Interim Results

Banco Santander Central Hispano SA
26 July 2000


                                                   Key consolidated data

Balance Sheet                  30.06.2000  30.06.1999  Variation(%)  31.12.1999
                     Pta MM.    Euro MM.    Euro MM.    2000/1999     Euro MM.

Total assets      52,788,992    317,268.2   256,081.6       23.89     256,438.5
Loans             26,080,046    156,744.2   125,108.5       25.29     127,472.1
Customer funds    46,398,549    278,860.9   218,365.7       27.70     232,232.3
Customer deposits 32,349,412    194,423.9   142,387.9       36.55     153,756.6
Mutual funds      10,227,449     61,468.2    58,955.9        4.26      59,840.3
Pension funds      2,548,689     15,317.9    11,284.7       35.74      13,071.6
Managed portfolios 1,272,999      7,650.9     5,737.3       33.35       5,563.7
Capital accounts   2,223,741     13,365.0     9,242.7       44.60       8,026.2
Total managed 
funds             66,838,129    401,705.2   332,059.4       20.97     334,914.1

Income statement         January-June 2000  Jan-Jun.99  Variation(%)       1999
                          Pta MM.  Euro MM.  Euro MM.    2000/1999     Euro MM.

Net interest revenue     619,464   3,723.1     3,340.2      11.46       6,669.9
Basic revenue            931,512   5,598.5     4,903.0      14.18       9,747.1
Net operating income     373,328   2,243.7     1,777.7      26.22       3,479.0
Income before taxes      299,193   1,798.2     1,388.5      29.51       2,715.6
Net consolidated income  238,832   1,435.4     1,100.5      30.43       2,172.0
Net attributable income  172,059   1,034.1       802.8      28.81       1,575.1

Ratios                                 30.06.2000     30.06.1999     31.12.1999

ROA                                         1.00            0.90           0.88
RORWA                                       1.76            1.57           1.60
ROE (1)                                    23.51           18.07          18.51
Efficiency ratio                           54.26           57.08          57.50
(personnel & gen.expenses/net op.revenue)
BIS ratio (2)                              11.90           12.37          12.03
Tier 1 (2)                                  9.07            8.92           8.19
NPL ratio                                   2.41            1.80           1.97
NPL coverage                              112.99          122.09         120.84
Shares and shareholders
Shareholders (number)                 1,258,156(*)       791,543        761,086
Shares outstanding (millions)             4,407(*)         3,668          3,668
Share price (Pta.Euro)        1,855       11.15(*)         10.10          11.24
Market capitalization
(millions)                8,175,953    49,138.5(*)      37,044.7       41,226.0
Net attrib.income per
share (annualized)             87.6        0.53             0.44           0.43
P/E ratio (times)                         21.94            23.07          26.17
Other data
Number of branches                        9,857            8,913          8,473
Spain                                     5,884            6,344          6,011
Abroad                                    3,973            2,569          2,462
Number of employees                     111,513          101,884         95,442
Spain                                    44,294           47,990         45,175
Abroad                                   67,219           53,894         50,267
(*) Data as at 12.07.2000 
(1) The ROF calculation does not include anticipated voluntary reserves.
(2) Includes the 300 million share capital increase carried out in July 2000.

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

The keys to the quarter: capital increase and investments in banks 
and the new economy.

Banco Santander Central Hispano successfully carried out the largest capital 
increase by a Spanish financial institution, designed to finance operations
already approved, to take on new investments and to make further progress in the
Group's organization and distribution model.  These activities enhance the
Group's strategic position and decisively contribute to attaining and surpassing
the goals of Program ONE.

The Group's intense activity in the second quarter culminated at the beginning
of July with the successful completion of the capital increase of EUR 3,315
million (Pta. 551,000 million).  The share increase, to finance operations
already approved and new internet banking projects, bolstered the Group's
strategic position and solvency and significantly increased the number of
shareholders.

As well as the capital increase, the Group carried out a series of activities 
centred on the following basic areas: expansion of the Latin American franchise,
continued progress with respect to the European banking platform,
strengthening the Group's position in the domestic market and the development of
a global strategy for e-business which entails a new organization and
distribution model.

These steps aim to enhance Santander Central Hispano's position as one of the
world's leading financial groups (very close to being one of the 10 largest
banks by market capitalization).  The Group draws its strength from:

* Its presence in 40 countries on five continents with more than 9,000 points
  of sale.
* Its 30 million customers.
* Its position as a Group of reference in the domestic and Latin American       
 markets.
* Its unique network of alliances in Europe, strengthened by a direct presence
  in many countries.
* Its decisive bid to lead 'new economy' related business.

