3rd Quarter & 9 Mths Results

Banco Santander Central Hispano SA
29 October 2001


External Communications
Plaza de Canalejas, 1 - 28014 -MADRID.
Tel.: [phone] Fax: [phone]


                         SANTANDER CENTRAL HISPANO NET
                    ATTRIBUTABLE INCOME ROSE 21.4% IN FIRST
                   9 MONTHS OF 2001 TO 1,992.8 MILLION EUROS


MADRID, October 29, 2001 - Santander Central Hispano group net attributable
income rose 21.4% in the first nine months of 2001 to 1,992.8 million euros
(Ptas. 331,573 million).

The income figure is after assigning a special reserve, freely disposable, of 
750 million euros (Ptas. 124,800 million), in addition to other set asides 
covering accelerated goodwill amortization and a special fund for loan losses, 
under Bank of Spain norms introduced last year.

The Bank has today informed the National Securities Market Commission of its
decision to revise the net attributable income objective for this year to 2,615
million euros (Ptas. 435 billion), which would be a rise of 15.8% over the year
2000 and 240 million euros (Ptas. 40 billion) below the January projection.

Santander Central Hispano chairman Emilio Botin said: 'In an increasingly
complex political and economic environment, in which the tragic events in the
United States have brought increased market volatility and uncertainty
regarding world growth prospects, the Bank has set its profit target for 2001 at
2,615 million euros (Ptas. 435 billion), and has decided to create a special
reserve, freely disposable, of 750 million euros.

This decision is in line with the Bank's continuing strategy of strengthening 
the balance sheet, in the light of the fact that the slowdown in economic 
activity is having a dampening effect on margins.'

He also said: 'The special reserve created in the third quarter will be 
increased to 1 billion euros (Ptas. 166,386 million) at the end of the year. The
Bank maintains its objective of obtaining a profit of US$1.5 billion in Latin 
America.

After the year end, and in the light of domestic and international economic
prospects at that time, profit goals for Programme TWO will be revised,
although the Bank maintains its objective of reducing costs by 900 million euros
(Ptas. 150 billion) in real terms', said Botin.

Summary of third quarter activity

In the context of the new management programme, the Group the following
actions have been taken:

- Significant progress in integrating the Santander and Central Hispano retail
branch networks, a process facilitated by integration of technology platforms.
The structures of the two sub-divisions of the network: Individual Customers,
and Companies and Institutions, have been put in place.

- Selection of a new brand image: Santander Central Hispano. The new brand
incorporates the names of the banks that created the Group, and transmits our
values of solidity, leadership, innovation and dynamism. It was first introduced
in October and is expected to be fully adopted in the first quarter of 2002.

- Implementation of the Branch Network Optimization Plan, which involves the
closure of 1,000 offices of the Santander Central Hispano and Banesto
networks.

In the third quarter, important changes took place in the organs of Bank
governance. At the Board Meeting on August 16, Jose Maria Amusategui
informed of his decision to bring forward the date for retiring from the co-
chairmanship, resigning from all posts in the Bank. In accordance with the
Bank's statutes, Emilio Botin took over as sole chairman with full powers in all
administrative bodies.

At this same meeting, note was also taken of the resignation of Santiago
Foncillas from his posts in the Bank. The Board made special mention of the
decisive contribution of Jose Maria Amusategui to the success of the merger,
and expressed gratitude and recognition to both Amusategui and Foncillas for
their work. The vacancies arising from these resignations were not filled, in 
line with the objective of reducing the numbers of Board members.


             RESULTS - FIRM PROGRESS IN IMPLEMENTING STRATEGIC
                          PLAN AND INCREASED PROFITS

Santander Central Hispano results display reflect significant efforts in
cost reduction and balance sheet strengthening. Net attributable income
rose 21,4% to 1,992.8 million euros (Ptas. 331,573 million), after creating a
special reserve of 750 million euros (Ptas. 124,800 million), which will be
increased to 1 billion euros (Ptas. 166,386 million) at the year end.

