Consolidated Balance Sheets
Assets
(Millions of euros)
			NOTE	31-12-2024	31-12-2023 *	31-12-2022 *
Cash and cash balances at central banks and other demand deposits			10	49,804	37,861	20,522
Financial assets held for trading			11	5,688	6,993	7,382
	Derivatives			4,867	6,344	6,963
	Equity instruments			415	303	233
	Debt securities			406	346	186
Financial assets not designated for trading compulsorily measured at fair value through profit or loss			12	17,248	13,385	11,351
	Equity instruments			17,248	13,385	11,295
	Debt securities			–	–	6
	Loans and advances			–	–	50
		Customers		–	–	50
Financial assets designated at fair value through profit or loss			13	6,498	7,240	8,022
	Debt securities			6,498	7,240	7,985
	Loans and advances			–	–	37
		Credit institutions		–	–	37
Financial assets at fair value with changes in other comprehensive income			14	68,767	66,590	64,532
	Equity instruments			579	1,340	1,351
	Debt securities			68,188	65,250	63,181
Financial assets at amortised cost			15	446,790	437,181	446,168
	Debt securities			80,041	80,916	80,937
	Loans and advances			366,749	356,265	365,231
		Credit institutions		14,950	11,882	12,397
		Customers		351,799	344,383	352,834
Derivatives - Hedge accounting			16	531	1,206	1,462
Fair value changes of the hedged items in portfolio hedge of interest rate risk			16	(79)	(236)	(753)
Investments in joint ventures and associates			17	1,874	1,918	2,054
	Joint ventures			4	6	44
	Associates			1,870	1,912	2,010
Reinsurance contract assets			18	53	54	63
Tangible assets			19	6,975	7,300	7,516
	Property, plant and equipment			5,712	5,877	5,919
		For own use		5,712	5,877	5,919
	Investment property			1,263	1,423	1,597
Intangible assets			20	5,073	4,987	5,024
	Goodwill			3,094	3,094	3,167
	Other intangible assets			1,979	1,893	1,857
Tax assets				18,051	18,747	20,464
	Current tax assets			2,827	1,793	2,160
	Deferred tax assets		26	15,224	16,954	18,304
Other assets			21	1,718	1,820	2,617
	Inventories			55	93	101
	Remaining other assets			1,663	1,727	2,516
Non-current assets and disposal groups classified as held for sale			22	2,012	2,121	2,426
TOTAL ASSETS				631,003	607,167	598,850
Memorandum items
Off-balance-sheet exposures
Loan commitments given			27	121,479	117,169	112,800
Financial guarantees given			27	9,769	10,319	10,924
Other commitments given			27	36,022	32,097	38,441
Financial instruments loaned or delivered as collateral with the right of sale or pledge
	Financial assets held for trading			136	81	20
	Financial assets at fair value with changes in other comprehensive income			907	4,814	3,345
	Financial assets at amortised cost			19,165	20,394	9,521
Tangible assets acquired under a lease			19	1,538	1,617	1,565
Investment property, leased out under operating leases				1,021	1,153	1,269
(*) Presented for comparison purposes only (see Note 1.4).

