Interim Results

Banco Santander Central Hispano SA
27 July 2006


--------------------------------------------------------------------------------
Press Release
--------------------------------------------------------------------------------


 Santander's net attributable income rose 26% to EUR 3.216 billion in the first
                                  half of 2006


O      Revenue grew 17%, more than double the 8% increase in costs, allowing net
       operating income to rise by 28%.


O      Profit was underpinned by business strength in all units, in Europe as
       well as in Latin America. Loans grew by 18% and customer funds by 12%.


O      In Continental Europe, net attributable income rose by 11% (to EUR 1,701
       million) due to growth of 22% in loans and 10% in customer funds.


O      In Latin America, net attributable income increased by 27% (to EUR 1,147
       million). In dollars, its operating currency, earnings rose 21%, with 
       growth of 24% in loans and 20% in customer funds in local currencies.


O      Abbey's net attributable income rose 40%, to EUR 491 million, with
       increases in pounds sterling of 14% in loans and 8% in customer funds.


O      The non-performing loan rate was 0.83%, compared to 0.98% in June 2005.
       NPL coverage rose to 186% from 175% a year earlier.


O      The efficiency ratio improved by 4.4 points to 48.6% as revenues grew by
       double the pace of costs.


O      Return on equity (ROE) improved by two points and earnings per share
       (EPS) amounted to EUR 0.51, up 26%.


O      At June 30th, Santander held 21.97% of Sovereign, acquired at a total 
       cost of EUR 2,046 million. The stake will be accounted for by the equity 
       method from July 1st in the Group's earnings.


Madrid, July 27th 2006. Grupo Santander registered net attributable profit of
EUR 3,216 million in the first half of 2006, an increase of 26% from the same
period in 2005. This result is in line with the goal of finishing the year with
an ordinary attributable profit of EUR 6,500 million announced by Chairman 
Emilio Botin in the Shareholders Meeting of June 17th. The profit obtained in
the first half of this year is about equal to the ordinary attributable profit
of the whole of 2004.


Attributable profit for the second quarter alone stood at EUR 1,723 million, 26%
higher than the same period last year and a record.


First half earnings were underpinned by strong growth in business volumes (18%
in loans and 12% in customer funds), in line with the increase in revenues
(17%), which was twice the rate of growth in costs (8%). As a result, net o
perating income rose by 28%. After increased provisions to reflect the rise in 
volumes in the most profitable segments, which also have higher risk premiums,
and the higher tax rate, net attributable profit rose 26%. The comparisons of
this first half with those of 2005 are affected by the evolution of currencies
in Latin America, which added between four and five percentage points to the Gro
up's revenues and costs.


This growth has been achieved together with improvement in all business ratios.
Credit quality (through fewer NPLs and greater provisions), return on equity
(ROE rose by two points), and efficiency (costs as a percentage of income fell
4.4 points to 48.6%) all improved. At the same time, growth in profit translated
directly into growth in earnings per share (EPS), which rose by 26%.





Operating areas attributable income distribution


Europe accounts for EUR 2,192 million of attributable income

+------------------------+------------------------+------------------------+
|                        |       EUR Mill.        |  % of operating areas  |
+------------------------+------------------------+------------------------+
|   Continental Europe   |         1,701          |          51%           |
+------------------------+------------------------+------------------------+
|       UK - Abbey       |          491           |          15%           |
+------------------------+------------------------+------------------------+
|    Subtotal Europe     |         2,192          |          66%           |
+------------------------+------------------------+------------------------+
|     Latin America      |         1,147          |          34%           |
+------------------------+------------------------+------------------------+
|         Total          |         3,339          |          100%          |
+------------------------+------------------------+------------------------+


EUR million and % o/ operating areas total



Group results H1'06


First half attributable income grows 26%, after another record quarter...



