Quarterly financial information

• Net banking income of EUR 6.2 billion (vs. EUR 6.4 billion in Q1 15, -3.3%* excluding non-economic items): the good performance of all Retail Banking activities, the diversification of the business model and the development of synergies have helped offset the decline in market revenues in a challenging start to the year for the banking sector
   
• Operating expenses under control: -0.5%* (excluding refund of part of the Euribor fine and adjusted for the effects of the IFRIC 21 accounting standard)
   
• Lower net cost of risk (-10.1%*) reflecting the quality of assets. Commercial cost of risk at 46 basis points(1) (-9 basis points vs. Q1 15)
   
• Group net income of EUR 924 million in Q1 16 (EUR 868 million in Q1 15, +6.5%) and EUR 829 million excluding non-economic items (EUR 833 million in Q1 15), marked by the substantial growth in all Retail Banking activities.
   

• CET1 ratio up +25 basis points vs. end-2015, at 11.1% at the end of Q1 16 (10.9% at end-2015)
  Leverage ratio of 4.0% (stable vs. end-2015)
   
• Stable EPS**: EUR 0.90 in Q1 16 (EUR 0.91 in Q1 15)(2)
   

  *  When adjusted for changes in Group structure and at constant exchange rates.
** Excluding non-economic items (revaluation of own financial liabilities and Debt Value Adjustment). Impact in net banking income of    EUR +145m in Q1 16 and EUR +53m in Q1 15. Impact on Group net income of EUR +95m in Q1 16 and EUR +35m in Q1 15. See methodology notes.
Items relating to financial data for 2015 have been restated in net banking income and for the capital allocated to the businesses so as to take account of the new capital allocation rule based on 11% of the businesses’ RWA (risk-weighted assets).

(1) Excluding litigation issues, in basis points for assets at the beginning of the period, including operating leases. Annualised calculation
(2) Excluding non-economic items, gross EPS in Q1 15: EUR 0.96 and EUR 1.02 in Q1 16. See methodology note No. 3