Additional pro forma information: Corporate & Investment Banking
Highlights for the period January - March 2026
- Lending continues to show steady growth
- Positive evolution of recurring revenues
- Strength of gross income in all business divisions
- Increase in net attributable profit in the quarter
BUSINESS ACTIVITY (1) (VARIATION AT CONSTANT EXCHANGE RATES COMPARED TO 31-12-25)
(1) Excluding repos.
RECURRING REVENUES / AVERAGE TOTAL ASSETS
(PERCENTAGE AT CONSTANT EXCHANGE RATES)
OPERATING INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +17.0%.
NET ATTRIBUTABLE PROFIT (LOSS)
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +17.5%.
The additional pro forma information from CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.
| FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) | ||||
|---|---|---|---|---|
| Income statement | 1Q26 | 𝚫 % | 𝚫 % (1) | 1Q25 (2) |
| Net interest income | 1,018 | 21.5 | 29.9 | 838 |
| Net fees and commissions | 473 | 30.4 | 34.6 | 362 |
| Net trading income | 714 | 5.7 | 11.3 | 676 |
| Other operating income and expenses | (20) | 61.7 | 66.6 | (12) |
| Gross income | 2,185 | 17.2 | 23.8 | 1,864 |
| Operating expenses | (533) | 18.1 | 21.9 | (451) |
| Personnel expenses | (245) | 10.0 | 14.2 | (222) |
| Other administrative expenses | (248) | 25.0 | 28.8 | (199) |
| Depreciation | (40) | 32.6 | 33.1 | (30) |
| Operating income | 1,652 | 17.0 | 24.4 | 1,413 |
| Impairment on financial assets not measured at fair value through profit or loss | (14) | (45.4) | (42.4) | (26) |
| Provisions or reversal of provisions and other results | — | (98.2) | (98.2) | 16 |
| Profit (loss) before tax | 1,638 | 16.9 | 24.3 | 1,402 |
| Income tax | (461) | 18.8 | 26.6 | (388) |
| Profit (loss) for the period | 1,177 | 16.1 | 23.4 | 1,014 |
| Non-controlling interests | (94) | 1.8 | 15.3 | (92) |
| Net attributable profit (loss) | 1,083 | 17.5 | 24.2 | 922 |
| Balance sheets | 31-03-26 | 𝚫 % | 𝚫 % (1) | 31-12-25 (2) |
| Cash, cash balances at central banks and other demand deposits | 10,862 | (28.1) | (29.3) | 15,106 |
| Financial assets designated at fair value | 152,171 | 16.6 | 16.0 | 130,559 |
| Of which: Loans and advances | 56,383 | 24.6 | 24.5 | 45,254 |
| Financial assets at amortized cost | 166,717 | 7.8 | 7.0 | 154,718 |
| Of which: Loans and advances to customers | 139,215 | 7.5 | 6.7 | 129,459 |
| Inter-area positions | — | — | — | — |
| Tangible assets | 258 | (4.1) | (5.5) | 269 |
| Other assets | 4,915 | 35.0 | 35.8 | 3,640 |
| Total assets/liabilities and equity | 334,923 | 10.1 | 9.4 | 304,292 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 111,655 | 14.2 | 13.8 | 97,798 |
| Deposits from central banks and credit institutions | 42,852 | 2.6 | 2.3 | 41,780 |
| Deposits from customers | 102,810 | (2.8) | (3.5) | 105,751 |
| Debt certificates | 15,563 | 13.1 | 12.6 | 13,766 |
| Inter-area positions | 43,911 | 59.5 | 56.1 | 27,535 |
| Other liabilities | 3,353 | (3.9) | (4.2) | 3,490 |
| Allocated regulatory capital | 14,779 | 4.3 | 3.5 | 14,171 |
| Relevant business indicators | 31-03-26 | 𝚫 % | 𝚫 % (1) | 31-12-25 (2) |
| Performing loans and advances to customers under management (3) | 139,185 | 10.1 | 9.3 | 126,424 |
| Non-performing loans | 582 | (3.8) | (3.0) | 605 |
| Customer deposits under management (3) | 95,618 | (3.0) | (3.6) | 98,567 |
| Off-balance sheet funds (4) | 2,506 | (43.0) | (44.5) | 4,394 |
| Efficiency ratio (%) | 24.4 | 26.9 | ||
| General note: For the translation of the income statement in those countries where hyperinflation accounting is applied, the punctual exchange rate as of March 31, 2026. (1) At constant exchange rates. (2) Revised balances. For more information, please refer to the “Business Areas” section. (3) Excluding repos. (4) Includes mutual funds, customer portfolios and other off-balance sheet funds. |
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Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. For the conversion of these figures in those countries in which accounting for hyperinflation is applied, the end of period exchange rate as of March 31, 2026 is used. These rates, together with changes at current exchange rates, can be found in the attached tables of financial statements and relevant business indicators. When making comments referring to Europe in this area, Spain is excluded.
Activity
The most relevant aspects related to the area's activity in the first quarter of 2026 were:
Lending stood at the end of March 2026, 9.3% above the balance at December 31, 2025, continuing the upward trend of recent quarters. Growth was observed in both transactional banking and Investment Banking & Finance, driven primarily by the performance of the countries compromising the Rest of Business area, particularly the United States and Asia.
Customer funds decreased by -5.4% during the first quarter of the year 2026, mainly in Rest of Business and Spain.
Results
CIB generated a net attributable profit of €1,083 million in 202620. Excluding the impact of currency fluctuations, this result represents a 24.2% increase over the previous year, which reflects again the strength of the Group's wholesale businesses, with the aim of offering a value proposition focused on the needs of its customers.
All business divisions posted double-digit revenue growth: Global Markets with good behavior in all its products, particularly in currency, interest rates and equities; Global Transaction Banking (GTB), thanks to the positive evolution of recurring revenues, mainly net interest income; excellent results in IB&F, with relevant operations that have generated commission income and a positive evolution of net interest income. All business divisions showed growth in net attributable profit to shareholders.
The most relevant aspects of the year-on-year income statement evolution of this aggregate as of end of March 2026 are summarized below:
Net interest income increased by 29.9%, thanks to the continued growth of the portfolio both in 2025 and in the first quarter of 2026, in both GTB and IB&F. By geographical areas, Spain and Rest of Business showed the strongest growth.
Net fees and commissions recorded an increase of 34.6%, driven primarily by increased activity in primary debt issuance in Global Markets, as well as by the strong performance of Project Finance, Corporate Lending in IB&F, and guarantee activity associated with Working Capital and Trade Finance in GTB. Geographically, Spain and the Rest of Business deserve special mention for their performance.
Growth in the NTI line (+11.3%) was driven by commercial activity, with significant performance in currency, interest rates, and equity. Rest of Business, Turkey, and Mexico showed the strongest performance compared to the same period last year.
Operating expenses grew by 21.9% driven by higher personnel expenses, associated with strategic plans and new capacities, as well as increased spending in technology. However, the efficiency ratio stood at 24.4% at the end of March, an improvement of 37 basis points compared to 2025, thanks to the strong boost in gross income.
The impairment on financial assets line recorded a provision of €-14 million, mainly originating in the United States and Europe, which represents an improvement compared to the provisions made in the same period of the previous year.
20 The additional pro forma information from CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.
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