+-------------------------------------------------------------------------+
|                 Q2'06 attributable income - EUR million                 |
+------------------------------------+------------------------------------+
|               Q1'05                |               1,185                |
+------------------------------------+------------------------------------+
|               Q2'05                |               1,366                |
+------------------------------------+------------------------------------+
|               Q3'05                |               1,327                |
+------------------------------------+------------------------------------+
|               Q4'05                |               1,334                |
+------------------------------------+------------------------------------+
|               Q1'06                |               1,493                |
+------------------------------------+------------------------------------+
|               Q2'06                |               1,723*               |
+------------------------------------+------------------------------------+
|                      (*) +26% as compared to Q2'05                      |
+-------------------------------------------------------------------------+



+-------------------------------------------------------------------------+
|             H1'06 attributable income (Y-o-Y) - EUR million             |
+------------------------------------+------------------------------------+
|               H1'05                |               2,551                |
+------------------------------------+------------------------------------+
|               H1'06                |               3,216*               |
+------------------------------------+------------------------------------+
|                      (*) +26% as compared to H1'05                      |
+-------------------------------------------------------------------------+


...that positions the Group in line with its 2006 goal

(EUR 6,500 million of ordinary attributable income)


Excluding extraordinary capital gains and allowances



Results


Continental Europe generated 51% of Group profit, Latin America 34% and the
United Kingdom (Abbey) 15%.


Group profit in Continental Europe rose by 11% to EUR 1,701 million, with growth
of 16% in net operating income. The largest contribution came from the Santander
branch network in Spain, with EUR 673 million (up 7%), followed by Banesto, EUR
302 million (up 16%), Santander Consumer Finance, with EUR 280 million (up 22%)
and Portugal, with EUR 216 million (up 25%).


The Santander branch network is investing in further quality enhancements and
customer satisfaction, through its 'We Want to Be Your Bank' plan, its ambitious
programme for opening new branches and the roll-out of the Partenon core banking
platform. Costs grew by just 1% despite the addition of 124 branches to the 
network since June of 2005 through June of this year. As a result, net operating 
income rose 13%, against an increase of 7% in net operating revenue, reaching a 
record EUR 615 million in the second quarter.


Continental Europe


Attributable income of EUR 1,701 million. Implementing our business model in
mature markets. Retail banking sets a new record in the second quarter.


+-------------------------------------------------+
|              % change H1'06/H1'05               |
+------------------------+------------------------+
| Gross Operating income |          +11%          |
+------------------------+------------------------+
|         Costs*         |          +7%           |
+------------------------+------------------------+
|  Net operating income  |          +16%          |
+------------------------+------------------------+
|  Attributable income   |          +11%          |
+------------------------+------------------------+
|     (*) Personnel + administrative costs +      |
|                  depreciation                   |
+-------------------------------------------------+



+--------------------------------------------------------------------------+
|                   Net operating income - EUR millions                    |
+------------------------+------------------------+------------------------+
|                        |     Retail Banking     |Total Continental Europe|
+------------------------+------------------------+------------------------+
|         Q1'05          |         1,105          |         1,303          |
+------------------------+------------------------+------------------------+
|         Q2'05          |         1,199          |         1,374          |
+------------------------+------------------------+------------------------+
|         Q3'05          |         1,184          |         1,308          |
+------------------------+------------------------+------------------------+
|         Q4'05          |         1,259          |         1,447          |
+------------------------+------------------------+------------------------+
|         Q1'06          |         1,292          |         1,557          |
+------------------------+------------------------+------------------------+
|         Q2'06          |         1,371          |         1,535          |
+------------------------+------------------------+------------------------+



Latin America: Main units - H1'06

US$ million and % change o/ H1'05


Strong revenue growth with costs under control in all countries. Increase in
provisions due to expansion and change of mix

+--------------------------------------------------------------------------+
|                 Gross operating income: 5,126 mill; +25%                 |
+------------------------+------------------------+------------------------+
|         Brazil         |         1,956          |          +25%          |
+------------------------+------------------------+------------------------+
|         Mexico         |         1,210          |          +29%          |
+------------------------+------------------------+------------------------+
|         Chile          |          856           |          +32%          |
+------------------------+------------------------+------------------------+
|   Rest of countries    |          939           |          +13%          |
+------------------------+------------------------+------------------------+
|   S. Private Banking   |          165           |          +23%          |
+------------------------+------------------------+------------------------+

