Form 6-K

Banco Santander, S.A.

Date: September 24, 2015

/s/ José García Cantera

Name: José García Cantera

Title: Chief Financial Officer

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of September, 2015

Commission File Number: 001-12518

Banco Santander, S.A.

(Exact name of registrant as specified in its charter)

Ciudad Grupo Santander

28660 Boadilla del Monte (Madrid) Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

Banco Santander, S.A.

TABLE OF CONTENTS


Item

		Investor Day 2015 Presentation to Analysts and Investors

1		Presentation from Ana Botín, Santander Group Executive Chairman

2		Presentation from José Antonio Alvarez, Santander Group CEO

3		Income statement and balance-sheet restatement 2014-1H2015

4		Press Release Investor Day: Strategic Plan 2016-2018

5		Presentation – Santander UK Group Holdings

6		Presentation – Banco Santander, S.A.

7		Presentation – Banco Santander (Brasil) S.A.

8		Presentation – Banco Santander (México) S.A.

9		Presentation – Santander Holdings USA, Inc.

10		Presentation – Santander Consumer Finance S.A.

11		Presentation – Banco Santander Río S.A. (Argentina)

12		Presentation – Banco Santander Chile

13		Presentation – Banco Santander Totta S.A. (Portugal)

14		Presentation – Bank Zachodni WBK S.A. (Poland)

15		Presentation – Global Corporate Banking

Item 1

Item 2

Item 3

Operating areas

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		7,225			7,523			7,583			7,829			8,259			8,413
Net fees		2,338			2,407			2,442			2,542			2,526			2,592
Gains (losses) on financial transactions		552			426			714			458			684			440
Other operating income *		34			214			105			189			205			351
Gross income		10,149			10,570			10,844			11,017			11,674			11,795
Operating expenses		(4,702	)		(4,760	)		(4,924	)		(5,067	)		(5,235	)		(5,279	)
General administrative expenses		(4,246	)		(4,362	)		(4,501	)		(4,628	)		(4,809	)		(4,825	)
Personnel		(2,300	)		(2,363	)		(2,444	)		(2,503	)		(2,561	)		(2,638	)
Other general administrative expenses		(1,946	)		(1,998	)		(2,058	)		(2,125	)		(2,248	)		(2,187	)
Depreciation and amortisation		(456	)		(398	)		(422	)		(439	)		(426	)		(454	)
Net operating income		5,446			5,810			5,921			5,950			6,438			6,517
Net loan-loss provisions		(2,697	)		(2,637	)		(2,777	)		(2,454	)		(2,562	)		(2,510	)
Other income		(406	)		(460	)		(505	)		(468	)		(417	)		(551	)
Ordinary profit before taxes		2,343			2,713			2,638			3,029			3,460			3,456
Tax on profit		(577	)		(677	)		(619	)		(675	)		(927	)		(907	)
Ordinary profit from continuing operations		1,767			2,036			2,019			2,354			2,533			2,549
Net profit from discontinued operations		(0	)		(0	)		(7	)		(19	)		0			0
Ordinary consolidated profit		1,767			2,036			2,013			2,335			2,533			2,549
Minority interests		277			318			297			291			324			351
Ordinary attributable profit to the Group		1,489			1,718			1,716			2,043			2,209			2,198

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Operating areas

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		7,662			7,844			7,786			8,068			8,236			8,435
Net fees		2,435			2,468			2,470			2,584			2,515			2,603
Gains (losses) on financial transactions		579			455			731			475			686			438
Other operating income *		38			221			112			197			206			350
Gross income		10,714			10,988			11,099			11,324			11,643			11,826
Operating expenses		(4,952	)		(4,935	)		(5,036	)		(5,200	)		(5,226	)		(5,288	)
General administrative expenses		(4,481	)		(4,512	)		(4,607	)		(4,749	)		(4,801	)		(4,833	)
Personnel		(2,406	)		(2,480	)		(2,509	)		(2,575	)		(2,557	)		(2,642	)
Other general administrative expenses		(2,075	)		(2,032	)		(2,098	)		(2,173	)		(2,244	)		(2,191	)
Depreciation and amortisation		(470	)		(423	)		(429	)		(451	)		(425	)		(455	)
Net operating income		5,762			6,053			6,062			6,124			6,417			6,538
Net loan-loss provisions		(2,846	)		(2,718	)		(2,839	)		(2,509	)		(2,549	)		(2,523	)
Other income		(412	)		(458	)		(493	)		(466	)		(412	)		(555	)
Ordinary profit before taxes		2,505			2,877			2,730			3,149			3,456			3,459
Tax on profit		(614	)		(719	)		(639	)		(698	)		(924	)		(910	)
Ordinary profit from continuing operations		1,891			2,158			2,092			2,451			2,532			2,550
Net profit from discontinued operations		(0	)		(0	)		(7	)		(20	)		0			0
Ordinary consolidated profit		1,890			2,158			2,085			2,432			2,532			2,550
Minority interests		294			333			302			307			325			350
Ordinary attributable profit to the Group		1,597			1,825			1,783			2,125			2,207			2,199

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Continental Europe

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,810			1,881			1,858			1,967			2,057			2,006
Net fees		889			898			849			864			842			878
Gains (losses) on financial transactions		324			230			339			327			404			90
Other operating income *		5			136			34			91			106			243
Gross income		3,029			3,146			3,080			3,249			3,409			3,218
Operating expenses		(1,634	)		(1,611	)		(1,584	)		(1,614	)		(1,670	)		(1,679	)
General administrative expenses		(1,503	)		(1,499	)		(1,473	)		(1,496	)		(1,560	)		(1,557	)
Personnel		(790	)		(777	)		(767	)		(778	)		(800	)		(821	)
Other general administrative expenses		(713	)		(722	)		(706	)		(718	)		(761	)		(737	)
Depreciation and amortisation		(131	)		(112	)		(111	)		(118	)		(109	)		(121	)
Net operating income		1,394			1,534			1,496			1,635			1,739			1,539
Net loan-loss provisions		(791	)		(770	)		(737	)		(583	)		(637	)		(512	)
Other income		(197	)		(215	)		(188	)		(93	)		(139	)		(186	)
Profit before taxes		407			550			571			959			963			842
Tax on profit		(88	)		(134	)		(140	)		(277	)		(252	)		(216	)
Profit from continuing operations		318			416			431			682			712			625
Net profit from discontinued operations		(0	)		(0	)		(7	)		(19	)		0			0
Consolidated profit		318			415			425			663			712			625
Minority interests		35			37			43			58			72			65
Attributable profit to the Group		284			378			381			604			640			560

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Continental Europe

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,814			1,887			1,858			1,976			2,062			2,001
Net fees		894			903			853			869			844			876
Gains (losses) on financial transactions		324			232			340			327			405			90
Other operating income *		5			137			34			92			106			243
Gross income		3,036			3,159			3,085			3,263			3,416			3,211
Operating expenses		(1,641	)		(1,615	)		(1,589	)		(1,619	)		(1,673	)		(1,675	)
General administrative expenses		(1,522	)		(1,491	)		(1,478	)		(1,501	)		(1,564	)		(1,554	)
Personnel		(773	)		(801	)		(770	)		(781	)		(801	)		(819	)
Other general administrative expenses		(749	)		(690	)		(707	)		(719	)		(762	)		(735	)
Depreciation and amortisation		(119	)		(124	)		(111	)		(119	)		(109	)		(121	)
Net operating income		1,395			1,544			1,496			1,644			1,743			1,535
Net loan-loss provisions		(790	)		(769	)		(736	)		(583	)		(638	)		(511	)
Other income		(197	)		(215	)		(188	)		(94	)		(139	)		(186	)
Profit before taxes		407			559			572			967			966			839
Tax on profit		(89	)		(136	)		(140	)		(279	)		(252	)		(216	)
Profit from continuing operations		319			424			433			688			714			623
Net profit from discontinued operations		(0	)		(0	)		(7	)		(20	)		0			0
Consolidated profit		319			424			426			669			714			623
Minority interests		35			37			44			59			72			65
Attributable profit to the Group		284			387			382			610			642			558

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Spain

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		884			906			909			928			957			856
Net fees		455			469			424			445			414			440
Gains (losses) on financial transactions		293			192			312			237			302			35
Other operating income *		(13	)		99			16			80			77			190
Gross income		1,620			1,665			1,661			1,690			1,749			1,522
Operating expenses		(897	)		(877	)		(859	)		(863	)		(855	)		(856	)
General administrative expenses		(848	)		(835	)		(816	)		(820	)		(810	)		(803	)
Personnel		(456	)		(445	)		(433	)		(426	)		(419	)		(420	)
Other general administrative expenses		(391	)		(389	)		(383	)		(395	)		(391	)		(383	)
Depreciation and amortisation		(50	)		(42	)		(43	)		(43	)		(45	)		(53	)
Net operating income		722			788			802			827			894			666
Net loan-loss provisions		(507	)		(488	)		(429	)		(320	)		(366	)		(264	)
Other income		(41	)		(63	)		(18	)		(89	)		(44	)		(71	)
Profit before taxes		174			237			354			417			483			331
Tax on profit		(52	)		(71	)		(102	)		(124	)		(139	)		(93	)
Profit from continuing operations		122			166			252			293			345			238
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		122			166			252			293			345			238
Minority interests		2			(0	)		1			4			5			6
Attributable profit to the Group		120			166			252			289			340			232

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Santander Consumer Finance

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		555			589			592			632			729			775
Net fees		221			212			208			199			220			216
Gains (losses) on financial transactions		0			1			(2	)		3			0			(8	)
Other operating income *		(1	)		4			1			8			10			9
Gross income		776			805			800			843			959			991
Operating expenses		(370	)		(361	)		(358	)		(379	)		(422	)		(442	)
General administrative expenses		(319	)		(322	)		(320	)		(332	)		(384	)		(398	)
Personnel		(145	)		(144	)		(146	)		(154	)		(179	)		(200	)
Other general administrative expenses		(174	)		(178	)		(174	)		(178	)		(205	)		(198	)
Depreciation and amortisation		(50	)		(40	)		(38	)		(46	)		(38	)		(44	)
Net operating income		406			444			442			465			537			549
Net loan-loss provisions		(130	)		(123	)		(149	)		(143	)		(168	)		(131	)
Other income		(14	)		(17	)		(71	)		65			(22	)		(36	)
Profit before taxes		263			304			222			387			348			382
Tax on profit		(64	)		(84	)		(56	)		(111	)		(96	)		(110	)
Profit from continuing operations		198			220			166			276			251			272
Net profit from discontinued operations		(0	)		(0	)		(7	)		(19	)		0			0
Consolidated profit		198			220			160			256			251			272
Minority interests		6			7			14			11			31			31
Attributable profit to the Group		192			213			146			245			220			241

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Poland

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		208			217			215			194			191			192
Net fees		109			111			107			107			100			110
Gains (losses) on financial transactions		11			7			13			48			54			19
Other operating income *		6			18			0			4			(4	)		16
Gross income		334			353			335			353			340			336
Operating expenses		(148	)		(149	)		(144	)		(144	)		(151	)		(153	)
General administrative expenses		(136	)		(137	)		(133	)		(132	)		(139	)		(142	)
Personnel		(77	)		(77	)		(77	)		(79	)		(81	)		(82	)
Other general administrative expenses		(59	)		(60	)		(56	)		(52	)		(58	)		(60	)
Depreciation and amortisation		(12	)		(12	)		(12	)		(12	)		(12	)		(11	)
Net operating income		187			204			191			209			190			182
Net loan-loss provisions		(43	)		(42	)		(44	)		(57	)		(39	)		(46	)
Other income		(3	)		(16	)		8			22			(1	)		(2	)
Profit before taxes		141			146			155			174			150			135
Tax on profit		(26	)		(27	)		(33	)		(48	)		(27	)		(23	)
Profit from continuing operations		115			119			122			126			122			112
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		115			119			122			126			122			112
Minority interests		31			32			31			33			33			30
Attributable profit to the Group		84			87			91			93			89			82

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Poland

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		210			219			216			198			193			189
Net fees		111			112			108			109			101			108
Gains (losses) on financial transactions		11			7			13			48			54			18
Other operating income *		6			18			0			4			(5	)		16
Gross income		338			355			338			359			345			331
Operating expenses		(149	)		(150	)		(146	)		(147	)		(153	)		(151	)
General administrative expenses		(137	)		(138	)		(134	)		(134	)		(141	)		(140	)
Personnel		(78	)		(77	)		(78	)		(81	)		(82	)		(81	)
Other general administrative expenses		(59	)		(61	)		(56	)		(53	)		(59	)		(59	)
Depreciation and amortisation		(12	)		(12	)		(12	)		(13	)		(12	)		(11	)
Net operating income		189			205			193			213			192			180
Net loan-loss provisions		(43	)		(42	)		(44	)		(58	)		(40	)		(45	)
Other income		(3	)		(16	)		8			22			(1	)		(2	)
Profit before taxes		142			147			156			177			152			133
Tax on profit		(27	)		(27	)		(33	)		(48	)		(28	)		(23	)
Profit from continuing operations		116			120			123			129			124			110
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		116			120			123			129			124			110
Minority interests		31			32			31			34			34			30
Attributable profit to the Group		85			87			91			95			90			80

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Poland

PLN million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		868			906			896			820			800			784
Net fees		458			462			448			451			420			448
Gains (losses) on financial transactions		47			28			55			200			225			74
Other operating income *		25			75			1			15			(19	)		65
Gross income		1,399			1,471			1,400			1,487			1,427			1,371
Operating expenses		(618	)		(621	)		(603	)		(606	)		(632	)		(626	)
General administrative expenses		(569	)		(571	)		(554	)		(554	)		(584	)		(580	)
Personnel		(323	)		(320	)		(321	)		(334	)		(341	)		(335	)
Other general administrative expenses		(246	)		(252	)		(232	)		(220	)		(243	)		(245	)
Depreciation and amortisation		(49	)		(49	)		(49	)		(52	)		(48	)		(46	)
Net operating income		781			850			797			880			794			745
Net loan-loss provisions		(180	)		(174	)		(184	)		(238	)		(164	)		(187	)
Other income		(12	)		(66	)		33			90			(3	)		(9	)
Profit before taxes		589			609			646			732			627			549
Tax on profit		(110	)		(113	)		(138	)		(200	)		(115	)		(93	)
Profit from continuing operations		479			496			508			533			512			456
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		479			496			508			533			512			456
Minority interests		128			134			129			140			140			123
Attributable profit to the Group		352			362			379			393			372			333