In short a Group which has made decisive strides in meeting its commitments
(Program ONE) and which is setting new targets in order to continue to be 'a
better bank' for its employees, customers and shareholders.

The success of a unique capital increase

The public subscription offering was completed on July 12, with the issue of 300
million new SCH shares (excluding the green shoe).  The capital increase was the
largest by a Spanish bank, and it was the first time that a European
financial group tapped the retail markets of more than one country (Spain,
Portugal and Italy) which accounted for 80 per cent of the total offering.
This once again underscored the capacity for anticipation and innovation and the
vision regarding Europe that characterize the Group.

The placement campaign for the capital increase transmitted to the financial
markets the strength of the Group's equity and capital structure following the
increase.  It also served to highlight the improvement in the Group's strategic
positioning and the profitable expansion provided by the specific projects
financed by these funds.  These projects bolster the Group in countries with a
high growth potential and in 'new economy' related business.

The good response by analysts and investors and the excellent work carried out
by the Group's retail networks and placements agents enabled all the targets of
the capital increase to be achieved:

* The offering was oversubscribed and shares had to be placed on a pro-rata
  basis for all tranches.

* The funds obtained lifted core capital by two percentage points, leaving the
  BIS capital adequacy ratio in line with the targets set in Program ONE.

* Banco Santander Central Hispano increased its number of shareholders to 1.2
  million and also widened and diversified the shareholder base, following the 
  successful retail placements in Portugal and Italy.

* In addition, the Group lifted its market capitalization value to almost
  EUR 50,000 million (more than Pta 8 trillion), moving it close to the 10
  largest banks in the world.

Meridional, Serfin and Previnter contribute to the strengthening of the leading
franchise in Latin America.

The Group was particularly active in Latin America, one of the markets with the
best economic prospects.  Its decisive bid to develop the region's leading
financial services franchise entailed new acquisitions which strengthen the
Group's presence in those countries and business areas with the greatest
potential.  A large part of the the funds raised from the capital increase will
be used for this purpose:

* Grupo Financlero Serfin in Mexico.  The acquisition of Serfin, following an   
offer for US$ 1.535 million in a tender arranged by the Institute for the      
Protection of Bank Savings (IPAB), makes Santander Central Hispano the third   
largest financial group in Mexico.  After the measures taken by the IPAB,      
Serfin, along with Banco Santander Mexico, is among the best capitalised banks 
and soundest in terms of asset quality.  Both entities are well placed to      
achieve significant cost savings (around 25% of combined costs).

 Subsequently, the Group raised its stake in Santander Mexico to 95%.

* Meridional Group in Brazil.  In line with the agreement reached in January    
 2000, the Meridional Group was bought for US$835 million.  The group has a     
strong position in the state of Rio Grande do Sul (25% of the privately-owned  
bank market share) and a leading presence in investment banking.  In           
addition, the complementarity with Santander Brasil enables significant        
synergies to be obtained in the short term.

* Previnter Group in Argentina.  The agreement to purchase, together with Banco 
 de Provincia de Buenos Aires, 55% of Previnter, the pension and retirement     
fund entity, for US$167 million (US$82 million of which corresponds to the     
Group) consolidates Santander Central Hispano's leadership in the Argentinean  
pensions market.

  The Previnter Group, which manages US$1,554 million belonging to 696,000      
 customers, will join AFJP Origenes, owned by Banco Santander Hispano and       
Banco de la Provincia de Buenos Aires, to create Argentina's leading pension   
fund management entity with a market share of more than 26%.  The Santander    
Central Hispano Group will control the management of the new group, with an    
initial economic stake of 39%.

Meanwhile in July the takeovers launched in Argentina and the US to acquire
shares and voting securities of Banco Rio de la Plata, Argentina's second
largest privately-owned bank, were completed.  Banco Santander Central Hispano
increased it's stake in Banco Rio de la Plata to 79.2%, which could be further
increased to 98.4% in June 2001 if the purchase options already agreed are
exercised.  The operation was financed by a new issue of SCH shares, approved at
the AGM in March 2000.

Theses steps bolster the Group's presence in Latin America's three largest
countries which, along with Chile, offer the best economic growth and stability
prospects and account for more than 80% of the region's financial business.

