CNMV reported earnings results for the third quarter and nine months of 2014. Net interest income stands at EUR 544.8 million and is up 17.9% year-on-year due to active management to drive down financing costs, the change in the mix of the loan book and the positive contribution of volumes. Net income has reached EUR 205.1 million in the first 9 months of the year. This is 31.6% more than in the same period of 2013. Net fee income accounts for EUR 216.6 million in the first nine months of the year. This is EUR 38.8 million more than in the same period of 2013 or almost 22% up. Net fees are growing almost in all business lines, particularly remarkable is the performance of asset management fees at EUR 67.5 million in the year, 52% up and are already the high contributor to gross fees.

In the third quarter alone, net interest income amounts to EUR 191 million, this is 3.6% more than in the second quarter of the year confirming its growing trend. In quarterly terms, the company reached EUR 70.7 million net income figure, 32.1% above the same quarter of 2013 and only EUR 3.2 million less than the preceding quarter, but with a much marked higher contribution of recurrent income from the business with clients.

The level of write-offs is reducing by almost 55% in the year. Indeed, third quarter 2014 with EUR 26.3 million of write-offs is the lowest in the last five quarters. All in all, the net NPL formation plus write-offs and net additions to foreclosed assets have reduced in the year by 82% from EUR 509.6 million as of September 2013 to EUR 91.8 million in the same period of 2014.