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Portugal

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		129			138			136			143			142			141
Net fees		73			66			70			71			68			67
Gains (losses) on financial transactions		18			22			13			35			15			10
Other operating income *		9			11			11			12			13			16
Gross income		228			237			230			261			238			234
Operating expenses		(124	)		(123	)		(123	)		(128	)		(123	)		(122	)
General administrative expenses		(109	)		(111	)		(111	)		(115	)		(114	)		(113	)
Personnel		(71	)		(71	)		(71	)		(76	)		(71	)		(72	)
Other general administrative expenses		(38	)		(40	)		(40	)		(39	)		(42	)		(41	)
Depreciation and amortisation		(14	)		(12	)		(12	)		(12	)		(10	)		(9	)
Net operating income		105			114			106			133			115			112
Net loan-loss provisions		(34	)		(40	)		(32	)		(17	)		(22	)		(21	)
Other income		(30	)		(29	)		(20	)		(20	)		(21	)		(23	)
Profit before taxes		40			45			55			96			72			67
Tax on profit		(9	)		(9	)		(14	)		(24	)		(17	)		(18	)
Profit from continuing operations		32			36			40			72			55			49
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		32			36			40			72			55			49
Minority interests		(2	)		(2	)		(0	)		0			0			(0	)
Attributable profit to the Group		34			38			41			72			55			49

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Spain’s real estate activity

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		(1	)		(11	)		(4	)		(4	)		(13	)		0
Net fees		(0	)		(0	)		0			0			0			1
Gains (losses) on financial transactions		(0	)		1			2			5			44			34
Other operating income *		0			(1	)		(0	)		(18	)		8			11
Gross income		(2	)		(11	)		(1	)		(17	)		39			45
Operating expenses		(56	)		(58	)		(57	)		(59	)		(66	)		(57	)
General administrative expenses		(52	)		(54	)		(53	)		(56	)		(62	)		(53	)
Personnel		(14	)		(14	)		(13	)		(14	)		(18	)		(13	)
Other general administrative expenses		(38	)		(40	)		(40	)		(42	)		(44	)		(40	)
Depreciation and amortisation		(4	)		(4	)		(4	)		(3	)		(4	)		(3	)
Net operating income		(58	)		(69	)		(58	)		(76	)		(27	)		(11	)
Net loan-loss provisions		(77	)		(76	)		(83	)		(46	)		(42	)		(49	)
Other income		(110	)		(90	)		(87	)		(66	)		(49	)		(54	)
Profit before taxes		(244	)		(235	)		(227	)		(188	)		(119	)		(114	)
Tax on profit		69			67			64			47			36			34
Profit from continuing operations		(175	)		(168	)		(163	)		(141	)		(83	)		(80	)
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		(175	)		(168	)		(163	)		(141	)		(83	)		(80	)
Minority interests		(2	)		(0	)		(2	)		9			1			(1	)
Attributable profit to the Group		(173	)		(168	)		(161	)		(150	)		(85	)		(79	)

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

United Kingdom

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		989			1,035			1,089			1,121			1,194			1,247
Net fees		247			247			260			273			287			291
Gains (losses) on financial transactions		78			69			58			35			60			83
Other operating income *		15			4			9			9			10			4
Gross income		1,329			1,356			1,417			1,440			1,551			1,626
Operating expenses		(701	)		(709	)		(737	)		(771	)		(823	)		(843	)
General administrative expenses		(614	)		(631	)		(670	)		(680	)		(749	)		(759	)
Personnel		(366	)		(373	)		(410	)		(408	)		(396	)		(418	)
Other general administrative expenses		(247	)		(258	)		(260	)		(272	)		(352	)		(341	)
Depreciation and amortisation		(87	)		(79	)		(67	)		(91	)		(75	)		(85	)
Net operating income		628			646			679			669			727			783
Net loan-loss provisions		(120	)		(87	)		(89	)		(36	)		(76	)		(18	)
Other income		(46	)		(63	)		(73	)		(136	)		(56	)		(51	)
Profit before taxes		462			496			518			497			596			714
Tax on profit		(91	)		(103	)		(112	)		(110	)		(117	)		(159	)
Profit from continuing operations		371			394			406			387			479			555
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		371			394			406			387			479			555
Minority interests		—			—			—			—			8			9
Attributable profit to the Group		371			394			406			387			471			545

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

United Kingdom

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,119			1,153			1,181			1,210			1,212			1,229
Net fees		280			275			282			295			291			287
Gains (losses) on financial transactions		88			77			63			37			61			83
Other operating income *		16			5			10			10			10			4
Gross income		1,503			1,509			1,535			1,552			1,574			1,603
Operating expenses		(793	)		(790	)		(799	)		(832	)		(836	)		(831	)
General administrative expenses		(694	)		(702	)		(727	)		(734	)		(760	)		(748	)
Personnel		(414	)		(415	)		(445	)		(440	)		(402	)		(412	)
Other general administrative expenses		(280	)		(287	)		(282	)		(293	)		(357	)		(335	)
Depreciation and amortisation		(99	)		(87	)		(72	)		(98	)		(76	)		(83	)
Net operating income		710			720			737			721			738			772
Net loan-loss provisions		(136	)		(97	)		(96	)		(38	)		(77	)		(17	)
Other income		(52	)		(70	)		(80	)		(148	)		(56	)		(50	)
Profit before taxes		522			553			562			535			605			705
Tax on profit		(103	)		(115	)		(122	)		(119	)		(119	)		(158	)
Profit from continuing operations		419			438			440			416			486			547
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		419			438			440			416			486			547
Minority interests		—			—			—			—			8			9
Attributable profit to the Group		419			438			440			416			478			538

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

United Kingdom

£ million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		819			844			864			885			887			900
Net fees		205			201			206			216			213			210
Gains (losses) on financial transactions		65			56			46			27			45			60
Other operating income *		12			3			7			7			7			3
Gross income		1,100			1,105			1,124			1,136			1,152			1,173
Operating expenses		(580	)		(578	)		(585	)		(609	)		(612	)		(608	)
General administrative expenses		(508	)		(514	)		(532	)		(537	)		(556	)		(547	)
Personnel		(303	)		(304	)		(326	)		(322	)		(294	)		(302	)
Other general administrative expenses		(205	)		(210	)		(206	)		(215	)		(262	)		(245	)
Depreciation and amortisation		(72	)		(64	)		(53	)		(72	)		(56	)		(61	)
Net operating income		520			527			539			527			540			565
Net loan-loss provisions		(99	)		(71	)		(70	)		(27	)		(56	)		(12	)
Other income		(38	)		(51	)		(58	)		(108	)		(41	)		(36	)
Profit before taxes		382			405			411			392			443			516
Tax on profit		(75	)		(84	)		(89	)		(87	)		(87	)		(115	)
Profit from continuing operations		307			321			322			305			356			401
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		307			321			322			305			356			401
Minority interests		—			—			—			—			6			7
Attributable profit to the Group		307			321			322			305			350			394

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Latin America

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		3,289			3,432			3,415			3,484			3,545			3,610
Net fees		1,002			1,056			1,128			1,187			1,135			1,151
Gains (losses) on financial transactions		110			101			247			26			168			163
Other operating income *		(2	)		42			20			22			(2	)		27
Gross income		4,398			4,631			4,810			4,718			4,846			4,952
Operating expenses		(1,840	)		(1,915	)		(2,036	)		(2,060	)		(2,047	)		(2,027	)
General administrative expenses		(1,657	)		(1,748	)		(1,844	)		(1,882	)		(1,865	)		(1,845	)
Personnel		(882	)		(939	)		(981	)		(997	)		(1,002	)		(1,020	)
Other general administrative expenses		(775	)		(809	)		(863	)		(885	)		(863	)		(826	)
Depreciation and amortisation		(183	)		(167	)		(192	)		(178	)		(182	)		(182	)
Net operating income		2,558			2,716			2,774			2,658			2,800			2,925
Net loan-loss provisions		(1,239	)		(1,281	)		(1,341	)		(1,258	)		(1,210	)		(1,226	)
Other income		(161	)		(180	)		(231	)		(271	)		(203	)		(273	)
Ordinary profit before taxes		1,158			1,255			1,203			1,129			1,386			1,426
Tax on profit		(304	)		(303	)		(278	)		(168	)		(401	)		(374	)
Ordinary profit from continuing operations		854			952			925			960			985			1,052
Net profit from discontinued operations		—			—			—			—			—			—
Ordinary consolidated profit		854			952			925			960			985			1,052
Minority interests		199			215			204			172			145			176
Ordinary attributable profit to the Group		655			737			721			788			840			876

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Latin America

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		3,333			3,359			3,295			3,477			3,486			3,669
Net fees		1,017			1,036			1,090			1,176			1,116			1,171
Gains (losses) on financial transactions		117			115			246			31			168			163
Other operating income *		(3	)		40			18			19			(2	)		27
Gross income		4,463			4,550			4,650			4,703			4,768			5,030
Operating expenses		(1,870	)		(1,885	)		(1,975	)		(2,050	)		(2,015	)		(2,058	)
General administrative expenses		(1,684	)		(1,724	)		(1,791	)		(1,874	)		(1,836	)		(1,874	)
Personnel		(896	)		(926	)		(955	)		(994	)		(987	)		(1,035	)
Other general administrative expenses		(788	)		(797	)		(837	)		(880	)		(849	)		(839	)
Depreciation and amortisation		(185	)		(162	)		(184	)		(177	)		(179	)		(185	)
Net operating income		2,593			2,665			2,675			2,653			2,753			2,971
Net loan-loss provisions		(1,248	)		(1,238	)		(1,280	)		(1,244	)		(1,189	)		(1,247	)
Other income		(159	)		(169	)		(209	)		(263	)		(198	)		(279	)
Ordinary profit before taxes		1,186			1,257			1,186			1,145			1,366			1,446
Tax on profit		(308	)		(299	)		(272	)		(167	)		(394	)		(381	)
Ordinary profit from continuing operations		878			958			914			979			972			1,065
Net profit from discontinued operations		—			—			—			—			—			—
Ordinary consolidated profit		878			958			914			979			972			1,065
Minority interests		204			216			200			180			144			177
Ordinary attributable profit to the Group		673			742			714			799			828			889

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Brazil

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		2,179			2,266			2,247			2,157			2,254			2,186
Net fees		627			683			740			781			707			683
Gains (losses) on financial transactions		13			(40	)		144			(35	)		24			66
Other operating income *		7			44			26			40			21			46
Gross income		2,826			2,952			3,158			2,943			3,007			2,981
Operating expenses		(1,140	)		(1,204	)		(1,299	)		(1,298	)		(1,187	)		(1,151	)
General administrative expenses		(1,014	)		(1,083	)		(1,163	)		(1,177	)		(1,068	)		(1,034	)
Personnel		(542	)		(583	)		(613	)		(615	)		(574	)		(571	)
Other general administrative expenses		(472	)		(501	)		(550	)		(561	)		(494	)		(463	)
Depreciation and amortisation		(126	)		(121	)		(136	)		(121	)		(118	)		(116	)
Net operating income		1,686			1,748			1,858			1,645			1,820			1,830
Net loan-loss provisions		(905	)		(933	)		(958	)		(887	)		(826	)		(828	)
Other income		(143	)		(166	)		(253	)		(244	)		(209	)		(263	)
Ordinary profit before taxes		639			650			647			514			785			739
Tax on profit		(194	)		(178	)		(160	)		(111	)		(253	)		(230	)
Ordinary profit from continuing operations		444			471			487			403			532			509
Net profit from discontinued operations		—			—			—			—			—			—
Ordinary consolidated profit		444			471			487			403			532			509
Minority interests		106			110			111			42			55			56
Ordinary attributable profit to the Group		339			362			376			361			477			452

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Brazil

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		2,137			2,097			2,045			2,074			2,194			2,246
Net fees		615			633			676			749			689			701
Gains (losses) on financial transactions		13			(39	)		135			(32	)		23			67
Other operating income *		6			42			24			39			20			46
Gross income		2,772			2,733			2,880			2,829			2,927			3,061
Operating expenses		(1,118	)		(1,115	)		(1,186	)		(1,246	)		(1,155	)		(1,182	)
General administrative expenses		(995	)		(1,004	)		(1,061	)		(1,130	)		(1,040	)		(1,063	)
Personnel		(532	)		(540	)		(559	)		(591	)		(559	)		(587	)
Other general administrative expenses		(463	)		(464	)		(502	)		(539	)		(481	)		(476	)
Depreciation and amortisation		(124	)		(112	)		(125	)		(117	)		(115	)		(119	)
Net operating income		1,654			1,618			1,695			1,583			1,772			1,879
Net loan-loss provisions		(887	)		(863	)		(873	)		(853	)		(804	)		(850	)
Other income		(140	)		(154	)		(233	)		(234	)		(203	)		(269	)
Ordinary profit before taxes		627			601			589			496			764			760
Tax on profit		(191	)		(164	)		(145	)		(108	)		(246	)		(237	)
Ordinary profit from continuing operations		436			437			444			388			518			523
Net profit from discontinued operations		—			—			—			—			—			—
Ordinary consolidated profit		436			437			444			388			518			523
Minority interests		104			102			101			41			54			58
Ordinary attributable profit to the Group		332			335			343			347			464			465

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Brazil

R$ million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		7,060			6,927			6,756			6,851			7,248			7,419
Net fees		2,032			2,090			2,233			2,473			2,275			2,317
Gains (losses) on financial transactions		42			(127	)		447			(107	)		77			220
Other operating income *		21			137			78			128			67			153
Gross income		9,156			9,026			9,514			9,344			9,666			10,109
Operating expenses		(3,694	)		(3,684	)		(3,917	)		(4,116	)		(3,815	)		(3,904	)
General administrative expenses		(3,285	)		(3,315	)		(3,506	)		(3,731	)		(3,434	)		(3,511	)
Personnel		(1,756	)		(1,784	)		(1,847	)		(1,952	)		(1,847	)		(1,937	)
Other general administrative expenses		(1,529	)		(1,531	)		(1,658	)		(1,779	)		(1,587	)		(1,573	)
Depreciation and amortisation		(409	)		(369	)		(411	)		(385	)		(381	)		(394	)
Net operating income		5,462			5,343			5,597			5,228			5,851			6,205
Net loan-loss provisions		(2,930	)		(2,850	)		(2,882	)		(2,818	)		(2,657	)		(2,808	)
Other income		(462	)		(508	)		(770	)		(772	)		(672	)		(888	)
Ordinary profit before taxes		2,070			1,985			1,945			1,638			2,523			2,509
Tax on profit		(630	)		(543	)		(479	)		(356	)		(812	)		(783	)
Ordinary profit from continuing operations		1,440			1,442			1,466			1,283			1,711			1,726
Net profit from discontinued operations		—			—			—			—			—			—
Ordinary consolidated profit		1,440			1,442			1,466			1,283			1,711			1,726
Minority interests		342			336			333			137			177			191
Ordinary attributable profit to the Group		1,098			1,106			1,132			1,146			1,534			1,536

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Mexico

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		499			518			549			572			597			621
Net fees		189			188			191			197			194			213
Gains (losses) on financial transactions		26			61			52			22			43			33
Other operating income *		(12	)		(7	)		(15	)		(10	)		(15	)		(14	)
Gross income		701			760			778			780			819			854
Operating expenses		(312	)		(317	)		(325	)		(328	)		(355	)		(353	)
General administrative expenses		(286	)		(293	)		(299	)		(301	)		(325	)		(322	)
Personnel		(138	)		(144	)		(153	)		(158	)		(168	)		(173	)
Other general administrative expenses		(148	)		(149	)		(147	)		(143	)		(157	)		(148	)
Depreciation and amortisation		(26	)		(24	)		(26	)		(27	)		(30	)		(32	)
Net operating income		389			442			453			452			463			501
Net loan-loss provisions		(179	)		(191	)		(210	)		(177	)		(211	)		(224	)
Other income		(2	)		(2	)		6			(1	)		8			(2	)
Profit before taxes		209			250			249			274			260			274
Tax on profit		(43	)		(50	)		(45	)		(46	)		(59	)		(61	)
Profit from continuing operations		166			200			204			228			201			213
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		166			200			204			228			201			213
Minority interests		40			46			49			56			48			53
Attributable profit to the Group		126			154			154			172			153			160