The development of a winning banking platform in Europe

Europe is another key element in the Group's global strategy.  The direct
presence in specific markets and businesses and the more solid and extensive
network of alliances make Santander Central Hispano a leading financial group in
Europe and place it in a privileged position to participate in the next phases
of pan-European integration.  The main developments during the second quarter
were:

*  The integration into the Group of Banco Totta and Credito Predial Portugues, 
  in accordance with the agreements subscribed with the Champalimaud Group and  
 Caixa Garal de Depositos, and the subsequent launch of offers for the          
remaining shares that it did not yet control in both entities.  Banco          
Santander Central Hispano now owns 98.6% of Totta and 97.4% of Credito         
Predial Portugues.

*  The development of the strategic alliance with Societe Generale, including   
  collaboration agreements to:

  -  Improve and broaden the array of wholesale banking products and services   
    offered by both banks.

  -  Streamline Banco Santander Central Hispano's presence in Asia where        
    Societe Generale will provide local banking services to our customers,      
   while the Group does the same for Societe Generale's customers in Latin      
  America.

  -  In the area of asset management, Societe Generale assumes the management   
    of Santander Central Hispano's Asian funds in order to take advantage of    
   its wider experience and presence, and the Group does the same in Latin      
  America for Societe Generale.

*  The support given to the Royal Bank of Scotland, during its acquisition of   
  Natwest, lifted Santander Central Hispano's stake in the new bank to 9.12%,   
 maintaining its position as the reference shareholder in the UK's second       
largest banking group.  As well as its strategic content, the increased        
stake also has a positive impact on the Group's income statement,              
contributing from the onset to the growth in earnings per share. 

*  Collaboration agreement with San Paolo-IMI under which its customers will    
  have preferential access to the local banking services of Santander Central   
 Hispano in Latin America, and the same for Santander Central Hispano's         
customers in Italy.

* The stake in Commerzbank was increased from 5.11% to 4.88% in March.

Strengthening the position in the domestic market

The extensive presence of the Santander, BCH and Banesto networks in the Spanish
domestic market is one of the Group's key strengths.  Its reinforcement through
measures that enhance organic growth, improve efficiency and lift productivity
is a priority management objective. 

Progress was made in the second quarter in developing the multi-brand and
multi-channel strategy, boosting the business of the networks, as well as
redesigning and optimizing them.  All these measures are producing significant
gains in productivity.  Particularly noteworthy are:

*  The launch of the Millennium (the branch as point of sale), x2 (pro-active   
  business drive, and Fenix (two physical spaces in multi-channel branches)     
 projects,  designed to bolster sales capacity, increase cost savings and       
refocus the relationship with customers in a multi-channel environment.

*  Commercial campaigns to increase the number of customers that use low-cost   
  channels.  These initiatives will enable the Group to meet this year's        
 targets in telephone and internet banking in Spain.  The goal in the latter    
area is to triple the number of customers.

*  The obtaining of ISO 9001 quality certificates by the Santander Retail       
  Banking division and the Legal Advisory division for all their activities in  
 Spain.

*  Completion of the Unified Technological Platform in the Banco Santander      
  retail network ahead of schedule, releasing resources for the development of  
 new projects that are more focused on business.

*  At the end of July, 300 of the 500 branches earmarked in the Network         
  Optimization Plan and been closed, resulting in a loss of only 1.4% of the    
 business of the closed branches.

Particularly noteworthy in the performance of the three networks is the
excellent evolution of Banesto, a key element in the Group's strategy in Spain,
which continued to improve in terms of efficiency, profitability and business. 
The Bank's efficiency ratio improved 3 points over 1999 and 5.3 since 1998, its
ROE was higher than 20% and it gained market share in both domestic private
sector loans and deposits during the past 12 months. 


A leadership strategy in e-business

For the Group, new economy related businesses entail a new form of relationship
between companies and customers.  Banco Santander Central Hispano regards the
challenge of e-business as an opportunity to generate new sources of revenues
and income, exploiting the advantages that technology offers to transform
working practices and developing a high return business model focused on
customers and on satisfying customer needs in the new environment.

With senior management's commitment underscored by the creation of an 
e-business committee, the Group has designed a global strategy which develops
projects on four fronts:

*  Internet to transform the bank (Net Readiness), a key for competing in the   
  new environment.  It consists of transforming and redesigning processes to    
 adapt to the new chain of value, training staff and adapting technology to     
new needs while setting specific targets.  In short, preparing the Group for   
the future.

*  Development of a global financial site:  Patagon.com, which combines the     
  concepts of content supplier (generator of traffic) and financial services    
 supplier (transactional banking), will be the Group's vehicle for              
penetrating new markets and customer niches attracted by this novel proposal   
to provide value.

*  Strategic alliances with telecommunications and media companies, which       
  support the Group's development on the internet, ensure high levels of        
 customer traffic and contribute to strengthening customer loyalty.