+--------------------------------------------------------------------------+
|                  Net operating income: 2,615 mill; +40%                  |
+------------------------+------------------------+------------------------+
|         Brazil         |          990           |          +39%          |
+------------------------+------------------------+------------------------+
|         Mexico         |          625           |          +59%          |
+------------------------+------------------------+------------------------+
|         Chile          |          504           |          +42%          |
+------------------------+------------------------+------------------------+
|   Rest of countries    |          395           |          +17%          |
+------------------------+------------------------+------------------------+
|   S. Private Banking   |          100           |          +33%          |
+------------------------+------------------------+------------------------+

+--------------------------------------------------------------------------+
|                  Attributable income: 1,409 mill; +21%                   |
+------------------------+------------------------+------------------------+
|         Brazil         |          436           |          +7%*          |
+------------------------+------------------------+------------------------+
|         Mexico         |          340           |          +40%          |
+------------------------+------------------------+------------------------+
|         Chile          |          291           |          +45%          |
+------------------------+------------------------+------------------------+
|   Rest of countries    |          253           |          +6%           |
+------------------------+------------------------+------------------------+
|   S. Private Banking   |           88           |          +28%          |
+------------------------+------------------------+------------------------+
|              (*) Without impact of AES Tiete in 2005: +35%               |
+--------------------------------------------------------------------------+



In Latin America, revenues grew by 25% and costs by 12%, resulting in an
increase in net operating income of 40% in dollars. Provisions increased due to
the strong growth in volumes, focused on the most profitable loans, which in
general require higher provisions, resulting in an increase in profit of 21%, to
US$ 1,409 million. The largest contribution came from Brazil, with a profit of
US$ 436 million (up 7%), followed by Mexico, with US$ 340 million (up 40%) and
Chile with US$ 291 million (up 45%). In euros, profit for the region rose 27% to
EUR 1,147 million.


In the United Kingdom, Abbey registered attributable profit in the first half of
EUR 491 million, an increase of 40% from the year-earlier first half. This 
performance was driven by a 8% increase in revenue together with a 11% reduction 
in costs, resulting in a 49% increase in net operating income.


By businesses' contribution to earnings, Retail Banking activities accounted for
77% of profit before tax, or EUR 3,757 million, a 25% increase. Global Wholesale
Banking, which represents 14% of the Group's pre-tax earnings, contributed EUR
667 million to the pre-tax profit, 2% lower than first half of 2005, when
capital gains from the sale of a stake in a

Brazilian electrical utility were registered. Without this one-time item in
2005, profit rose 15%, driven by a 42% increase in customer business. Business
revenue rose 42% and costs 12%.


Asset Management and Insurance, with a 9% contribution to the Group's profit,
grew its revenue by 20% and its costs by 5%. This enabled net operating income 
to rise by 35%. Pre-tax profit rose 30% to EUR 441 million. Total Group revenues
in mutual funds and insurance increased 15%, with rises of 21% in insurance, 13%
in mutual funds and 3% in pensions.


Business


Grupo Santander ended the first half of 2006 with EUR 976,511 million in funds
under management, an increase of 12%. Of this total, EUR 818,096 million is on
the balance sheet, which grew by 12%, and the remainder are off-balance sheet
customer funds, such as mutual funds and pensions.


Grupo Santander gross lending was EUR 484,442 million at the close of the first
half, an increase of 18%. The inclusion of Abbey in the balance sheet at the 
close of 2004 results in greater geographical diversification of risks, with 51% 
in Continental Europe, 38% in the United Kingdom and the remaining 11% in Latin
America.


