1st Quarter Results

Banco Santander Central Hispano SA
26 April 2000


Summary 1st Quarter Results

                                                          Variation
Balance sheet                   31.03.2000    31.03.1999     (%)   31.12.1999
                       Pta. MM.    Euro MM.     Euro MM.  2000/1999  Euro MM.

Total assets         44,856,948   269,5957    241,5430      11.61   256,438.5
Loans                22,301,904   134,037.1    113,473.8    18.12   127,472.1
Customer funds       41,203,884   247,640.3    210,210.8    17.81   232,232.3
 Customer deposits   27,053,728   162,596.2    137,459.9    18.29   153,756.6
 Mutual funds        10,342,870    62,161.9     57,291.7     8.50    59,840.3
 Pension funds        2,490,573    14,968.6     10,487.4    42.73    13,071.6
 Managed portfolios   1,316,713     7,913.6      4,971.7    59.17     5,563.7
Capital accounts      1,557,731     9,362.2      9,260.3     1.10     8,026.2
Total managed funds  59,007,104   354,639.8    314,293.8    12.84   334,914.1

                                                            Variation
Income statement       January - March 2000    Jan.-Mar. 99   (%)        1999
                        Pta. MM.    Euro MM.    Euro MM.   2000/1999  Euro MM.
           
Net interest revenue      284,746    1,711.4    1,583.7     8.06     6,669.9
Basic revenue             436,821    2,625.3    2,346.9    11.86     9,747.1
Net operating income      176,910    1,063.3      863.8    23.10     3,479.0
Income before taxes       140,199      842.6      636.3    32.42     2,715.6
Net consolidated income   111,658      671.1      503.5    33.27     2,172.0
Net attributable income    80,404      483.2      368.3    31.19     1,575.1



1 Ratios

                       31.03.2000   31.03.2000   31.03.1999          31.12.1999
ROA                                       1.02        0.83              0.88
RORWA                                     1.73        1.48              1.50
R0E                                      22.75       16.54             18.51
Efficiency ratio                         53.74       57.37     
 (personnel & gen.
  expenses/net 
  op. revenue)                                                         57.70
BIS ratio                                11.79       12.22             12.03
Tier 1                                    8.61        8.43              8.19
NPL ratio                                 1.89        1.87              1.97
NPL coverage                            121.37      122.02            120.84

Shares and shareholders (*)
Number of shareholders                 796,006     942,426          761,086
Shares outstanding (millions
 at end of period)                       3,999       3,668            3,668
Share price (Pta., Euro)    1,869        11.23        9.50            11.24
Market capitalization 
 (millions)             7,472,667     44,911.6    35,076.3         41,226.0
Net attrib. income per 
 share (annualized)          85.5         0.51        0.40             0.43
P/F ratio                                23.23       23.81            26.17
Other data
Number of branches                       8,364       9,024            8,473
 Spain                                   6,008       6,464            6,011
 Abroad                                  2,356       2,560            2,462
Number of employees                     94,780     105,034           95,442
 Spain                                  45,142      49,271           45,175
 Abroad                                 49,638      55,763           50,267

(*) All per share data have been adjusted for the stock split carried out       
   11.06.99

Note: The information contained in this report has not been audited. However,   
     it has been produced utlizing generally accepted accounting principles     
    and criteria.


Performance during the quarter

The keys to the quarter: Integration, Domestic Business, Europe, Latin
America and Internet

Banco Santander Central Hispano made solid progress in the first quarter towards
fulfilling its Program ONE goals and building the financial services Group of
the future.

During the first quarter of 2000 the Group has made decisive strides in meeting
the goals of Program ONE and has allocated maximum resources to develop the main
strengths that sustain the Group's present and future value:

- A leading position in domestic business, backed by the retail networks of
  Santander  Central  Hispano and Banesto, all of them firmly  established
  and  with  a high brand name value, which have pushed up market share  in
  key products since the merger,

- An  aggressive  strategy in Europe, through direct  presence  in  related
  markets and development of high value strategic alliances, makes the Bank
  one  of  the  most  solidly  positioned in Europe,  and  is  becoming  an
  increasingly important source of income.