*  Venture capital investments in e-commerce projects between companies (B2B)   
  and with individuals (B2C).  The Group, through its subsidiary Capital        
 Riesgo Internet, is seeking to lead new projects with high prospects of        
generating value.

Many steps were taken during the second quarter, particularly in internetization
of the Bank, given its strategic importance for the Group's future.  The main
highlights include:

*  The development and launch of strong management and communication tools      
  based on internet technology.  Of particular note is an advanced Intranet     
 project with the interactive participation of more than 1,000 employees.       
Improvements are also being made to the Group's corporate and transactional    
websites.

*  The launch of the Training and Awareness Plan in e-business 'Internet at     
  the Service of Business'.  Its purpose is to prepare the Group's              
 professionals for the new environment, present the Bank's strategy in          
Internet and facilitate knowledge on customer advisory services. It will be    
extended to all employees from senior management downwards, and the contents   
will depend on the position held.

*  The Launch of Universla.net 'the univesities portal for students'.  Created  
 to provide a service to the Spanish and Latin American university community,   
it is an unprecedented initiative which brings together 31 universities        
(representing 70% of the University community) and the research center CSIC    
(which represents 90% of public research in Spain).  The aims of this new      
portal include:  to become an aggregator of university life related contents   
and services, to act as a technological innovation platform and to provide an  
additional source of revenue.  The portal will be launched to coincide with    
the commencement of the academic year starting in Spain and then Chile,        
Brazil, Venezuela, Mexico, Argentina, Puerto Rico, Columbia and Peru.

*  The launch of WAP technology mobile telephone banking services, positioning  
  Banco Santander Central Hispano ahead of the take-off that will occur in      
 Internet-mobile telephone communication with the new generation of mobile      
phones.  The target at the end of the marketing campaign is 100,000            
customers.

In addition, Banco Santander Central Hispano and Airtel have launched Spain's
first mobile telephone payment system.  This agreement, open to other operators
and financial institutions, is an example of the possibilities of future
development that participation in operators specialized in mobile telephony
offers.

*  In e-commerce, the development of the new B2B and B2C projects that generate 
  banking business, in which around US$600 million is being invested over a     
 period of 12 months.  Particularly noteworthy are the agreements with          
Ariba, world leader in B2B software, and with EDS Conext and AT Kearney to     
develop an e-procurement portal, and the Prodigios project, with Planeta and   
Sol Melia, to create the first general family portal in Spain.  New            
specialised vertical portals for different types of customers are also being   
developed.

*  Significant advances in the development of Patagon.com.  In Spain Open       
  Bank's human and technical resources were integrated into Patagon.com.,       
 unifying their contents in internet.  The first marketing campaign has         
already been launched, offering the most attractive financial products.        
Activity has begun in the US following the recent acquisition of KeyTrade      
Online and the launch of a new portal.

*  The Group continued to invest in companies which conduct their business      
over the internet.  Close to EUR 40 million has been invested in 13            
projects.

The strategy outlined above and the significance of the projects that have been
launched place Santander Central Hispano among the banks that will lead 'new
economy' related businesses.  It has a privileged starting point, due to:

*  its over 600,000 existing on-line customers,
*  its large customer base throughout the world,
*  its high development capacity, with ample funds and qualified personnel,

integrated in an experienced organization with proven capacity to compete and
offering two basic values to triumph in the 'new economy': anticipation and
excellence.

Santander Central Hispano consolidated income statement

Income statement

                           January-June 2000               Jan-Jun 1999         
                          Pta. MM     Euro MM   %ATA      Euro MM   %ATA
Interest revenues          1,952,032   11,731.9   8.15     9,777.2    7.97
Dividends                     46,179      277.5   0.19       195.5    0.16
Interest expenses          (1,378,747) (8,286.4) (5.76)   (6,632.4)  (5.41)
Net interest revenue         619,464    3,723.1   2.59     3,340.2    2.72
Net fees and commissions     312,048    1,875.4   1.30     1,562.8    1.27
Basic revenue                931,512    5,598.5   3.89     4,903.0    4.00
Trading gains                 45,841      275.5   0.19       142.8    0.12
Net operating revenue        977,353     5,874.0  4.08     5,045.8    4.11
Personnel and general
expenses                     (530,267) (3,187.0) (2.21)    (2,880.1) (2.35)
  a)Personnel expenses       (335,775) (2,018.0) (1.40)    (1,882.8) (1.53)
  b)General expenses         (194,492) (1,168.9) (0.81)      (997.3) (0.81)
Depreciation                  (67,803)   (407.5) (0.28)      (353.2) (2.29)
Other operating costs          (5,955)    (35.8) (0.02)       (34.8) (0.03)
Operating costs              (604,025) (3,630.3) (2.52)    (3,268.1) (2.66)
Net operating income          373,328   2,243.7   1.56      1,777.7   1.45
Income from equity-
accounted holdings             57,280     344.3   0.24        139.4   0.11

