4 th Quarter 2015 Quarterly Report

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1 4 th Quarter 2015 Quarterly Report

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3 Main highlights (Amounts in thousand) Var. % Business volume Total assets managed 179,170, ,431, On-balance sheet total assets 161,456, ,649,873 (1.7) Own funds 12,783,396 12,719,992 (0.5) Customer deposits 82,904,641 85,420, Lending to customers (gross) 108,379, ,085,210 (1.2) Solvency CET 1 ratio (%) Tier 1 ratio (%) Total capital ratio (%) Fully loaded Basel III Leverage ratio (%) Risk management Total risks 146,378, ,582,977 (2.6) Non-performing loans 20,172,032 18,339,525 (9.1) Allowances for credit losses 8,357,863 7,793,422 (6.8) % non-performing ratio % coverage of non-performing loans and written-off loans % coverage of non-performing loans % coverage with guarantees Earnings Net interest income 2,331,391 2,251,236 (3.4) Gross operating income 3,876,033 3,430,911 (11.5) Profit before provisions 2,005,218 1,689,471 (15.8) Profit before tax 372, ,184 (69.4) Consolidated profit for the year 329, ,934 (67.9) Net profit attributed to the Group 330, ,432 (68.1) Net return and efficiency Average total assets 153,737, ,337, Average risk-weighted assets (RWA) 82,915,639 78,880,371 (4.9) Average total equity 12,493,493 12,727, ROA (%) RORWA (%) Operating efficiency (%) Per share data Final number of shares fully diluted (thousands) 3 2,140,887 2,165, Average number of shares (thousands) 3 2,115,205 2,152, Adjusted share closing market price ( ) (26.9) Market capitalization 4 8,906,090 6,588,323 (26.0) Book value per share diluted ( ) (1.7) Net earnings per share ( ) 3, (68.7) Price/Book value Price/Earnings (annualized) Other data Shareholders 272, ,114 (0.8) Employees 15,321 15,079 (1.6) Spain: 13,501 13,480 (0.2) Men 8,430 8,318 (1.3) Women 5,071 5, Abroad: 1,820 1,599 (12.1) Men 1, (14.9) Women (7.8) Branches: 2,140 2,124 (0.7) Spain 1,946 1,936 (0.5) Abroad (3.1) ATMs 2,672 2,554 (4.4) 1. Fully-loaded Basel III leverage ratio under CRR proforma. 2. Risk coverage ratio including the value of the guarantees after applying the discounts defined in Annex IX of Bank of Spain Circular 4/ Calculated on average number of diluted shares. The consolidated financial statements as of 31 December 2015 included herein have not been audited albeit are being prepared in accordance with the accounting principles and methods established by the International Financial Reporting Standards as adopted by the European Union (IFRS-EU), and are consistent with those used in the preparation of the audited financial statements in the 2014 Annual Report. 3

4 Salient aspects General environment The expansive phase of the Spanish economy persisted in the fourth quarter of 2015 with quarterly growth similar to that of the third quarter. Preliminary Bank of Spain data placed GDP growth in the fourth quarter at 0.8% quarter on quarter, leading to average annual growth of 3.2% in Domestic demand, the engine of growth during the year, continued to expand at a rate similar to that observed in the third quarter, and advanced indicators point to the maintenance of expenditure at expanding economic levels. Business investment displayed a positive trend, driven by higher consumption and a favourable environment for financing conditions spurred by the monetary policy of the European Central Bank. Also, the contribution of net external demand in the fourth quarter was neutral. Noteworthy moreover was the reduction by 2.8 percentage points in the year-on-year unemployment rate, which stood at 20.9% at December 2015 (EPA). Furthermore, the level of prices stayed low in the last quarter, with a 0.0% year-on-year variation at December end. Global growth prospects continue to weaken, inter alia, due to the economic slowdown in China and other emerging economies, the fall in the prices of raw materials, the outflow of capital from emerging countries, and the impact of the rate increase adopted by the Federal Reserve in its last meeting in 2015, the first since the start of the 2007 financial crisis. This scenario in turn gave rise to episodes of financial instability at global level, intensified also by the ongoing reduction in the oil price, which fell to below US$30 at the beginning of January. This fall in the oil price is explained by the increase in production by Saudi Arabia and other OPEC members, the increase in fracking, the end of sanctions on Iran and the saturation of storage capacity in Europe. Despite this environment of high volatility in the markets and the coincidence of general and regional elections in Spain in the second half of the year, Spain s risk premium improved during the fourth quarter, at the end of which it stood at 115 basis points compared with 130 basis points in September. The Bank continues to gain market share and strengthen its position as the top bank for SMES 4Q 2015 saw ongoing strong commercial activity performance. The symptoms of recovery of credit persisted, specifically of performing loans with cumulative growth of 0.7% in the year, confirming the change of trend observed in the preceding quarters. As occurred from the beginning of the year, the good performance of business activity, especially by SMEs and the self-employed, with whom the volume of new business in the period was 13% higher than in the same period of the previous year, was the main driver of this dynamism. Something similar occurred with the volume of new business to private individuals which, with a growth of 30.5% year on year, recorded a very positive performance. By contrast, the outstanding balance of lending to developers declined by 12.4% in 2015, continuing the process of reduction of exposure to the property sector. On the liabilities side, and following the trend in recent quarters, noteworthy was the strong evolution of customer funds, which increased by 2,516m in the year. Particularly noticeable was the good performance of current accounts, which were up 30.9% over 4Q Moreover, off-balance sheet funds rose by 17.3% in 2015, most notably by the 21% increase in mutual funds. The Bank s market share in credit grew by 21 basis points year on year to 7.64% at November and the share in the retail funds increased by 29 basis points to 6.0% in the same period. The NPA reduction continues The volume of non-productive assets decreased for yet another quarter. In aggregate the total reduction in 2015 amounted to 1,373m, of which 377m in the fourth quarter alone. The sound evolution in non-performing loans was one of the fundamental aspects of this performance in NPA. The NPL ratio continued to decline in 2015, with a total decrease of 92 basis points from 2014 to stand at 12.86%. The balance of non-performing loans was reduced by 1,833m in the last twelve months, following drops of 459m in the third quarter and 367m in the fourth. This confirms the management effort applied in this caption, the downward trend which started in the previous year and, of course, the improvement in the economic climate. 4