2 

- A solid presence in Latin America, an area with high economic growth          
 potential, which is one of the Group's distinguishing hallmarks. Continuous    
financial innovation, expansion into the most profitable regions and
  businesses and a medium-low profile risk policy are spurring revenue growth.

- An  optimum  presence  in the economy, focused on  high-growth  strategic
  sectors,  provides  large  unrealized capital  gains  which  improve  the
  Group's level of solvency.

- Management potential based on the most developed technology and on high)y
  qualified teams committed to a common project.

- Decisive  bid  to  lead  ' new economy' related businesses.  The  Group's
  'internetization',  development  of  an  own  financial   portal   and
  investments and agreements with state-of-the art technological companies,
  combined  with  the  competitive capacity shown so far,  will  make  the
  Santander  Central  Hispano  Group a reference  of  success  in  this  new
  business area.

As a result, the Group's activities revolved around three basic  areas:
the  integration  and  increased efficiency of the  Organization, a  new
impetus towards the efficient distribution of financial services and  the
strengthening  of domestic and international positioning as  a  Group  of
reference in Europe and Latin America.

A productive Organization prepared for change

The  technological,  operational and functional  integration,  which  was
originally planned to be completed at the end of this year, is  advancing
rapidly and meeting the phases programmed ahead of schedule. The  goal  is
to  develop a productive and highly efficient Organization which supports
the Group in Spain and abroad.

Among the main measures taken during the first quarter were:

- Completion of the Unified Technological Platform, in place except for its
  establishment  in  part of the Santander retail network  which  began  on
  February 19 and is scheduled to be Completed by the middle of  July, four     
 months ahead of the initial calendar. Very possibly, this process  will        
beat, in terms of quality and speed, all bank  integration records  in  the    
World.  The  fulfillment of the  Unified  Technological  Platform  involves    
almost  9,500 employees including  support  personnel (trainers, technicians,  
back-up, etc) and final users, and has  required the  replacement  of  8,700   
computers and close  to  one  million  hours invested in IT developments and   
adaptation of the central systems.

- On  this platform there is already a unified system of management control
  for  Customer banking in Spain. This entailed the creation of  a  unified
  customer data base for the retail and corporate banking businesses which
  is  constantly  updated. This tool will strengthen the  effectiveness  of
  marketing campaigns and increase the level of cross-selling.

- Significant advances have been made in the Intranet Project, the  Group's
  new  global  management and corporate communication  tool.  Designed  for
  internal  use through the Internet, it will embrace all units. businesses
  and  subsidiaries of the Group. Its ultimate goal is to transform the way
  of  working  in  the  Bank,  strengthening  time  and  cost  savings  and
  facilitating team work and the professional development of staff.

  As  well  as access to internal Group information (circulars, directories
  ...) and external (press, financial markets), Intranet provides access to
  form@VIA  the  on-line training vehicle designed by and  for  the  Bank's
  Training Department. Form@VIA makes it possible to conduct continuous and
  tailor-made monitoring of the training needs and level of every employee,
  classified   according  to  different  profiles,   through   courses   on
  specialized banking products and services, advisory services, office computer 
 systems and languages.                                                    

- Consolidation  of  the first phase of the unification of  Retail  Banking
  Risk  Management for the Banco Santander and BCH networks and the  launch
  of  the  unified model at all regional units. This process  requires  the
  establishment of new management and Organizational frameworks, as well as
  an  organizational  structure and single circuits at all  the  management
  levels  of each regional unit at both retail banking networks. This  will
  ensure  the  effectiveness  and efficiency  of  the process,  improving
  service quality and simplifying transactions.

  In  parallel with these measures, whose impact on efficiency will  become
  apparent  in  the  longer  term,  Banco Santander  Central  Hispano  has
  enhanced  the  measures taken to achieve a quicker  optimization  of  the
  Organization.  This  is  a  key aspect tor  attaining  the  cost  savings
  envisaged from the merger and for meeting the goals of Program ONE:

- A new program has been launched to close 450 branches this year belonging
  to the retail networks of Banco Santander, BCH and Banesto. At the end of
  this year the number of branches in Spain will be 15% lower than when the
  merger announcement was made.