Less:
  Dividens from equity-
  accounted holdings           30,941     186.0   0.13        142.9   0.12
Earnings from Group
transactions                   57,361     344.7   0.24        691.4   0.56
Net provisions for loan
- losses                       (48,309)   (290.3) (0.20)      (465.0) (0.38)
Writedown of investment
securities                         58       0.3   0.00         (0.5)  (0.00)
Goodwill amortization         (19,148)    (115.1)(0.08)       (75.6)  (0.06)
Other income                 (121,377)    (729.5)(0.51)      (678.9)  (0.55)
Income before taxes           299,193    1,798.2  1.25      1,388.5    1.13
Corporate tax                 (60,361)    (362.8)(0.25)      (288.0)  (0.23)
Net consolidated income       238,832     1,435.4 1.00      1,100.5    0.90
Minority interests             32,120       193.0 0.13        118.4    0.10
Dividend - preferred
shareholders                   34,653       208.3 0.14        178.3    0.15
Net attributable income       172,059     1,034.1 0.72        802.8    0.65
Note:
    Average Total Assets   47,908,343   287,934.9         245,374.6
    Average Shareholders
    Equity                  1,463,986     8,798.7           8,886.2


Income statement (cont.)

                                        Variation 00/99                         
                            Amount              %ATA
Interest revenues            1,954.8             19.99
Dividends                       82.1             41.99
Interest expenses           (1,854.0)            24.94
Net interest revenue           382.8             11.45
Net fees and commissions       312.6             20.00
Basic revenue                  695.5             14.18
Trading gains                  132.7             92.97
Net operating revenue          828.2             16.41
Personnel and general
expenses                      (306.9)           (10.65)
  a)Personnel expenses        (135.2)             7.18
  b)General expenses          (171.6)            17.21
Depreciation                  (54.3)             15.38
Other operating costs           (1.0)             2.81
Operating costs               (362.1)            11.08
Net operating income           466.0             26.22
Income from equity-
accounted holdings             204.9            147.00

Less:
  Dividends from equity-
  accounted holdings           43.0              30.10
Earnings from group
transactions                 (346.6)            (50.14)
Net provisions for loan
losses                       (174.7)            (37.56)
Writedown of investment
securities                      0.9              --
Goodwill amortization         (39.5)             52.28
Other income                  (50.6)              7.46
Income before taxes           409.7              29.51
Corporate tax                 (74.8)             25.97
Net consolidated income       334.9              30.43
Minority interests             74.7              63.08
Dividend - preferred
shareholders                   29.0              16.17
Net attributable income       231.3              28.81
Note:
    Average Total Assets   42,560.4              17.35
    Average Shareholders
    Equity                    (87.4)             (0.98)
                                                        
Average yield of assets

                                January-June 2000          January-June 1999
(%)                           Weight      Av. Rate       Weight      Av. Rate
Central banks and 
Government debt securities     11.55          5.27        14.46          5.45
Due from banks                 13.18          5.98        16.15          5.97
Loans                          49.93          8.88        46.91          9.75
    EMU currency               31.26          5.54        29.51          6.01
    Other currencies           18.67         14.47        17.40         16.09
Investment securities          14.82          6.18        11.84          7.36
Other assets                   10.52          0.00        10.64          0.00
Other revenue                   0.00          1.54         0.00          0.93
Total                         100.00          8.34       100.00          8.13

Average cost of funds

                                January-June 2000          January-June 1999
(%)                           Weight      Av. Rate       Weight      Av. Rate
Due to banks                   24.42          5.08        29.57          4.57
Customer deposits              48.62          4.37        47.04          4.69
    EMU currency               27.94          1.99        28.38          2.31
    Other currencies           20.68          7.58        18.66          8.06
Debt securities and
subordinated debt              11.76          7.72         8.71          8.40
    EMU currency                4.82          5.06         1.86          6.20
    Other currencies            6.84          9.64         6.85          9.00
Net shareholders equity         3.85          0.00         4.00          0.00
Other liabilities              11.35          1.41        10.68          0.56
Other costs                     0.00          1.32         0.00          1.11
Total                         100.00          5.76       100.00          5.41


