2007 Results

Banco Santander S.A.
07 February 2008





Press release


                     Banco Santander's attributable profit
                     rose 19% to EUR 9.060 billion in 2007


Attributable profit excluding capital gains rose 23% to EUR 8.111 billion, with
                     a 21% increase in earnings per share.


•        Reflecting the strong results, the Board of Directors increases the
dividend by 25% for the third consecutive year, to EUR 0.65 a share, for a
payout of EUR 4,070 million, or 50% of ordinary profit.



•        The increase in profit was driven by revenue growth of 21%, more than
double the rate of growth in costs of 10%, which improved the efficiency ratio
by more than four percentage points, to 44.2%.



•        All business units contributed to the increase in revenues. Loans and
deposits grew by 12%, excluding the exchange rate effect.



•        In Continental Europe, attributable profit rose 27% to EUR 4,423
million, with a 14% increase in loans and an 8% increase in customer funds.



•        In Latin America, attributable profit rose 27% in dollars, to
US$3,648 million, with an increase of 20% in loans and 21% in customer funds, in
local currencies. In euros, attributable profit rose 17% to EUR 2,666 million.



•        Abbey's attributable profit rose 20% to £822 million, with growth of
8% in loans and 5% in deposits in pounds. In euros, attributable profit rose 20%
to EUR 1,201 million.



•        Non-performing loans stood at 0.95%, with a coverage rate of 151%,
compared to rates of 0.82% and 179%, respectively, at the close of 2006.



•        The capital ratios underline Santander's high level of solvency, with
a BIS ratio of 12.7% and core capital of 6.3%.



•        The Group realized net capital gains of EUR 2,348 million in 2007
through assets sales, most notable the sale of real estate properties (EUR 1,076
million), the pension fund management companies in Latin America (EUR 622
million) and the 1.79% stake in Intesa Sanpaolo (EUR 566 million).



•        Of these capital gains, EUR 1,398 million will be assigned mainly to
adjust the value of the investment in Sovereign (EUR 737 million), to amortize
the acquisition of clients in Brazil (EUR 351 million) and to reserves for early
retirements (EUR 242 million).The remaining EUR 950 million contribute to
attributable profit.




Madrid, February 7, 2008 - Banco Santander registered attributable net profit of
EUR 9,060 million in 2007, an increase of 19% from 2006. The result is the
highest profit in the history of the bank, which celebrated the 150th
anniversary of its founding in 2007, making it the fifth largest bank in the
world by profit.



These results are more noteworthy when taking into account the difficult
financial environment, which caused large losses at a number of global financial
institutions. At the same time, Santander participated, together with The Royal
Bank of Scotland and Fortis, in the largest financial sector transaction in
history: the acquisition of ABN Amro.



The 2007 results are underpinned by the strong growth in revenues, which doubled
that of costs. This allowed recurring profit, without capital gains, to grow by
23%, to EUR 8,111 million. At the same time, Santander in 2007 realized net
extraordinary capital gains of EUR 2,348 million, of which EUR 1,398 million
have been assigned to extraordinary charges and EUR 950 million to attributable
net profit.



The quality of these results allowed the Board of Directors to approve, for the
third consecutive year, a 25% increase in the dividend, with a total charge
against 2007 earnings of EUR 0.6508 per share. This will result in a dividend
payout of EUR 4,070 million, or 50% of ordinary profit, in line with Santander's
pay-out policy.



In 2007 Santander notched up a new record profit ...


                             2007 Attributable profit
EUR million                       2006                    2007
Total profit (1)                  7,596                   9,060
Net capital gains (2)             1,014                   950
Profit excl. capital gains        6,582                   8,111 (*)
(1) Growth rate of 19.3%; (2) Growth rate of 23.2%
(*) Including EUR 60 million due to ABN impact (net between profit and financing
costs)


                    2007 world's Top 10 by attrib. profit (*)
                   ... in the world's top 5 for the first time
EUR million
Bank 1                            13,200
Bank 2                            11,200
Bank 3                            10,800
Bank 4                            9,900
Santander                         9,060
Bank 6                            8,300
Bank 7                            7,800
Bank 8                            7,600
Bank 9                            6,600
Bank 10                           6,500
(*) Final data or Bloomberg estimates.