Gross loans and credits

Billion euros

+--------------------+------------------+
|Jun 05              |410               |
+--------------------+------------------+
|Sep 05              |430               |
+--------------------+------------------+
|Dec 05              |443               |
+--------------------+------------------+
|Mar 06              |459               |
+--------------------+------------------+
|Jun 06              |484 (*)           |
+--------------------+------------------+
|(*)+18% as compared to Jun 05. The     |
|increase is of +19.6% excluding the    |
|effect of the exchange rate.           |
+---------------------------------------+



Gross loans and credits. June 2006

% o/ operating areas

+----------------------+----------+
|Latin America         |11%       |
+----------------------+----------+
|Continental Europe    |51%       |
+----------------------+----------+
|United Kingdom - Abbey|38%       |
+----------------------+----------+



In Continental Europe, lending rose 22%, to EUR 240,044 million, with growth in
all countries and units. The Santander branch network in Spain grew 18%, Banesto
22%, Portugal 11% and Santander Consumer Finance 29%. The Santander branch 
network registered diversified growth both in products - mortgages (up 18%), 
loans (up 20%) and leasing/renting (up 17%) - and in segments - mass-market
individual (up 18%) and businesses ( up 23%). Lending grew significantly in the
second quarter, with a 6% rise in credit outstanding in June compared to March
of this year.


The Santander branch network this year launched the 'We Want To Be Your Bank'
plan, which aims to improve service quality and customer satisfaction,
eliminating service commissions to customers linked to the bank through products
such as payroll deposits, pensions, pension plans or mortgages. It is meeting
its targets. The impact on earnings was a fall in revenues from service 
commissions in the Santander branch network in Spain of 10%, or EUR 40 million.



Banesto grew 21% in mass-market individual customers, 19% in small companies and
23% in medium-sized companies, the strategic areas it has focused on and which
are enabling it to grow its market share. Santander Consumer Finance continued 
to expand, through organic growth as well as new projects. Its loan portfolio 
rose 20%, with direct loans up 35% and revolving cards 43%.


Santander Totta has a loan portfolio of EUR 27,768 million. Its mortgage portfo
lio grew by 11% and consumer finance loans by 17%. Retail business increased 11%
and SMEs 25%.


Loan volume in Latin America amounted to US$67,705 million, a 24% rise without
the currency effect. Lending increased by 30% in Brazil in local currency, with
35% growth in individual customers, 45% en SMEs and 26% in companies, which
enabled it to grow market share to 5.8%. Mexico grew 32% with a 75% increase in
individual customers and 51% in loans to SMEs and companies. In Chile, loan 
volume grew 22%, with increases of 24% in individuals - where its market share 
amounts to 25% - and 29% in SMEs.


The turnaround of Abbey is one of the bank's key priorities. Abbey closed the
first half with loan volume of EUR 182,597 million, up 14% in pounds. Gross 
mortgage production grew 37%, from £11,600 million in the first half of 2005 to
£15,900 million in the same period of this year. In the first half of last year,
Abbey's mortgage balance grew only by £100 million. This year, the balance
increased by £4,200 million due to the new mortgages produced and to stable
repayments compared to the first half of 2005. This has enabled Abbey to improve
its share in new business generated in the market.


Total managed customer funds amounted to EUR 709,245 million at the close of the
first half, up 12% from a year earlier. Balance sheet resources rose 11%, to EUR
550,831 million, whilst off-balance sheet items (basically mutual funds and
pensions) rose 14%, to EUR 158,414 million. Mutual funds increased 9% and 
pension plans 12%. Continental Europe accounted for 44% of managed customer
funds, Abbey 36% and Latin America 20%.


Customer funds under management

Billion euros

+--------------------+------------------+
|Jun 05              |634               |
+--------------------+------------------+
|Sep 05              |662               |
+--------------------+------------------+
|Dec 05              |681               |
+--------------------+------------------+
|Mar 06              |699               |
+--------------------+------------------+
|Jun 06              |709*              |
+--------------------+------------------+
|(*)+11.9% as compared to Jun 05. The   |
|increase is of +13.6% excluding the    |
|effect of the exchange rate.           |
+---------------------------------------+



Customer funds under management. June 2006

% o/ operating areas

+----------------------+----------+
|Latin America         |20%       |
+----------------------+----------+
|Continental Europe    |44%       |
+----------------------+----------+
|United Kingdom - Abbey|36%       |
+----------------------+----------+



In Continental Europe, customer funds under management amounted to EUR 274,115
million, up 10%. Spain, which represents more than 83%, balance sheet resources
increased by 13% and off-balance resources by 10%. The Group remains the leader
in mutual funds in Spain, with a market share of 24.6%, and continues to be 
second in Portugal.