Net interest income rose 27.7% to 7,584.5 million euros (Ptas. 1,261,952
million), a result of increased volumes reflecting both the incorporation of 
newly acquired banks and also improved margins in the Spanish market as a result
of successful management of short term interest rates. The customer margin for
retail banking (including Banesto) for the first half of 2001 surpassed the same
period of last year by 37 basis points.

Commissions rose 20.3% to 3,495.7 million euros (Ptas. 581,631 million),
with stronger contributions from managed funds (both mutual and pension),
credit and debit cards, insurance, contingent liabilities and transfers. 
Securities and custody was the only segment that underperformed, due to reduced 
market activity.

Basic revenue rose 25.3% to 11,080 million euros (Ptas. 1,843,583 million), with
commissions accounting for 31.5% of the total. Trading gains came to 605.8
million euros (Ptas. 100,802 million), reflecting favourable performance from
portfolios in Spain and in the foreign subsidiaries. Net operating revenues rose
25.2% to 11,686 million euros (Ptas. 1,944,385 million, with strong performance
in recurring items. Of the total, 85% came from retail banking while interest
income plus fees made up 95% of the total.

General expenses: efficiency ratio improved 203 basis points over same period 
of 2000

An increase of 23.8% in general administrative and personnel expenses
essentially reflected recent acquisitions and new projects, with an markedly
improved trend reflecting the fact that the third quarter represents the lowest
quarterly level of spending this year so far. Excluding the impact of an 
increased perimeter and exchange rate fluctuations, personnel costs fell 1.4% 
over the monthly average for 2000, and general expenses by 7.7%.


The Group still has considerable potential for cost reduction through branch
network integration, redimensioning corporate centres and improving efficiency
in recently incorporated banks. In line with the strategic programme for the 
next two years, a series of additional measures have been included to reduce
general expenses, which will be reflected in the coming quarters, maintaining
the goal of cutting costs by 900 million euros (Ptas. 150 billion) in real 
terms.

Group efficiency ratio stood at 54.08%, substantially improving the figure for 
the full year 2000, which partially incorporates the impact of consolidation of 
newly acquired banks, with inferior ratios to Group average.

Net operating income rose 26.8% to 4,466.5 million euros (Ptas. 743,160
million), with income from equity accounted holdings contributing 763 million
euros (Ptas. 126,955 million), 8.4% less than in the same period of 2000 which
included 51.8million euros from the sale of fixed assets by Agapsa, which is 
part owned by Banesto. Excluding this item, the figures were similar to those of
the same period last year, and reflect a higher contribution from The Royal Bank
of Scotland and from companies in the industrial group.

Earnings from Group operations came to 598 million euros (Ptas. 99,501
million), mostly from the sale of a 0.5% shareholding in The Royal Bank of
Scotland and 3.3% in MetLife, which in turn have gone towards extraordinary
provisions.

Total writedowns and provisions came to 2,819.9 million euros, with net
loan loss and country risk provisions doubling to 1,324.4 million euros (Ptas.
220,357 million). Set asides for the special fund for loan loss cover, under
recent Bank of Spain norms, which were not in force in the first six months of
last year, came to 303.6 million euros. These paid particular attention to 
retail banking in Spain and Banesto, maintaining a conservative policy in Latin
America and additional amounts to increse provision cover and contingencies.

Goodwill amortization came to 1,495.1 million euros (Ptas. 248,765 million),
compared to 221.5 million euros in the same period last year. This increase is
due to increased shareholdings and acquisitions of banks in Europe and Latin
America, with 1,059.7 million euros (Ptas. 176,321 million) in accelerated
amortization for Banespa. Other results include various amounts set aside for
the purpose of strengthening the balance sheet. At the end of September a
total of 1,053 million euros was booked from the divestment of 1.09% in
Vodafone. In addition to income from asset sales, a significant item here is the
creation of the special reserve mentioned earlier.

Pre-tax income rose 20.5% to 3,394.3 million euros (Ptas. 564,766 million),
and net income was 2,657.3 million, as a result of which ROA stood at 1.0. Net
attributable income, after minorities and preferred dividends, rose 21.4% to
1,992.8 million euros (Ptas. 331,573 million). Commercial banking made up
65% of the total, Global Wholesale Banking 10%, Asset Management and
Private Banking 8%, alliances 14% and the industrial portfolio 3%.