Quality profit




           High 'vertical' quality of the income statement
EUR Mill.
                                                        Change
                                  2007       2006    Amount         %

Gross operating income          27,074     22,333    +4,741     +21.2
Operating expenses             -12,208    -11,045    -1,162     +10.5
Net operating income            14,821     11,218    +3,604     +32.1
Loan-loss provisions            -3,470     -2,467    -1,002     +40.6
Net op. income net of LLPs      11,352      8,750    +2,601     +29.7


Attr. profit (exc. ABN &         8,051      6,582    +1,468     +22.3
cap. gains)
ABN's* net contribution             60         --       +60        --
Attr. profit (exc. capital       8,111      6,582    +1,528     +23.2
gains)
Net capital gains                  950      1,014       -64      -6.3
Attr. profit (incl. capital      9,060      7,596    +1,464     +19.3
gains)
(*) Including EUR 141 million in revenues and EUR 81 million in
financing costs net of taxes





Results



Revenues grew by 21%, driven by growth in volumes of 12% and price management,
to EUR 27,095 million. Revenues grew at twice the rate of costs, which increased
by 10%, allowing net operating income to increase by 32% to EUR 14,842 million.
The increase in costs was linked to the opening of a net 326 new branches,
bringing the total number of branches in the Santander network to 11,178, making
it the largest retail banking distribution franchise in the western world. Once
Banco Real in Brazil is integrated, the Group will have more than 13,000
branches.



The performance in revenue and costs resulted in a significant improvement in
efficiency. At the close of 2007, costs equalled 44.2% of total revenues, an
improvement of 4.4 percentage points from a year earlier. The businesses in
Continental Europe had an efficiency ratio of 38.8%, the U.K. (Abbey) 50.1% and
Latin America 41.8%.



The strong increase in net operating income was accompanied by a 41% increase in
provisions for bad loans, or an increase of 24% excluding Drive, the U.S.
consumer finance company which was consolidated into the Group's accounts from
2007. Ordinary attributable profit, excluding extraordinaries, was EUR 8,111
million, up 23%.



Apart from these results generated by ordinary activities, in 2007 the Group
realized net capital gains of EUR 2,348 million. Among these capital gains, most
notable were the EUR 1,076 million generated by the sale of real estate
properties, not including the sale of the Ciudad Santander headquarters agreed
in January, 2008, which will result in a net capital gain of EUR 605 million.
Other sales included the pension fund management companies in Latin America,
which generated a gain of EUR 622 million, the 1.79% stake in Intesa Sanpaolo,
with capital gains of EUR 566 million and 5.87% of BPI Portugal, with a gain of
EUR 84 million. These capital gains have been assigned to an adjustment in the
value of the investment in Sovereign (EUR 737 million) and the acquisition of
clients in Brazil (EUR 351 million), to reserves for early retirement and other
retirement plans (EUR 242 million) and write-offs in Portugal (EUR 68 million).



The difference between the net capital gains and reserves come to EUR 950
million, which contributes to Banco Santander's final 2007 net profit figure of
EUR 9,060 million, an increase of 19%, reinforcing the solvency and capital
strength of the Group. Earnings per share came to EUR 1.43, up 17.5% from 2006.
Excluding capital gains, earnings per share was EUR 1.28, an increase of 21.4%.



2007 Europe: Main units
EUR mill. and % o/ 2006


Solid and diversified growth: recurrent profit above 20% in all units


                    Gross operating income: 12,843 mill.; +20%
          SAN Branch Network                       4,747                 +14%
                Banesto                            2,282                 +15%
    Santander Consumer Finance ***                 2,638                 +45%
               Portugal                            1,214                 +10%
              Other ****                    1,962 (GB&M: 1,332)          +22%


                     Net operating income: 7,786 mill.; +24%
          SAN Branch Network                       2,863                 +18%
                Banesto                            1,312                 +24%
    Santander Consumer Finance ***                 1,867                 +55%
               Portugal                             672                  +18%
              Other ****                     1,072 (GB&M: 829)           +6%


                       Attributable profit*: 4,423 mill.; +27%
SAN Branch Network                               1,806            +20%
Banesto                                           668             +14% (+24%)**
Santander Consumer Finance ***                    719             +27%
Portugal                                          511             +21%
Other ****                                  719 (GB&M: 601)       +83%



(*) Excluding net capital gains and extraordinary allowances

(**) Results from ordinary activity

(***) Including Drive. Ex- Drive: gross operating income +7%; net op. income +6%
and attributable profit +8%

(****) Banif, Asset Management and Insurance and Global Banking & Markets



2007 Latin America: Main countries
US$ Mill. and % o/ 2006


Strong growth of revenues in all countries with costs under control. Increased
LLPs due to greater lending and change of mix