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Mexico

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		536			547			566			587			595			622
Net fees		203			198			197			202			193			214
Gains (losses) on financial transactions		28			65			54			22			43			33
Other operating income *		(13	)		(7	)		(15	)		(11	)		(15	)		(14	)
Gross income		753			803			801			799			816			856
Operating expenses		(335	)		(335	)		(335	)		(336	)		(354	)		(354	)
General administrative expenses		(307	)		(310	)		(308	)		(308	)		(324	)		(323	)
Personnel		(149	)		(152	)		(157	)		(162	)		(167	)		(174	)
Other general administrative expenses		(159	)		(158	)		(151	)		(146	)		(157	)		(149	)
Depreciation and amortisation		(28	)		(25	)		(27	)		(27	)		(30	)		(32	)
Net operating income		418			468			466			464			462			502
Net loan-loss provisions		(192	)		(202	)		(217	)		(181	)		(210	)		(225	)
Other income		(2	)		(2	)		6			(1	)		8			(2	)
Profit before taxes		224			264			256			282			260			275
Tax on profit		(46	)		(53	)		(46	)		(47	)		(59	)		(62	)
Profit from continuing operations		178			211			210			235			200			214
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		178			211			210			235			200			214
Minority interests		43			48			51			57			48			53
Attributable profit to the Group		135			163			159			177			153			160

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Mexico

Million pesos


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		9,042			9,237			9,552			9,906			10,041			10,504
Net fees		3,427			3,341			3,319			3,401			3,259			3,613
Gains (losses) on financial transactions		466			1,095			906			364			718			564
Other operating income *		(223	)		(125	)		(261	)		(180	)		(249	)		(232	)
Gross income		12,712			13,548			13,516			13,491			13,769			14,450
Operating expenses		(5,659	)		(5,656	)		(5,647	)		(5,667	)		(5,973	)		(5,978	)
General administrative expenses		(5,186	)		(5,230	)		(5,195	)		(5,206	)		(5,467	)		(5,444	)
Personnel		(2,511	)		(2,568	)		(2,654	)		(2,735	)		(2,819	)		(2,934	)
Other general administrative expenses		(2,675	)		(2,663	)		(2,542	)		(2,471	)		(2,648	)		(2,510	)
Depreciation and amortisation		(473	)		(426	)		(451	)		(461	)		(506	)		(533	)
Net operating income		7,053			7,892			7,870			7,824			7,795			8,472
Net loan-loss provisions		(3,237	)		(3,401	)		(3,654	)		(3,058	)		(3,545	)		(3,791	)
Other income		(28	)		(34	)		106			(13	)		130			(36	)
Profit before taxes		3,788			4,458			4,322			4,753			4,380			4,644
Tax on profit		(785	)		(897	)		(779	)		(794	)		(999	)		(1,039	)
Profit from continuing operations		3,003			3,561			3,542			3,959			3,381			3,606
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		3,003			3,561			3,542			3,959			3,381			3,606
Minority interests		724			813			860			968			807			902
Attributable profit to the Group		2,279			2,748			2,682			2,992			2,574			2,704

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Chile

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		408			447			387			491			398			498
Net fees		81			78			82			86			87			96
Gains (losses) on financial transactions		39			19			29			28			65			35
Other operating income *		5			5			5			3			4			4
Gross income		532			550			504			608			553			633
Operating expenses		(204	)		(213	)		(220	)		(229	)		(238	)		(263	)
General administrative expenses		(185	)		(202	)		(203	)		(214	)		(219	)		(244	)
Personnel		(106	)		(121	)		(121	)		(129	)		(128	)		(149	)
Other general administrative expenses		(79	)		(81	)		(82	)		(85	)		(91	)		(95	)
Depreciation and amortisation		(19	)		(11	)		(17	)		(15	)		(18	)		(19	)
Net operating income		328			336			284			379			316			370
Net loan-loss provisions		(116	)		(118	)		(131	)		(156	)		(132	)		(126	)
Other income		(7	)		(3	)		3			(18	)		6			(3	)
Profit before taxes		206			216			156			205			190			241
Tax on profit		(32	)		(27	)		(23	)		29			(43	)		(28	)
Profit from continuing operations		173			189			132			234			147			212
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		173			189			132			234			147			212
Minority interests		53			59			43			74			41			65
Attributable profit to the Group		120			129			89			160			106			147

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Chile

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		445			491			428			531			404			492
Net fees		88			86			91			93			88			94
Gains (losses) on financial transactions		42			21			32			30			66			34
Other operating income *		5			6			6			3			4			4
Gross income		581			604			557			657			562			625
Operating expenses		(222	)		(234	)		(243	)		(247	)		(241	)		(260	)
General administrative expenses		(202	)		(222	)		(224	)		(231	)		(222	)		(241	)
Personnel		(116	)		(133	)		(133	)		(139	)		(130	)		(147	)
Other general administrative expenses		(86	)		(89	)		(91	)		(92	)		(93	)		(93	)
Depreciation and amortisation		(21	)		(12	)		(19	)		(16	)		(19	)		(19	)
Net operating income		358			369			314			409			320			365
Net loan-loss provisions		(127	)		(129	)		(144	)		(168	)		(134	)		(124	)
Other income		(7	)		(3	)		3			(19	)		6			(3	)
Profit before taxes		224			237			172			222			193			238
Tax on profit		(35	)		(30	)		(26	)		32			(44	)		(28	)
Profit from continuing operations		189			207			147			253			150			210
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		189			207			147			253			150			210
Minority interests		58			65			48			80			42			65
Attributable profit to the Group		131			142			99			173			108			145

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Chile

Ch$ million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		308,334			339,971			296,294			367,491			279,722			340,367
Net fees		61,169			59,211			63,049			64,460			60,830			65,361
Gains (losses) on financial transactions		29,113			14,750			22,383			20,548			45,671			23,778
Other operating income *		3,411			3,946			3,866			2,051			2,611			2,980
Gross income		402,028			417,878			385,592			454,549			388,834			432,486
Operating expenses		(153,985	)		(162,187	)		(168,289	)		(171,079	)		(166,957	)		(179,795	)
General administrative expenses		(139,725	)		(153,687	)		(155,058	)		(159,752	)		(154,015	)		(166,696	)
Personnel		(80,193	)		(92,216	)		(92,221	)		(96,241	)		(89,753	)		(102,044	)
Other general administrative expenses		(59,533	)		(61,471	)		(62,837	)		(63,511	)		(64,262	)		(64,652	)
Depreciation and amortisation		(14,259	)		(8,500	)		(13,231	)		(11,327	)		(12,942	)		(13,099	)
Net operating income		248,043			255,691			217,303			283,469			221,876			252,691
Net loan-loss provisions		(87,661	)		(89,606	)		(100,021	)		(116,599	)		(92,461	)		(85,988	)
Other income		(5,126	)		(1,977	)		2,120			(13,438	)		4,340			(2,008	)
Profit before taxes		155,256			164,109			119,402			153,433			133,755			164,694
Tax on profit		(24,257	)		(20,834	)		(17,909	)		21,863			(30,251	)		(19,172	)
Profit from continuing operations		130,999			143,275			101,494			175,296			103,504			145,523
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		130,999			143,275			101,494			175,296			103,504			145,523
Minority interests		40,073			45,172			33,154			55,573			29,047			44,798
Attributable profit to the Group		90,926			98,103			68,340			119,723			74,457			100,724

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

USA

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,137			1,174			1,222			1,256			1,463			1,549
Net fees		200			206			206			218			262			271
Gains (losses) on financial transactions		40			26			69			70			51			103
Other operating income *		16			32			41			67			92			77
Gross income		1,393			1,438			1,538			1,610			1,868			2,000
Operating expenses		(527	)		(524	)		(566	)		(622	)		(696	)		(729	)
General administrative expenses		(472	)		(484	)		(514	)		(569	)		(635	)		(663	)
Personnel		(262	)		(274	)		(285	)		(320	)		(363	)		(379	)
Other general administrative expenses		(210	)		(209	)		(229	)		(249	)		(272	)		(284	)
Depreciation and amortisation		(55	)		(41	)		(52	)		(52	)		(60	)		(66	)
Net operating income		866			914			971			989			1,172			1,271
Net loan-loss provisions		(546	)		(499	)		(611	)		(577	)		(639	)		(754	)
Other income		(2	)		(3	)		(14	)		32			(18	)		(42	)
Profit before taxes		317			412			347			444			514			475
Tax on profit		(93	)		(138	)		(89	)		(119	)		(158	)		(157	)
Profit from continuing operations		224			275			257			325			357			317
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		224			275			257			325			357			317
Minority interests		44			65			49			61			100			100
Attributable profit to the Group		180			209			208			265			257			217

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

USA

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,397			1,445			1,451			1,405			1,477			1,535
Net fees		245			254			244			244			264			269
Gains (losses) on financial transactions		50			32			83			79			52			103
Other operating income *		20			39			49			77			92			76
Gross income		1,711			1,770			1,828			1,805			1,885			1,983
Operating expenses		(648	)		(645	)		(673	)		(699	)		(702	)		(723	)
General administrative expenses		(580	)		(595	)		(611	)		(640	)		(641	)		(658	)
Personnel		(322	)		(337	)		(339	)		(360	)		(366	)		(376	)
Other general administrative expenses		(258	)		(258	)		(272	)		(280	)		(275	)		(282	)
Depreciation and amortisation		(67	)		(50	)		(62	)		(58	)		(61	)		(65	)
Net operating income		1,064			1,125			1,155			1,106			1,183			1,260
Net loan-loss provisions		(671	)		(614	)		(727	)		(644	)		(645	)		(748	)
Other income		(3	)		(3	)		(17	)		39			(19	)		(41	)
Profit before taxes		389			507			411			501			519			470
Tax on profit		(114	)		(170	)		(105	)		(134	)		(159	)		(156	)
Profit from continuing operations		275			338			305			368			360			314
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		275			338			305			368			360			314
Minority interests		54			81			58			68			101			99
Attributable profit to the Group		221			257			247			300			259			215

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

USA

US$ million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,557			1,610			1,618			1,566			1,646			1,711
Net fees		273			283			272			272			294			300
Gains (losses) on financial transactions		55			35			93			88			58			114
Other operating income *		22			44			55			86			103			85
Gross income		1,907			1,972			2,038			2,012			2,101			2,210
Operating expenses		(722	)		(719	)		(750	)		(779	)		(783	)		(806	)
General administrative expenses		(647	)		(663	)		(681	)		(714	)		(715	)		(733	)
Personnel		(359	)		(376	)		(378	)		(401	)		(408	)		(419	)
Other general administrative expenses		(288	)		(287	)		(303	)		(312	)		(306	)		(314	)
Depreciation and amortisation		(75	)		(56	)		(69	)		(65	)		(68	)		(73	)
Net operating income		1,186			1,253			1,287			1,233			1,318			1,404
Net loan-loss provisions		(748	)		(684	)		(811	)		(718	)		(719	)		(834	)
Other income		(3	)		(4	)		(19	)		43			(21	)		(46	)
Profit before taxes		434			566			458			559			579			524
Tax on profit		(128	)		(189	)		(117	)		(149	)		(177	)		(174	)
Profit from continuing operations		306			377			340			410			401			350
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		306			377			340			410			401			350
Minority interests		60			90			65			76			112			111
Attributable profit to the Group		246			287			275			334			289			239

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Corporate Centre

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		(233	)		(153	)		(112	)		(115	)		(220	)		(132	)
Net fees		(7	)		(5	)		(4	)		(18	)		(2	)		(6	)
Gains (losses) on financial transactions		214			85			238			162			12			(68	)
Other operating income		0			(10	)		(5	)		(7	)		(19	)		28
Dividends		5			10			11			5			1			38
Income from equity-accounted method		0			(15	)		(10	)		(3	)		(12	)		(8	)
Other operating income/expenses		(5	)		(5	)		(6	)		(9	)		(8	)		(2	)
Gross income		(25	)		(83	)		117			23			(230	)		(177	)
Operating expenses		(144	)		(146	)		(146	)		(149	)		(142	)		(150	)
Net operating income		(170	)		(229	)		(29	)		(126	)		(372	)		(327	)
Net loan-loss provisions		2			(2	)		0			2			(1	)		2
Other income		(27	)		(48	)		(53	)		(325	)		(98	)		(132	)
Ordinary profit before taxes		(195	)		(278	)		(82	)		(449	)		(470	)		(458	)
Tax on profit		7			13			(29	)		(139	)		5			(32	)
Ordinary profit from continuing operations		(187	)		(265	)		(111	)		(588	)		(465	)		(490	)
Net profit from discontinued operations		—			—			—			—			0			—
Ordinary consolidated profit		(187	)		(265	)		(111	)		(588	)		(465	)		(490	)
Minority interests		(1	)		0			(0	)		(0	)		26			(1	)
Ordinary attributable profit to the Group		(187	)		(265	)		(111	)		(588	)		(491	)		(489	)

LOGO

Retail Banking

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		6,661			6,887			6,987			7,164			7,535			7,671
Net fees		2,002			2,043			2,104			2,188			2,173			2,190
Gains (losses) on financial transactions		205			252			435			503			353			348
Other operating income *		1			82			63			112			176			187
Gross income		8,869			9,264			9,589			9,967			10,237			10,395
Operating expenses		(4,202	)		(4,248	)		(4,395	)		(4,537	)		(4,659	)		(4,699	)
General administrative expenses		(3,787	)		(3,894	)		(4,018	)		(4,141	)		(4,280	)		(4,292	)
Personnel		(2,044	)		(2,106	)		(2,174	)		(2,240	)		(2,277	)		(2,341	)
Other general administrative expenses		(1,743	)		(1,788	)		(1,844	)		(1,900	)		(2,004	)		(1,951	)
Depreciation and amortisation		(415	)		(355	)		(378	)		(396	)		(379	)		(407	)
Net operating income		4,667			5,016			5,194			5,430			5,578			5,696
Net loan-loss provisions		(2,512	)		(2,363	)		(2,562	)		(2,303	)		(2,322	)		(2,318	)
Other income		(277	)		(352	)		(420	)		(337	)		(372	)		(474	)
Ordinary profit before taxes		1,877			2,301			2,212			2,791			2,885			2,905
Tax on profit		(447	)		(570	)		(497	)		(615	)		(765	)		(760	)
Ordinary profit from continuing operations		1,430			1,731			1,715			2,175			2,120			2,145
Net profit from discontinued operations		(0	)		(0	)		(7	)		(19	)		0			0
Ordinary consolidated profit		1,430			1,731			1,709			2,156			2,120			2,145
Minority interests		243			279			257			253			283			319
Ordinary attributable profit to the Group		1,187			1,453			1,452			1,903			1,837			1,826