- New  objectives have also been set for early retirements during  2000  in
  Spain and Latin America.

Over and above efficient distribution, a new way of doing banking

Banco Santander Central Hispano was particularly active during the first
quarter  in  developing  and  implementing  its  own  strategy   on   the
distribution of financial services. A strategy which places the  customer
as  the  center  of  gravity  of the Croup's  activities  while  adapting
permanently to new technologies.

Two  main steps were taken in this regard: on the one hand, to strengthen
traditional branches as sales centers and meeting points with  customers,
exploiting  the competitive advantage of having the largest franchise  of
branches  in  Spain. The Millennium project was promoted  and  the  Fenix
project, to design the branch of the future, is in a pilot scheme phase.


The  Group  has  also progressed in building a virtual  network  for  the
distribution  of  financial  services,  whose  objective  is   to   Cover
customers'  needs  and make it possible to expand into  new  markets  and
businesses.  The  total  number  of Group  Internet  customers  surpassed
500,000  as  of end March 2000 (+58% over December 1999), of  which  over
250,000 are in Spain.

The main highlights of the first quarter include:

- New  developments  which  complete the  range  of  banking  products  and
  services offered via Internet by the Group's retail networks.

- In  Spain  the  Group has three virtual offices (Santander Supernet,  BCH
  Internet  and Banesto's Extr@net), on-line brokerage services  (Santander
  Broker.com, BCH Broker.com and Banesto Broker) and e-commerce (Superplaza
  Santander and Escaparate Banesto). In Germany, where project e-dorado.com
  is  being developed, the number of customers has reached 13,000. In Latin
  America  the  local  projects  underway in  the  various  countries  have
  increased the number of customers to well over 200,000.

- The  first  steps were taken to create a global financial website,  after
  the  acquisition  of  75% of Latin America's largest  financial  portal,
  Patagon.com (valued at around US$700 million), which is to be  integrated
  with  Open  Bank,  BSCH's  direct and Internet banking  subsidiary.  This
  website which transcends the concept of Internet banking, aims to  become
  the global financial supermarket of reference in Europe and the Americas.

The  Patagon.com  project takes off with over 60,000  customers  and  a
management team experienced in Internet and new technologies backed up by
550 professionals. It will be organized into two divisions for Europe and
the  Americas,  and  already  has expansion  plans  in  various  European
countries.

- In  e-commerce,  the  launch of a B2B project with  various  partners  to
  create  a  series of vertical and specialized portals as well as  develop
  procurement  management capabilities. In this regard,  an  agreement  was
  reached  with EDS-CoNext and AT Kearney (EDS subsidiaries)  to  create  a
  joint venture to develop e-procurement and LSN projects.

- New  investments through venture capital funds in companies which conduct
  their   business  over  the  Internet  offering  infrastructures   and/or
  services.

- The Group's positioning is strategically strengthened by its significant
  stake in Airtel which offers various options for future development in a
  number of areas related to the 'new economy'.

Strengthening the position in the domestic market

The  strong  activity developed by the Group in Spain  during  the  first
quarter,  through the retail networks of Banco Santander Central  Hispano
and  Banesto,  was reflected in the notable expansion of  business  which
produced  market  share gains in some key areas such  as  mortgages  (+40
b.p.), mutual funds (+110 b.p.) and unit linked funds.

Particularly noteworthy was Banesto, a key element of the Group's strategy
in  Spain,  which continued to improve its efficiency, profitability  and
customer  business. Its ROE reached around 20% in the first quarter  and
excellent  growth  was  registered  in  demand  and  time  deposits   and
mortgages.  Its  banking sector market share of resident  private  sector
deposits  and loans has risen 30 b.p. and 10 b.p., respectively, since
March 1999.