5 Furthermore, for yet another quarter, in 4Q15 the Bank recorded property sales of 521m which, added to the 1,588m in the first nine months, raised the total to 2,109m, which was 5.5% in excess of the target of 2,000m set for the year as a whole. After the substantial provisioning efforts in the past, the fourth quarter saw ordinary provisions of 247m, lifting the total amount allocated in 2015 to 1,265m, 39.1% lower than in The coverage for credit stood at 42.5% at the end of 2015; taking into account the total risks subject to provisioning, including property, the ratio of coverage thereon was 13.4%. In the last quarter of the year, the Bank has booked an extraordinary provision of 350m to cover a possible legal risk derived from the potential withdrawal of interest rate floor clauses with retroactive effects up to May 2013 Vigorous commercial activity and high recurring income generation The net interest income amounted to 565m in the fourth quarter, the highest of any of the four quarters of This net interest income, measured on average total assets, was again among the highest in the banking sector, thanks to growth focused on SMEs, the gradual reduction in the cost of retail liabilities and the dynamic commercial activity. The reduction of the rate on deposits continued, and the average quarterly cost of time deposits was 0.76% in 4Q As in the preceding quarter, in 4Q 2015 the average quarterly cost of new deposits stood at 0.42% and was 34 basis points below the cost of stock. The customer spread was 2.50%. Fees and commissions performed strongly with a growth of 4.2% over the same period of 2014 and amounted to 149m in the fourth quarter. This strong performance was due to improved activity, the good results of the commercial Tenemos un Plan campaign, and by strong growth in off-balance sheet funds, which were up 17.3% year on year. Net gains on financial assets and liabilities and other income contributed 44m to the income statement in the quarter. The contribution to the Deposit Guarantee Fund and the National Resolution Fund (set up in 2015) was booked at year end as a single total payment of 105.2m. Personnel and general expenses in 4Q15 were down by 2.7% with respect to the same quarter of In 2015 as a whole, whereas personnel expenses declined by 1.1%, general expenses were 14.4% lower as a result of various cost containment and expense rationalisation initiatives. Net operating income, one of the main indicators of the Bank s strength, maintained its high recurrence and amounted to 296m in the quarter and to 1,689m in the year as a whole. Disregarding the results on financial operations and extraordinary items, the net operating income was 8.4% up in the year Also, the efficiency ratio in 4Q 2015 was 56.41%, 39 basis points lower than in the same period of The second quarter of 2015 saw the booking of a capital gain of 69.5m on the sale of lending and property assets servicing in Portugal. Capital gains booked in the fourth quarter of 2015 included most notably that of 51.5m on the sale to EVO payments of the Group s 50% holding in Universalpay Entidad de Pago and another of 43.6m on the new non-life distribution agreement entered into with Allianz. It should also be remembered that the income statement for the third quarter of 2014 included the acquisition of the retail and card business of Citibank in Spain. Not considering the impact from the extraordinary provision of 350m, the net profit for the fourth quarter amounted to 72m, leading to a total net profit for the year as a whole of 350m, 6.1% higher than in Sound and improved liquidity and capital position in the quarter The Bank s solvency ratios improved in the quarter and its position remained sound. The common equity tier 1 (phased-in) ratio at December was 13.11%, 161 basis points more than at 2014 year end, with a high capital cushion over the minimum regulatory requirements. The pro-forma fully-loaded CET 1 ratio stood at 10.86% and the pro-forma fully-loaded leverage ratio was 6.07%. 5

