significant presence in core regions….

Market share by business volume1

In %

> 10% share > 7% share < 7% share

(1) Market shares as of December 2012 include loans and deposits of CABK+BCIV+BdV. Source: Bank of Spain

14.7% Business volume

market share

…..reinforcing our leadership in retail banking

Business volume

€bn

Peers: Santander (Spain), Banesto, BBVA (Spain), Sabadell and Popular. Peer figures as of December 2012, CABK figures as of 1Q13

32.3%

16.5%

37.6%

7.8%

11.7%

18.9% 9.1%

8.4%

27.3%

6.6%

7.0%

7.0%

5.9% 8.3%

9.6%

11.7%

9.9%

227.1

247.0

400.9

460.2

529.8

Peer 4

Peer 3

Peer 2

Peer 1

Commercial activity

Banco de Valencia begins to contribute from this quarter

13

Business volumes increase further due to BdV acquisition

Business volume: Loan book and customer funds In Billion Euros

(1) Deducting BdV figures as of 31/12/12 – includes changes under CABK management (2) Retail funds defined as: deposits, CP, retail debt securities (including sub debt.), mutual funds, pension plans and other retail off-balance sheet products.

Some migration to off-balance sheet products as deposit pricing discipline is maintained

Loan book deleveraging continues during the quarter

Reduction of funding gaps leads to further improvement of LTD ratio (126%)

Stable retail funds and continued deleveraging lead to a significant reduction of funding GAP

Retail funds2

Loans 2.4% -3.3%

Total Organic1

2.3% -0.7%

Dec-12 Mar-13

514.4 529.8 Business volume

+3.0% YTD

+4.6%

-1.6%

Inorganic

Organic1

(1) Deducting BdV data at 31/12/12- includes changes under CABK management (2) Primarily includes regional govt. securities, and Caja de Ahorros y Pensiones de Barcelona sub debt.

Commercial activity

Management of customer funds driven by focus on profitability

14

Customer funds increase due to BdV acquisition

Organic figures reflect stability and are in line with sector trends

Proactive management of retail funds focused on P&L impact:

• Strict pricing discipline in time-deposits and retail debt securities

• Mutual funds and pension plans benefit from falling time deposit costs

Total customer funds breakdown In Billion Euros

I. Customer funds on balance sheet

Demand deposits

Time deposits

Debt securities

Subordinated liabilities

Institutional issuance

Insurance

Other funds

II. Off-balance sheet funds

Mutual funds

Pension plans

Other managed resources2

Total customer funds

Retail funds

Institutional funds

246.9

71.9

81.0

5.8

4.0

52.7

29.0

2.5

54.1

24.1

16.2

13.8

301.0

248.3

52.7

3.7%

3.9%

5.8%

(34.0%)

(7.3%)

9.0%

3.7%

(11.7%)

2.3%

5.4%

3.0%

(3.4%)

3.5%

2.3%

8.5%

YTD 31st Mar.

(0.6%)

Organic1 YTD (%)

1.3%

(0.3%)

(1.9%)

(0.7%) 1.9%

Total customer funds

+€10.1bn (+3.5%)

Organic1

Inorganic

-0.3%

+3.8%

Commercial activity

Decrease in loan book continues as country deleverages

(1) Deducting BdV data at 31/12/12- includes changes under CABK management

Strong deleveraging continues in line with sector trends

SME loans decline while some Corporates take advantage of wholesale funding markets

RE developer loan book continues its decline

15

Loan-book breakdown In Billion Euros, gross

I. Loan to individuals

Residential mortgages – home purchases

Other

II. Loan to businesses

Non -RE businesses

Real Estate developers

Servihabitat & other RE subsidiaries

Loans to individuals & businesses

III. Public sector

Total loans

123.8

91.6

32.1

91.8

63.7

26.5

1.6

215.5

13.2

228.8

3.4%

4.5%

0.6%

1.2%

2.8%

(1.9%)

(7.3%)

2.5%

0.5%

2.4%

YTD 31st Mar.

(1.7%)

Organic1 YTD (%)

(5.5%)

(3.3%)

(2.0%)

Loan book

+€5.3bn (+2.4%)

Organic1

Inorganic

-3.3%

+5.7%



Commercial activity


Asset quality

Liquidity

Solvency

Final remarks

16


Consolidated income statement (BdV consolidated from 1st January)

Resilient operating income:

• NII supported by inorganic contribution and lower funding costs

• Recurring fee items offset loss of one-off items

• Other income impacted by lower contribution of life-risk business

• Recurrent operating expenses affected by acquisitions

Extraordinaries have a material

impact

• Cost restructuring front-loaded

• RD 18/12 provisioning requirements are finalised

• Badwill supports results

17

Operating income supported by acquisitions and solid business metrics

(1) Mostly income from associates. (2) 2013 includes €18 M income from the insurance business, €-72 M deposit guarantee fund contribution and €-9 M other. 2012 includes €58 M income from the insurance

business, €-57 M deposit guarantee fund contribution and €15 M other (3) 2013 includes mostly BdV badwill. 2012 includes €96 M of the disposal of the custody business and €-17 M of RE provisioning (4) Note that income from investments is reported net of tax.