                   Gross operating income: 14,210 mill.; +36%
                Brazil                           6,001                 +42%
                Mexico                           3,404                 +33%
                 Chile                           2,060                 +23%
            Other countries                      2,300                 +35%
       Santander Private Banking                  446                  +32%


                     Net operating income: 7,947 mill.; +50%
                Brazil                           3,466                 +60%
                Mexico                           2,060                 +54%
                 Chile                           1,223                 +27%
            Other countries                       939                  +46%
       Santander Private Banking                  258                  +29%


                     Attributable income: 3,648 mill.; +27%
                Brazil                           1,239                 +32%
                Mexico                            894                  +35%
                 Chile                            743                 +21% *
            Other countries                       549                  +16%
       Santander Private Banking                  223                  +28%
                (*) Net profit (before minority interests): +29%





By geographical areas, Continental Europe recorded net income of EUR 4,423
million, an increase of 27%, as revenue grew by six percentage points more than
costs, 20% compared to 14%, respectively..Abbey registered a profit of £822
million (EUR 1,201 million), an increase of 20%, supported by a 7% increase in
revenues and a 3% decline in costs. Banco Santander profit in Europe came to EUR
5,624 million, 68% of total Group profit.



In Latin America, attributable profit rose by 27% in dollars, the operating
currency, to $3,648 million. In euros, attributable profit was EUR 2,666
million, up 17%. The greatest contribution was made by Brazil, which rose by
32%, to $1,239 million (EUR 905 million); followed by Mexico, with an increase
of 35% to $894 million (EUR 654 million) and Chile, where attributable profit
increased by 29% to $743 million (EUR 543 million).



By businesses, retail banking registered ordinary pretax profit (excluding
capital gains and extraordinary write-offs) of EUR 9,339 million, up 26%; Global
Wholesale Banking EUR 1,830 million, up 28%; and Asset Management and Insurance
EUR 537 million, up 14%. The quality of these results is underpinned by the
roughly 20% growth in retail banking seen in all markets, while 78% of Global
Wholesale Banking revenue is generated by customer business. Asset management
and insurance contribute recurring revenues of EUR 3,600 million to the Group.





Business



Santander concluded 2007 with EUR 1,063,892 million in funds under management,
an increase of 6%. Of these, EUR 912,915 million are on the balance sheet, up
9%. The rest are off-balance mutual funds, pensions and other customer funds,
which amount to EUR 159,986 million. Excluding the effect of certain currencies'
depreciations, Banco Santander in 2007 grew by 12% in lending as well as in
customer funds.



Group gross lending was EUR 574,172 million at the end of the year, up 8%.
Continental Europe accounted for 55% of this lending, the United Kingdom (Abbey)
33% and Latin America the remaining 12%.



In Continental Europe, lending grew by 14%, to EUR 310,618 million, with
increases in all countries and units. In Spain, lending grew by 13%, with
mortgage business slowing to 11%. Lending in the Santander branch network in
Spain increased by 11%, Banesto by 21%, Portugal by 6% and Santander Consumer
Finance by 16%.






Customers loans



Gross customer loans
EUR billion


Dec 05         443
Dec 06         532
Mar 07         539
Jun 07         561
Sep 07         560
Dec 07         574 (*)
(*) +8.0% as compared to Dec 06. The increase is of 11.8%
without exchange rate impact.



Gross customers loans: December 2007

% o / operating areas


Continental Europe               55%
UK - Abbey                       33%
Latin America                    12%



The Santander branch network in Spain continued implementing its successful 'We
want to be your bank' programme, launched in 2006, which resulted in linked
customers totalling 4 million versus 2.4 million two years ago. Net branch
growth in 2007 was 55. Lending volume to individuals grew by 8% and to SMEs and
companies by 18%. Banesto grew by 13% in loans to individuals and 27% in loans
to SMEs and companies.



In Portugal, Santander Totta grew lending by 6%, due to less lending for large
transactions, while loans to individuals grew by 9% and SME and company lending
by 21%.



Santander Consumer continued its expansion, both organic (branch openings in
Germany and Italy) and through selective acquisitions (Drive in the U.S.).
Activity was affected by rising interest rates and the decline in auto
purchases. New lending grew 6%, with direct lending increasing 20% and card
financing 18%. Loans for auto purchases fell 1%.