6 Balance Sheet (Amounts in thousand) Variation % ASSETS Cash and balances with central banks 1,192,814 3,523,007 > Financial assets held for trading 1,689,644 1,285,883 (23.9) Other financial assets at fair value through profit or loss 510, , Investment portfolio 29,765,352 25,193,155 (15.4) Loans and receivables: 107,827, ,018,997 (0.7) Loans and advances to other debtors 100,582,923 99,637,769 (0.9) Other loans and receivables 5,049,952 6,244, Of which Interbank deposits 245, , Fixed income 2,194,741 1,136,961 (48.2) Changes in the fair value of hedged items in portfolio hedges of interest rate risk 261, ,228 (10.6) Hedging derivatives 441, , Non-current assets held for sale 8,201,378 9,045, Investments 1,870,785 1,794,009 (4.1) Insurance contracts linked to pensions 162, , Reinsurance assets 16,921 17, Tangible assets 1,711,224 1,697,785 (0.8) Intangible assets 2,492,675 2,571, Tax assets 3,618,098 3,604,163 (0.4) Other assets 1,694,339 1,518,010 (10.4) Total assets 161,456, ,649,873 (1.7) LIABILITIES Financial liabilities held for trading 1,397,389 1,043,063 (25.4) Other financial liabilities at fair value through profit or loss 649, ,419 (7.7) Financial liabilities at amortised cost: 142,227, ,508,524 (1.2) Liabilities of credit institutions 27,617,550 33,376, Of which Interbank deposits 1,955,093 2,728, Deposits from other creditors 96,036,196 88,335,415 (8.0) Debt certificates including bonds 15,962,018 15,989, Subordinated liabilities 1,424,645 2,066, Other financial liabilities 1,187, ,724 (37.6) Hedging derivatives 2,161,074 2,013,974 (6.8) Insurance contract liabilities 483, , Provisions for contingent exposures 469, ,359 (18.4) liabilities 718, ,483 (28.5) Other liabilities 678, ,597 (13.6) Total liabilities 148,786, ,135,248 (1.8) Eq uity Total equity 12,783,396 12,719,992 (0.5) Capital, reserves and retained earnings 12,452,981 12,656, Profit or loss for the period 330, ,432 (68.1) Dividends paid and declared - (42,387) - Valuation adjustments (133,077) (221,743) 66.6 Minority interests 19,548 16,376 (16.2) Net asset value 12,669,867 12,514,625 (1.2) Total liabilities and equity 161,456, ,649,873 (1.7) 6

7 Commercial GAP (Amounts in thousand) Lending to customers 99,637,769 Asset repos (valuation adjustments included) 6,504,071 Total net lending to customers (ex asset repos) (a) 93,133,698 Current accounts 35,953,703 Term deposits 41,882,347 Valuation adjustments 62,568 Subtotal customer deposits (ex repos, ex-treasury) 77,898,618 Retail Commercial paper 128,742 Mediation loans 1 6,362,208 Securitizations sold to third parties 237,507 Marketable securities distributed through the branch network 2 467,662 Tax collection accounts 326,184 Total customer deposits (b) 85,420,921 GAP (a-b) 7,712,777 LTD (a/b) 109.0% 1. ICO and EIB funding directly received for loans to companies. 2. Including convertible notes, preference shares and subordinated debt distributed via the branch network 7

8 Funds Managed (Amounts in thousand) Variation % Customer deposits: General government 17,402,066 10,845,109 (37.7) Other private sectors: 69,298,057 72,498, Residents 60,675,099 63,714, Nonresidents 8,622,958 8,784, Valuation adjustments (±) 360,080 62,568 (82.6) Subtotal customer deposits and General Government 87,060,203 83,406,355 (4.2) Deposits at central counterparty entities 8,975,993 4,929,060 (45.1) Total customer deposits 96,036,196 88,335,415 (8.0) Unadjusted debt certificates including bonds: 15,809,274 15,798,519 (0.1) Bonds and other securities outstanding 15,017,325 15,043, Commercial paper 791, ,840 (4.7) Valuation adjustments (±) 152, , Total debt certificates including bonds 15,962,018 15,989, Subordinated liabilities 1,424,645 2,066, Total on-balance sheet funds (a) 113,422, ,391,414 (6.2) Mutual funds 9,499,195 11,493, Asset portfolio management 1,088,738 1,683, Pension funds 5,231,493 5,314, Insurance premium 1,895,041 2,289, Total other intermediated funds (b) 17,714,467 20,781, Total funds managed (a+b) 131,137, ,172,776 (3.0) Retail Funds (Amounts in thousand) Variation % Demand deposits (ex-treasury) and Other accounts 27,475,977 35,953, Time deposits 44,838,593 41,882,347 (6.6) Asset repos 14,385,553 1,244,737 (91.3) Other accounts and valuation adjustments 360,080 62,568 (82.6) Subtotal customer deposits and General Government (ex-treasury) 87,060,203 79,143,355 (9.1) Retail Commercial paper 311, ,742 (58.7) ICO Mediation loans 1 8,745,164 6,362,208 (27.2) Securitizations sold to third parties 343, ,507 (30.8) Marketable securities distributed through the branch network 2 468, ,662 (0.1) Tax collection accounts 361, ,184 (9.8) Asset repos (14,385,553) (1,244,737) (91.3) Total Retail Funds 82,904,641 85,420, ICO and EIB funding directly received for loans to companies. 2. Including convertible notes, preference shares and subordinated debt distributed via the branch network 8