In the context of a deteriorating world economic environment, which has in
particular affected Latin America, Santander Central Hispano has continued to
expand market share and consolidated its position as the region's leading
franchise.

In a difficult environment of a deteriorating world economy, which has affected
Latin America in particular, Santander Central Hispano has continued to
increase market share and consolidated its position as the region's leading
franchise. The Bank maintains its objective of achieving net income of US$1.5 
billion this year in Latin America and is focussing strategy on three key areas:
improving profit ratios (ROE of 25.6% compared to 17.6% at the same time last 
year), efficiency (a cost-income ratio of 50.4%, an improvement of 2.2 
percentage points), and on raising market share in customer funds. In the first 
nine months of the year, Group market share came to 10.8%, 8.3% and 14.0% for 
deposits, mutual funds and pension funds, respectively, while in loans it rose 
10 basis points to 10%.

In Brazil, plans are being implemented on schedule to maximize efficiency,
upgrade technology and expand business volumes. The impact of these plans
will be felt in coming years, enabling the Bank to achieve its objective of
US$750 million in net attributable income in 2003.

Group operations in Argentina are being focussed on maintaining liquidity,
making optimum use of the volume and structure of capital resources, control of
market and credit risk and redimensioning loan and public debt portfolios. Since
December 2000, the portfolio of investment securities by has been reduced
US$1,350 million to US$905 million.

As a result of these initiatives, Latin America recorded net attributable income
of 1,394.1 million euros in the first nine months, excluding financing costs and
goodwill amortization, a rise of 85.3%.

Banesto performed in line with objectives set for the year, with pre-tax income
rising 23.1% to 405.9 million euros (Ptas. 67,542 million). Substantial
improvements were achieved in efficiency and profitability, in tandem
withincreased business volume (loans grew 17.6% and customer funds 5.6%.

Asset quality also improved, with non-performing loan ratio held at 0.85% and a
provision cover rate of 238%.


BALANCE SHEET STRENGTH

Total Group assets at September 30, 2001 were 4.2% higher than at the same
time last year, at 344,283 million euros (Ptas. 57.28 trillion) , while total
managed funds rose 4% to 434,867 million euros (Ptas. 72.36 trillion). This
reflects the incorporation in the final quarter of 2000 of Banco Caracas and
Banespa, which together contributed new assets of 14,293 million euros (Ptas.
2.4 trillion). In loans, the new banks account for 3,223 million euros (Ptas.
536,264 million), while total customer funds contributed 8,958 million euros
(Ptas. 1.5 trillion).

Total customer funds rose 7.3% to 317,719 million euros (Ptas.52.86 trillion),
and excluding new acquisitions mostly in the non-resident sector the rise was
6.8%. On balance sheet customer funds rose 8.9% in the 12-month period, a
trend reflected both in deposits and also in various debt security issues, which
increased more than 20%. In the resident sector there were sizeable increases
in the public sector deposits. Savings account volume rose 9.0%, above the
sector average.

Among off balance sheet items, mutual funds grew strongly both in Spain and
abroad, and despite a weakening environment the Group consolidated its
domestic leadership with a market share of more than 26%, outperforming the
sector (its volume fell just 6% compared to 12% for the sector as a whole). 
Total pension funds under management rose 13% over September 2000 to 18,842
million euros (Ptas. 3.14 trillion): almost three quarters of the total 
corresponds to Latin America where the Group is undertaking strong expansion and
already has a significant presence in Argentina, Chile, Colombia, Mexico, Peru 
and Uruguay. In Spain, the Group continues to concentrate on individual pension
plans, with a market share of 20% and first place in the rankings.

Gross loans rose 3.1% to 167,337 million euros (Ptas. 27.84 trillion). Other
resident sectors increased 7.4%, but excluding the effect of securitization
operations (2,120 million euros), the rise would have been 10.5%. Mortage
loans rose 18% in the third quarter, year on year (20% excluding 
securitization).