A benchmark in drawing up the new European banking map

The  steps taken in the first quarter consolidate Banco Santander Central
Hispano's strategic position in Europe, a key area for the Group's future
development.  Major events, in this regard, include the consolidation  of
the  stake  in  the UK's second largest banking group, the  collaboration
agreements with the third largest French banking group and the  effective
control of the banks incorporated to the Group in Portugal.

- In the United Kingdom, Banco Santander Central Hispano became the largest
  shareholder of the new Royal Bank of Scotland, following the acquisition
  of NatWest by Royal Bank of Scotland.

  The  financial support amounting to £1,700 million made available by BSCH
  to  its  partner during the takeover by Royal Bank of Scotland of NatWest
  brought  the Bank's stake in the new Group to 9.2% As part of the support
  package,  Banco  Santander Central Hispano issued £1,200 million-worth of
  shares which were placed among strategic European banking partners.

- In   France,  Banco  Santander  Central  Hispano  and  Societe   Generale
  subscribed  a series of technical agreements to develop certain  business
  areas  and  launch  new activities, as the base for a strategic  alliance
  between both groups bolstered by cross-shareholdings.

  Under the cross-shareholding agreement Banco Santander Central Hispano's
  stake in Societe Generale will rise to 7% from 6.01% now and 5.05% in         
 December 1999, while Societe Generale has taken 3% of BSCH.                    
                           
- in  Portugal, in April, Banco Santander Central Hispano became  owner  of
  majority stakes in Banco Totta and Credito Predial Portugues, in line with
  the  agreements subscribed in 1999 with the Champalimaud Group and Caixa
  Geral de Depositos. Subsequently, BSCH announced the launch of offers for
  the remaining shares that it does not yet control in both entities.

  After  the  integratlon of both banks, the BSCH Group will be the  fourth
  largest banking group in Portugal with a market share of around 11%.

Consolidation of the leading franchise in Latin America

The  high  rates  of  growth in income obtained by the Santander  Central
Hispano  Group  in Latin America will be bolstered by the measures  taken
during  the first quarter aimed at improving the level of management  and
efficiency  of  the subsidiaries, while lifting the stakes in  profitable
and low risk businesses. Of note were:

- The announcement of offers in Argentina and the United States in order to 
  acquire the shares and voting rights of 28.1% of Banco Rio de la Plata.
  This acquisition and the exercise of options already agreed for 19.2% of
  the capital (scheduled for June 2001) will enable Banco Santander Central
  Hispano to own up to 100% of Banco Rio de la Plata.

- As  a  counterpart to these operations, Banco Santander  Central  Hispano
  will deliver up to 67,619,070 ordinary and newly issued shares of EUR 0.5
  nominal value each and an issue premium of EUR 1.75 (equivalent to  1.65%
  of  current capital). This is in accordance with the agreement reached at
  BSCH's Annual Shareholders' Meeting of March 4, 2000

  This  operation, together with the agreement to acquire  97% of the
  Brazilian  Grupo  Financiero  Meridional, further enhances the Group's
  position as the leading franchse in Latin America.

- In addition, new projects were launched to improve the levels of efficiency   
 and quality of the Group's banks in Latin America. Particularly noteworthy     
was the progress made in implementing the Altair Project to build a single     
platform of basic retail banking applications for the Group's banks in Latin   
America.

Lastly, in April, the Group acquired 4% of Metlife for US$427.5 million
arising from the placement of the US life insurer's shares.

The strong level of activity was accompanied in the first quarter by excellent
results and business volumes. As a result, the Group is well on the way to
meeting the targets of Program ONE, with growth of net attributable income per
share of 28% and improved levels of efficiency and profitability while
maintaining adequate solvency and credit risk quality ratios.