9 Lending to customers (Amounts in thousand) Variation % Lending to general government 6,065,612 5,327,992 (12.2) Lending to other private sectors: 102,074, ,560,271 (0.5) Residents 91,504,540 90,373,136 (1.2) NonResidents 10,569,817 11,187, Total lending to customers 108,139, ,888,263 (1.2) Other loans 239, ,947 (17.7) Total credit to customers 108,379, ,085,210 (1.2) Valuation adjustments (±) (7,796,463) (7,447,441) (4.5) Total 100,582,923 99,637,769 (0.9) Lending to customers by type (Amounts in thousand) Variation % Trade loans and discounts 3,709,669 4,140, Secured loans 38,914,915 38,648,708 (0.7) Mortgage 38,096,706 37,701,706 (1.0) Other 818, , Repos 6,586,483 6,504,071 (1.3) Term loans and other lending 37,041,050 37,411, Leasing 2,203,596 2,237, Doubtful assets 19,923,673 18,142,257 (8.9) Total lending to customers 108,379, ,085,210 (1.2) 9

10 Risk Management Performance* (Amounts in thousand) NON-PERFORMING loans Variation Amount % Balance at 1 January 21,216,003 20,172,032 (1,043,971) (4.9) Additions 5,668,199 3,776,371 (1,891,828) (33.4) Recoveries 5,167,325 4,626,577 (540,748) (10.5) Other variations 1 (192,904) 324, ,623 > Net variation 307,970 (525,487) (833,457) > % increase 1.5 (2.6) Writeoffs (1,351,941) (1,307,020) 44,921 (3.3) Balance at 31 December 20,172,032 18,339,525 (1,832,507) (9.1) 1. Non-performing loans 100% provisioned (Amounts in thousand) Credit loss allowances Variation Amount % Balance at 1 January 8,525,999 8,357,863 (168,136) (2.0) Annual provision: Gross 6,342,573 5,361,080 (981,493) (15.5) Recoveries (4,492,973) (3,940,553) 552,420 (12.3) Net 1,849,600 1,420,527 (429,073) (23.2) Other variations (670,234) (717,060) (46,826) 7.0 Writeoffs (1,347,502) (1,267,908) 79,594 (5.9) Balance at 31 December 8,357,863 7,793,422 (564,441) (6.8) Of which sub-standard risk provisions 732, ,848 (317,823) (43.4) (Amounts in thousand) Specific General Country risk Total Balance at 1 January 8,356,587-1,276 8,357,863 Net provisions 1,421,003 - (476) 1,420,527 Amount used 1,267, ,267,908 Other variations and transfers (717,076) - 16 (717,060) Balance at 31 December 7,792, ,793,422 *Including doubtful off-balance sheet risks and country risk and the related risk allowance 10

11 Risk Management Performance (Amounts in thousand) Risk quality meas ures Variation Amount % Total Risks ( thousand) 146,378, ,582,977 (3,795,239) (2.6) Non-performance (Non-performing loans/total risks) (0.92) Credit risk premium (0.29) Pre-provision margin over lending (0.29) (Amounts in thousand) Coverage by type of non-performing balance Non-performing balances without mortgage guarantee or pledge guarantee 4,748,892 Non-performing balances with mortgage guarantee or pledge guarantees 13,590,633 Value of guarantees 11,290,887 Total non-performing balances 18,339,525 Loans fully written-off 5,178,892 Non-performing balances+loans fully written-off 23,518,417 Total value of guarantees* 11,290,887 Provisions for insolvency 7,793,422 Provisions for insolvency with written-off loans 12,972,314 Coverage for non-performing loans and written-off loans Coverage for non-performing loans Coverage with guarantees * Does not include written-off loan guarantees Coverage analysis ( million) 23,518 24,263 NPLs 18,340 Coverage: % Provisions 12,972 (55.16%) Loans fully written-off 5,179 NPLs+Loans fully written-off Guarantees 11,291 (42.50%) Guarantees + B-S provision (Amounts in thousand) asset impairment Variation Amount % Financial assets 1,664,126 1,390,559 (273,567) (16.4) Credit risk and provisioning 1,646,126 1,347,889 (298,237) (18.1) Of which: write-offs recovered 214, ,267 (85,891) (40.1) Investments 18,000 42,670 24,670 > Non-financial assets and property 414, ,105 (190,048) (45.9) Total 2,078,279 1,614,664 (463,615) (22.3) 11