Non-performing loan ratio stood at 2.08%, an improvement of 5 basis points
on the June 2000 level and 38 bp over September 2000. In Spain the ratio was
just 0.82%, the same level as in December 2000, and slightly below the 0.88%
of a year before. In Latin America it declined 91 basis points to 3.99% from the
level for the end of September 2000. The provision cover rate came to 139%,
16.0 percentage points higher than in December 2000 and 25.3 points higher
than in September 2000. The Bank assigned 303.6 million euros to the special
fund for loan losses under new Bank of Spain norms.

BIS ratio stood at 11.38%, with a surplus equity over statutory
requirements of 6.7 billion euros (Ptas. 1.1 trillion).

At September 30, 2001, total capital under BIS criteria stood at 22,544 million
euros (Ptas. 3.75 trillion). The BIS ratio thus stood at 11.38% (Tier I was
7.96%), and surplus equity over minimum required levels stood at 6,700.7
million euros (Ptas. 1.11 trillion). Three subordinated debt issues were 
launched during the period for a total of 1.5 billion euros over 10 years (the 
last in September for 500 million euros), as well as separate issue of perpetual
subordinated debt of 200 million sterling. In additon, 1.3 million new ordinary
shares (0.03% of capital) were issued with a paid-in surplus of 1.79 euros each,
in the context of an incentives programme for young executives.

Shares, shareholders and dividends

The Santander Central Hispano share closed the quarter at 8.42 euros (Ptas.
1,401), giving a market capitalization of 38,408 million euros (Ptas. 6.39 
trillion).  A relatively favourable performance relative to the sector allowed 
the Group to close the quarter with the highest market capitalization among 
Spanish banks, and second in the Euro Stodd 50 index. At September 30, 2001 
there was a total of of 992,897 shareholders (an increase of nearly 10,000 in 
the most recent quarter). Residents in Spain accounted for 45.44% of the total.

On July 31, a first interim dividend for 2001 was paid out, for 0.0751 euros per
share (Ptas. 12.5). On October 31, a second interim dividend for 2001 will be
paid for the same amont, representing in both cases rises of 13.6% over the
equivalent payments for the year 2000 and a dividend yield 3.5% at end
September prices.

Attachments:
Key Group Data                     Shareholders' equity and capital ratios
Consolidated income statement      Loans
Balance sheet                      Customer funds


Key Group Data
Balance Sheet          30.09.2001         30.09.2000    2001/2000    31.12.2000
                 mln ptas.   mln euros     mln euros        %         mln euros

Total Assets    57,283,926   344,283.3     330,352.7         4.22     348,928.0

Loans (net)     27,842,471   167,366.6     162,277.3         3.12     169,384.2

Customer funds  52,863,963   317,718.8     296,161.2         7.28     303,098.5

 Customer funds 
 on balance 
 sheet          37,792,133   227,135.3     208,511.3         8.93     214,450.3

 Mutual Funds   10,750,088    64,609.3      63,261.0         2.13      65,011.9

 Pension Funds   3,135,086    18,842.2      16,678.9        12.97      16,397.3

 Managed 
 portfolios      1,186,656     7,131.9       7,710.1        (7.50)      7,238.9

Equity           3,150,157    18,392.8      18,496.0         2.36      17,797.9

Total managed 
funds           72,355,756   434,866.9     418,002.7         4.03     437,576.1


Results           January- Sept. 2001      Jan-Sep00     2001-2000       2000
                Mln Ptas-    Mln euros     Mln euros          %       Mln euros

Net interest
 revenue         1,261,952     7,584.5       5,938.5        27.72       8,289.6

Basic revenue    1,843,583    11,080.2       8,843.5        25.29      12,302.6

Operating income   743,160     4,466.5       3,523.0        26.78       4,688.6

Pre-tax profit     564,766     3,394.3       2,817.9        20.46       3,774.0

Net attributable
 income            331,573     1,992.8       1,641.8        21.38       2,258.1


Key Group Data, cont.