In Latin America, customer funds were US$160,404 million, up 20% excluding the
exchange rate effect and up 16% in euros. In deposits less repos and
securitisations, all countries grew at double-digit rates. Brazil, Mexico and
Chile increased 15%, whilst Colombia, Venezuela and Argentina grew between 23%
and 26%. Mutual funds increased 23% and pensions 15%.


In Abbey customer manager funds rose 5%, to EUR 225,727 million, up 8% in local
currency. The net savings flow (difference between new savings inflows and 
outflows) was a positive £1,340 million, compared to £1,290 million in the first
half of last year. Managed assets in mutual funds rose 21%. In May, Abbey
reached an agreement for the sale of its life insurance business to Resolution
PLC. for EUR 5,200 million. The deal is expected to close during the third
quarter of this year.


Management and capital ratios

Efficiency: Growth in revenues more than doubled growth in costs, leading to a
significant improvement in the efficiency ratio. At close of the first half of
2005, overall costs and amortisations absorbed 53.0% of revenues, falling to
48.6% at the end of June 2006, a 4.4 percentage point improvement in a year.
Abbey registered the biggest improvement, improving from 67.2% in the first half
of 2005 to 55.2% this year. In Continental Europe, the efficiency rate was 40.5%
and in Latin America 46.6%, improvements of 2.1 and 5.8 percentage points,
respectively.


Efficiency

Strong improvement in EFFICIENCY* in all operating areas, placing the Group's
ratio below 50%

(*) including amortisations

+-------------------------------------------------+
|             Group efficiency ratio              |
+-------------------------------------------------+
|%                                                |
+------------------------+------------------------+
|         H1'05          |         53.0%          |
+------------------------+------------------------+
|         H1'06          |         48.6%          |
+------------------------+------------------------+



+-------------------------------------------------+
|               Continental Europe                |
+-------------------------------------------------+
|%                                                |
+------------------------+------------------------+
|         H1'05          |         42.6%          |
+------------------------+------------------------+
|         H1'06          |         40.5%          |
+------------------------+------------------------+

+-------------------------------------------------+
|                      Abbey                      |
+-------------------------------------------------+
|%                                                |
+------------------------+------------------------+
|         H1'05          |         67.2%          |
+------------------------+------------------------+
|         H1'06          |         55.2%          |
+------------------------+------------------------+

+-------------------------------------------------+
|                      Latam                      |
+-------------------------------------------------+
|%                                                |
+------------------------+------------------------+
|         H1'05          |         52.4%          |
+------------------------+------------------------+
|         H1'06          |         46.6%          |
+------------------------+------------------------+



Credit quality


NPL ratios still at historical lows with a high coverage ratio



+--------------------------------------------------------+
|                    NPL and coverage                    |
+--------------------+------------------+----------------+
|                    |      Jun'05      |     Jun'06     |
+--------------------+------------------+----------------+
|      Coverage      |       175%       |      186%      |
+--------------------+------------------+----------------+
|        NPL         |      0.98%       |     0.83%      |
+--------------------+------------------+----------------+

+--------------------------------------------------------+
|                   Continental Europe                   |
+--------------------+------------------+----------------+
|                    |      Jun'05      |     Jun'06     |
+--------------------+------------------+----------------+
|      Coverage      |       240%       |      253%      |
+--------------------+------------------+----------------+
|        NPL         |      0.79%       |     0.72%      |
+--------------------+------------------+----------------+

+--------------------------------------------------------+
|                         Abbey                          |
+--------------------+------------------+----------------+
|                    |      Jun'05      |     Jun'06     |
+--------------------+------------------+----------------+
|      Coverage      |       74%        |      82%       |
+--------------------+------------------+----------------+
|        NPL         |      0.80%       |     0.63%      |
+--------------------+------------------+----------------+

+--------------------------------------------------------+
|                         LatAm                          |
+--------------------+------------------+----------------+
|                    |      Jun'05      |     Jun'06     |
+--------------------+------------------+----------------+
|      Coverage      |       182%       |      168%      |
+--------------------+------------------+----------------+
|        NPL         |      2.09%       |     1.77%      |
+--------------------+------------------+----------------+


NPLs: The expansion of the Group's lending activity came with a drop in the NPL
ratio, meaning that the ratios of NPLs and doubtful loans reached an all-time 
low at the end of the first half of 2006. Grupo Santander's NPL rate is 0.83%,
with 186% coverage. Grupo Santander has EUR 5,197 million in generic funds, or
reserves for the future.