Consolidated Group Balance Sheet

                                       30.06.00                  30.06.99
Assets                           Pta. MM       Euro MM           Euro MM
Cash and central banks         1,027,991       6,178.4           3,698.2
Government debt securities     4,265,604      25,636.8          30,526.8
Due from banks                 7,093,544      42,633.1          36,074.6
Loans                         26,080,046     156,744.2         125,108.5
Investment securities          8,225,563      49,436.6          33,716.0
    Fixed income               5,898,427      35,450.3          24,313.8
    Equity                     2,327,136      13,986.4           9,402.2
       Shares and other
       securities              1,016,058       6,106.6           4,522.4
       Equity stakes           1,155,462       6,944.5           4,054.2
       Equity stakes in Group
       companies                 155,616         935.3             825.6
Tangible and intangible assets 1,179,325       7,087.9           6,543.5
Treasury stock                     5,848          35.1              92.1
Goodwill                       1,126,022       6,757.5           2,706.5
Other assets                   3,604,576      21,663.9          16,830.7
Prior years results from 
consolidated companies           180,473       1,084.7             784.6
Total assets                  52,788,992     317,268.2         256,081.6

Liabilities
Due to banks                  12,202,740      73,339.9          74,731.0      
Customer deposits             26,202,693     157,481.4         117,574.1
     Deposits                 22,295,038     133,995.9          99,979.1
     REPOS                     3,907,855      23,485.5          17,594.9
Debt securities                4,624,013      27,790.9          17,765.6
Subordinated debt              1,522,706       9,151.6           7,048.2
Pension and other allowances   1,049,256       6,306.2           3,270.2
Minority interests             1,251,059       7,519.0           7,339.1
Net consolidated income          238,832       1,435.4           1,100.5
Capital                          341,677       2,053.5           1,833.9
Reserves                       1,896,326      11,397.1           7,482.7
Other liabilities              3,459,690      20,793.2          17,936.3
Total liabilities             52,788,992     317,268.2         256,081.6
Other managed funds
      (off - balance sheet)   14,049,137      84,437.0          75,977.8
Total managed funds           66,838,129     401,705.2         332,059.4
Contingent liabilities         4,209,735      25,301.0          20,892.0
Guarantees                     3,693,546      22,198.7          18,171.5
Documentary credits              516,189       3,102.4           2,720.5
          

Consolidated Group Balance Sheet (Cont.)

                                 Variation 2000/1999            31.12.99
Assets                            Amount           (%)           Euro MM
Cash and central banks           2,480.1         67.06           6,226.9
Government debt securities      (4,890.0)       (16.02)         29,717.6
Due from banks                   6,558.4         18.18          30,226.3
Loans                           31,635.7         25.29         127,472.1
Investment securities           15,720.6         46.63          36,037.7
    Fixed income                11,136.5         45.80          25,613.8
    Equity                       4,584.2         48.76          10,423.9
       Shares and other          
       securities                1,584.2         35.03           5,526.2
       Equity stakes             2,890.3         71.29           4,036.7
       Equity stakes in Group
       companies                   109.7         13.28             861.0
Tangible and intangible assets     544.3          8.32           6,302.8
Treasury stock                     (57.0)       (61.85)             35.7
Goodwill                         4,061.1        150.05           2,542.6
Other assets                     4,833.2         28.72          17,040.2
Prior years results from 
consolidated companies             300.1         38.24             636.7
Total assets                    61,186.6         23.89         256,438.5

Liabilities
Due to banks                    (1,391.0)        (1.86)         63,252.2
Customer deposits               39,907.3         33.94         121,573.1
     Deposits                   34,016.8         34.02         104,756.2
     REPOS                       5,890.5         33.48          16,817.0
Debt securities                 10,025.2         56.43          24,084.8
Subordinated debt                2,103.4         29.84           6,098.7
Pension and other allowances     3,036.9         92.84           4,370.2
Minority interests                 179.9          2.45           6,340.1
Net consolidated income            334.9         30.43           2,172.0
Capital                            219.6         11.98           1,833.9
Reserves                         3,914.4         52.31           6,358.4
Other liabilities                2,856.8         15.93          18,355.0
Total liabilities               61,186.6         23.89         256,438.5
Other managed funds
      (off - balance sheet)      8,459.2         11.13          78,475.7
Total managed funds             69,645.8         20.97         334,914.4
Contingent liabilities           4,409.0         21.10          20,895.4
Guarantees                       4,027.2         22.16          17,678.2
Documentary credits                381.8         14.04           3,277.2