1Q12

Net interest income

Net fees

Income from investments1

Gains on financial assets

Other operating revenue & exp.2

Gross income

Recurring operating expenses

Extraordinary operating expenses

Pre-impairment income

Impairment losses

Profit/loss on disposal of assets and others3

Pre-tax income

Taxes4

Profit for the period

Profit attributable to the Group

883

413

163

197

16

1,672

(783)

0

889

(960)

74

3

45

48

yoy(%)

12.3

8.0

26.9

(42.3)

1.4

30.1

103.3

592.2

597.3

1Q13

992

446

207

114

(63)

1,696

(1,019)

(759)

(82)

(1,951)

2,223

190

144

334

(1)

335 48

In Million Euros

Minority interest

3.64 3.57 3.49 3.42 3.20

1.70 1.64 1.69 1.59 1.55

1.31 1.34 1.23 1.20 1.10

3.08 3.08 2.95 2.91 2.74

1.77 1.74 1.72 1.71 1.64

1Q12 2Q12 3Q12 4Q12 1Q13


NII evolves in line with expectations while funding environment improves

883 903 1,059 1,027 992

1Q12 2Q12 3Q12 4Q12 1Q13

+12.3%

Improved funding conditions mostly offsetting lower asset yields In %

NII evolution - In Million Euros

18

Customer funds

Negative repricing partially offset by improved retail funding costs

Loans and credits Customer spread

-3.4%

Total liabilities NIM Total assets

1.94 1.93 1.80 1.83 1.65

1Q12 2Q12 3Q12 4Q12 1Q13

Conflicting forces affecting NII

Main tailwinds (+)

Reduced pricing pressure in new production of time deposits

M&A: BCIV and BdV contribute for the full year

Positive index repricing of wholesale funding

High credit spreads for new production

Headwinds (-)

Negative mortgage back book repricing

Volume effect: deleveraging

Non-performing loans

19

Low index rates feeding in but positive trends in deposit pricing confirmed

New production credit spreads remain attractive Front book credit spreads (%)


3.38

3.79 3.71

3.89 3.86

1Q12 2Q12 3Q12 4Q12 1Q13

-0.85

-1.26 -1.29

-1.81

-1.41

1Q12 2Q12 3Q12 4Q12 1Q13

Major improvement in front book time deposit spreads

Front book time deposits spreads (%)

Front book Back book Front book Back book

3.52 3.44 3.31 3.23 2.97

4.59 4.70 4.45 4.30 4.24

1Q12 2Q12 3Q12 4Q12 1Q13

2.58 2.46 2.55 2.42 2.45

2.02 2.11

1.85 2.21

1.76

1Q12 2Q12 3Q12 4Q12 1Q13

2.39% CABK

Standalone

Loan rates (Back vs. front book) Time deposit rates (Back vs. front book)


Underlying trends in fees supported by acquisitions

Net fees In Million Euros

Net fees breakdown In Million Euros

413 426 429 433 446

1Q12 2Q12 3Q12 4Q12 1Q13

+8.0%

Recurrent fees compensate for loss of one-off items

Mutual funds affected by the sale of the depositary business

Strong performance of pension and insurance fees, driven by better market conditions and inflows from time deposits

Banking fees

Mutual funds

Insurance and pension plans

Net fees

yoy (%) 1Q13

349

39

58

446

7.0

1.2

20.1

8.0

20

3.0%

759

295


Restructuring costs front-loaded while recurring like-for-like costs continue to improve

Perimeter adjust.1

(1) Like-for-like adjustments include mainly €235 M of operating expenses of 3 months of BCIV and €49 M of 3 months of BdV (2) Including €65 M of cost synergies in the quarter

783

1,078

Extraord.