Ratios

                             30.09.01     30.09.01     30.09.00     31.12.00

ROA                                         1.00          1.01         0.99

ROE*                                       18.74         21.70        20.86

Efficiency                                 54.08         54.66        56.11

BIS Ratio                                  11.38         12.59        10.86

Tier I                                      7.96          9.20         7.64

NPL ratio                                   2.08          2.46         2.26

NPL cover ratio                           139.0         113.68       123.04

Shareholders and shares

Number of shareholders                   992,897     1,029,729    1,018,062

Number of shares (millions)                4,562         4,515        4,560

Share price (Pesetas, euros)    1,401       8.42         12.44        11.40

Market capitalization (millions 
of pesetas, euros)          6,390,576  38,408.1      56,172.7     51,986.7

Net attributable income
 per share                       72.7       0.44          0.40         0.54

PER (market cap/net
 earnings per share)                       14.46         25.66        23.02

Other data

Number of offices                         10,290         9,657       10,827

  Spain                                    5,165         5,825        5,518

  Abroad                                   5,125         3,832        5,309

Number of employees                      118,779       105,936      129,640

  Spain                                   42,086        44,062       43,059

  Abroad                                  76,643        61,784       86,581

* In calculating ROE, average equity does not include 'anticipated voluntary 
reserves'.

Including them, the ratio is 14.8% in September 2001, 18.9% in September 2000 
and 17.6% in December 2000.

Note: The information contained in this statement is unaudited. The consolidated
accounts have nonetheless been drawn up on the basis of generally accepted 
principles and accounting criteria

Consolidated income statement

                        Jan-Sept 2001     Jan-Sept 2001     Jan-Sept 00    01/00
                          mln ptas.         mln euros        mln euros       %

NET INTEREST REVENUE       1,261,952           7,584.5        5,938.5      27.72

Net fees and commissions     581,631           3,495.7        2,905.0      20.33

BASIC REVENUE              1,843,583          11,080.2        8,843.5      25.29

Trading gains                100,802             605.8          493.0      22.88

Net operating revenues     1,944,385          11,686.0        9,336.5      25.16

Personnel and
 general expenses         (1,015,584)         (6,320.1)      (5,103.7)     23.83

a) Personnel                (658,321)         (3,956.6)      (3,152.9)     25.49
b) General expenses         (393,263)         (2,363.6)      (1,950.8)     21.16

Depreciation                (149,641)           (899.4)        (709.8)     26.70

NET OPERATING INCOME         743,160           4,466.5        3,523.0      26.78

Income from equity
 accounted holdings           73,270             440.4          620.9    (29.07)

Earnings from Group
 transactions                 99.501             598.0          361.7     65.34

Net provisions for
 loan losses                (220,357)         (1,324.4)        (650.8)   103.49

Goodwill amortization       (248,765)         (1,495.1)        (221.5)   575.07

Other income                 117,957             709.0         (815.3)       --

Income before taxes          564,766           3,394.3        2,817.9     20.46

Corporate Tax               (122,623)           (737.0)        (563.7)    30.73

Net consolidated income      442,143           2,657.3        2,254.1     17.89

Minority interests            47,778             278.2          280.8      2.26

Dividend - preferred
 shareholders                 62,792             377.4          331.5     13.84

NET ATTRIBUTABLE INCOME      331,573           1,992.8        1,641.8     21.38


Group balance sheet
ASSETS              30.09.01    30.09.01    30.09.00    Variation   31.12.00
                    mln ptas    mln euros   mln euros       %       mln euros

Cash and Central
 Banks             1,765,627     10,611.6     8,762.4     21.10      8,371.7
Government debt
 securities        4,244,139     25,507.8    24,541.3      3.94     22,754.9

Due from banks     6,199,015     37,256.8    40,510.5     (8.03)    36,764.1

Loans             27,842,471    167,336.6   162,277.3      3.12    169,384.2

Investment
 securities        9,448,873     56,788.9    54,502.3      4.20     61,886.3

  Fixed income     6,836,122     41,085.9    40,107.3      2.44     46,561.7

  Equities         2,612,751     15,703.0    14,395.0      9.09     15,324.6

  Shares and other
   securities      1,189,484      7,148.9     5,386.1     32.73      6,448.9

  Equity stakes    1,201,920      7,223.7     7,675.4     (5.89)     7,719.7

  Equity stakes
   in Group 
   companies         221,347      1,330.3     1,333.5     (0.24)     1,156.0