12 Solvency (Amounts in thousand) Capital 8,179,516 8,831,237 Reserves 3,977,330 3,949,369 Minority interest 13,573 9,502 Capital deductions (2,979,280) (2,815,361) Ordinary tier 1 capital 9,191,139 9,974,747 CET 1 ratio (%) 11.50% 13.11% MCNs 659,829 - Preferred shares 599,402 1,336,580 Capital deductions (1,259,231) (1,336,580) Tier 1 capital 9,191,139 9,974,747 Tier 1 ratio (%) 11.50% 13.11% Total Capital 9,557,230 10,520,872 Total capital ratio (%) 11.96% 13.83% Fully loaded Basel III Leverage ratio (%) % 6.07% Total risk weighted assets 79,939,492 76,087,403 from which credit risk 72,590,192 70,107,156 from which operational risk 6,686,200 5,420,782 from which market risk 663, , Fully loaded Basel III Leverage Ratio CRR proforma. Equity (Amounts in thousand) Capital & Valuation Minority Net asset reserves adjustments interests value Balance at 31/12/ ,783,396 (133,077) 19,548 12,669,867 Capital increase 1 641, ,929 Variation in treasury stock (18,021) - - (18,021) Gain on treasury stock transactions (889) - - (889) Actuarial differences - 1,107-1,107 Remuneration of mandatory convertible debentures (743,335) - - (743,335) Consolidation operations and other (net) (6,133) - (3,674) (9,807) Corporate operations Value adjustments - (89,773) - (89,773) Net profit at 31 december , ,934 Dividends paid/announced in 2015 (42,387) - - (42,387) Balance at 31/12/15 12,719,992 (221,743) 16,376 12,514, Script-dividend and MCNs conversion. 12

13 Consolidated income and profitability (Amounts in thousand) (Annualized % of ATA) Variation % Variation % Interest and similar income 4,167,234 3,508,688 (15.8) (0.49) - Interest expense and similar charges 1,835,843 1,257,452 (31.5) (0.39) =Net interest income 2,331,391 2,251,236 (3.4) (0.10) +Return on equity instruments 14,389 13,138 (8.7) Share of results of entities accounted for using the equity method 33,392 47, Fees and commissions, net 654, ,322 (9.1) (0.05) ±Gains or losses on financial assets and liabilities (net) 820, ,260 (37.0) (0.20) +Exchange differences (net) 47,232 45,564 (3.5) (0.00) ±Other operating results (25,687) (39,031) 51.9 (0.02) (0.03) (0.01) =Gross operating income 3,876,033 3,430,911 (11.5) (0.35) - Administrative expenses: 1,726,285 1,603,687 (7.1) (0.11) Personnel expenses 946, ,833 (1.1) (0.02) Other general administrative expenses 780, ,854 (14.4) (0.09) - Depreciation & amortisation 144, ,753 (4.7) (0.01) =Net operating income (Pre-provision profit) 2,005,218 1,689,471 (15.8) (0.23) - Financial asset impairment and provisioning 1,664,126 1,390,559 (16.4) (0.20) - Impairment of other assets 414, ,105 (45.9) (0.13) ±Gains/(Losses) on assets sales (net) 446,052 39,377 (91.2) (0.27) =Profit before tax 372, ,184 (69.4) (0.17) -Income tax 43,090 8,250 (80.9) (0.03) +Gains/losses on discontinued operations (net) =Consolidated profit for the year 329, ,934 (67.9) (0.14) - Profit attributed to minority interests (514) 502 > =Profit attributed to the controlling company 330, ,432 (68.1) (0.14) Net return on risk-weighted assets (RORWA) (%) (0.26) Net return on equity (ROE) (%) (1.81) Operating efficiency ratio (%) In million Average total assets 153, ,337 4,599 Average risk-weighted assets (RWA) 82,916 78,880 (4,035) Average equity 12,493 12,

