January-March 2013


The most relevant aspects of earnings in this area in the first quarter of 2013 are summarized below:

  • Positive NTI of €109m, basically as a result of the structural management of exchange rates and the sale of some Unnim positions.
  • Operating expenses of €271m, €43m more than in the first quarter of 2012. Of these, amortization and depreciation has risen €33m in the last year and reflect the Group’s investment efforts in technology and infrastructure.
  • Net profit from discontinued operations includes the capital gains from the sale of the pension business in Mexico.
  • As a result, net attributable profit is €454m, compared with a loss of €276m in the first quarter of 2012.