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Retail Banking

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		7,112			7,237			7,217			7,431			7,559			7,717
Net fees		2,103			2,122			2,150			2,241			2,185			2,224
Gains (losses) on financial transactions		215			270			445			509			352			339
Other operating income *		5			90			72			122			177			190
Gross income		9,435			9,718			9,883			10,302			10,273			10,470
Operating expenses		(4,450	)		(4,430	)		(4,519	)		(4,681	)		(4,678	)		(4,740	)
General administrative expenses		(4,022	)		(4,050	)		(4,134	)		(4,274	)		(4,300	)		(4,332	)
Personnel		(2,150	)		(2,227	)		(2,247	)		(2,320	)		(2,291	)		(2,365	)
Other general administrative expenses		(1,872	)		(1,824	)		(1,887	)		(1,954	)		(2,008	)		(1,967	)
Depreciation and amortisation		(428	)		(380	)		(385	)		(408	)		(378	)		(409	)
Net operating income		4,985			5,288			5,364			5,621			5,595			5,730
Net loan-loss provisions		(2,661	)		(2,440	)		(2,620	)		(2,364	)		(2,312	)		(2,330	)
Other income		(282	)		(349	)		(408	)		(339	)		(368	)		(478	)
Ordinary profit before taxes		2,042			2,499			2,336			2,917			2,916			2,922
Tax on profit		(486	)		(619	)		(524	)		(639	)		(770	)		(765	)
Ordinary profit from continuing operations		1,556			1,881			1,812			2,278			2,146			2,158
Net profit from discontinued operations		(0	)		(0	)		(7	)		(20	)		0			0
Ordinary consolidated profit		1,556			1,881			1,806			2,259			2,146			2,158
Minority interests		258			294			263			268			284			318
Ordinary attributable profit to the Group		1,297			1,587			1,543			1,991			1,862			1,840

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Retail Banking Continental Europe

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,584			1,631			1,608			1,700			1,820			1,756
Net fees		746			731			718			740			707			726
Gains (losses) on financial transactions		129			218			260			457			261			61
Other operating income *		(21	)		0			(8	)		22			77			80
Gross income		2,438			2,581			2,578			2,919			2,866			2,623
Operating expenses		(1,387	)		(1,362	)		(1,335	)		(1,357	)		(1,399	)		(1,412	)
General administrative expenses		(1,282	)		(1,277	)		(1,251	)		(1,266	)		(1,316	)		(1,317	)
Personnel		(692	)		(680	)		(670	)		(687	)		(700	)		(724	)
Other general administrative expenses		(590	)		(596	)		(580	)		(579	)		(617	)		(593	)
Depreciation and amortisation		(105	)		(85	)		(85	)		(91	)		(83	)		(95	)
Net operating income		1,050			1,219			1,243			1,562			1,467			1,211
Net loan-loss provisions		(620	)		(588	)		(568	)		(563	)		(536	)		(431	)
Other income		(70	)		(109	)		(98	)		34			(76	)		(107	)
Profit before taxes		360			521			576			1,033			855			673
Tax on profit		(74	)		(127	)		(143	)		(293	)		(223	)		(169	)
Profit from continuing operations		286			394			434			740			632			504
Net profit from discontinued operations		(0	)		(0	)		(7	)		(19	)		0			0
Consolidated profit		286			394			427			721			632			504
Minority interests		36			37			45			48			69			66
Attributable profit to the Group		250			357			382			672			563			438

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Retail Banking Continental Europe

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,612			1,666			1,635			1,741			1,864			1,783
Net fees		766			761			743			764			730			750
Gains (losses) on financial transactions		127			224			259			455			259			53
Other operating income *		(21	)		1			(6	)		23			78			84
Gross income		2,484			2,653			2,630			2,983			2,930			2,670
Operating expenses		(1,414	)		(1,388	)		(1,362	)		(1,385	)		(1,430	)		(1,441	)
General administrative expenses		(1,320	)		(1,290	)		(1,277	)		(1,294	)		(1,347	)		(1,346	)
Personnel		(688	)		(718	)		(687	)		(705	)		(720	)		(743	)
Other general administrative expenses		(632	)		(573	)		(590	)		(589	)		(627	)		(603	)
Depreciation and amortisation		(93	)		(98	)		(85	)		(91	)		(83	)		(95	)
Net operating income		1,070			1,265			1,269			1,598			1,500			1,229
Net loan-loss provisions		(620	)		(588	)		(568	)		(563	)		(537	)		(432	)
Other income		(70	)		(110	)		(98	)		29			(77	)		(106	)
Profit before taxes		380			568			603			1,064			886			691
Tax on profit		(79	)		(135	)		(148	)		(300	)		(229	)		(173	)
Profit from continuing operations		301			432			455			764			657			518
Net profit from discontinued operations		(0	)		(0	)		(7	)		(20	)		0			0
Consolidated profit		301			432			449			745			657			518
Minority interests		36			37			45			49			70			65
Attributable profit to the Group		265			395			404			696			587			453

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Retail Banking United Kingdom

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		978			1,017			1,078			1,110			1,175			1,230
Net fees		206			201			210			208			230			233
Gains (losses) on financial transactions		21			16			(2	)		(32	)		4			41
Other operating income *		5			4			8			4			3			1
Gross income		1,210			1,239			1,294			1,290			1,412			1,505
Operating expenses		(631	)		(636	)		(652	)		(697	)		(730	)		(750	)
General administrative expenses		(545	)		(559	)		(587	)		(608	)		(660	)		(670	)
Personnel		(320	)		(327	)		(353	)		(354	)		(339	)		(356	)
Other general administrative expenses		(226	)		(231	)		(234	)		(254	)		(321	)		(315	)
Depreciation and amortisation		(86	)		(78	)		(65	)		(89	)		(70	)		(80	)
Net operating income		579			603			642			594			682			755
Net loan-loss provisions		(116	)		(91	)		(87	)		(32	)		(72	)		(34	)
Other income		(43	)		(60	)		(74	)		(134	)		(56	)		(51	)
Profit before taxes		420			452			481			428			554			670
Tax on profit		(84	)		(96	)		(103	)		(97	)		(109	)		(149	)
Profit from continuing operations		336			357			378			331			446			522
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		336			357			378			331			446			522
Minority interests		—			—			—			—			8			9
Attributable profit to the Group		336			357			378			331			438			512

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Retail Banking United Kingdom

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,106			1,133			1,169			1,197			1,192			1,213
Net fees		233			224			227			225			233			229
Gains (losses) on financial transactions		24			18			(2	)		(35	)		4			40
Other operating income *		5			5			9			4			3			1
Gross income		1,369			1,379			1,403			1,391			1,433			1,483
Operating expenses		(714	)		(708	)		(707	)		(752	)		(741	)		(739	)
General administrative expenses		(617	)		(622	)		(636	)		(656	)		(670	)		(660	)
Personnel		(362	)		(364	)		(383	)		(382	)		(344	)		(351	)
Other general administrative expenses		(255	)		(258	)		(253	)		(274	)		(326	)		(310	)
Depreciation and amortisation		(97	)		(86	)		(70	)		(96	)		(71	)		(78	)
Net operating income		655			671			696			639			692			745
Net loan-loss provisions		(132	)		(101	)		(93	)		(33	)		(74	)		(33	)
Other income		(48	)		(67	)		(81	)		(146	)		(57	)		(50	)
Profit before taxes		475			504			522			460			562			662
Tax on profit		(95	)		(106	)		(112	)		(105	)		(110	)		(147	)
Profit from continuing operations		380			397			410			356			452			515
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		380			397			410			356			452			515
Minority interests		—			—			—			—			8			9
Attributable profit to the Group		380			397			410			356			444			505

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Retail Banking United Kingdom

£ million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		810			829			855			876			873			887
Net fees		171			164			166			164			171			168
Gains (losses) on financial transactions		18			13			(2	)		(26	)		3			30
Other operating income *		4			4			6			3			3			1
Gross income		1,002			1,009			1,026			1,018			1,049			1,086
Operating expenses		(522	)		(518	)		(517	)		(550	)		(542	)		(541	)
General administrative expenses		(452	)		(455	)		(466	)		(480	)		(490	)		(483	)
Personnel		(265	)		(267	)		(280	)		(279	)		(252	)		(257	)
Other general administrative expenses		(187	)		(189	)		(185	)		(201	)		(239	)		(227	)
Depreciation and amortisation		(71	)		(63	)		(51	)		(70	)		(52	)		(57	)
Net operating income		480			491			509			468			507			545
Net loan-loss provisions		(96	)		(74	)		(68	)		(24	)		(54	)		(24	)
Other income		(35	)		(49	)		(59	)		(107	)		(41	)		(36	)
Profit before taxes		348			369			382			337			412			484
Tax on profit		(69	)		(78	)		(82	)		(77	)		(81	)		(108	)
Profit from continuing operations		278			291			300			260			331			377
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		278			291			300			260			331			377
Minority interests		—			—			—			—			6			7
Attributable profit to the Group		278			291			300			260			325			370

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Retail Banking Latin America

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		2,982			3,083			3,104			3,122			3,101			3,162
Net fees		877			925			990			1,048			996			990
Gains (losses) on financial transactions		27			2			118			22			54			153
Other operating income *		1			43			23			20			3			29
Gross income		3,888			4,053			4,234			4,212			4,154			4,333
Operating expenses		(1,693	)		(1,762	)		(1,878	)		(1,904	)		(1,877	)		(1,862	)
General administrative expenses		(1,523	)		(1,610	)		(1,701	)		(1,740	)		(1,711	)		(1,693	)
Personnel		(793	)		(848	)		(887	)		(906	)		(901	)		(918	)
Other general administrative expenses		(730	)		(762	)		(814	)		(834	)		(809	)		(775	)
Depreciation and amortisation		(170	)		(152	)		(177	)		(164	)		(166	)		(169	)
Net operating income		2,195			2,291			2,357			2,308			2,277			2,471
Net loan-loss provisions		(1,226	)		(1,211	)		(1,322	)		(1,129	)		(1,074	)		(1,101	)
Other income		(162	)		(180	)		(233	)		(270	)		(221	)		(274	)
Ordinary profit before taxes		807			901			801			910			981			1,096
Tax on profit		(201	)		(204	)		(159	)		(110	)		(277	)		(283	)
Ordinary profit from continuing operations		607			697			642			800			704			813
Net profit from discontinued operations		—			—			—			—			—			—
Ordinary consolidated profit		607			697			642			800			704			813
Minority interests		163			176			163			144			107			143
Ordinary attributable profit to the Group		443			520			479			655			598			670

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Retail Banking Latin America

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		3,021			3,015			2,990			3,115			3,051			3,212
Net fees		890			909			958			1,039			979			1,006
Gains (losses) on financial transactions		31			9			119			25			54			152
Other operating income *		1			41			21			18			2			29
Gross income		3,943			3,975			4,087			4,196			4,087			4,399
Operating expenses		(1,719	)		(1,733	)		(1,821	)		(1,894	)		(1,848	)		(1,891	)
General administrative expenses		(1,548	)		(1,586	)		(1,651	)		(1,731	)		(1,684	)		(1,720	)
Personnel		(806	)		(836	)		(863	)		(903	)		(888	)		(932	)
Other general administrative expenses		(742	)		(750	)		(788	)		(828	)		(796	)		(788	)
Depreciation and amortisation		(171	)		(147	)		(169	)		(162	)		(163	)		(171	)
Net operating income		2,224			2,241			2,267			2,302			2,239			2,508
Net loan-loss provisions		(1,233	)		(1,169	)		(1,263	)		(1,120	)		(1,056	)		(1,119	)
Other income		(161	)		(170	)		(212	)		(262	)		(215	)		(280	)
Ordinary profit before taxes		830			903			791			921			968			1,109
Tax on profit		(204	)		(200	)		(155	)		(107	)		(272	)		(287	)
Ordinary profit from continuing operations		627			702			636			814			695			822
Net profit from discontinued operations		—			—			—			—			—			—
Ordinary consolidated profit		627			702			636			814			695			822
Minority interests		168			176			160			151			106			143
Ordinary attributable profit to the Group		458			526			477			663			589			679

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

NOTE: In 2Q’15 not including attributable profit of EUR 835 million due to the net result of the reversal of tax liabilities in Brazil

LOGO

Retail Banking USA

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,117			1,156			1,198			1,232			1,438			1,523
Net fees		173			186			187			191			240			241
Gains (losses) on financial transactions		27			16			58			56			34			94
Other operating income *		16			34			40			66			93			77
Gross income		1,333			1,392			1,482			1,545			1,806			1,935
Operating expenses		(491	)		(488	)		(530	)		(579	)		(653	)		(676	)
General administrative expenses		(437	)		(449	)		(479	)		(527	)		(594	)		(611	)
Personnel		(239	)		(251	)		(263	)		(294	)		(337	)		(343	)
Other general administrative expenses		(198	)		(198	)		(216	)		(234	)		(257	)		(268	)
Depreciation and amortisation		(54	)		(40	)		(51	)		(52	)		(59	)		(64	)
Net operating income		842			903			953			966			1,152			1,259
Net loan-loss provisions		(550	)		(473	)		(584	)		(579	)		(639	)		(752	)
Other income		(3	)		(3	)		(14	)		32			(18	)		(42	)
Profit before taxes		290			427			354			419			495			465
Tax on profit		(89	)		(143	)		(93	)		(114	)		(157	)		(159	)
Profit from continuing operations		201			284			261			305			338			306
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		201			284			261			305			338			306
Minority interests		44			65			49			61			100			100
Attributable profit to the Group		157			218			212			244			239			205

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Retail Banking USA

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,373			1,422			1,423			1,378			1,451			1,509
Net fees		213			229			222			214			242			239
Gains (losses) on financial transactions		33			19			70			64			35			93
Other operating income *		20			42			48			77			94			76
Gross income		1,638			1,712			1,762			1,732			1,822			1,918
Operating expenses		(603	)		(601	)		(630	)		(651	)		(659	)		(670	)
General administrative expenses		(537	)		(552	)		(569	)		(593	)		(600	)		(606	)
Personnel		(294	)		(309	)		(313	)		(330	)		(340	)		(340	)
Other general administrative expenses		(243	)		(243	)		(257	)		(263	)		(259	)		(266	)
Depreciation and amortisation		(67	)		(49	)		(61	)		(58	)		(60	)		(64	)
Net operating income		1,035			1,111			1,132			1,081			1,163			1,248
Net loan-loss provisions		(676	)		(583	)		(696	)		(649	)		(645	)		(746	)
Other income		(3	)		(3	)		(17	)		39			(19	)		(41	)
Profit before taxes		356			525			420			472			499			461
Tax on profit		(109	)		(176	)		(109	)		(128	)		(158	)		(158	)
Profit from continuing operations		248			349			311			344			341			303
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		248			349			311			344			341			303
Minority interests		54			81			58			68			101			99
Attributable profit to the Group		194			269			252			276			241			203