14 Quarterly Consolidated Income (Amounts in thousand) I II III IV I II III IV Interest and similar income 1,057,201 1,053,345 1,081, , , , , ,192 - Interest expense and similar charges 507, , , , , , , ,118 =Net interest income 549, , , , , , , ,074 +Return on equity instruments 1,111 5,622 2,405 5, ,764 1,595 3,258 +Share of results of entities accounted for using the equity method 5,830 (11,222) 14,634 24,150 15,491 18,794 19,121 (5,984) +Fees and commissions, net 176, , , , , , , ,459 ±Gains or losses on financial assets and liabilities (net) 202, ,616 84, , , , ,586 88,318 +Exchange differences (net) 10,634 10,420 13,299 12,879 11,778 10,799 11,582 11,405 ±Other operating results 4, ,477 (17,406) (116,782) 3,460 2,365 8,463 (53,319) =Gross operating income 949,879 1,256, , , , , , ,211 - Administrative expenses: 406, , , , , , , ,733 Personnel expenses 227, , , , , , , ,267 Other general administrative expenses 179, , , , , , , ,466 - Depreciation & amortisation 38,122 38,104 35,668 32,636 33,211 34,657 35,006 34,879 =Net operating income (Preprovision profit) - Financial asset impairment and provisioning 504, , , , , , , , , , , , , , , ,824 - Impairment of other assets 62, ,207 98, ,723 98, ,195 49,775 (46,617) ±Gains/(Losses) on assets sales (net) 3,473 41, ,849 (13,472) (21,192) 40,613 (22,155) 42,111 =Profit before tax 122, , ,574 29, , , ,789 (259,497) -Income tax 36,791 31,636 (26,225) ,347 30,861 33,864 (87,822) +Gains/losses on discontinued operations (net) =Consolidated profit for the year 86,134 88, ,799 28,196 91,136 96,548 89,925 (171,675) - Profit attributed to minority interests =Profit attributed to the controlling company (38) (413) 96 (159) (300) 34 (161) ,172 89, ,703 28,355 91,436 96,514 90,086 (172,604) 14

15 Quarterly Profitability (Annualized % of ATA) I II III IV I II III IV Interest and similar income Interest expense and similar charges =Net interest income Return on equity instruments Share of results of entities accounted for using the equity method 0.02 (0.03) (0.02) +Fees and commissions, net ±Gains or losses on financial assets and liabilities (net) Exchange differences (net) ±Other operating results (0.05) (0.30) (0.14) =Gross operating income Administrative expenses: Personnel expenses Other general administrative expenses Depreciation & amortisation =Net operating income (Pre-provision profit) - Financial asset impairment and provisioning Impairment of other assets (0.12) ±Gains/(Losses) on assets sales (net) (0.03) (0.05) 0.10 (0.06) 0.11 =Profit before tax (0.67) -Income tax (0.07) (0.23) +Gains/losses on discontinued operations (net) =Consolidated profit for the year (0.44) - Profit attributed to minority interests =Profit attributed to the controlling company (0.44) Net return on risk-weighted assets (RORWA) (%) (0.90) Net return on equity (ROE) (%) (5.45) Operating efficiency ratio (%) In million Average total assets 150, , , , , , , ,871 Average risk-weighted assets (RWA) 84,349 84,129 82,525 80,660 79,747 79,761 78,977 77,037 Average equity 12,452 12,465 12,532 12,523 12,785 12,756 12,714 12,675 15

16 Yields and Costs (Amounts in thousand and rates annualized) Average balance Income Average Average Distribution (%) or rate (%) balance expense Distribution (%) Income or expense Average rate (%) Financial system 5,745, , ,161, , Loans and discounts (a) 97,905, ,641, ,195, ,083, Securities portfolio 27,973, , ,070, , Other assets 22,112, , ,909, , Total earning assets (b) 153,737, ,167, ,337, ,508, Financial system 27,537, , ,217, , Customer funds (c) 90,257, ,003, ,249, , Demand accounts 19,271, , ,250, , Savings and time deposits 65,622, , ,552, , Deposits at central counterparty entities 4,988, , ,296, , Retail commercial paper 375, , , , Marketable debt securities & other 17,116, , ,083, , Other interest-bearing liabilities 333, , , , Other funds 5,997, ,746, Equity 12,493, ,727, Total funds (d) 153,737, ,835, ,337, ,257, Customer spread (a-c) Spread (b-d)

17 Quarterly Yields and Costs (Data in % and rates annualized) Financial system Loans and discounts (a) Securities portfolio Other assets Rate Total earning assets (b) Financial system Customer funds (c) Demand accounts Savings and time deposits Deposits at central counterparty entities Retail commercial paper Marketable debt securities & other Other interest-bearing liabilities Other funds Equity Total funds (d) Customer spread (a-c) Spread (b-d) (Data in % and rates annualized) 2014 I II III IV Distributiotiotion Rate Distribu- Rate Distribu- Rate Distribution 2015 I II III IV Distributiotiotion Rate Distribu- Rate Distribu- Rate Distribution Financial system Loans and discounts (a) Securities portfolio Other assets Rate Total earning assets (b) Financial system Customer funds (c) Demand accounts Savings and time deposits Deposits at central counterparty entities Retail commercial paper Marketable debt securities & other Other interest-bearing liabilities Other funds Equity Total funds (d) Customer spread (a-c) Spread (b-d)