Loan volume in Latin America came to EUR 68,854 million, an increase of 14% in
euros and 20% in local currencies. Brazil, which opened 78 branches last year,
increased lending by 32%, with growth of 28% in lending to individuals and 41%
to SMEs. Mexico, which opened 49 branches, grew by 25%, with increases of 30% in
lending to individuals, and 66% to SMEs. Chile, where 97 new branches were
opened, increased lending by 19%, with growth of 15% to individuals and 19% to
SMEs.



Abbey continued with its restructuring, closing the year with loan volume of EUR
184,086 million, an increase of 8% in pounds. Net mortgage production in 2007
amounted to £8,800 million, up £1,000 million, or 12%, from 2006.



At the close of 2007, the non-performing loan rate continued to be below one
percentage  point, at 0.95%, growing 0.13 point from the previous year. The
coverage ratio stood at 151%, down 28 points. The Group's provisions amount to
EUR 9,302 million, of which EUR 6,027 million were generic.





Managed customer funds

EUR billion


Dec 05                      633
Dec 06                      721
Mar 07                      752
Jun07                       780
Sep 07                      787
Dec 07                      785 (*)
(*) +8.9% as compared to Dec 06. The increase is of 12.6%
without exchange rate impact.
Note: Previous quarters adjusted with the impact of the
sale of pension funds management institutions in Latin
America.



Managed customer funds: December 2007

% o/ operating areas


Continental Europe               48%
UK - Abbey                       32%
Latin America                    20%



The Group's total customer funds under management came to EUR 784,995 million at
the end of 2007, a like-for-like increase of 9% from a year earlier. Balance
sheet resources rose 10% to EUR 625,009 million. Off-balance sheet resources
declined due to the sale of the Latin American pension fund management
companies, which had EUR 18,052 million in funds under management at the close
of 2006. Excluding this impact, off-balance sheet funds under management grew by
3%.



In Continental Europe, total customer funds under management were EUR 323,602
million, up 8%, accounting for 48% of the Group's total managed customer funds.
Customer funds under management in Spain grew by 5%, or 8% if the placement of
the EUR 7,000 million Valores Santander issue for the financing of the ABN Amro
purchase is included. Santander Consumer Finance grew by 33%.



In Latin America, customer funds came to EUR 137,682 million, down 1% due to the
sale of the pension fund management companies. Excluding this effect, funds
under management grew by 14% in euros or 21% in local currencies. In Brazil,
savings grew by 30%, with 22% increase in deposits and 36% in investment funds.
In Mexico, customer funds grew by 12%, with deposits increasing by 6% and
investment funds by 24%. In Chile, growth was 18%, with deposits up 16% and
investment funds up 24%.



Abbey ended 2007 with EUR 216,672 million in customer funds, up 5%, or 15% in
pounds. Net inflow of deposits was £3,200 million in 2007, nearly three times
the amount of a year earlier, when they were £1,100 million. Growth was achieved
without increasing costs, as the margin of Abbey's customer funds portfolio
improved during the period.



The acquisition of ABN AMRO



On May 29th, Banco Santander, together with The Royal Bank of Scotland and
Fortis, announced its intention to put forward an offer to acquire ABN Amro. The
offer was made on July 20th. The amount offered by the three banks for each ABN
Amro share was EUR 35.60 per share in cash and 0.296 new RBS shares.



Santander's investment in its share of the assets was EUR 19,900 million, an
amount that will come down to  EUR 10,100 million as a result of the sale of
Antonveneta, its Interbanca unit and a small Dutch consumer finance company that
was also allotted to Santander. At the same time, Santander will acquire RBS'
global clients business in Brazil, so that Santander's estimated final
investment in the acquisition of ABN Amro assets, basically Banco Real, will
amount to EUR 10,500 million.



The share and dividend


                    EPS excluding capital gains *
Euro

1997 (1)                             0.34
1998                                 0.38
1999                                 0.43
2000                                 0.54
2001                                 0.54
2002                                 0.48
2003                                 0.55
2004 (2)                             0.73
2005                                 0.84
2006                                 1.05
2007                                 1.28
(1) CAGR between 1997 and 2007: +14%; (2) CAGR between 2004 and 2007:
+21%.
(*) Adjusted from share splits and capital increases. From 2004 under
IFRS criteria.