Liabilities
(Millions of euros)
		NOTE	31-12-2024	31-12-2023 *	31-12-2022 *
Financial liabilities held for trading		23	3,631	2,253	4,030
	Derivatives		3,420	2,189	3,971
	Short positions		211	64	59
Financial liabilities designated at fair value through profit or loss		23	3,600	3,283	3,409
	Deposits		3,594	3,281	3,409
	Customers		3,594	3,281	3,409
	Other financial liabilities		6	2	–
Financial liabilities at amortised cost		23	498,820	480,450	483,047
	Deposits		435,416	416,910	422,444
	Central banks		96	548	16,036
	Credit institutions		11,082	18,863	12,774
	Customers		424,238	397,499	393,634
	Debt securities issued		56,563	56,755	52,608
	Other financial liabilities		6,841	6,785	7,995
Derivatives - Hedge accounting		16	4,709	7,677	7,769
Fair value changes of the hedged items in portfolio hedge of interest rate risk		16	(1,310)	(2,907)	(5,736)
Insurance contract liabilities		18	75,605	70,240	62,595
Provisions		24	4,258	4,472	5,231
	Pensions and other post-employment defined benefit obligations		563	599	579
	Other long-term employee benefits		1,694	2,083	2,582
	Pending legal issues and tax litigation		1,194	926	971
	Commitments and guarantees given		422	446	547
	Other provisions		385	418	552
Tax liabilities			2,524	2,094	1,932
	Current tax liabilities		1,458	748	452
	Deferred tax liabilities	26	1,066	1,346	1,480
Other liabilities		21	2,284	3,096	2,850
Liabilities included in disposal groups classified as held for sale			17	170	16
TOTAL LIABILITIES			594,138	570,828	565,143
Memorandum items
Subordinated liabilities
	Financial liabilities at amortised cost	23	9,895	10,129	9,280
(*) Presented for comparison purposes only (see Note 1.4).

Equity
(Millions of euros)
			NOTE	31-12-2024	31-12-2023 *	31-12-2022 *
SHAREHOLDERS' EQUITY			25	37,425	38,206	35,908
Capital				7,175	7,502	7,502
Share premium				12,309	13,470	13,470
Other equity items				42	46	46
Retained earnings				15,786	14,925	13,653
Other reserves				(2,307)	(2,034)	(1,866)
(-) Treasury shares				(299)	(519)	(25)
Profit/(loss) attributable to owners of the Parent				5,787	4,816	3,128
(-) Interim dividends				(1,068)	–	–
ACCUMULATED OTHER COMPREHENSIVE INCOME			25	(594)	(1,899)	(2,233)
Items that will not be reclassified to profit or loss				(417)	(1,502)	(1,379)
	Actuarial gains or (-) losses on defined benefit pension plans			(364)	(354)	(250)
	Share of other recognised income and expense of investments in joint ventures and associates			(1)	–	1
	Fair value changes of equity instruments measured at fair value with changes in other comprehensive income			(52)	(1,148)	(1,130)
	Failed fair value hedges of equity instruments measured at fair value with changes in other comprehensive income			–	–	–
		Fair value changes of equity instruments measured at fair value with changes other comprehensive income [hedged instrument]		–	(50)	(38)
		Fair value changes of equity instruments measured at fair value with changes in other comprehensive income [hedging instrument]		–	50	38
Items that may be reclassified to profit or loss				(177)	(397)	(854)
	Foreign currency exchange			69	(26)	29
	Hedging derivatives. Reserve of cash flow hedges [effective portion]			(257)	(312)	(486)
	Fair value changes of debt securities measured at fair value with changes in other comprehensive income			(93)	(290)	(2,112)
	Finance expenses from insurance contracts issued			56	207	1,704
	Share of other recognised income and expense of investments in joint ventures and associates			48	24	11
MINORITY INTERESTS (non-controlling interests)			25	34	32	32
Accumulated other comprehensive income				1	–	–
Other items				33	32	32
TOTAL EQUITY				36,865	36,339	33,707
TOTAL LIABILITIES AND EQUITY				631,003	607,167	598,850
(*) Presented for comparison purposes only (see Note 1.4).