Tangible and
 intangible assets 1,177,707      7,078.2     7,263.1     (2.55)     7,386.2

Treasury stock         8,585         51.6        39.6     30.21         56.1

Goodwill           1,755,782     10,552.5     7,990.6     32.06     11,632.8

Other assets       4,684,352     28,153.5    23,496.6     19.82     29,704.4

Prior years' results 157,375        945.8       969.1     (2.40)       987.4
 from consolidated 
 companies

Total Assets      57,283,926    344,283.3   330,352.7      4.22    348,928.0

LIABILITIES

Bank of Spain
 and banks         8,484,304     50,994.7    65,012.8    (21.57)    68,011.0

Customer deposits 28,628,915    172,063.2   163,198.4      5.43    169,554.5

  Deposits        23,249,755    139,733.8   139,090.3      0.46    145,551.4

  Repos            5,379,160     32,329.4    24,108.2     34.10     24,003.1

Debt securities    7,050,713     42,375.6    34,446.5     23.02     34,165.9

Subordinated debt  2,112,505     12,696.4    10,866.3     16.84     10,729.9

Pension and other
 allowances        2,558,023     15,374.0     6,743.0    128.00     15,579.5

Minority interests 1,314,046      7,897.6     7,406.1      6.64      8,331.7

Net consolidated
 income              442,143      2,657.3     2,254.1     17.89      3,059.1

Capital              379,488      2,280.8     2,257.7      1.02      2,280.1

Reserves           2,662,075     15,999.4    15,903.6      0.60     15,544.3

Other liabilities  3,651,714     21,947.2    22,264.2     (1.42)    21,671.9

Total Liabilities 57,283,926    344,283.3   330,352.7      4.22    348,928.0

Other managed funds
(off-balance
 sheet)           15,071,830     90,583.5    87,650.0      3.35     88,648.2

Total managed
 funds            72,355,756    434,866.9   418,002.7      4.03    437,576.1

Contingent
 liabilities       4,965,241     29,841.7    24,571.1     21.45     26,192.0

Guarantees         4,086,699     24,561.4    21,507.6     14.20     22,155.7

Documentary credits  878,572      5,280.3     3,063.4     72.37      4,036.3


Shareholders' equity
and capital ratios  30.09.01    30.09.01    30.09.00    Variation   31.12.00
                    mln ptas    mln euros   mln euros       %       mln euros

Subscribed capital
 stock               379,488      2,280.8     2,257.7      1.02      2.280.1

Paid-in surplus     1,344,471     8,080.4     7,937.8      1.80      8,078.2

Reserves              905,901     5,444.6     5,421.2      0.43      5,437.1

Reserves at 
 consolidated
 companies (net)      254,328     1,528.5     1,575.6     (2.99)     1,014.6

Total primary
 capital            2,884,188    17,334.3    17,192.3      0.83     16,837.0

Net attributable 
 income               331,573     1,992.8     1,641.8     21.38      2,258.1

Treasury stock         (8,585)      (51.6)      (39.6)   (30.21)       (56.1)

Distributed interim 
 dividend             (57,019)     (342.7)     (298.5)    14.80       (597.0)

Shareholders' equity
 at period end      3,150,157    18,932.8    18,496.0      2.36     18,442.1

Interim dividend 
 pending distribution                                                 (301.5)

Final dividend                                                        (342.7)

Shareholders' equity after
Allocation of period
 end results        3,150,157    18,932.8    18,496.0      2.36     17,797.9

Preferred shares    1,181,626     7,101.7     6,555.9      8.33      6,644.2

Minority interests    242,990     1,460.4     1,462.4     (0.14)     2,488.6

Shareholders' equity &
 minority interests 4,574,773    27,494.9    26,514.3      3.70     26,930.6

Basic Capital
 (Tier I)           2,621,457    15,755.3    17,485.4     (9.89)    15,207.1

Supplementary
 Capital            1,129,501     6,788.4     6,430.6      5.56      6,413.8

Eligible capital    3,750,958    22,543.7    23,916.0     (5.74)    21,620.9

Risk-weighted assets
 (BIS criteria)    32,950,657   198,037.4   189,963.6      4.25    199,062.7