Santander Central Hispano consolidated income statement

Income statement

                      January - March 2000       Jan-Mar 1999   Variation 00/99

                     Pta. MM.  Euro MM.  %ATA   Euro MM.  %ATA    Amount  (%)

Interest revenues   807,583    4,853.7   7.40   4.861.8   8.04    (8.1)  (0.17)
Dividends            14,575       87.6   0.13      64.6   0.11    23.0   35.64
Interest expenses  (537,412)  (3,229.9) (4.93) (3,342.6) (5.53)  112.7   (3.37)
Net interest 
  revenue           284,746    1,711.4   2.61   1,583.7   2.62   127.6    8.06
Net fees and 
  commissions       152,075      914.0   1.39     763.2   1.26   150.8   19.76
Basic revenue       436,821    2,625.3   4.00   2,346.9   3.88   278.4   11.86
Trading gains        22,248      133.7   0.20      98.4   0.16    35.3   35.91
Net operating 
  revenue           459,069    2,759.1   4.21   2,445.3   4.04   313.8   12.83

Personnel and 
 general expenses  (246,725)  (1,482.8) (2.26) (1,402.9) (2.32)  (79.9)   5.70
 a) Personnel 
    expenses       (158,478)    (952.5) (1.45)   (915.4) (1.51)  (37.1)   4.05
 b) General 
    expenses        (88,247)    (530.4) (0.81)   (487.5) (0.81)  (42.9)   8.80
Depreciation        (31,684)    (190.4) (0.29)   (169.7) (0.28)  (20.7)  12.20
Other operating 
  costs              (3,750)     (22.5) (0.03)     (8.9) (0.01)  (13.6) 152.53

Operating costs    (282,159)  (1,695.8) (2.59) (1,581.5) (2.61) (114.3)   7.22
Net operating 
  income            176,910    1,063.3   1.62     863.8   1.43   189.5   23.10

Inc. from equity 
  - accounted 
    holdings         32,258     193.9     0.30     74.6   0.12  119.3   159.94
Less:
  Dividens from 
   equity
  - accounted 
    holdings          7,102      42.7     0.07     37.8   0.06    4.9    12.87
Earnings from Group 
  transactions        8,240      49.5     0.08     63.0   0.10  (13.4)  (21.34)
Net provisions for 
  loan - losses     (26,475)   (159.1)   (0.24)  (207.5) (0.34)  48.4   (23.31)
Writedown of 
  investment 
  securities            (32)     (0.2)   (0.00)    0.0   0.00   (0.2)       -
Goodwill amortization(6,636)    (39.9)   (0.06)  (36.3) (0.06)  (3.5)     9.74
Other income        (44,066)   (264.8)   (0.40) (121.2) (0.20)(143.7)   118.55
Income before taxes 140,199     842.6     1.28   636.3   1.05  206.3     32.42
Corporate tax       (28,541)   (171.5)   (0.26) (132.8) (0.22) (38.8)    29.20
Net consolidated 
  income            111,658     671.1     1.02   503.5   0.83  167.5     33.27
Minority interests   15,191      91.3     0.14    52.2   0.09   39.1     74.95
Dividend - preferred 
  shareholders       16,063      96.5     0.15    83.0   0.14   13.5     16.31
Net attributable 
  income             80,404     483.2     0.74   368.3   0.61  114.9     31.19
    
Note:

Average Total 
  Assets         43,645.546 262,315.0         241.987.2      20.327.8     8.40
Average 
  Shareholders' 
  Equity          1,413,793   8,497.1           8,907.1        (410.0)   (4.60)



Average yield of assets
                             January - March 2000       January - March 1999

(%)                           Weight     AV. rate       Weight      AV. rate
Central banks and Government
  debt securities             13.14        5.34         14.89           5.59
Due from banks                12.17        6.25         17.64           6.29
Loans                         49.85        8.65         46.01          10.64
 EMU currency                 31.19        5.42         28.99           6.29
 Other currencies             18.66       14.06         17.02          18.06
Investment securities         14.34        5.72         11.15           6.63
Other assets                  10.50           -         10.31              -
Other revenue                     -        0.94             -           0.57
Total                        100.00        7.59         100.00          8.75