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Retail Banking USA

US$ million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		1,530			1,585			1,586			1,536			1,618			1,682
Net fees		237			255			247			238			270			266
Gains (losses) on financial transactions		37			21			78			71			39			104
Other operating income *		22			47			54			85			104			85
Gross income		1,826			1,908			1,964			1,931			2,031			2,137
Operating expenses		(672	)		(669	)		(702	)		(725	)		(735	)		(746	)
General administrative expenses		(598	)		(615	)		(635	)		(661	)		(668	)		(675	)
Personnel		(327	)		(344	)		(349	)		(368	)		(379	)		(379	)
Other general administrative expenses		(271	)		(271	)		(286	)		(293	)		(289	)		(296	)
Depreciation and amortisation		(74	)		(55	)		(68	)		(64	)		(67	)		(71	)
Net operating income		1,154			1,239			1,262			1,205			1,296			1,391
Net loan-loss provisions		(753	)		(649	)		(775	)		(723	)		(719	)		(832	)
Other income		(3	)		(4	)		(19	)		43			(21	)		(46	)
Profit before taxes		397			586			468			526			557			513
Tax on profit		(121	)		(196	)		(122	)		(143	)		(176	)		(176	)
Profit from continuing operations		276			389			346			383			380			337
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		276			389			346			383			380			337
Minority interests		60			90			65			76			112			111
Attributable profit to the Group		216			299			281			307			268			226

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

LOGO

Global Corporate Banking

EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		566			646			600			669			737			741
Net fees		336			365			338			354			352			402
Gains (losses) on financial transactions		348			173			276			(50	)		286			58
Other operating income *		32			133			42			95			22			153
Gross income		1,281			1,317			1,257			1,068			1,398			1,355
Operating expenses		(444	)		(454	)		(471	)		(471	)		(510	)		(522	)
General administrative expenses		(406	)		(414	)		(431	)		(431	)		(466	)		(479	)
Personnel		(241	)		(243	)		(257	)		(248	)		(266	)		(283	)
Other general administrative expenses		(165	)		(171	)		(174	)		(183	)		(201	)		(197	)
Depreciation and amortisation		(38	)		(39	)		(41	)		(40	)		(44	)		(43	)
Net operating income		837			864			785			596			888			832
Net loan-loss provisions		(107	)		(197	)		(133	)		(105	)		(198	)		(144	)
Other income		(19	)		(19	)		1			(65	)		4			(23	)
Profit before taxes		710			647			653			426			694			665
Tax on profit		(199	)		(174	)		(187	)		(107	)		(198	)		(181	)
Profit from continuing operations		512			473			467			319			496			484
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		512			473			467			319			496			484
Minority interests		36			39			42			29			39			33
Attributable profit to the Group		476			433			425			291			457			451

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

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Global Corporate Banking

Constant EUR million


	1Q 14			2Q 14			3Q 14			4Q 14			1Q 15			2Q 15
Income statement
Net interest income		580			652			603			675			729			749
Net fees		349			373			342			362			351			403
Gains (losses) on financial transactions		361			189			282			(40	)		286			58
Other operating income *		33			132			42			95			22			153
Gross income		1,323			1,347			1,269			1,092			1,389			1,363
Operating expenses		(468	)		(472	)		(485	)		(485	)		(510	)		(523	)
General administrative expenses		(429	)		(433	)		(444	)		(444	)		(466	)		(479	)
Personnel		(256	)		(255	)		(265	)		(257	)		(266	)		(283	)
Other general administrative expenses		(173	)		(178	)		(180	)		(187	)		(201	)		(196	)
Depreciation and amortisation		(38	)		(39	)		(41	)		(41	)		(43	)		(43	)
Net operating income		856			874			784			608			879			841
Net loan-loss provisions		(108	)		(202	)		(137	)		(99	)		(195	)		(147	)
Other income		(20	)		(19	)		2			(66	)		4			(23	)
Profit before taxes		728			653			649			443			688			671
Tax on profit		(202	)		(175	)		(185	)		(111	)		(196	)		(183	)
Profit from continuing operations		526			478			464			332			492			488
Net profit from discontinued operations		—			—			—			—			—			—
Consolidated profit		526			478			464			332			492			488
Minority interests		37			40			41			29			39			34
Attributable profit to the Group		489			438			423			302			453			454

(*).-

Including dividends, income from equity-accounted method and other operating income/expenses

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Operating areas

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		688,025		702,679		717,640		730,301		788,337		793,222
Trading portfolio (w/o loans)		114,653		125,128		136,469		142,031		155,363		139,904
Available-for-sale financial assets		88,974		88,206		96,988		111,952		121,160		125,314
Due from credit institutions **		105,998		96,069		113,863		106,259		129,653		113,202
Intangible assets and property and equipment		18,535		19,088		20,741		25,312		26,426		26,288
Other assets		117,413		116,029		114,998		111,498		115,523		105,130
Total assets/liabilities & shareholders’ equity		1,133,598		1,147,198		1,200,700		1,227,354		1,336,462		1,303,060
Customer deposits **		618,791		616,217		644,698		642,367		684,808		685,723
Marketable debt securities **		155,756		163,197		169,655		171,932		181,901		178,233
Subordinated debt **		13,565		13,780		13,853		13,025		13,890		12,975
Insurance liabilities		1,548		1,602		1,671		713		670		648
Due to credit institutions **		142,385		141,670		147,170		170,763		201,645		190,375
Other liabilities		129,158		137,235		148,573		149,679		174,028		153,987
Stockholders’ equity ***		72,394		73,496		75,079		78,875		79,520		81,120
Other managed and marketed customer funds		144,296		154,195		161,174		161,788		175,755		174,760
Mutual funds		111,392		119,739		124,911		124,708		135,254		135,582
Pension funds		11,064		11,258		11,341		11,481		11,960		11,503
Managed portfolios		21,839		23,198		24,923		25,599		28,541		27,675
Managed and marketed customer funds		932,408		947,389		989,379		989,112		1,056,354		1,051,690

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Operating areas

Constant EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		737,268		739,679		741,815		757,282		786,819		793,222
Trading portfolio (w/o loans)		119,907		127,814		138,041		145,202		155,175		139,904
Available-for-sale financial assets		90,858		88,989		97,768		112,791		120,333		125,314
Due from credit institutions **		109,678		98,227		114,430		107,686		129,021		113,202
Intangible assets and property and equipment		19,485		20,101		21,517		26,052		26,084		26,288
Other assets		124,099		119,140		116,482		113,964		115,236		105,130
Total assets/liabilities & shareholders’ equity		1,201,295		1,193,951		1,230,052		1,262,977		1,332,668		1,303,060
Customer deposits **		657,293		643,251		662,544		662,894		683,101		685,723
Marketable debt securities **		167,872		172,019		175,565		178,694		182,368		178,233
Subordinated debt **		14,329		14,093		14,062		13,347		13,880		12,975
Insurance liabilities		1,548		1,602		1,671		714		670		648
Due to credit institutions **		149,696		146,854		149,729		173,963		200,199		190,375
Other liabilities		133,796		139,394		149,679		152,561		173,653		153,987
Stockholders’ equity ***		76,761		76,740		76,802		80,804		78,796		81,120
Other managed and marketed customer funds		145,123		152,307		158,468		161,126		174,018		174,760
Mutual funds		109,962		115,684		120,892		123,053		134,217		135,582
Pension funds		11,064		11,258		11,341		11,481		11,960		11,503
Managed portfolios		24,096		25,365		26,235		26,592		27,841		27,675
Managed and marketed customer funds		984,618		981,668		1,010,638		1,016,061		1,053,367		1,051,690

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Continental Europe

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		266,531		268,489		265,807		268,735		279,925		280,580
Trading portfolio (w/o loans)		55,734		59,107		63,550		65,863		76,199		62,294
Available-for-sale financial assets		44,947		45,250		51,901		56,845		60,661		61,076
Due from credit institutions **		64,024		57,594		64,365		66,602		79,357		64,823
Intangible assets and property and equipment		8,938		8,302		8,391		11,796		11,241		11,158
Other assets		24,901		25,306		24,168		26,757		27,850		27,938
Total assets/liabilities & shareholders’ equity		465,076		464,048		478,182		496,598		535,232		507,870
Customer deposits **		259,011		255,909		260,302		256,909		268,190		263,955
Marketable debt securities **		49,107		51,216		50,508		54,431		49,534		47,754
Subordinated debt **		407		409		403		409		441		171
Insurance liabilities		1,548		1,602		1,671		713		669		647
Due to credit institutions **		74,718		70,374		77,125		90,305		113,197		101,540
Other liabilities		51,739		56,055		59,400		64,304		72,885		62,801
Stockholders’ equity ***		28,545		28,482		28,773		29,526		30,315		31,003
Other managed and marketed customer funds		59,562		63,423		65,556		66,825		72,601		71,426
Mutual funds		40,844		43,882		45,698		46,936		51,486		50,915
Pension funds		11,064		11,258		11,341		11,481		11,960		11,503
Managed portfolios		7,654		8,283		8,517		8,408		9,155		9,008
Managed and marketed customer funds		368,086		370,958		376,769		378,575		390,766		383,305

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Continental Europe

Constant EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		266,826		268,646		265,575		269,770		279,085		280,580
Trading portfolio (w/o loans)		55,859		59,109		63,598		65,892		76,164		62,294
Available-for-sale financial assets		44,998		45,270		51,903		57,016		60,477		61,076
Due from credit institutions **		64,486		58,265		64,679		66,903		79,218		64,823
Intangible assets and property and equipment		8,935		8,327		8,468		11,859		11,204		11,158
Other assets		24,948		25,313		24,176		26,851		27,766		27,938
Total assets/liabilities & shareholders’ equity		466,053		464,929		478,400		498,291		533,914		507,870
Customer deposits **		259,099		255,909		260,270		257,555		267,547		263,955
Marketable debt securities **		48,965		51,096		50,261		54,530		49,485		47,754
Subordinated debt **		405		406		402		416		432		171
Insurance liabilities		1,548		1,602		1,671		714		669		647
Due to credit institutions **		75,359		71,133		77,469		90,923		112,845		101,540
Other liabilities		51,852		56,047		59,433		64,396		72,778		62,801
Stockholders’ equity ***		28,825		28,735		28,894		29,757		30,158		31,003
Other managed and marketed customer funds		59,805		63,679		65,722		67,026		72,430		71,426
Mutual funds		40,837		43,862		45,692		47,007		51,387		50,915
Pension funds		11,064		11,258		11,341		11,481		11,960		11,503
Managed portfolios		7,904		8,559		8,689		8,538		9,083		9,008
Managed and marketed customer funds		368,274		371,091		376,655		379,527		389,894		383,305

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Spain

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		157,458		159,264		156,390		157,047		157,709		158,383
Trading portfolio (w/o loans)		51,605		56,119		60,300		62,470		72,674		58,976
Available-for-sale financial assets		31,907		32,660		36,684		42,337		46,297		46,643
Due from credit institutions **		45,507		38,543		45,722		48,838		60,193		45,297
Intangible assets and property and equipment		3,856		3,600		3,542		3,423		2,866		2,904
Other assets		9,012		8,627		7,213		9,541		8,063		8,348
Total assets/liabilities & shareholders’ equity		299,346		298,813		309,851		323,657		347,801		320,551
Customer deposits **		183,196		181,065		182,273		178,446		189,734		184,294
Marketable debt securities **		35,521		33,782		31,676		35,700		27,647		26,752
Subordinated debt **		8		8		1		6		0		1
Insurance liabilities		551		526		504		539		566		551
Due to credit institutions **		25,267		23,637		32,654		42,585		56,589		45,009
Other liabilities		43,608		48,625		51,766		54,911		62,091		52,112
Stockholders’ equity ***		11,196		11,170		10,976		11,470		11,174		11,832
Other managed and marketed customer funds		51,969		55,383		57,278		58,554		63,173		62,224
Mutual funds		36,018		38,827		40,555		42,041		45,936		45,471
Pension funds		10,197		10,388		10,486		10,564		10,992		10,587
Managed portfolios		5,754		6,167		6,238		5,949		6,244		6,167
Managed and marketed customer funds		270,693		270,238		271,228		272,706		280,554		273,271

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Santander Consumer Finance

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		57,433		58,058		58,596		60,448		68,690		69,546
Trading portfolio (w/o loans)		878		270		41		87		31		59
Available-for-sale financial assets		478		591		603		988		1,122		1,841
Due from credit institutions **		7,245		6,528		5,544		5,476		5,551		6,136
Intangible assets and property and equipment		913		795		783		786		779		767
Other assets		3,165		3,073		3,355		3,734		4,220		4,001
Total assets/liabilities & shareholders’ equity		70,112		69,315		68,921		71,520		80,392		82,350
Customer deposits **		30,611		30,736		30,571		30,847		30,989		31,810
Marketable debt securities **		11,217		13,503		14,803		15,646		18,915		18,043
Subordinated debt **		64		65		65		66		69		70
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		17,662		14,861		13,237		14,266		18,285		20,573
Other liabilities		3,577		2,996		2,873		3,343		4,273		4,051
Stockholders’ equity ***		6,981		7,154		7,372		7,351		7,861		7,803
Other managed and marketed customer funds		7		7		7		7		7		7
Mutual funds		2		2		2		2		2		2
Pension funds		5		5		5		5		5		5
Managed portfolios		—		—		—		—		—		—
Managed and marketed customer funds		41,899		44,310		45,446		46,566		49,980		49,930

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Poland

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		16,728		17,064		17,217		16,976		18,303		18,329
Trading portfolio (w/o loans)		809		799		795		1,166		1,258		1,132
Available-for-sale financial assets		5,127		4,214		5,920		5,816		5,355		5,647
Due from credit institutions **		1,256		607		952		1,061		1,223		1,245
Intangible assets and property and equipment		223		214		224		236		241		235
Other assets		2,286		2,570		2,257		2,540		2,168		1,660
Total assets/liabilities & shareholders’ equity		26,428		25,467		27,364		27,794		28,548		28,248
Customer deposits **		18,803		18,325		20,224		20,144		20,481		20,181
Marketable debt securities **		121		120		236		230		240		350
Subordinated debt **		335		336		337		337		372		100
Insurance liabilities		81		79		79		77		—		—
Due to credit institutions **		2,218		1,563		1,074		1,264		1,268		1,659
Other liabilities		2,674		2,872		3,101		3,467		3,786		3,591
Stockholders’ equity ***		2,197		2,171		2,313		2,274		2,402		2,367
Other managed and marketed customer funds		3,555		3,647		3,782		3,515		3,960		3,928
Mutual funds		3,455		3,556		3,692		3,430		3,813		3,766
Pension funds		—		—		—		—		—		—
Managed portfolios		101		91		90		85		147		162
Managed and marketed customer funds		22,815		22,429		24,579		24,226		25,053		24,559