Capital: The Group's eligible capital amounted to EUR 55,107 million at the end
of the first half, with a surplus of EUR 19,554 million over minimum
requirements. With this capital base, the BIS ratio is 12.4%, with Tier I at
7.4% and core capital at 5.8%. The acquisition of the stake in Sovereign Bancorp
during the second quarter didn't change the soundness of capital ratios. At the
end of June, Grupo Santander had a 21.97% stake in Sovereign, the 18th financial
group in the US, at a cost of EUR 2,046 million. The stake will be accounted for
by the equity method from July 1st of this year


During the second quarter of this year, rating agencies Standard & Poor's and
Fitch Ratings upgraded the ratings of the Group and its subsidiaries, whilst 
Moody's confirmed them. This places us as one of the best rated banks in Europe
in its long-term rating.


The share and the dividend

The Santander share closed the first half at EUR 11.42, a 2.4% rise in six 
months and 19.1% in a year. At the end of June 2006, Santander's market
capitalisation amounted to EUR 71,424 million, making the Group the largest
Spanish company and the largest bank in the Eurozone.


The first dividend charged against 2006 will be paid on August 1st. It amounts 
to EUR 0.106904 per share, up 15% compared to the first dividend of 2005.


Grupo Santander's shareholder base comes to 2,393,463 shareholders. 130,788 
persons work in the Group, servicing 67 million customers in 10,439 offices.


Income statement
Million euros
                                                             Variation
                                    Jan.-Jun.   Jan.-Jun.   Amount     %
                                       06          05

Net interest income (w/o              5,721       4,731       990   20.9
dividends)
Dividends                               237         208        29   13.7
Net interest income                   5,958       4,940     1,019   20.6
Income from companies accounted         241         329      (89) (26.9)
for by the equity method
Net fees                              3,514       2,938       576   19.6
Insurance activity                      455         397        58   14.6
Commercial revenue                   10,168       8,604     1,564   18.2
Gains (losses) on financial             934         869        66    7.6
transactions
Gross operating income               11,103       9,473     1,630   17.2
Income from non-financial               231         223         9    3.8
services
Non-financial expenses                 (51)        (77)        26 (33.6)
Other operating income                 (44)        (41)       (3)    7.1
Operating costs                     (5,579)     (5,165)     (414)    8.0
General administrative expenses     (5,021)     (4,695)     (326)    6.9
Personnel                           (3,012)     (2,792)     (220)    7.9
Other administrative expenses       (2,009)     (1,903)     (106)    5.6
Depreciation and amortisation         (558)       (470)      (88)   18.8
Net operating income                  5,661       4,413     1,247   28.3
Impairment loss on assets           (1,133)       (697)     (437)   62.7
Loans                               (1,100)       (676)     (424)   62.7
Goodwill                                (5)           -       (5)      -
Other assets                           (28)        (21)       (8)   37.6
Other income                              5       (246)       251      -
Income before taxes                   4,532       3,471     1,061   30.6
Corporate income tax                  (979)       (661)     (317)   48.0
Net income from ordinary              3,553       2,810       743   26.5
activity
Net income from discontinued            (7)           1       (8)      -
operations
Net consolidated income               3,546       2,811       736   26.2
Minority interests                      330         260        71   27.2
Attributable income to the            3,216       2,551       665   26.1
Group


Customer loans
Million euros
                                                           Variation
                               30.06.06    30.06.05    Amount     %    31.12.05

