ROE and ROA after taxes (7.5 percent and 0.5 percent, respectively, during the first 9 months of 2009) also declined but remain above the EU average. The cost-to-income ratio, at 51.9 percent, has decreased thanks to cost containment and is lower than the Large and Complex Banking Groups’ euroarea weighted average (60.7% for the first half of 2009).
However, it is of some concern that trading income, notable for its high volatility, represented a considerably large chunk of profits before taxes.