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Poland

Constant EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		16,651		16,924		17,161		17,308		17,842		18,329
Trading portfolio (w/o loans)		805		792		792		1,189		1,227		1,132
Available-for-sale financial assets		5,103		4,180		5,901		5,930		5,220		5,647
Due from credit institutions **		1,250		602		949		1,081		1,192		1,245
Intangible assets and property and equipment		222		212		224		240		235		235
Other assets		2,276		2,549		2,250		2,590		2,114		1,660
Total assets/liabilities & shareholders’ equity		26,307		25,258		27,276		28,338		27,828		28,248
Customer deposits **		18,717		18,175		20,159		20,539		19,964		20,181
Marketable debt securities **		121		119		235		235		234		350
Subordinated debt **		333		334		336		344		363		100
Insurance liabilities		80		78		79		79		—		—
Due to credit institutions **		2,207		1,551		1,071		1,289		1,236		1,659
Other liabilities		2,661		2,849		3,091		3,535		3,690		3,591
Stockholders’ equity ***		2,187		2,153		2,306		2,319		2,341		2,367
Other managed and marketed customer funds		3,539		3,617		3,770		3,583		3,860		3,928
Mutual funds		3,439		3,527		3,680		3,497		3,717		3,766
Pension funds		—		—		—		—		—		—
Managed portfolios		100		90		90		87		143		162
Managed and marketed customer funds		22,710		22,245		24,500		24,700		24,421		24,559

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

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Poland

PLN million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		69,787		70,930		71,924		72,541		74,776		76,820
Trading portfolio (w/o loans)		3,375		3,319		3,319		4,982		5,141		4,746
Available-for-sale financial assets		21,388		17,517		24,731		24,851		21,876		23,668
Due from credit institutions **		5,238		2,523		3,976		4,532		4,997		5,217
Intangible assets and property and equipment		931		889		938		1,008		984		983
Other assets		9,538		10,682		9,429		10,856		8,859		6,956
Total assets/liabilities & shareholders’ equity		110,257		105,860		114,317		118,769		116,632		118,390
Customer deposits **		78,446		76,173		84,489		86,080		83,671		84,580
Marketable debt securities **		505		501		984		984		982		1,467
Subordinated debt **		1,397		1,398		1,409		1,440		1,519		420
Insurance liabilities		337		328		330		331		—		—
Due to credit institutions **		9,252		6,499		4,488		5,402		5,181		6,953
Other liabilities		11,154		11,940		12,953		14,816		15,466		15,048
Stockholders’ equity ***		9,166		9,023		9,664		9,717		9,812		9,921
Other managed and marketed customer funds		14,833		15,160		15,799		15,018		16,179		16,464
Mutual funds		14,413		14,782		15,423		14,655		15,578		15,784
Pension funds		—		—		—		—		—		—
Managed portfolios		420		378		376		363		601		680
Managed and marketed customer funds		95,181		93,232		102,681		103,522		102,352		102,931

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Portugal

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15			30.06.15
Balance sheet
Customer loans **		24,240		24,111		23,333		23,180		23,045			23,097
Trading portfolio (w/o loans)		1,884		1,880		1,998		2,082		2,160			2,076
Available-for-sale financial assets		6,711		7,119		8,060		7,011		6,877			5,711
Due from credit institutions **		2,540		2,491		2,466		2,163		2,173			1,934
Intangible assets and property and equipment		800		763		749		729		700			693
Other assets		5,810		6,276		6,708		6,450		5,857			5,903
Total assets/liabilities & shareholders’ equity		41,986		42,640		43,313		41,616		40,813			39,415
Customer deposits **		23,586		23,253		24,131		24,016		23,529			23,796
Marketable debt securities **		2,248		3,811		3,793		2,855		2,732			2,608
Subordinated debt **		0		0		0		0		(0	)		0
Insurance liabilities		80		80		80		27		30			24
Due to credit institutions **		12,916		12,274		12,074		11,543		11,043			9,794
Other liabilities		857		922		769		787		888			971
Stockholders’ equity ***		2,299		2,300		2,466		2,388		2,591			2,221
Other managed and marketed customer funds		2,227		2,396		2,347		2,501		2,870			2,876
Mutual funds		1,185		1,311		1,246		1,276		1,530			1,555
Pension funds		862		864		849		911		962			910
Managed portfolios		179		222		252		314		379			411
Managed and marketed customer funds		28,061		29,460		30,271		29,372		29,131			29,281

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Spain’s real estate activity

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		5,250		4,915		4,365		4,181		3,942		3,323
Trading portfolio (w/o loans)		—		—		—		—		6		4
Available-for-sale financial assets		210		210		210		210		167		168
Due from credit institutions **		14		20		49		51		59		65
Intangible assets and property and equipment		3,131		2,794		2,437		5,950		5,865		5,804
Other assets		3,428		3,595		3,498		3,655		6,429		6,753
Total assets/liabilities & shareholders’ equity		12,033		11,534		10,560		14,046		16,467		16,117
Customer deposits **		238		215		224		137		149		245
Marketable debt securities **		—		—		—		—		—		—
Subordinated debt **		—		—		—		—		—		—
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		7,385		6,989		6,362		8,266		10,538		9,498
Other liabilities		329		418		303		1,587		1,624		1,841
Stockholders’ equity ***		4,081		3,911		3,671		4,056		4,156		4,533
Other managed and marketed customer funds		145		145		156		140		139		44
Mutual funds		144		144		155		140		138		43
Pension funds		1		1		1		1		1		1
Managed portfolios		—		—		—		—		—		—
Managed and marketed customer funds		383		360		380		278		288		288

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

United Kingdom

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		233,937		239,237		248,940		251,191		279,334		287,896
Trading portfolio (w/o loans)		31,492		31,814		35,264		39,360		42,850		41,349
Available-for-sale financial assets		8,358		9,675		10,736		11,197		12,937		12,785
Due from credit institutions **		17,772		14,391		16,766		14,093		19,885		17,654
Intangible assets and property and equipment		2,510		2,347		2,502		2,700		3,094		3,175
Other assets		44,325		39,704		40,269		35,695		34,749		26,772
Total assets/liabilities & shareholders’ equity		338,393		337,169		354,478		354,235		392,848		389,632
Customer deposits **		194,923		193,431		203,721		202,328		220,684		230,233
Marketable debt securities **		66,366		65,816		70,402		69,581		78,569		72,622
Subordinated debt **		5,814		5,931		6,121		5,376		5,787		5,273
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		29,013		27,331		25,560		26,720		26,264		26,331
Other liabilities		28,783		30,561		33,665		34,887		45,703		39,385
Stockholders’ equity ***		13,493		14,099		15,009		15,342		15,841		15,788
Other managed and marketed customer funds		9,630		9,885		9,994		9,667		10,469		10,807
Mutual funds		9,490		9,740		9,849		9,524		10,313		10,645
Pension funds		—		—		—		—		—		—
Managed portfolios		140		145		145		143		156		162
Managed and marketed customer funds		276,734		275,063		290,238		286,953		315,509		318,935

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

United Kingdom

Constant EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		272,345		269,537		272,000		275,025		285,577		287,896
Trading portfolio (w/o loans)		36,663		35,843		38,530		43,094		43,807		41,349
Available-for-sale financial assets		9,730		10,901		11,731		12,259		13,226		12,785
Due from credit institutions **		20,689		16,213		18,320		15,430		20,329		17,654
Intangible assets and property and equipment		2,922		2,645		2,734		2,956		3,163		3,175
Other assets		51,602		44,733		44,000		39,081		35,526		26,772
Total assets/liabilities & shareholders’ equity		393,951		379,872		387,315		387,846		401,628		389,632
Customer deposits **		226,927		217,930		222,593		221,526		225,616		230,233
Marketable debt securities **		77,262		74,152		76,923		76,183		80,325		72,622
Subordinated debt **		6,769		6,682		6,688		5,887		5,917		5,273
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		33,776		30,793		27,928		29,255		26,851		26,331
Other liabilities		33,509		34,431		36,784		38,197		46,725		39,385
Stockholders’ equity ***		15,708		15,884		16,399		16,797		16,195		15,788
Other managed and marketed customer funds		11,211		11,137		10,920		10,584		10,703		10,807
Mutual funds		11,048		10,974		10,761		10,427		10,543		10,645
Pension funds		—		—		—		—		—		—
Managed portfolios		164		163		159		157		159		162
Managed and marketed customer funds		322,169		309,901		317,124		314,180		322,560		318,935

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

United Kingdom

£ million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		193,746		191,749		193,501		195,653		203,159		204,809
Trading portfolio (w/o loans)		26,082		25,499		27,411		30,657		31,165		29,416
Available-for-sale financial assets		6,922		7,755		8,345		8,721		9,409		9,096
Due from credit institutions **		14,718		11,534		13,033		10,977		14,462		12,559
Intangible assets and property and equipment		2,078		1,881		1,945		2,103		2,250		2,259
Other assets		36,710		31,823		31,301		27,803		25,273		19,045
Total assets/liabilities & shareholders’ equity		280,257		270,241		275,536		275,913		285,718		277,184
Customer deposits **		161,436		155,035		158,352		157,593		160,503		163,788
Marketable debt securities **		54,964		52,751		54,723		54,197		57,143		51,663
Subordinated debt **		4,815		4,754		4,758		4,188		4,209		3,751
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		24,028		21,906		19,868		20,812		19,102		18,732
Other liabilities		23,838		24,495		26,168		27,173		33,240		28,019
Stockholders’ equity ***		11,175		11,300		11,666		11,950		11,521		11,231
Other managed and marketed customer funds		7,976		7,923		7,769		7,529		7,614		7,688
Mutual funds		7,859		7,807		7,656		7,418		7,501		7,573
Pension funds		—		—		—		—		—		—
Managed portfolios		116		116		113		112		113		116
Managed and marketed customer funds		229,191		220,463		225,602		223,508		229,470		226,890

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Latin America

EUR million


	31.03.14		30.06.14			30.09.14		31.12.14			31.03.15		30.06.15
Balance sheet
Customer loans **		126,074		132,196			136,111		139,955			146,660		145,094
Trading portfolio (w/o loans)		24,745		31,059			33,690		31,766			34,791		34,585
Available-for-sale financial assets		26,665		25,018			22,683		31,174			31,013		34,670
Due from credit institutions **		21,060		20,571			29,364		22,104			25,749		25,756
Intangible assets and property and equipment		3,812		3,804			3,839		3,912			4,116		4,056
Other assets		40,604		41,979			41,978		39,577			43,264		40,335
Total assets/liabilities & shareholders’ equity		242,959		254,626			267,665		268,487			285,594		284,495
Customer deposits **		120,815		122,383			131,120		131,826			135,772		133,402
Marketable debt securities **		27,848		31,792			32,935		31,920			34,578		36,915
Subordinated debt **		6,641		6,739			6,551		6,443			6,743		6,659
Insurance liabilities		—		—			—		—			1		1
Due to credit institutions **		26,504		30,846			30,672		35,978			38,413		40,921
Other liabilities		41,840		43,114			46,410		39,945			47,835		43,404
Stockholders’ equity ***		19,311		19,752			19,977		22,376			22,251		23,193
Other managed and marketed customer funds		63,161		68,213			70,896		69,567			70,073		71,585
Mutual funds		58,577		63,518			65,962		64,627			64,919		66,315
Pension funds		0		(0	)		0		(0	)		—		—
Managed portfolios		4,583		4,695			4,934		4,940			5,153		5,270
Managed and marketed customer funds		218,465		229,127			241,501		239,755			247,166		248,561

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Latin America

Constant EUR million


	31.03.14		30.06.14			30.09.14		31.12.14			31.03.15		30.06.15
Balance sheet
Customer loans **		122,333		124,892			129,138		136,076			142,907		145,094
Trading portfolio (w/o loans)		24,080		29,018			31,452		30,744			33,738		34,585
Available-for-sale financial assets		25,034		22,733			21,013		29,694			30,717		34,670
Due from credit institutions **		20,630		19,461			27,643		21,598			24,990		25,756
Intangible assets and property and equipment		3,592		3,472			3,556		3,745			4,049		4,056
Other assets		38,205		38,060			38,654		37,757			42,656		40,335
Total assets/liabilities & shareholders’ equity		233,873		237,637			251,456		259,615			279,056		284,495
Customer deposits **		116,997		115,100			123,951		128,144			132,089		133,402
Marketable debt securities **		26,320		29,226			30,601		30,620			34,076		36,915
Subordinated debt **		6,289		6,149			6,097		6,181			6,649		6,659
Insurance liabilities		—		—			—		—			1		1
Due to credit institutions **		25,589		28,914			28,798		34,513			37,646		40,921
Other liabilities		40,060		39,754			43,231		38,528			46,838		43,404
Stockholders’ equity ***		18,617		18,493			18,779		21,628			21,757		23,193
Other managed and marketed customer funds		59,389		62,019			65,263		66,449			69,141		71,585
Mutual funds		55,020		57,675			60,613		61,689			64,079		66,315
Pension funds		0		(0	)		0		(0	)		—		—
Managed portfolios		4,369		4,344			4,650		4,760			5,063		5,270
Managed and marketed customer funds		208,996		212,494			225,912		231,394			241,955		248,561

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Brazil

EUR million


	31.03.14		30.06.14			30.09.14		31.12.14			31.03.15		30.06.15
Balance sheet
Customer loans **		68,518		71,475			72,918		74,373			72,492		72,083
Trading portfolio (w/o loans)		11,314		16,954			18,130		18,256			14,720		15,822
Available-for-sale financial assets		19,790		18,352			15,290		22,939			23,071		26,054
Due from credit institutions **		9,048		10,129			14,982		10,276			11,351		13,299
Intangible assets and property and equipment		2,797		2,796			2,742		2,640			2,683		2,672
Other assets		29,629		31,608			30,763		27,803			29,622		28,573
Total assets/liabilities & shareholders’ equity		141,097		151,315			154,824		156,287			153,938		158,503
Customer deposits **		65,934		68,450			70,892		68,539			65,221		67,207
Marketable debt securities **		19,898		21,772			22,999		21,903			22,597		24,688
Subordinated debt **		4,585		4,821			4,372		4,368			4,471		4,455
Insurance liabilities		—		—			—		—			1		1
Due to credit institutions **		14,903		17,281			17,843		24,108			22,329		25,052
Other liabilities		24,873		27,691			27,543		24,386			27,084		23,590
Stockholders’ equity ***		10,904		11,300			11,175		12,983			12,236		13,509
Other managed and marketed customer funds		45,749		49,593			50,864		49,806			47,664		49,878
Mutual funds		42,602		46,394			47,513		46,559			44,589		46,614
Pension funds		0		(0	)		0		(0	)		—		—
Managed portfolios		3,147		3,199			3,351		3,248			3,075		3,264
Managed and marketed customer funds		136,165		144,636			149,127		144,616			139,953		146,228

