Overview

• Banco Santander reported a record €3.402 billion Q1 profit, up 19% year-on-year, benefiting from tax phasing and record fee income growth of 4%.
• CaixaBank achieved €1.47 billion in Q1 profit, reflecting a 46.2% absolute increase due to the new quarterly bank tax accounting method.
• Net interest margins declined for both banks due to lower interest rates, but higher lending volumes and diversified income streams offset the impact.
• CaixaBank saw a 62% surge in new mortgage production and an 11% rise in consumer lending compared to Q1 2024, while maintaining a low non-performing loan ratio of 2.5%.
• Both banks reaffirmed their 2025 strategic targets, including Santander's aim for €62 billion in revenues, mid-to-high single-digit fee income growth, and a 16.5% return on tangible equity.