Consolidated statement of profit or loss
(Millions of euros)
		NOTE	2024	2023	2022
Interest income		29	20,897	18,223	9,197
	from banking and other business		18,983	16,494	7,812
	Financial assets at fair value with changes in other comprehensive income		160	186	333
	Financial assets at amortised cost		16,834	14,554	7,440
	Other interest income		1,989	1,754	39
	from the insurance business		1,914	1,729	1,385
	Financial assets at fair value with changes in other comprehensive income		1,818	1,641	1,352
	Financial assets at amortised cost		126	87	33
	Other interest income		(30)	1	–
Interest expense		30	(9,789)	(8,110)	(2,645)
	from banking and other business		(8,085)	(6,518)	(1,298)
	from the insurance business		(1,704)	(1,592)	(1,347)
	Financial expenses from insurance contracts		(1,692)	(1,582)	(1,347)
	Other interest expense		(12)	(10)	–
NET INTEREST INCOME			11,108	10,113	6,552
Dividend income		31	100	163	163
Share of profit/(loss) of entities accounted for using the equity method		17	261	281	222
Fee and commission income		32	4,199	4,037	4,226
Fee and commission expenses		32	(421)	(379)	(371)
Gains/(losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net		33	86	94	41
	Financial assets at amortised cost		44	3	1
	Other financial assets and liabilities		42	91	40
Gains/(losses) on financial assets and liabilities held for trading, net		33	(8)	(42)	470
	Other gains or losses		(8)	(42)	470
Gains/(losses) on financial assets not designated for trading compulsorily measured at fair value through profit or loss, net		33	3	24	(11)
	Other gains or losses		3	24	(11)
Gains/(losses) from hedge accounting, net		33	5	30	(20)
Exchange differences (gain/loss), net			137	129	(152)
Other operating income		34	524	591	604
Other operating expenses		34	(1,337)	(1,928)	(1,567)
Income from the insurance service		35	1,240	1,144	931
	Insurance revenue		3,053	3,164	2,784
	Insurance service expenses		(1,813)	(2,020)	(1,853)
Net result from reinsurance contracts held			(24)	(26)	5
GROSS INCOME			15,873	14,231	11,093
Administrative expenses			(5,330)	(5,047)	(4,845)
	Personnel expenses	36	(3,776)	(3,516)	(3,331)
	Other administrative expenses	37	(1,554)	(1,531)	(1,514)
Depreciation and amortisation		19 & 20	(778)	(774)	(730)
Provisions or reversal of provisions		24	(356)	(115)	(227)
Impairment/(reversal) of impairment on financial assets not measured at fair value through profit or loss or net profit or loss due to a change		38	(1,053)	(1,228)	(882)
	Financial assets at fair value with changes in other comprehensive income		3	(4)	1
	Financial assets at amortised cost		(1,056)	(1,224)	(883)
Impairment/(reversal) of impairment on investments in joint ventures and associates.		17	(23)	(50)	(18)
Impairment/(reversal) of impairment on non-financial assets		39	(55)	(75)	(102)
	Tangible assets		(9)	(22)	(86)
	Intangible assets		(36)	(48)	(14)
	Other		(10)	(5)	(2)
Gains/(losses) on derecognition of non-financial assets, net		40	18	10	41
Profit/(loss) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations (net)		41	23	(28)	(10)
PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS			8,319	6,924	4,320
Tax expense or income related to profit or loss from continuing operations		26	(2,525)	(2,108)	(1,189)
PROFIT/(LOSS) AFTER TAX FROM CONTINUING OPERATIONS			5,794	4,816	3,131
Profit/(loss) after tax from discontinued operations			1	2	2
PROFIT/(LOSS) FOR THE PERIOD			5,795	4,818	3,133
Attributable to minority interests (non-controlling interests)			8	2	4
Attributable to owners of the parent			5,787	4,816	3,129
(*) Presented for comparison purposes only (see Note 1.4).