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Brazil

Constant EUR million


	31.03.14		30.06.14			30.09.14		31.12.14			31.03.15		30.06.15
Balance sheet
Customer loans **		61,759		61,800			64,768		69,032			73,033		72,083
Trading portfolio (w/o loans)		10,198		14,659			16,103		16,945			14,830		15,822
Available-for-sale financial assets		17,838		15,868			13,581		21,291			23,243		26,054
Due from credit institutions **		8,156		8,758			13,307		9,538			11,436		13,299
Intangible assets and property and equipment		2,521		2,418			2,436		2,450			2,703		2,672
Other assets		26,706		27,329			27,325		25,806			29,843		28,573
Total assets/liabilities & shareholders’ equity		127,178		130,832			137,521		145,063			155,087		158,503
Customer deposits **		59,430		59,184			62,969		63,617			65,707		67,207
Marketable debt securities **		17,935		18,825			20,429		20,330			22,766		24,688
Subordinated debt **		4,132		4,168			3,883		4,054			4,505		4,455
Insurance liabilities		—		—			—		—			1		1
Due to credit institutions **		13,433		14,942			15,849		22,376			22,495		25,052
Other liabilities		22,420		23,942			24,465		22,635			27,287		23,590
Stockholders’ equity ***		9,828		9,771			9,926		12,051			12,327		13,509
Other managed and marketed customer funds		41,236		42,880			45,179		46,229			48,020		49,878
Mutual funds		38,399		40,114			42,203		43,215			44,922		46,614
Pension funds		0		(0	)		0		(0	)		—		—
Managed portfolios		2,836		2,766			2,977		3,014			3,098		3,264
Managed and marketed customer funds		122,733		125,058			132,460		134,230			140,998		146,228

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Brazil

R$ million


	31.03.14		30.06.14			30.09.14		31.12.14			31.03.15		30.06.15
Balance sheet
Customer loans **		214,298		214,440			224,739		239,534			253,417		250,119
Trading portfolio (w/o loans)		35,386		50,867			55,877		58,797			51,459		54,899
Available-for-sale financial assets		61,896		55,060			47,125		73,879			80,650		90,406
Due from credit institutions **		28,299		30,390			46,175		33,096			39,680		46,147
Intangible assets and property and equipment		8,749		8,389			8,452		8,501			9,380		9,271
Other assets		92,667		94,830			94,815		89,545			103,552		99,147
Total assets/liabilities & shareholders’ equity		441,295		453,975			477,183		503,353			538,138		549,990
Customer deposits **		206,215		205,364			218,497		220,744			227,998		233,203
Marketable debt securities **		62,233		65,322			70,886		70,543			78,994		85,665
Subordinated debt **		14,339		14,463			13,473		14,067			15,630		15,457
Insurance liabilities		—		—			—		—			3		4
Due to credit institutions **		46,611		51,846			54,994		77,644			78,056		86,929
Other liabilities		77,794		83,077			84,889		78,540			94,682		81,855
Stockholders’ equity ***		34,103		33,903			34,443		41,815			42,774		46,876
Other managed and marketed customer funds		143,083		148,788			156,768		160,410			166,625		173,071
Mutual funds		133,241		139,191			146,439		149,951			155,875		161,745
Pension funds		0		(0	)		0		(0	)		—		—
Managed portfolios		9,842		9,597			10,329		10,459			10,750		11,326
Managed and marketed customer funds		425,871		433,937			459,623		465,765			489,248		507,397

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Mexico

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		22,381		24,516		26,162		25,873		29,112		28,609
Trading portfolio (w/o loans)		11,293		11,603		12,469		10,185		16,677		15,391
Available-for-sale financial assets		3,475		3,944		4,097		4,624		4,065		3,986
Due from credit institutions **		8,347		6,975		9,606		7,058		8,447		7,086
Intangible assets and property and equipment		395		397		392		440		493		460
Other assets		5,637		5,494		5,463		5,545		6,323		5,781
Total assets/liabilities & shareholders’ equity		51,529		52,928		58,189		53,726		65,118		61,312
Customer deposits **		25,592		24,803		28,691		28,627		30,965		28,747
Marketable debt securities **		2,496		3,818		3,791		3,266		4,492		4,720
Subordinated debt **		946		971		1,027		1,088		1,202		1,181
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		5,935		7,868		6,617		6,206		9,988		8,473
Other liabilities		12,010		10,799		13,302		9,796		13,608		13,329
Stockholders’ equity ***		4,551		4,669		4,762		4,744		4,863		4,862
Other managed and marketed customer funds		11,016		11,724		12,406		11,523		13,222		12,557
Mutual funds		11,016		11,724		12,406		11,523		13,222		12,557
Pension funds		—		—		—		—		—		—
Managed portfolios		—		—		—		—		—		—
Managed and marketed customer funds		40,049		41,316		45,915		44,504		49,881		47,205

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Mexico

Constant EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		22,995		24,767		25,363		26,367		27,417		28,609
Trading portfolio (w/o loans)		11,603		11,721		12,088		10,380		15,706		15,391
Available-for-sale financial assets		3,571		3,984		3,972		4,713		3,829		3,986
Due from credit institutions **		8,577		7,046		9,312		7,193		7,955		7,086
Intangible assets and property and equipment		406		401		380		449		465		460
Other assets		5,792		5,550		5,296		5,651		5,955		5,781
Total assets/liabilities & shareholders’ equity		52,944		53,469		56,412		54,752		61,327		61,312
Customer deposits **		26,294		25,057		27,815		29,173		29,162		28,747
Marketable debt securities **		2,564		3,857		3,675		3,328		4,231		4,720
Subordinated debt **		972		981		996		1,109		1,132		1,181
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		6,098		7,948		6,414		6,324		9,407		8,473
Other liabilities		12,340		10,909		12,896		9,983		12,816		13,329
Stockholders’ equity ***		4,676		4,717		4,616		4,834		4,579		4,862
Other managed and marketed customer funds		11,318		11,844		12,027		11,743		12,452		12,557
Mutual funds		11,318		11,844		12,027		11,743		12,452		12,557
Pension funds		—		—		—		—		—		—
Managed portfolios		—		—		—		—		—		—
Managed and marketed customer funds		41,149		41,738		44,513		45,353		46,977		47,205

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Mexico

Million pesos


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		403,181		434,237		444,689		462,295		480,702		501,609
Trading portfolio (w/o loans)		203,446		205,512		211,949		181,988		275,379		269,846
Available-for-sale financial assets		62,606		69,858		69,645		82,629		67,130		69,887
Due from credit institutions **		150,376		123,543		163,276		126,112		139,476		124,233
Intangible assets and property and equipment		7,120		7,023		6,663		7,864		8,147		8,071
Other assets		101,544		97,312		92,864		99,082		104,415		101,354
Total assets/liabilities & shareholders’ equity		928,273		937,484		989,085		959,970		1,075,250		1,075,000
Customer deposits **		461,025		439,325		487,683		511,501		511,307		504,032
Marketable debt securities **		44,957		67,634		64,439		58,350		74,174		82,758
Subordinated debt **		17,043		17,192		17,456		19,446		19,849		20,706
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		106,914		139,354		112,465		110,885		164,927		148,567
Other liabilities		216,355		191,277		226,100		175,028		224,700		233,697
Stockholders’ equity ***		81,978		82,703		80,941		84,759		80,293		85,240
Other managed and marketed customer funds		198,447		207,656		210,870		205,892		218,327		220,166
Mutual funds		198,447		207,656		210,870		205,892		218,327		220,166
Pension funds		—		—		—		—		—		—
Managed portfolios		—		—		—		—		—		—
Managed and marketed customer funds		721,473		731,806		780,448		795,189		823,657		827,662

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Chile

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		27,993		28,701		29,057		30,550		34,510		33,733
Trading portfolio (w/o loans)		1,764		2,106		2,723		3,075		2,940		2,918
Available-for-sale financial assets		2,454		1,796		2,192		2,274		2,290		2,831
Due from credit institutions **		2,922		2,851		3,630		3,837		4,599		4,020
Intangible assets and property and equipment		313		281		295		347		382		371
Other assets		2,562		2,091		2,749		2,680		3,564		2,621
Total assets/liabilities & shareholders’ equity		38,009		37,826		40,647		42,763		48,285		46,495
Customer deposits **		20,436		19,929		21,294		23,352		26,499		24,203
Marketable debt securities **		5,399		6,146		6,047		6,650		7,404		7,441
Subordinated debt **		1,110		948		1,152		985		1,070		1,023
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		4,550		4,648		5,138		4,393		4,407		5,801
Other liabilities		3,902		3,703		4,497		4,437		5,712		5,128
Stockholders’ equity ***		2,612		2,452		2,519		2,946		3,193		2,898
Other managed and marketed customer funds		5,864		6,346		6,777		7,256		7,871		7,792
Mutual funds		4,427		4,850		5,194		5,564		5,793		5,786
Pension funds		—		—		—		—		—		—
Managed portfolios		1,437		1,496		1,583		1,693		2,078		2,006
Managed and marketed customer funds		32,808		33,368		35,270		38,242		42,845		40,459

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Chile

Constant EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		29,871		30,278		30,725		31,513		32,631		33,733
Trading portfolio (w/o loans)		1,883		2,221		2,880		3,172		2,780		2,918
Available-for-sale financial assets		2,618		1,895		2,318		2,345		2,165		2,831
Due from credit institutions **		3,118		3,008		3,838		3,958		4,349		4,020
Intangible assets and property and equipment		334		297		312		358		362		371
Other assets		2,734		2,205		2,906		2,764		3,370		2,621
Total assets/liabilities & shareholders’ equity		40,558		39,904		42,980		44,110		45,656		46,495
Customer deposits **		21,807		21,024		22,517		24,088		25,056		24,203
Marketable debt securities **		5,761		6,483		6,394		6,859		7,001		7,441
Subordinated debt **		1,185		1,000		1,218		1,016		1,012		1,023
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		4,855		4,903		5,433		4,531		4,167		5,801
Other liabilities		4,163		3,906		4,755		4,577		5,401		5,128
Stockholders’ equity ***		2,788		2,587		2,663		3,039		3,019		2,898
Other managed and marketed customer funds		6,257		6,694		7,166		7,485		7,443		7,792
Mutual funds		4,724		5,116		5,492		5,739		5,478		5,786
Pension funds		—		—		—		—		—		—
Managed portfolios		1,533		1,578		1,674		1,746		1,965		2,006
Managed and marketed customer funds		35,009		35,201		37,295		39,447		40,512		40,459

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Chile

Ch$ million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		21,351,994		21,642,312		21,962,215		22,525,228		23,324,691		24,112,256
Trading portfolio (w/o loans)		1,345,769		1,587,678		2,058,276		2,267,402		1,986,953		2,085,549
Available-for-sale financial assets		1,871,483		1,354,485		1,656,941		1,676,518		1,547,496		2,023,435
Due from credit institutions **		2,228,999		2,149,940		2,743,727		2,829,090		3,108,653		2,873,800
Intangible assets and property and equipment		238,548		212,189		223,326		255,870		258,454		265,481
Other assets		1,954,301		1,576,360		2,077,558		1,975,977		2,408,832		1,873,698
Total assets/liabilities & shareholders’ equity		28,991,095		28,522,964		30,722,042		31,530,086		32,635,077		33,234,218
Customer deposits **		15,587,270		15,027,577		16,094,833		17,217,818		17,910,204		17,299,950
Marketable debt securities **		4,117,862		4,634,207		4,570,224		4,902,966		5,004,370		5,318,871
Subordinated debt **		846,837		714,810		870,952		725,916		723,272		731,276
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		3,470,515		3,504,985		3,883,166		3,239,089		2,978,870		4,146,852
Other liabilities		2,975,939		2,792,143		3,399,220		3,271,869		3,860,523		3,665,635
Stockholders’ equity ***		1,992,672		1,849,241		1,903,646		2,172,428		2,157,838		2,071,635
Other managed and marketed customer funds		4,472,554		4,785,008		5,122,202		5,350,036		5,319,970		5,569,920
Mutual funds		3,376,825		3,656,974		3,925,929		4,102,113		3,915,566		4,136,125
Pension funds		—		—		—		—		—		—
Managed portfolios		1,095,730		1,128,033		1,196,273		1,247,923		1,404,403		1,433,795
Managed and marketed customer funds		25,024,523		25,161,602		26,658,212		28,196,736		28,957,816		28,920,017

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

USA

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		61,483		62,756		66,782		70,420		82,418		79,652
Trading portfolio (w/o loans)		2,682		3,149		3,966		5,043		1,524		1,676
Available-for-sale financial assets		9,004		8,262		11,668		12,737		16,549		16,783
Due from credit institutions **		3,142		3,513		3,368		3,460		4,663		4,969
Intangible assets and property and equipment		3,275		4,635		6,009		6,905		7,975		7,899
Other assets		7,583		9,040		8,583		9,469		9,660		10,086
Total assets/liabilities & shareholders’ equity		87,170		91,354		100,375		108,034		122,788		121,064
Customer deposits **		44,041		44,493		49,556		51,304		60,162		58,133
Marketable debt securities **		12,436		14,373		15,810		16,000		19,221		20,942
Subordinated debt **		703		701		778		796		918		872
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		12,150		13,119		13,813		17,760		23,770		21,584
Other liabilities		6,796		7,505		9,099		10,543		7,605		8,397
Stockholders’ equity ***		11,044		11,164		11,320		11,632		11,113		11,136
Other managed and marketed customer funds		11,944		12,675		14,728		15,729		22,613		20,942
Mutual funds		2,482		2,599		3,402		3,621		8,536		7,707
Pension funds		—		—		—		—		—		—
Managed portfolios		9,462		10,076		11,326		12,107		14,077		13,235
Managed and marketed customer funds		69,123		72,242		80,872		83,828		102,914		100,889

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

USA

Constant EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		75,764		76,604		75,102		76,411		79,250		79,652
Trading portfolio (w/o loans)		3,305		3,843		4,460		5,472		1,466		1,676
Available-for-sale financial assets		11,096		10,085		13,121		13,821		15,913		16,783
Due from credit institutions **		3,872		4,288		3,787		3,755		4,484		4,969
Intangible assets and property and equipment		4,036		5,658		6,758		7,492		7,668		7,899
Other assets		9,345		11,035		9,652		10,275		9,289		10,086
Total assets/liabilities & shareholders’ equity		107,418		111,513		112,881		117,226		118,069		121,064
Customer deposits **		54,271		54,311		55,730		55,669		57,850		58,133
Marketable debt securities **		15,324		17,544		17,780		17,361		18,482		20,942
Subordinated debt **		866		855		875		864		883		872
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		14,972		16,014		15,534		19,271		22,856		21,584
Other liabilities		8,375		9,161		10,232		11,440		7,313		8,397
Stockholders’ equity ***		13,610		13,627		12,730		12,621		10,686		11,136
Other managed and marketed customer funds		14,718		15,472		16,562		17,067		21,744		20,942
Mutual funds		3,058		3,173		3,825		3,930		8,208		7,707
Pension funds		—		—		—		—		—		—
Managed portfolios		11,660		12,299		12,737		13,137		13,536		13,235
Managed and marketed customer funds		85,179		88,183		90,947		90,961		98,958		100,889