18 Net Fee and Commission Income (Amounts in thousand) Distributions % Variation % Banking services 632, ,247 (9.1) Portfolio administration 100, ,666 (0.1) Securities portfolios 23,200 9,620 (58.5) Asset portfolio management 3,848 5, Mutual funds 64,185 77, Pension plans 9,501 8,740 (8.0) Other banking services 476, ,436 (1.1) Securities and foreign currency purchase and sale 11,762 8,105 (31.1) Demand account administration 105, , Provision of collateral and other guarantees 133, ,108 (2.4) Asset transaction services 39,202 35,261 (10.1) Collection and payment handling 75,724 71,390 (5.7) Other 111, , Means of payment 55,203 3,145 (94.3) Defaults 21,857 20,075 (8.2) Total 654, ,322 (9.1) (Amounts in thousand) I II III IV Banking services 141, , , ,747 Portfolio administration 23,517 25,481 24,762 26,906 Securities portfolios 2,627 2,306 2,061 2,626 Asset portfolio management 1,804 1, ,227 Mutual funds 16,947 19,603 19,847 20,864 Pension plans 2,139 2,201 2,211 2,189 Other banking services 116, , , ,504 Securities and foreign currency purchase and sale 2,466 2,255 1,465 1,919 Demand account administration 28,382 26,954 26,411 27,281 Provision of collateral and other guarantees 31,904 32,736 33,284 32,184 Asset transaction services 8,994 8,917 8,650 8,700 Collection and payment handling 17,995 18,129 17,431 17,835 Other 27,197 26,265 35,497 28,585 Means of payment 790 1, Defaults 5,304 4,705 4,354 5,712 Total 146, , , ,459 18

19 Personnel and general expenses (Amounts in thousand) Distributions % Variation % Personnel expenses: 946, ,833 (1.1) Wages and salaries 701, ,769 (1.2) Social security charges 184, ,378 (2.1) Other personnel expenses 30,047 29,081 (3.2) Pensions 30,573 33, General expenses: 780, ,854 (14.4) Rents and common services 141, ,882 (2.2) Communications 31,175 22,157 (28.9) Maintenance of premises and equipment 77,331 72,638 (6.1) IT and outsourced services 220, ,215 (34.5) Stationery and office supplies 6,482 5,963 (8.0) Technical reports and legal expenses 66,599 54,775 (17.8) Advertising and publicity 34,083 21,325 (37.4) Insurance 7,248 6,195 (14.5) Security and fund transport services 19,792 17,076 (13.7) Travel 10,462 9,887 (5.5) VAT and other 120, , Other general expenses 45,062 40,035 (11.2) Total 1,726,285 1,603,687 (7.1) (Amounts in thousand) I II III IV Personnel expenses: 229, , , ,267 Wages and salaries 169, , , ,312 Social security charges 45,543 45,123 44,935 44,777 Other personnel expenses 6,430 9,174 6,142 7,335 Pensions 8,256 8,285 8,221 8,843 General expenses: 158, , , ,466 Rents and common services 34,811 33,659 34,713 34,699 Communications 5,397 6,357 6,070 4,333 Maintenance of premises and equipment 17,717 13,475 20,014 21,432 IT and outsourced services 32,752 32,517 40,000 38,946 Stationery and office supplies 1,114 1,369 1,757 1,723 Technical reports and legal expenses 17,501 11,101 13,976 12,197 Advertising and publicity 5,502 6,115 6,531 3,177 Insurance 1,379 3, ,072 Security and fund transport services 4,085 4,375 3,415 5,201 Travel 2,353 2,652 2,020 2,862 VAT and other 26,976 29,849 31,831 47,050 Other general expenses 9,183 9,328 7,750 13,774 Total 388, , , ,733 19

20 The Banco Popular Share Shareholders and share price Shareholders 272, ,114 Number of shares outstanding (thousands) 2,100,769 2,165,075 Closing price ( ) Market capitalization (thousand ) 1 8,739,199 6,588,325 Maximum price ( ) Minimum price ( ) Trading vo lume Daily average number of shares traded (thousands) 18,315 15,362 Daily average trading volume (thousand ) 90,210 61,864 Stock market ratios Net earnings per share ( ) Dividend per share paid in the year ( ) Book value per share diluted ( ) Price/Earnings (annualized) Price/Book value Calculated on shares outstanding. 2. Calculated on average number of diluted shares. 3. Including the mandatorily convertible notes and diluted shares. Popular shares vs. Spanish and European indices (31/12/2014 = 100) n Popular n Ibex35 n Eurostoxx Banks 20