Average cost of funds

                             January - March 2000       January - March 1999

(%)                           Weight     AV. rate       Weight      AV. rate
                   
Due to banks                   24.93         4.87        30.10          5.68
Customer deposits              47.58         4.20        47.67          5.21
 EMU currency                  27.53         1.85        28.60          2.43
 Other currencies              20.05         7.41        19.07          9.38
Debt securities and 
  subordinated debt            12.17         7.40         8.20          8.66
 EMU currency                   2.86         4.46         1.76          6.80
 Other currencies               9.31         8.30         6.44          9.17
Net shareholders' equity        3.64            -         4.11             -
Other liabilities              11.68         1.08         9.92          0.58
Other costs                        -         0.69            -          0.57
Total                         100.00         4.93       100.00          5.53



Consolidated Group Balance Sheet

                                  31.03.00  31.03.99    Variation      31.12.99 
                                                       2000/1999

Assets                Pta.MM.    Euro MM.  Euro MM.   Amount    (%)    Euro MM.
Cash and central 
  banks              822,553     4,943.6   3,433.7   1,509.9   43.97    6,226.9
Government debt 
  securities       4,366,299    26,242.0  31,001.6  (4,759.6) (15.35)  29,717.6
Due from banks     6,073,524    36,502.6  39,706.5  (3,203.9)  (8.07)  30,226.3
Loans             22,301,904   134,037.1 113,473.8  20,563.3   18.12  127,472.1
Investment 
securities         6,541,951    39,317.9  27,569.7  11,748.2   42.61   36,037.7
  Fixed income     4,632,265    27,840.5  19,516.1   8,324.3   42.65   25,613.8
  Equity           1,909,686    11,477.4   8,053.6   3,423.8   42.51   10,423.9
  Shares and other 
    securities       889,339     5,345.0   3,656.5   1,688.5   46.18    6,636.3 
 Equity stakes      884,099     5,313.5   3,552.5   1,761.1   49.57    4,036.7
  Equity stakes 
    in Group 
    companies        136,248       818.9     844.6     (25.8)  (3.05)     861.0
Tangible and 
  intangible 
  assets           1,054,937     6,340.3   6,478.3    (138.0)  (2.13)   6,302.8
Treasury stock         3,464        20.8      96.4     (75.6) (78.40)      35.7
Goodwill             426,363     2,562.5   2,486.3      76.2    3.06    2,542.6
Other assets       3,094,931    18,600.9  16,226.9   2,374.0   14.63   17,040.2
Prior years' 
  results from
  consolidated 
  companies           171,022    1,027.9   1,069.7     (41.8)  (3.91)     836.7
Total assets       44,856,948  269,595.7 241,543.0  28,052.6   11.61  256,438.5

Liabilities
Due to banks       10,899,670   65,508.3  68,537.1  (3,028.7)  (4.42)  63.252.2
Customer deposits  21,687,521  130,344.6 116,292.5  14,052.1   12.08  121,573.1
  Deposits         18,389,906  110,525.6  97,573.4  12,952.1   13.27  104,756.2
  REPOS             3,297,615   19,819.1  18,719.1   1,100.0    5.88   16,817.0
Debt securities     3,881,716   23,329.6  14,494.3   8,835.2   60.96   24,084.8
Subordinated debt   1,484,491    8,922.0   6,673.1   2,248.9   33.70    8,098.7
Pension and other 
  allowances          770,458    4,630.5   2,882.6   1,748.0   60.64    4,370.2
Minority interests  1,172,563    7,047.2   5,619.8   1,427.4   25.40    6,340.1
Net consolidated 
  income              111,658      671.1     503.5     167.5   33.27    2,172.0
Capital               332,710    1,999.6   1,267.5     732.1   57.76    1,833.9
Reserves            1,319,103    7,928.0   8,790.5    (862.5)  (9.81)   6,358.4
Other liabilities   3,197,058   19,214.7  16,482.0   2,732.7   16.58   18,355.0
Total liabilities  44,856,948  269,595.7 241,543.0  28,052.6   11.61  256,438.5
Other managed funds
  (off - balance 
   sheet)          14,150,156   85,044.2  72,750.8  12,293.3   16.90   78,475.7
Total managed 
  funds            59,007,104  354,639.8 314,293.8  40,346.0   12.84  334,914.1
Contingent 
  liabilities       3,815,326   22,930.6  19,596.9   3,333.6   17.01   20,895.4
Guarantees          3,338,841   20,066.8  17,020.8   3,046.0   17.90   17,618.2
Documentary 
  credits             476,485    2,863.7   2,576.1     287.6   11.17    3,277.2


Loans

                                  31.03.00  31.03.99    Variation      31.12.99 
                                                       2000/1999

                      Pta.MM.    Euro MM.  Euro MM.   Amount    (%)    Euro MM.