                         Dividend per share
Euro

1997 (1)                             0.18
1998                                 0.19
1999                                 0.23
2000                                 0.27
2001                                 0.29
2002                                 0.29
2003                                 0.30
2004 (2)                             0.33
2005                                 0.42
2006                                 0.52
2007                                 0.65
(1) CAGR between 1997 and 2007: +14%; (2) CAGR between 2004 and 2007:
+25%.





At the close of 2007, Santander's eligible capital came to EUR 65,225 million,
with a surplus of EUR 24,021 million above the required minimum. With this
capital base, the BIS ratio came to 12.7%, Tier I capital to 7.7% and core
capital to 6.3%. These ratios underscore Santander's capital strength.



The Santander share ended the year at EUR 14.79 euros, up 4.6% from a year
earlier, making it the only bank in the Eurostoxx with a positive performance in
2007. At the end of the year, Santander's market capitalization amounted to EUR
92,501 million. Santander is the leading bank in the euro zone and the eighth in
the world by market value.



The Board of Directors has agreed that the total dividend charged against 2007
earnings will amount to EUR 0.6508 per share, an increase of 25% for the third
consecutive year. Santander has already paid three of the four annual dividends,
amounting to EUR 0.1229 each. The fourth one, totalling EUR 0.2820 per share,
will be paid in May. The share's dividend yield came to 4.67% in 2007. In the
last ten years, the dividend has registered annual cumulative growth of 14%. In
2007, profit distributed to shareholders will amount to EUR 4,070 million (50%
of ordinary attributable profit), a record for Santander.



Santander has 2,278,321 shareholders. 131,819 persons work in the Group, serving
65 million customers in 11,178 branches.



                     More information at: www.santander.com









Income Statement
Million euros
                                                       Variation
                                  2007       2006    Amount         %       2005

Net interest income (w/o        14,882     12,076     2,806      23.2     10,324
dividends)
Dividends                          413        404         9       2.3        336
Net interest income             15,295     12,480     2,815      22.6     10,659
Income from companies              441        427        15       3.4        619
accounted for by the equity
method
Net fees                         8,040      7,024     1,016      14.5      6,061
Insurance activity                 319        253        66      26.2        201
Commercial revenue              24,096     20,184     3,912      19.4     17,541
Gains (losses) on financial      2,998      2,149       849      39.5      1,534
transactions
Gross operating income          27,095     22,333     4,761      21.3     19,076
Income from non-financial          152        119        33      27.9        156
services
Non-financial expenses            (78)       (70)       (8)      11.7       (91)
Other operating income           (119)      (119)       (0)       0.0       (89)
Operating expenses            (12,208)   (11,045)   (1,162)      10.5   (10,288)
  General administrative      (10,940)    (9,899)   (1,041)      10.5    (9,274)
         expenses
  Personnel                    (6,510)    (5,926)     (584)       9.9    (5,555)
  Other administrative         (4,430)    (3,973)     (457)      11.5    (3,719)
expenses
  Depreciation and             (1,268)    (1,147)     (121)      10.6    (1,014)
amortisation
Net operating income            14,842     11,218     3,624      32.3      8,765
Impairment loss on assets      (3,549)    (2,551)     (998)      39.1    (1,802)
  Loans                        (3,470)    (2,467)   (1,002)      40.6    (1,615)
  Goodwill                        (14)       (13)       (2)      13.1          -
  Other assets                    (65)       (70)         6     (8.3)      (187)
Other income                     (383)       (45)     (337)     742.4      (265)
Profit before taxes (w/o        10,910      8,622     2,288      26.5      6,698
capital gains)
Tax on profit                  (2,392)    (1,947)     (444)      22.8    (1,287)
Profit before ordinary           8,518      6,674     1,844      27.6      5,411
activity
Net profit from                    112        470     (357)    (76.1)        331
discontinued operations
Net consolidated profit (w/      8,631      7,144     1,487      20.8      5,742
o capital gains)
Minority interests                 520        562      (41)     (7.4)        530
Attributable profit to the       8,111      6,582     1,528      23.2      5,212
Group (w/o capital gains)
Net extraordinary capital          950      1,014      (64)     (6.3)      1,008
gains
Attributable profit to the       9,060      7,596     1,464      19.3      6,220
Group






Customer loans
Million euros
                                                       Variation
                              31.12.07   31.12.06    Amount         %     31.12.05