Public sector                      5,628       5,474       154    2.8     5,243
Other residents                  175,294     140,018    35,276   25.2   153,727
Secured loans                     96,576      70,626    25,950   36.7    81,343
Other loans                       78,717      69,391     9,326   13.4    72,384
Non-resident sector              303,520     264,980    38,540   14.5   284,468
Secured loans                    179,598     167,637    11,962    7.1   174,117
Other loans                      123,922      97,344    26,578   27.3   110,352
Gross loans and credits          484,442     410,472    73,970   18.0   443,439
Credit loss allowance              7,852       7,340       511    7.0     7,610
Net loans and credits            476,591     403,132    73,459   18.2   435,829
Pro memoria: Doubtful loans        4,470       4,289       181    4.2     4,356
Public sector                         19           1        18      -         3
Other residents                    1,096         982       114   11.6     1,027
Non-resident sector                3,355       3,306        49    1.5     3,326


Customer funds under management
Million euros

                                                           Variation
                               30.06.06    30.06.05    Amount     %    31.12.05

Public sector                     11,156      14,555   (3,399) (23.4)    14,366
Other residents                   87,421      81,827     5,593    6.8    83,392
Demand deposits                   52,008      48,454     3,554    7.3    50,124
Time deposits                     20,194      18,436     1,758    9.5    18,799
REPOs                             15,219      14,938       281    1.9    14,470
Non-resident sector              207,205     201,996     5,209    2.6   208,008
Demand deposits                  116,192     111,965     4,227    3.8   113,603
Time deposits                     70,939      74,746   (3,807)  (5.1)    77,195
REPOs                             17,405      11,613     5,792   49.9    14,366
Public Sector                      2,669       3,672   (1,003) (27.3)     2,844
Customer deposits                305,782     298,379     7,403    2.5   305,765
Debt securities                  172,323     122,756    49,566   40.4   148,840
Subordinated debt                 30,240      29,557       682    2.3    28,763
Insurance liabilities             42,487      43,862   (1,375)  (3.1)    44,672
On-balance-sheet customer funds  550,831     494,554    56,277   11.4   528,041
Mutual funds                     113,618     104,686     8,932    8.5   109,480
Pension funds                     27,709      24,797     2,912   11.7    28,619
Managed portfolios                17,088       9,766     7,321   75.0    14,746
Off-balance-sheet customer       158,414     139,249    19,165   13.8   152,846
funds
Customer funds under management  709,245     633,803    75,442   11.9   680,887



Shareholders' equity and minority interests
Million euros
                                                           Variation
                               30.06.06    30.06.05    Amount     %    31.12.05

Capital stock                      3,127       3,127         -      -     3,127
Additional paid-in surplus        20,370      20,370         -      -    20,370
Reserves                          12,389       8,619     3,769   43.7     8,781
Treasury stock                      (22)         (0)      (22)      -      (53)
On-balance-sheet shareholders'    35,864      32,116     3,747   11.7    32,225
equity
Net attributable income            3,216       2,551       665   26.1     6,220
Interim dividend distributed            -           -         -      -   (1,163)
Shareholders' equity at           39,080      34,667     4,413   12.7    37,283
period-end
Interim dividend not                (669)       (581)      (87)   15.0   (1,442)
distributed
Shareholders' equity              38,411      34,086     4,325   12.7    35,841
Valuation adjustments              2,406       3,004     (598) (19.9)     3,077
Minority interests                 2,898       2,462       436   17.7     2,848
Preferred securities               1,257       1,759     (501) (28.5)     1,309
Preferred securities in            6,286       6,797     (510)  (7.5)     6,773
subordinated debt
Shareholders' equity and
minority interests                51,258      48,107     3,151    6.6    49,848



Computable capital and BIS ratio
Million euros
                                                           Variation
                               30.06.06    30.06.05    Amount     %    31.12.05

Computable basic capital          32,928      28,609     4,318   15.1    32,532
Computable supplementary          22,180      20,628     1,551    7.5    20,894
capital
Computable capital                55,107      49,238     5,869   11.9    53,426
Risk-weighted assets             444,420     384,428    59,992   15.6   412,734
BIS ratio                          12.40       12.81    (0.41)            12.94
Tier 1                              7.41        7.44    (0.03)             7.88
Core capital                        5.75        5.35      0.40             6.05
Cushion                           19,554      18,484     1,070    5.8    20,407



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