Public sector        650,587     3,910.1   3,835.2      74.9    1.95    4,099.6
Private sector    12,412,723    74,602.0  63,702.0  10,899.9   17.11   71,443.4
 Secured loans     4,214,165    25,327.6  20,751.7   4,576.0   22.05   23,899.7
 Other loans       8,198,558    49,274.3  42,950.4   6,323.9   14.72   47,543.7
Non-resident 
  sector           9,811,601    58,968.9  49,101.0   9,867.9   20.10   55,394.2
Secured loans      2,596,596    15,605.9  11,518.4   4,087.5   35.49   14,508.5
Other loans        7,215,005    43,363.1  37,582.6   5,780.4   15.38   40,885.7
Gross loans       22,874,911   137,481.0 116,638.3  20,842.7   17.87  130,937.2
Less: allowance 
  for loan losses    573,007     3,443.8   3,164.5     279.4    8.83    3,465.1
Net loans         22,301,904   134,037.1 113,473.8  20,563.3   18.12  127,472.1
Note: Dobtful 
  loans              505,034     3,035.3   2,498.7     536.6   21.48    2,999.6
 Public sector         1,392         8.4      14.1      (5.8) (40.74)       8.7
 Private sector      142,673       857.5     960.9    (103.5) (10.77)     850.0
 Non - resident 
   sector            360,969     2,169.5   1,523.6     645.8   42.39    2,140.9

Risk management* 


                                  31.03.00  31.03.99    Variation      31.12.99 
                                                       2000/1999

                      Pta.MM.    Euro MM.  Euro MM.   Amount    (%)    Euro MM.

Non-performing loans  504,434    3,031.7   2,566.9    464.8   18.11    2,997.8
NPL ratio (%)                       1.89      1.87     0.02               1.97
Allowance for loan
losses                612,220    3,679.5   3,132.1    547.4   17.48    3,622.6
NPL coverage (%)                  121.37    122.02    (0.56)            120.84
Non-performing loans**440,349    2,646.6   2,138.9    507.7   23.74    2,593.3
NPL ratio (%)**                     1.65               1.56    0.09       1.71
NPL coverage (%)                  139.03    146.44    (7.41)            139.69

(*)Excluding country-risk
(**)Excluding NPLs backed by residential mortgages
Notes NPL ratio: Non-performing loans/computable risk