BIS ratio                            11.38       12.59                  10.86

 Tier I                               7.96        9.20                   7.64

Excess (amount)     1,114,906     6,700.7     8,719.0    (23.15)     5,695.9


Loans
                    30.09.01    30.09.01    30.09.00    Variation   31.12.00
                    mln ptas.   mln euros   mln euros       %       

Public sector        622,663      3,742.3     3,920.1     (4.54)     4,148.9

Private sector    13,755,485     82,672.1    76,911.7      7.49     81,677.6

  Secured loans    5,195,487     31,225.5    26,467.4     17.98     27,652.7

  Other loans      8,559,998     51,446.6    50,444.4      1.99     54,024.9

Non-resident
 sector           14,389,510     86,482.7    86,566.6     (0.10)    88,730.0

  Secured loans    3,971,324     23,868.1    21,800.6      9.48     22,898.5

  Other loans     10,418,186     62,614.6    64,766.0     (3.32)    65,831.5

Gross loans       28,767,658    172,897.1   167,398.4      3.28    174,556.4

Less: allowance for
 loan losses         925,187      5,560.5     5,121.1      8.58      5,172.2

Net loans         27,842,471    167,336.6   162,277.3      3.12    169,384.2

Note: doubtful
 loans               702,049      4,219.4     4,683.0     (9.90)     4,517.9

  Public sector          925          5.6         6.9    (19.71)         3.7

  Private sector     137,897        828.8       867.8     (4.50)       855.5

  Non-resident
  sector             563,227      3,385.1     3,808.3    (11.11)     3,658.7


Customer funds
                    30.09.01    30.09.01    30.09.00    Variation   31.12.00
                    mln ptas.   mln euros   mln euros       %       

Public sector      1,887,367     11,343.3     2,262.8     401.30     2,358.6

Private sector    11,604,358     69,743.6    68,093.5       2.42    68,458.5

  Demand deposits  3,262,606     19,608.7    20,256.1      (3.20)   20,236.2

  Savings accounts 2,491,726     14,975.6    13,741.1       8.98    13,734.3

  Time deposits    3,605,265     21,668.1    21,248.8       1.97    20,933.3

  REPOS            2,221,438     13,351.1    12,758.2       4.65    13,407.8

  Other accounts      23,323        140.2        89.4      56.76       146.9

Non-resident
 sector           15,137,190     90,976.3    92,842.1      (2.01)   98,737.3

  Deposits        13,533,525     81,338.1    81,646.2      (0.38)   88,305.3

  REPOS            1,603,665      9,638.2    11,195.9     (13.91)   10,432.0

Total customer
 deposits         28,628,915    172,063.2   163,198.4       5.43   169,554.5

Debt securities    7,050,713     42,375.6    34,446.5      23.02    34,165.9

Subordinated debt  2,112,505     12,696.4    10,866.3      16.84    10,729.9

Total customer funds
 on-balance sheet 37,792,133    227,135.3   208,511.3       8.93   214,450.3

Total managed funds
 (off-balance
 sheet)           15,071,830     90,583.5    87,650.0       3.35    88,648.2

Mutual funds      10,750,088     64,609.3    63,261.0       2.13    65,011.9

  Spain            7,877,598     47,345.3    50,761.9      (6.73)   49,241.6

  Abroad           2,872,490     17,264.0    12,499.1      38.12    15,770.4

Pension funds      3,135,086     18,842.2    16,678.9      12.97    16,397.3

  Spain              798,337      4,798.1     4,685.9       2.39     4,940.3

   Individuals       683,937      4,110.5     3,979.2       3.30     4,222.7

  Abroad           2,336,749     14,044.1    11,993.0      17.10    11,457.0

Managed portfolios 1,186,656      7,131.9     7,710.1      (7.50)    7,238.9

  Spain              335,087      2,013.9     2,386.3     (15.60)    2,242.7

  Abroad             851,569      5,118.0     5,323.8      (3.87)    4,996.2

Total customer funds
 on-balance sheet 52,863,963    317,718.8   296,161.2       7.28   303,098.5