Public sector                    5,633      5,329       305       5.7        5,243
Other residents                227,512    199,994    27,518      13.8      153,727
  Commercial bills              18,248     17,276       972       5.6       15,371
  Secured loans                123,371    110,863    12,508      11.3       81,343
  Other loans                   85,893     71,854    14,039      19.5       57,013
Non-resident sector            341,027    326,187    14,840       4.5      284,468
  Secured loans                199,316    191,724     7,592       4.0      174,117
  Other loans                  141,711    134,463     7,247       5.4      110,352
Gross customer loans           574,172    531,509    42,663       8.0      443,439
Loan-loss allowances             8,695      8,163       532       6.5        7,610
Net customer loans             565,477    523,346    42,131       8.1      435,829
Pro memoria: Doubtful loans      6,070      4,613     1,457      31.6        4,356
  Public sector                      1         18      (17)    (95.5)            3
  Other residents                1,812      1,212       600      49.6        1,027
  Non-resident sector            4,257      3,383       874      25.8        3,326





Customer funds under
management
Million euros
                                                       Variation
                              31.12.07   31.12.06    Amount         %     31.12.05

Public sector                   15,239     15,266      (27)     (0.2)       14,366
Other residents                103,772     94,750     9,022       9.5       83,392
  Demand deposits               53,779     55,050   (1,271)     (2.3)       50,124
  Time deposits                 31,007     24,670     6,337      25.7       18,799
  REPOs                         18,986     15,030     3,956      26.3       14,470
Non-resident sector            236,693    221,206    15,487       7.0      208,008
  Demand deposits              117,699    119,861   (2,162)     (1.8)      113,603
  Time deposits                 78,287     72,258     6,029       8.3       77,195
  REPOs                         37,538     26,343    11,195      42.5       14,366
  Public Sector                  3,168      2,744       424      15.5        2,844
Customer deposits              355,704    331,223    24,482       7.4      305,765
Debt securities                233,634    204,069    29,565      14.5      148,840
Subordinated debt               35,670     30,423     5,247      17.2       28,763
On-balance sheet customer      625,009    565,715    59,294      10.5      483,369
funds
  Mutual funds                 119,211    119,838     (628)     (0.5)      109,480
  Pension funds                 11,952     29,450  (17,498)   (59.4)*       28,619
  Managed portfolios            19,814     17,835     1,979      11.1       14,746
  Savings-insurance              9,009      6,385     2,624      41.1       15,146
policies
Other customer funds under     159,986    173,509  (13,522)     (7.8)      167,991
management
Customer funds under           784,995    739,223    45,772      6.1*      651,360
management



(*) Without impact of the sale of pension funds management institutions in Latin
America, pension funds: +4.9%; customer funds under managament: +8.9%




Shareholders' equity and
minority interests
Million euros
                                                       Variation
                              31.12.07   31.12.06    Amount         %     31.12.05

Capital stock                    3,127      3,127         -         -        3,127
Additional paid-in surplus      20,370     20,370         -         -       20,370
Reserves                        23,458     12,352    11,107      89.9        8,781
Treasury stock                     (0)      (127)       127    (99.8)         (53)
On-balance sheet                46,955     35,722    11,233      31.4       32,225
shareholders' equity
Attributable profit              9,060      7,596     1,464      19.3        6,220
Interim dividend               (1,538)    (1,337)     (201)      15.0      (1,163)
distributed
Shareholders' equity at         54,478     41,981    12,497      29.8       37,283
period-end
Interim dividend not           (2,532)    (1,919)     (613)      32.0      (1,442)
distributed
Shareholders' equity            51,945     40,062    11,884      29.7       35,841
Valuation adjustments              722      2,871   (2,149)    (74.8)        3,077
Minority interests               2,358      2,221       138       6.2        2,848
Preferred securities               523        668     (146)    (21.8)        1,309
Preferred securities in          7,261      6,837       425       6.2        6,773
subordinated debt
Shareholders' equity and        62,810     52,658    10,151      19.3       49,848
minority interests





Computable capital and BIS
ratio
Million euros
                                                       Variation
                              31.12.07   31.12.06    Amount         %     31.12.05

Computable basic capital        39,725     35,539     4,186      11.8       32,532
Computable supplementary        25,500     24,237     1,262       5.2       20,894
capital
Computable capital              65,225     59,776     5,448       9.1       53,426
Risk-weighted assets           515,050    478,733    36,317       7.6      412,734
BIS ratio                        12.66      12.49      0.17                  12.94
  Tier 1                          7.71       7.42      0.29                   7.88
  Core capital                    6.25       5.91      0.34                   6.05
Shareholders' equity            24,021     21,478     2,543      11.8       20,407
surplus






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