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

USA

US$ million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Customer loans **		84,773		85,712		84,032		85,496		88,673		89,122
Trading portfolio (w/o loans)		3,698		4,300		4,990		6,122		1,640		1,875
Available-for-sale financial assets		12,415		11,284		14,682		15,464		17,805		18,778
Due from credit institutions **		4,333		4,798		4,238		4,201		5,017		5,559
Intangible assets and property and equipment		4,516		6,330		7,562		8,383		8,580		8,838
Other assets		10,456		12,347		10,800		11,497		10,393		11,285
Total assets/liabilities & shareholders’ equity		120,190		124,772		126,302		131,164		132,108		135,458
Customer deposits **		60,723		60,769		62,356		62,288		64,728		65,045
Marketable debt securities **		17,146		19,630		19,894		19,425		20,680		23,432
Subordinated debt **		969		957		979		967		988		976
Insurance liabilities		—		—		—		—		—		—
Due to credit institutions **		16,752		17,918		17,381		21,562		25,574		24,150
Other liabilities		9,370		10,250		11,449		12,800		8,182		9,395
Stockholders’ equity ***		15,228		15,248		14,244		14,122		11,957		12,461
Other managed and marketed customer funds		16,468		17,311		18,532		19,096		24,329		23,432
Mutual funds		3,422		3,550		4,280		4,397		9,184		8,623
Pension funds		—		—		—		—		—		—
Managed portfolios		13,046		13,761		14,251		14,699		15,146		14,808
Managed and marketed customer funds		95,307		98,667		101,761		101,776		110,725		112,884

(**).- Including all on-balance sheet balances for this item

(***).- Capital + reserves + profit + valuation adjustments

LOGO

Corporate Centre

EUR million


	31.03.14		30.06.14		30.09.14		31.12.14		31.03.15		30.06.15
Balance sheet
Trading portfolio (w/o loans)		2,947		3,297		3,934		2,916		3,859		3,058
Available-for-sale financial assets		1,914		2,431		2,237		3,299		3,376		3,721
Goodwill		26,056		26,663		27,364		27,547		28,666		28,593
Capital assigned to Group areas		72,565		72,271		73,201		75,030		83,180		81,700
Other assets		38,343		38,461		34,761		32,585		36,449		36,369
Total assets/liabilities & shareholders’ equity		141,825		143,122		141,497		141,377		155,531		153,441
Customer deposits*		1,344		1,543		1,632		5,261		2,554		2,177
Marketable debt securities*		28,778		28,298		25,940		24,958		26,410		22,220
Subordinated debt		4,173		5,263		3,481		4,107		5,855		6,861
Other liabilities		35,241		34,326		34,996		30,091		25,136		30,105
Stockholders’ equity ***		72,288		73,691		75,447		76,961		95,576		92,078
Other managed and marketed customer funds		—		—		—		—		—		—
Mutual funds		—		—		—		—		—		—
Pension funds		—		—		—		—		—		—
Managed portfolios		—		—		—		—		—		—
Managed and marketed customer funds		34,296		35,105		31,053		34,325		34,820		31,258

(*).- Including all on-balance sheet balances for this item

(**).- Capital + reserves + profit + valuation adjustments

LOGO

Item 4

LOGO

INVESTOR DAY: STRATEGIC PLAN 2016-2018

Ana Botín announces earnings and

dividend per share growth for the next

three years

Banco Santander’s top management team presented its strategic plan 2016-2018 and gave details of the commercial transformation taking place, based on client loyalty, digitalization and operational excellence.

Ana Botín said that “the transformation of our commercial model will result in a more efficient use of our assets and capital accumulation”.

The management team has set clear milestones and targets for 2016: growth in loyal and digital customers (15% and 33%, respectively), whilst keeping cost-income stable vs 2015, and growing earnings per share and dividend per share.

The three-year plan financial targets are to increase EPS, reaching double digit growth by 2018, ROTE of c13%, and cost-income ratio of less than 45%, while growing CET1 fully loaded to be above 11% in 2018.

The bank detailed plans about how the new commercial strategy would lead to organic capital growth.

Santander Spain has opened 500,000 1I2I3 accounts in four months, of which 135,000 are customers who have transferred their payroll deposits from other banks.

London, September 23^rd , 2015. The Executive Chairman of Banco Santander, Ana Botín, opened the Group’s Investor Day in London where its management is presenting the strategic plan 2016-2018 to more than 200 analysts and investors. In her opening speech, she explained that in the last 12 months the bank has made significant progress on a transformation programme in which it:

Raised €7.5 bn of equity capital in the largest overnight capital raise ever done by a European company;

Announced a new and sustainable dividend policy;

Strengthened corporate governance and reinforced its leadership teams;

Simplified its organisation, reducing layers and number of divisions by 33%, increasing accountability and improving the operations of the corporate centre;

Introduced a new and common global culture programme (Simple Personal Fair and “The Santander Way”);

Comunicación Externa.

Ciudad Grupo Santander Edificio Arrecife Pl. 2

28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

email:[email protected]

www.santander.com - Twitter: @bancosantander

LOGO

Continued to deliver to its shareholders: in the 12 months to June, producing 24% growth in profit after tax (PAT), improving at the same time our cost-income ratio (46.9%), return on tangible equity (ROTE, 11.5%) and fully loaded CET1 (9.83%)

“I am proud of what we have accomplished over the past year, and confident that Santander is positioned as the bank with the greatest potential for the future”, said the Executive Chairman.

Among the priorities for 2016, in addition to the commercial transformation, Ana Botín emphasized the bank’s intention to “make more efficient use of our assets, thereby improving the bank’s profitability. We will consistently generate capital, to increase dividends per share and earnings per share”, said Santander’s Executive Chairman, adding that, in the context of the bank’s policy of a cash payout of between 30% and 40%, “the dividend per share will increase from 2016 and earnings per share will reach double digit growth by 2018”.

The goal is to “generate capital organically to be above 11% CET1 fully loaded in 2018, if not before”, and to get there, emphasis will be placed on “optimizing risk weighted assets, by being very transparent in allocating capital and very disciplined in our mergers and acquisitions policy”. In addition, she added, “listing subsidiaries is no longer a priority”.

This will begin to show in 2016 in several key underlying performance and commercial metrics:

At Group level, in 2016:

¡ Customers: loyal customers from 13 to 15 million (+15%), digital customers from 15 to 20 million (+33%);

¡ For Small and Medium Enterprises and corporates: a 0.5 percentage point average market share growth;

¡ Stable to current cost-income ratio (46.9%);

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Improved cost of risk.

At local level, 2016 country targets were highlighted, including:

¡ In Spain we will have 2 million 1I2I3 accounts;

¡ In Brazil we will have “NPLs in line with private bank peers”;

¡ In the UK we will continue growing SME loans at a rate 5% above market;

Achieving these targets will deliver EPS and dividend growth in 2016.

Comunicación Externa.

Ciudad Grupo Santander Edificio Arrecife Pl. 2

28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

email:[email protected]

www.santander.com - Twitter: @bancosantander

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By 2018, the transformation programme “will produce higher quality and more predictable earnings than peers based on enhanced profitability”. Specific strategic goals include a focus on and investment in three areas:

- Growing customer loyalty;

- Digital innovation; and

- Operational excellence.

The targets announced to achieve by 2018 are:

¡ Enhanced profitability (ROTE c.13%);

¡ Increasing EPS, reaching double digit growth by 2018;

¡ Fully Loaded Core Tier 1 Equity (CET1) greater than 11%;

¡ A cost-income ratio of less than 45%;

¡ An average cost of risk for the period 2015-2018 of 1.2%

The customer, at the centre of our transformation

Earning the lasting loyalty of customers is the key to Santander’s commercial transformation. “Customer loyalty, digitalization and operational excellence that will allow us to be more profitable and generate above market growth for the next ten years”, Ana Botín stated. She continued: “2016 is just the start of a new phase that will keep us on the right track to achieve our goal: to be the best retail and commercial bank for our people, customers, shareholders and communities. Being the best bank does not mean being the biggest bank. It means being the best for customer satisfaction, profitability and return to shareholders”.

Ana Botín explained that “we have a potential market of one billion customers,” the sum of the population in the ten main countries where the bank operates. “Currently, we have a relationship with more than 117 million clients throughout the world and that is where the opportunity lies”.

The bank has set a goal for 2018 to have 17 million loyal retail customers and 1.6 million SMEs and corporate clients, a total of c.18.5 million. Ana Botín explained that “loyal customers tend to be satisfied customers” and that “the goal for 2018 is to be among the top three banks in terms of customer satisfaction in all of our markets”.

In addition, she referred to operational excellence as a lever for transformation. “Digitalisation will be key to reach our goal of improving customer satisfaction while we improve the efficiency ratio”, she stressed. “We are increasing the number of digital customers at a rate of 15% or 20% annually, which will allow us to reach the goal of 30 million digital clients in 2018.

Comunicación Externa.

Ciudad Grupo Santander Edificio Arrecife Pl. 2

28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

email:[email protected]

www.santander.com - Twitter: @bancosantander

LOGO

Organization and model

Regarding the changes carried out in recent months, Botín emphasized that “one of the fundamental parts of our job this year has been to simplify the organization of the Group. We reduced the number of divisions from 15 to 10, 33% less”. Also, “our corporate centre is increasingly efficient and, most importantly, will add even more value to our countries.” In this sense, she highlighted its role in control and supervision, of facilitating the sharing of best practices between countries, in reaching economies of scale and in developing global products for clients.

The Executive Chairman also referred to the strength of the Santander model and the bank’s excellent position to take advantage of the opportunities of the economic, demographic, regulatory and technological environment, as well as those derived from the need to provide answers to new social demands and to recover the confidence in the financial sector. “We are large, but not complex, with a presence in ten core markets where we have critical mass and sufficient potential to be among the top three”. She pointed out: “Our future begins with our purpose, our aim and how we want to do things”. She also highlighted the importance of “our social responsibility agenda, where our goal is to support 4.5 million people across our core geographies between 2016 and 2018”.

José Antonio Álvarez: “Revenue growth with discipline in costs, risk and capital”

The Chief Executive Officer of Santander, José Antonio Álvarez, detailed the transformation and explained that “our priority is revenue growth while keeping our focus on traditional discipline measures in the areas of costs, risk and capital”. He laid out the levers of the bank’s commercial transformation:

-	Increase customer loyalty: to do this, it is crucial to increase our transactional relationships with existing customers. “Reaching a loyal customer base of 18.5 million will allow us to increase revenue by around 3 billion Euros”;

-	Digitalisation: Santander intends to double the number of digital customers to 30 million by 2018, with 16 million mobile customers;

-	Improve customer satisfaction: The bank has put initiatives in place to measure and monitor customer satisfaction. “Our ambition is to be top three in customer satisfaction in each of our 10 core markets”;

-	Focus on the most profitable and highest growth segments: Álvarez mentioned SMEs, consumer finance and private banking as the segments with the greatest capacity to generate revenue.

José Antonio Álvarez reiterated that the bank will maintain its traditional discipline in costs and announced that the cost reduction goal has been increased to three billion Euros for 2018, once the 2016 goal of two billion Euros has been reached this year.

Comunicación Externa.

Ciudad Grupo Santander Edificio Arrecife Pl. 2

28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

email:[email protected]

www.santander.com - Twitter: @bancosantander

LOGO

Spain: “500,000 1|2|3 accounts in four months; 4 million in 2018”

The country head of Santander Spain, Rami Aboukhair, offered the first data on the 1|2|3 account in Spain, a strategy that the bank has successfully carried out in the UK and that has proven itself to be good for customers and shareholders, increasing the loyalty and satisfaction of customers, as well as revenue.

Since its launch at the end of May of this year, 500,000 1|2|3 accounts have been opened, of which, more than 135,000 (the equivalent to 1,000 per day) are customers that have transferred their payroll deposit to Banco Santander. Aboukhair pointed out that in just four months 250,000 new debit and credit cards have been issued and more than seven direct debits have been registered per account.

Aboukhair explained that the average amount of payroll deposits has increased 32% and pensions, 36%. He also highlighted the multichannel preference of these clients. One of every three accounts formalized has been via digital channels. He stated that by the end of 2018, Santander Spain expects to have four million 1|2|3 account customers.

United Kingdom: “Grow SME lending at a rate 5% above market”

The CEO of Santander UK, Nathan Bostock, explained that the bank has delivered well on its 2015 targets and is now positioned as a successful scale challenger to the UK’s incumbent banks. It has reset its targets and plans for 2018, aiming for further growth and recurrent returns underpinned by a strong balance sheet and a profitable customer franchise.

Santander UK detailed its three strategic priorities:

●

To expand the number of loyal customers in Retail, Business and Corporate Banking, developing deeper and lasting relationships;

●

To embrace operational and digital excellence, delivering the best service to its customers, when and where they need it;

●

To maintain a focus on profitability and a strong balance sheet, while maintaining a strong capital position.

Bostock said: “As a strong scale challenger to the incumbent UK banks, Santander UK is uniquely placed to help people and businesses prosper. Our successful strategy to date positions us well for the complex and fast-changing environment ahead.

“Santander UK is already a great bank. But we can be even better. We have the plan and the team to succeed. The result will be a growing UK Bank, delivering recurrent returns with a strong balance sheet with a profitable customer franchise.”

Comunicación Externa.

Ciudad Grupo Santander Edificio Arrecife Pl. 2

28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

email:[email protected]

www.santander.com - Twitter: @bancosantander

LOGO

Brazil: “ROTE of around 17% in 2018 and 1.4 million more loyal customers”

Sergio Rial, chairman of Santander Brazil, stressed that in recent years the bank has set the foundation for future growth with improvements in efficiency, customer service orientation, and improvement in the quality of the credit portfolio. Also, the bank is well positioned to gain market share thanks to the potential for bancarisation, penetration in credit and development of capital markets in the Brazilian economy in the mid term.

As for specific goals for 2018, Sergio Rial announced a ROTE objective of around 17% (group criteria), compared with the current 15% and an improvement in the efficiency ratio to place it at 37%. Likewise, he advanced the goal of increasing the base of loyal customers by 1.4 million, which will mean a total of loyal retail and SME customers of 4.6 million (42% more), thanks to the rollout of specific programmes designed for different segments and a commercial model that places the customer at the centre of all business decisions. Rial highlighted the simplification of processes to enhance the customer experience and the improvement in the commercial platform, with a multichannel strategy that will bring a doubling in the number of digital customers, to reach 9.2 million in 2018.

Changes to the public reporting of business areas

Banco Santander has reviewed its criteria for the distribution of results of the Group’s different units to reinforce transparency and accountability. This readjustment does not impact profit for the Group, which remains the same. The main change is a substantial reduction in the Corporate Activities area, due to the transfer to countries of certain balance sheet management activities previously attributed to this area.

Santander Spain will be treated the same as the rest of the Group’s countries with its own balance sheet rather than being incorporated into the balance sheet for Corporate Activities. This decision is consistent with the separation of teams that work for the business areas in Spain from those of the Corporate Centre, as well as with the creation of the board of Santander Spain. In addition, a Spanish Real Estate Business unit has been created which will be comprised of the bank’s real estate activities in Spain, portfolios in the process of liquidation, Metrovacesa, whose results have been reported within the area of Corporate Activities until now. Lastly, the Santander USA consolidation is completed. The bank’s branch in New York and Banco Santander Miami will now be within the current business perimeter, which includes Santander Bank, Santander Consumer USA, Santander Holding and Puerto Rico.

Comunicación Externa.

Ciudad Grupo Santander Edificio Arrecife Pl. 2

28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

email:[email protected]

www.santander.com - Twitter: @bancosantander

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.