Customer funds
                            31.03.00     31.03.99    Variation         31.12.99
                                                     2000/1999
                   Pta. MM.  Euro MM.     Euro MM.   Amount    (%)     Euro MM.
Public sector      349,845   2,102.6      1,841.7    260.9   14.17     2,151.5
Private sector  10,899,921  65,509.8     65,177.9    331.9    0.51    62,458.6
 Demand deposits 3,220,020  19,352.7     16,806.9  2,545.8   15.15    19,127.0
 Saving accounts 2,203,251  13,241.8     11,695.3  1,546.5   13.22    13,008.3
 Time deposits   3,428,100  20,603.3     73,799.6 (3,196.3) (13.43)   19,206.2
 REPOS           2,019,798  12,139.2     12,839.4   (700.2)  (5.45)   10,971.4
 Other accounts     28,752     172.8         36.7    136.1  370.50       145.8
Non resident
   sector       10,431,755  62,732.2     49,272.9 13,459.3   27.32    56,963.1
 Deposits        9,186,936  55,214,6     43,594.0 11,620.6   26.66    51,267.1
 REPOS           1,250,819   7,517.6      5,678.9  1,838.7   32.38     5,695.9
Total customer 
   deposits     21,687.521 130,344.6    116,292.5 14,052.1   12.08   121,573.1
Debt securities  3,881,716  23,329.6     14,494.3  8,835.2   60.96    24,084.8
Subordinated debt1,484,491   8,922.0      6,673.1  2,248.9   33.70     8,098.7
Total customer 
funds on balance
          sheet 27,053,728 162,596.2    137,459.9 25,136.2   18.29   153,756.6
Total managed 
funds(off -
balance sheet)  14,150,156  85,044.2     72,750.8 12.293.3   16.90    78,475.7
Mutual funds    10,342,870  62,161.9     57,291.7  4.870.2    8.50    59,840.3
 Spain           8,716.042  52,364.5     50,241.9  2,142.5    4.26    51,365.7
 Abroad          1,526,828   9,777.4      7,049.8  2,727.7   38.69     8,474.7
Pension funds    2,490,573  14,968.6     10,487.4  4,481.2   42.73    13,071.6
 Spain             766,404   4,606.2      4,327.8    278.4    6.43     4,531.2
    Individuals    650,794   3,911.4      3,812.0     99.3    2.61     3,971.6
 Abroad          1,724,169  10,362.5      6,159.7  4,202.8   68.23     8,534.4
Managed
 portfolios      1,316.713   7,913.6      4,971.7  2,941.9   59.17     5,563.7
 Spain             487,915   2,932.4      2,511.6    420.8   16.76     2,922.8
 Odd               828,798   4,981.2      2,460.1  2,521.1  102.48     2,641.0
Total customer
      funds     41,203.884 247,640.3    210,210.8 37,429.6   17.81   232,232.3



Main Data by Business Areas
                            Net attributable income                ROE(%)       
                       
                         Jan-Mar 2000      Jan-Mar 99   Var.2000/1999   Jan-Mar
                
                      Pta. MM.   Euro MM.    Euro MM.  Amount  (%)  2000   1999
Retail Banking 
in Spain               32,768      196.9       189.1   7.8    4.13 36.86  36.78
Banesto                15,359       92.3        74.6  17.7   23.66 20.67  10.11
Retail Banking Abroad  32,830      197.3       116.6  80.7   69.18 18.42  15.34
Asset Management
 & Private Banking     10,640       63.9        48.7  15.2   31.23 29.23  27.62
Global wholesale
       Banking         18,617      111.9        90.6  21.3   23.50 20.43  16.40
Corporate Activities  (29,810)    (179.2)     (151.4)(27.8)( 18.35)   -      -
Total                  80,404      483.2       368.3 114.9   31.19 22.75  16.54



                                     Net operating income        Efficiency (%)
                         Jan-Mar 2000      Jan-Mar 99   Var.2000/1999   Jan-Mar
                
                      Pta. MM.   Euro MM.    Euro MM.  Amount  (%)  2000   1999
Retail Banking
      in Spain         50,842       305.6       268.2  37.4  13.94 54.63  50.70
Banesto                20,193       121.4       106.2  15.2  14.31 55.78  59.58
Retail Banking Abroad  81,382       489.1       377.5 111.7  29.58 51.20  54.43 
 Asset Management
 & Private Banking     17,909       107.6        69.9  37.7  53.95 42.27  46.86
Global Wholesale 
        banking        29,711       178.9       158.7  20.2  12.76 35.42  39.95
Corporate Activities  (23,187)     (139.4)     (116.7)(22.7)(19.45)    -      -

Total                 176,910      1,063.3      863.8 199.5  23.10 53.74  57.37

               

                                   NPL ratio (%)               NPL coverage (%)
                          31.03.00     31.03.99          31.03.00     31.03.99
Retail Banking In Spain       1.00         1.34            132.55       116.38
Banesto                       1.12         1.62            170.75       142.57
Retail Banking Abroad         3.61         3.39            105.13       104.94
Asset Management
& Private Banking             0.20            -                 -            -
Global Wholesale Banking      1.23         0.96            150.99       126.15
Total                         1.89         1.07            121.37       122.02



Investor Relations

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Telephones: 3491 558 10 31 - 3491 558 13 65
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