Loans
                                       30.06.00                  30.06.99
                                 Pta. MM       Euro MM            Euro MM
Public sector                     695,376      4,179.3            4,554.4
Private sector                 12,646,052     76,004.3           70,236.7
    Secured Loans               4,217,280     25,346.4           22,017.9
    Other loans                 8,428,772     50,657.9           49,218.8
Non-resident sector            13,522,741     81,273.3           53,827.2
    Secured loans               3,255,397     19,565.3           14,679.2
    Other loans                10,267,344     61,708.0           39,148.1
Gross Loans                    26,864,169    161,456.9          128,618.4
Less: allowance for loan losses   784,123      4,712.7            3,509.9
Net loans                      26,080,046    156,744.2          125,108.5
Note:  Doubtful loans             743,725      4,469.9            2,705.3
    Public sector                   1,149          6.9               12.5
    Private sector                126,070        757.7              915.2
    Non-resident sector           616,506      3,705.3            1,777.5

Loans (cont.)
                                  Variation 2000/1999            31.12.99
                                   Amount           (%)           Euro MM
Public sector                      (375.1)       (8.24)           4,099.6
Private sector                    5,767.6         8.21           71,443.4
    Secured Loans                 3,328.4        15.12           23,899.7
    Other loans                   2,439.1         5.06           47,543.7
Non-resident sector              27,446.1        50.99           55,394.2
    Secured loans                 4,886.2        33.29           14,508.5
    Other loans                  22,559.9        57.63           40,885.7
Gross Loans                      32,838.5        25.53          130,937.2
Less: allowance for loan losses   1,202.8        34.27            3,485.1
Net loans                        31,635.7        25.29          127,472.1  
Note:  Doubtful loans             1,764.6        65.23            2,909.5
    Public sector                    (5.6)      (44.76)               8.7
    Private sector                 (157.5)      (17.21)             850.0
    Non-resident sector           1,927.7       108.45            2,140.9


Risk management*

                                       30.06.00                  30.06.99
                                 Pta. MM       Euro MM            Euro MM
Non-performing loans             747,600       4,493.2            2,686.9
NPL Ratio (%)                                     2.41               1.80
Allowances for loan losses       844,711       5,076.8            3,280.3
NPL coverage (%)                                112.99             122.09
Non-performing loans**           670,189       4,027.9            2,193.4
NPL Ratio (%) **                                  2.16               1.47
NPL coverage (%)**                              126.04             149.56

Risk management (cont.)

                                  Variation 2000/1999            31.12.99
                                  Amount           (%)            Euro MM
Non-performing loans             1,806.3         67.22            2,997.8
NPL Ratio (%)                       0.61                             1.97
Allowances for loan losses       1,796.5         54.77            3,622.6
NPL coverage (%)                   (9.10)                          120.84
Non-performing loans**           1,834.5         83.64            2,593.3
NPL Ratio (%) **                    0.69                             1.71
NPL coverage (%)**                (23.52)                          139.69

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


Customer funds
                                       30.06.00                  30.06.99
                                 Pta. MM       Euro MM            Euro MM
Public sector                    341,036       2,049.7            1,782.9
Private sector                11,337,857      68,141.9           62,446.8
    Demand deposits            3,436,698      20,655.0           17,690.3
    Saving accounts            2,297,378      13,807.5           12,227.7
    Time deposits              3,625,626      21,790.5           20,391.9
    REPOS                      1,958,192      11,769.0           12,064.9
    Other accounts                19,963         120.0               71.9
Non-resident sector           14,523,800      87,289.8           53,344.4
    Deposits                  12,601,946      75,739.2           47,958.6
    REPOS                      1,921,854      11,550.6            5,385.7
Total customer deposits       26,202,693     157,481.4          117,574.1
Debt securities                4,624,013      27,790.9           17,765.6
Subordinated debt              1,522,706       9,151.6            7,048.2
Total customer funds
on balance sheet              32,349,412     194,423.9          142,387.9
Total managed funds
    (off - balance sheet)     14,049,137      84,437.0           75,977.8
Mutual funds                  10,227,449      61,468.2           58,955.9
    Spain                      8,456,412      50,824.1           51,489.2
    Abroad                     1,771,037      10,644.7            7,466.6
Pension funds                  2,548,689      15,317.9           11,284.7
    Spain                        766,275       4,605.4            4,319.3
       Individuals               651,171       3,913.6            3,818.5
    Abroad                     1,782,414      10,712.5            6,965.4
Managed portfolios             1,272,999       7,650.9            5,737.3
    Spain                        474,898       2,854.2            3,041.3
    Abroad                       798,101       4,796.7            2,696.0
Total customer funds          46,398,549     278,860.9          218,365.7



