Annual report
SUMMARY OF THE MAIN HEADINGS
The contraction of the economic cycle, the financial crisis, the loss of agent confidence and market volatility also affected the group of Basque-Navarre Savings Banks. Liquidity strains in dealing with foreign debt maturity and the increasing number of new requirements of stricter supervisory control regulations also impacted on these financial institutions as did the restructuring of the financial system, and this resulted in a generalised contraction in the results of the financial institutions in general. In turn, the areas in which the Basque-Navarre Savings Banks operate were also affected. Pre-tax profits in 2010 for our institutions totalled 363 million €, which entailed a contraction of -0.28 pp on ATA on the previous financial year. The total balance of the Basque-Navarre Savings Banks stood at 75,878 million € at the close of 2010, which represented a drop of -3.2% in relation to the previous financial year.
Creditor resources amounted to 54,504 million €, after falling by 3,299 million € (-5.7%). This phenomenon was also apparent in the joint management of commercial resources administered (comprising creditor resources, client balances not directly reflected in the balance and operations conducted with collective investment institutions and voluntary social provision bodies) which dropped more moderately by -3.5% and were 2,217 million € down on the previous financial year to reach 61,192 million €.
Despite the difficulties in the market which were apparent throughout 2010, the Federation Savings Banks continued to undertake activities relating to economic development in their areas of operation either by funding local initiatives and projects or by providing financing to individuals and companies so that they could carry out their own initiatives. Correspondingly, client loans amounted to 58,056 million €, with an increase in financing of 336 million € on the previous year. This was equivalent to a year-on-year growth of 0.6%. Collateral-secured operations maintained a similar variation rate to that of the previous financial year, growing by 2.1%. Similarly, troubled assets on the balance sheets totalled 1,757 million €, after rising by 8.6%.
The securities portfolio of the Basque-Navarre Savings Banks included assets to the value of 12,206 million €, which was -2.0% lower than the previous year.
| BASQUE SAVINGS BANKS (absolute values) | ||
|---|---|---|
| Item | 2009 | 2010 |
| Own resources | 6.109 | 6.296 |
| Creditors | 44.571 | 41.440 |
| Credit investment | 44.092 | 44.821 |
| Social work fund | 328 | 290 |
| Total Balance | 59.012 | 58.261 |
| Pre-tax profits | 440 | 309 |
| No. branches | 883 | 878 |
| No. employees | 5.642 | 5.476 |
| BASQUE-NAVARRE FEDERATION SAVINGS BANKS (absolute values) | ||
|---|---|---|
| Item | 2009 | 2010 |
| Own resources | 7.319 | 6.968 |
| Creditors | 57.803 | 54.504 |
| Credit investment | 57.388 | 58.056 |
| Social work fund | 343 | 307 |
| Total Balance | 78.396 | 75.879 |
| Pre-tax profits | 576 | 363 |
| No. branches | 1.219 | 1.214 |
| No. employees | 7.536 | 7.330 |