1,0192

-5.4%

1,778

1Q12 Total oper. costs

Proforma 1Q12 Recurring costs

1Q13 Recurring costs inc. synergies

1Q13 Total oper. costs

1Q12 1Q13

21

Recurring costs reduced by 5.4% on a like-for-like basis In Million Euros

Majority of restructuring costs already charged

Acquisitions contribute to total costs but like-for-like shows strict discipline (-5.4%)

Extraction of synergies to play a key role in reducing recurring cost base: €625 M expected in 2014

127.1%

22

RD 18/12 provisioning requirements finalised ahead of schedule

Exceptionally high quarterly provisioning charges a reflection of the extraordinary nature of the quarter

Non-recurrent gains provide an opportunity to further reinforce provisions

TOTAL impairments:

€3,458 M

1Q13 Total Impairments

In Million Euros

Pending RDL 18/2012

Other credit provisions

Other provisions1

Impairment losses

902

883

166

1,951

BdV Fair Value Adjustments2 1,507

(1) Includes provisions for contingencies and losses on financial investments (2) Adjustments related to BdV loan book (gross) after accounting for APS




Commercial activity


Asset quality

Liquidity

Solvency

Final remarks

23

9.07%

5.25 5.58

8.42 8.62

Asset quality

NPL coverage significantly increased to 75%

24

Fair value adjustments add significant provisioning to BdV loan book

Provisioning coverage increases by 15%

Organic NPL stock remains stable- ratio increase mostly attributable to denominator

NPLs and NPL ratio NPL coverage

10.2 10.9

20.3 20.2 22.5 2.0

1Q12 2Q12 3Q12 4Q12 1Q13

20.5

6.2 6.5

12.2 12.1 4.0

1Q12 2Q12 3Q12 4Q12 1Q13

16.8

NPL (in Billion Euros)

Credit provisions (in Billion Euros)

NPL coverage ratio 9.40%

75%

12.8

CABK stand-alone

NPL ratio

61% 60% 60% 60%

BCIV impact

Asset quality

Trends in NPLs still reflect macro headwinds

25 (1) Includes contingent liabilities (2) Includes loans to Servihabitat and otherRE subsidiaries of Caja de Ahorros y Pensiones de Barcelona, CABK’s major shareholder

Retail mortgage book still showing resilience

RE Developer ratio continues to deteriorate as expected

Non-RE driven by BdV and economic weakness

Some impact from lower denominator

Loan book and NPL1 ratio by segments

Loans to individuals

Residential mortgages - home purchase

Other

Loans to businesses

Corporate and SMEs

Real Estate developers

Servihabitat & other RE subs.2

Public sector

Total loans

123.8

91.6

32.1

91.8

63.7

26.5

1.6

13.2

228.8

€bn

3.75%

3.00%

5.90%

19.08%

7.86%

47.22%

0.00%

0.76%

9.40%

31st Mar

Organic YTD %

Change

Ex- Real Estate developers 202.3 4.70%

0.06%

0.01%

0.21%

1.57%

1.15%

2.53%

0.04%

0.56%

31st Dec

3.56%

2.80%

5.65%

17.24%

5.96%

44.22%

0.00%

0.74%

8.62%

3.97% 0.39%

YTD % Change

0.19%

0.20%

0.25%

1.84%

1.90%

3.00%

0.02%

0.78%

0.73%

Asset quality

Coverage of RE exposure reinforced with final RD 18/12 provisioning charge

26

Clean-up of real estate exposure continues at fast pace

RE developer loans breakdown evolution

(in Billion Euros)

12.7 11.4 14.0 11.9 11.2

2.9 2.8

3.7 3.1 2.8

6.1 6.5

12.2 11.9 12.5

1Q12 1H12 3Q12 4Q12 1Q13

29.9

Performing

Substandard

NPL

21.7 20.7

26.5 27.0

Provisions (in Billion Euros)

Coverage

NPL 5.5 44.0%

Substandard 0.9 33.7%

Performing 2.6 23.3%

Provisions for RE developer loans

9.0 34.2%

Better mix than peers: 20.2% exposure to land and 58.4% to finished housing

BdV contributes €840M of non SAREB-eligible loans

Coverage of problematic loans at 59%1

Coverage of total developer loans at 34.2% - close to OW adverse scenario of 37.6% EL

RE developer loans

YTD -€0.5 bn

Organic

Non- organic

-€1.3bn

+€0.8 bn

(1) Includes €2.6bn of generic RE provision

Asset quality

Foreclosed assets increase as developer loans convert to housing stock

(1) The real estate holding company of CaixaBank, S.A.