21 Basis of presentation and accounting principles and standards Pursuant to Regulation 1606/2002 of the European Parliament and Council, dated July 19, 2002, the obligation for companies whose securities were listed on a regulated market in a Member State of the European Union at the date of their balance sheets to prepare consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) came into force on January 1, The Bank of Spain, as the accounting regulator of the Spanish banking industry, implemented and adapted the accounting standards for credit institutions in its Circular 4/2004, as published in the Official State Gazette on December 30, 2004, subsequently partially modified. From January 1st 2014, due to the entry into force of IFRS 11, the equity method is applied to jointly controlled entities. The application of IFRIC 21 involved in December 2014 adjusting the calculation of the contribution to the Deposit Guarantee Fund both for prior years and for 2014, following the criterion of determining that levies be recognised when the payment obligation for them arises. Accounting principles and policies and va luation standards The Group s accounting policy is based on the accounting principles set forth in Note 15 to the 2014 consolidated financial statements, which included most notably the following: A) Impairment of the value of assets: The treatment of financial assets differs from that of all other assets, as discussed below. Coverage is envisaged for the losses on financial assets, provided that they are based on objective evidence. Specific and general allowances are booked for customer-attributable credit-loss risk, and specific allowances for country risk. The specific allowance covers the impairment of assets individually identified as damaged based on an individual or collective analysis using a statistical approach according to the age of the default. In addition, the general allowance for collective value adjustments for unreported losses incurred reflects the inherent loss incurred according to the nature of each risk, estimated statistically, that is pending assignment to specific transactions. The Bank of Spain has stipulated models and methodology conforming to IFRS for the calculation of the foregoing allowances. In order to check that the methods used at the Group to estimate credit losses based on Bank of Spain requirements are in line with those set out in IAS 39, the Group has developed a methodology that uses the information provided by the internal models and other aspects observed within the AQR framework to enable it to make quarterly estimates of loss incurred based on the risk parameters of PD (probability of default), LGD (loss given default) and EAD (exposure at default). These parameters are obtained from the historic information of the IRB framework items and are subject to subsequent specific PIT processing. The results obtained from the loss incurred calculation using this methodology reveal an amount of provisions that does not differ significantly from the provisions estimated based on Bank of Spain Circular 4/2004. The regulations require strict treatment in the classification of doubtful balances in customer transactions, since default in the payment of one installment triggers the classification as non-performing of the entire transaction. For all other assets, including goodwill, impairment is deemed to exist if and when the book value of the assets exceeds their recoverable amount. In the case of goodwill, an impairment test must be performed at least once a year, since goodwill is not systematically amortized, and the appropriate writedown is booked if there is evidence of impairment. B) Income: B1) Fees: Under IFRS the treatment of fees collected or paid differs depending on whether they are compensation for a service rendered or a cost incurred, or are remuneration additional to the interest rate on the transaction. The former are recognized as income when the service is rendered or the cost is incurred, and the latter are accrued over the term of the transaction. B2) Interest and dividends: Interest is recognized on an accrual basis by the effective interest rate method, and dividends are recorded when declared. 21

22 C) Financial instruments are classified for valuation purposes and recorded as follows: - Instruments classified in the trading portfolio, including financial derivatives, are recorded at fair value, with changes taken to the income statement. - Loans and discounts and held-to-maturity investments are recorded at their amortized cost. - Available-for-sale financial assets are valued at fair value, and changes in value are recorded in net worth until realized, at which time they are recognized in the income statement. - Substantially all financial liabilities are valued at amortized cost. D) Non-financial and intangible assets and inventories. These are valued at cost. For the valuation of tangible assets, the Banco Popular Group has not, on a general basis, taken the option provided in IFRS to revalue them, and accordingly they are presented in the balance sheet at cost restated, where appropriate, pursuant to the applicable enabling legislation, net of accumulated depreciation. E) Non-current assets held for sale. Recorded in this caption are the assets bought or foreclosed. Disclaimer This financial report has been prepared by Banco Popular solely for purposes of information. It may contain estimates and forecasts with respect to the future development of the business and to the financial results of the Banco Popular Group, which stem from the expectations of the Banco Popular Group and which, by their very nature, are exposed to factors, risks and circumstances that could affect the financial results in such a way that they might not coincide with such estimates and forecasts. These factors include, but are not restricted to, (i) changes in interest rates, exchange rates or any other financial variable, both on the domestic as well as on the international securities markets, (ii) the economic, political, social or regulatory situation, and (iii) competitive pressures. In the event that such factors or other similar factors were to cause the financial results to differ from the estimates and forecasts contained in this report, or were to bring about changes in the strategy of the Banco Popular Group, Banco Popular does not undertake to publicly revise the content of this report. This financial report contains summarised information and in no case shall its content constitute an offer, invitation or recommendation to subscribe or acquire any security whatsoever, to make or cancel any kind of investments, nor it is intended to serve as a basis for any contract or commitment whatsoever. Its content shall not be considered as any kind of advice. 22

23 Notes BANCO POPULAR ESPAÑOL Registered office: C/ Velázquez 34, Madrid Phone: Fax: banco popular español Banco popular portugal totalbank TargoBank banco popular-e.com popular banca privada Banco Pastor 23

24

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