Customer funds (cont.)
                                  Variation 2000/1999            31.12.99
                                  Amount           (%)            Euro MM
Public sector                      266.8         14.96            2,151.6
Private sector                   5,695.1          9.12           62,458.6
    Demand deposits              2,964.6         16.76           19,127.0
    Saving accounts              1,579.9         12.92           13,008.3
    Time deposits                1,398.5          6.86           19,206.2
    REPOS                         (296.0)        (2.45)          10,971.4
    Other accounts                  48.0         66.79              145.8
Non-resident sector             33,945.4         63.63           56,963.1
    Deposits                    27,780.6         57.93           51,267.1
    REPOS                        6,164.8        114.47            5,695.9
Total customer deposits         39,907.3         33.94          121,573.1
Debt securities                 10,025.2         56.43           24,084.8
Subordinated debt                2,103.4         29.84            8,098.7
Total customer funds
on balance sheet                52,036.0         36.55          153,756.6
Total managed funds                              
    (off - balance sheet)        8,459.2         11.13           78,475.7
Mutual funds                     2,512.4          4.26           59,840.3
    Spain                         (665.2)        (1.29)          51,365.7
    Abroad                       3,177.5         42.56            8,474.7
Pension funds                    4,033.3         35.74           13,071.6
    Spain                          286.1          6.62            4,537.2
       Individuals                  95.1          2.49            3,971.6
    Abroad                       3,747.2         53.80            8,534.4
Managed portfolios               1,193.6         33.35            5,563.7
    Spain                         (187.1)        (6.15)           2,922.8
    Abroad                       2,100.7         77.92            2,641.0
Total customer funds            60,495.2         27.70          232,232.3



Main data by business areas
                                          Net attributable income
                                  January-June 2000              Jan.-Jun. 99
                                Pta. MM       Euro MM.             Euro MM.
Retail Banking in Spain          68,472         411.5                 383.0
Banesto                          32,179         193.4                 156.6
Retail Banking Abroad            70,017         420.8                 257.5
Asset Management & Private
Banking                          23,493         141.2                  88.6
Global Wholesale Baking          42,143         253.3                 172.9
Corporate Activities            (64,245)       (386.1)               (255.7)
Total                           172,059       1,034.1                 802.8


Main data by business areas (contd)
                                 Net attributable income          ROE (%)
                                     Var 2000/1999               Jan.-Jun.
                                  Amount        (%)           2000       1999
Retail Banking in Spain             28.6        7.46          37.18      37.61
Banesto                             36.8       23.47          21.37      18.70
Retail Banking Abroad              163.3       63.43          17.03      16.05
Asset Management & Private          
Banking                             52.6       59.45          30.70      24.02
Global Wholesale Baking             80.4       46.51          22.55      16.77
Corporate Activities              (130.4)     (51.02)           --         --
Total                              231.3       28.81          23.51      18.07


                                             Net operating income
                                  January-June 2000              Jan.-Jun. 99
                                Pta. MM       Euro MM.             Euro MM.
Retail Banking in Spain         104,973         630.9                 562.0
Banesto                          40,827         245.4                 214.5
Retail Banking Abroad           179,326       1,077.8                 782.7
Asset Management & Private
Banking                          34,669         208.4                 126.6
Global Wholesale Baking          57,853         347.7                 308.7
Corporate Activities            (44,320)       (266.4)               (216.8)
Total                           373,328       2,243.7               1,777.7

                                  Net operating income         Efficiency (%)
                                     Var 2000/1999               Jan.-Jun.
                                  Amount        (%)           2000       1999
Retail Banking in Spain             68.9       12.26          54.11      57.30
Banesto                             30.8       14.37          55.78      58.61
Retail Banking Abroad              295.1       37.71          52.75      54.21
Asset Management & Private          
Banking                             81.8       64.60          44.55      51.85
Global Wholesale Baking             39.0       12.63          36.19      39.71
Corporate Activities               (49.6)     (22.87)                      --
Total                              466.0       26.22          54.26      57.08


                                     NPL Ratio (%)            NPL Coverage (%)
                                  30.06.00   30.06.99       30.06.00   30.06.99
Retail Banking in Spain             0.83       1.10          136.91     122.65
Banesto                             0.93       1.53          187.82     143.59
Retail Banking Abroad               4.62       3.48           98.81     110.62
Asset Management & Private                                               
Banking                             0.26        --           620.44        --
Global Wholesale Baking             1.13       0.68          147.32     179.36
Total                               2.41       1.80          112.99     122.09