27

RE assets from loans to construction and RE development

Finished building

Buildings under construction

Land

RE assets from mortgage loans to households

Other repossessed assets

Total (net)

4,268

2,557

262

1,449

1,218

267

5,753

50%

39%

53%

61%

40%

48%

48%

Net amount

Coverage

Building Center1

Repossessed real estate assets evolution

In Million Euros

1,574 1,975

4,350

5,088 5,753

Mar'12 Jun'12 Sep'12 Dec'12 Mar'13

Repossessed real estate assets for sale breakdown

As of March 2013

In Million Euros

% coverage

36% 48% 45% 44% 39%

Asset quality

Marketing increasingly focused towards rental properties

28

Increased commercial activity during 1Q2013 Building Center commercial activity

In Million Euros

83

255 101

110

1Q12 1Q13

183

Rental assets

Sales

1Q13 unit disposal

3,227 3651

Rentals continue to increase representing 70% of total commercial activity

Total rental portfolio of €1 bn NBV, with 86% occupancy ratio and gross yield of 4.7% of net book value

Building Center marketing activity now represents 88% of total Group disposals

(1) Total disposals of €1bn and 6,869 units, at loan-equivalent amounts & including developer disposals



Commercial activity


Asset quality

Liquidity

Solvency

Final remarks

29

Liquidity

Liquidity cushion continues to increase

(1) Includes cash, interbank deposits, accounts at central banks and unencumbered sovereign debt (2) Defined as: gross loans (€228,763M) net of loan provisions (€16,374 M) (total loan provisions excluding those corresponding to contingent guarantees) and excluding pass-

through funding from multilateral agencies (€7,649 M) / retail funds (deposits, retail issuances) (€162,697 M) (3) €4.5 bn from CaixaBank + €4.8 bn from Banco de Valencia (4) Note that pending maturities include BCIV FROB aid of €977 M, which has been prepaid on April 8th

30

Continued reinforcement of liquidity In Billion Euros

Significant reduction of LTD ratio2 as deleveraging continues

• ECB funding: €24.8 bn

• €9.3 bn of ECB funding repaid in Jan.’133

35.6 42.7

17.5

18.7

Dec'12 Mar'13

Unused ECB discount facility

Balance sheet liquidity1

53.1

61.3

As a % of total assets

15.2% 16.7%

Manageable exposure to wholesale funding

Wholesale maturities as of March 31st

€7.2 bn

20134

€8.6 bn

2014

€7.0 bn

2015

• Jan’13: issuance of €1bn 3yr senior unsecured at MS + 285 bps

• Mar’13: issuance of €1bn 5yr mortgage covered bonds at MS + 210 bps

-3%

129% 128% 130% 129%

126%

Mar'12 Jun'12 Sep'12 Dec'12 Mar'13



Commercial activity


Asset quality

Liquidity

Solvency

Final remarks

31

Solvency

Prepayment of FROB demonstrates solvency strength

BIS II Core Capital evolution

In %

Core Capital

RWAs

17.7 bn

161.2 bn

17.0 bn

160.2 bn

32

BCIV FROB prepayment (€977 M) as previously announced to market

EBA Core Tier1 increased to 10.5% due to approved changes in Series I/11 MCB (+€750 M)

EBA Core Tier1

Core Capital BIS III fully loaded

>11.0%

> 8.0%

FYE 13 Target

Dec'12 Mar'13

11.0% +31bps -61bps

10.6%

Organic Restructuring

costs and other

RDL 18/2012

-39bps +61bps

BdV -29bps

FROB repayment



Commercial activity


Asset quality

Liquidity

Solvency

Final remarks

33

Final remarks: delivering on execution

Final remarks

Liquidity cushion continues to increase: now at €61 bn

Core Capital BIS-II at 10.6% & targetting YE’13E BIS-III Core Capital (fully loaded) > 8%

NPL coverage increased to 75%

1. Delivering on execution:

2. Taking the opportunity to further bolster the balance sheet

3. Continuing resilience in operating metrics

Closing of BdV acquisition: €1.8 bn net in “badwill”

BCIV IT integration completed

Setting the stage for cost reductions: agreement with trade unions to adjust headcount by 2,600 employees

€902 M of pending RD18/12 provisioning requirements finalised

Prepayment of €977M of BCIV FROB capital

Operating income supported by acquisitions and solid business metrics

Downward trends in deposit pricing confirmed

34

Appendices

35

Appendices

Listed portfolio as of 31st March 2013

Ownership Market Value

(in Million Euros)

Number of shares

Utilities:

Telefónica 5.6% 2,671 254,598,190

Repsol YPF 12.2% 2,481 156,509,448

BME 5.0% 80 4,189,139

International Banking:

GF Inbursa 20.0% 3,038 1,333,405,590

Erste Bank 9.9% 852 39,195,848

BEA 16.4% 1,123 364,746,530

Banco BPI 46.2% 633 642,462,536

Boursorama 20.7% 112 18,208,059

TOTAL: 10,990

36

37

Moody’s Investors Service Baa3

BBB-

BBB

P-3

A-3

F2

negative

negative

Long term

Short term

Outlook

A3

AA-

-

Credit Ratings

Mortgage Covered Bonds

Ratings

Ratings

negative

(1) Negative Outlook (2) Short term with stable outlook

(1)

A (low) - R-1 (low) (2)

negative

http://www.dbrs.com/

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