Consolidated statements of changes in equity (Part A)
Consolidated statement of other comprehensive income
(Millions of euros)
			NOTE	2024	2023	2022
PROFIT/(LOSS) FOR THE PERIOD				5,795	4,818	3,133
OTHER COMPREHENSIVE INCOME				1,306	334	(1,098)
Items that will not be reclassified to profit or loss				1,085	(123)	518
	Actuarial gains or losses on defined benefit pension plans			(22)	(138)	340
	Share of other recognised income and expense of investments in joint ventures and associates			(1)	–	–
	Fair value changes of equity instruments measured at fair value with changes in other comprehensive income			1,101	(16)	298
		Fair value changes of equity instruments measured at fair value with changes in equity [hedged instrument]		50	(12)	(26)
		Fair value changes of equity instruments measured at fair value with changes in equity [hedging instrument]		(50)	12	26
	Income tax relating to items that will not be reclassified			7	31	(120)
Items that may be reclassified to profit or loss				221	457	(1,616)
	Foreign currency exchange			133	(76)	33
		Translation gains/(losses) taken to equity		133	(76)	33
	Cash flow hedges (effective portion)			(58)	189	(596)
		Valuation gains/(losses) taken to equity		(377)	5	(636)
		Transferred to profit or loss		319	184	40
	Debt instruments classified as fair value financial assets with changes in other comprehensive income			295	2,590	(14,353)
		Valuation gains/(losses) taken to equity		327	2,598	(14,347)
		Transferred to profit or loss		(32)	(8)	(6)
	Finance expenses from insurance contracts issued			(216)	(2,135)	12,620
	Share of other recognised income and expense of investments in joint ventures and associates			23	12	(18)
	Income tax relating to items that may be reclassified to profit or loss			44	(123)	698
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD				7,101	5,152	2,035
	Attributable to minority interests (non-controlling interests)			9	2	4
	Attributable to owners of the parent			7,092	5,150	2,031
(*) Presented for comparison purposes only (see Note 1.4).

Consolidated statements of changes in equity (Part B)

Consolidated statements of total changes in equity

(Millions of euros)

Equity attributable to the parent

Minority interests

Total

Shareholders' equity

Accumulated other comprehensive income

Accumulated other comprehensive income

Other items

NOTE

Capital

Share premium

Other equity

Retained earnings

Other reserves

Less: treasury shares

Profit/(loss) attributable to owners of the parent

Less: interim dividends

BALANCE AT 31-12-2023

7,502

13,470

46

14,925

(2,034)

(519)

4,816

–

(1,899)

–

32

36,339

Effects of changes in accounting policies

–

–

–

–

–

–

–

–

–

–

–

–

OPENING BALANCE AT 31-12-2023

7,502

13,470

46

14,925

(2,034)

(519)

4,816

–

(1,899)

–

32

36,339

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

–

–

–

–

–

–

5,787

–

1,305

1

8

7,101

OTHER CHANGES IN EQUITY

(327)

(1,161)

(4)

861

(273)

220

(4,816)

(1,068)

–

–

(7)

(6,575)

Capital reduction

25

(327)

(1,161)

–

–

–

–

–

–

–

–

–

(1,488)

Dividends (or remuneration to shareholders)

6

–

–

–

(2,876)

–

–

–

(1,068)

–

–

(3)

(3,947)

Purchase of treasury shares

25

–

–

–

–

–

(1,292)

–

–

–

–

–

(1,292)

Sale or cancellation of treasury shares

25

–

–

–

–

–

1,512

–

–

–

–

–

1,512

Transfers among components of equity

–

–

–

4,816

–

–

(4,816)

–

–

–

–

–

Other increase/(decrease) in equity

–

–

(4)

(1,079)

(273)

–

–

–

–

–

(4)

(1,360)

Of which: Payment of AT1 instruments

–

–

–

–

(267)

–

–

–

–

–

–

(267)

CLOSING BALANCE AT 31-12-2024

7,175

12,309

42

15,786

(2,307)

(299)

5,787

(1,068)

(594)

1

33

36,865

Consolidated statements of changes in equity (part B)

Consolidated statements of total changes in equity *

(Millions of euros)

Equity attributable to the parent

Minority interests

Total

Shareholders' equity

Accumulated other comprehensive income

Accumulated other comprehensive income

Other items

NOTE

Capital

Share premium

Other equity

Retained earnings

Other reserves

Less: treasury shares

Profit/(loss) attributable to owners of the parent

Less: interim dividends

BALANCE AT 31-12-2021

8,061

15,268

39

9,781

(1,343)

(19)

5,226

–

(1,619)

–

31

35,425

Effects of changes in accounting policies

–

–

–

–

(689)

–

(26)

–

483

–

–

(232)

OPENING BALANCE AT 01-01-2022

8,061

15,268

39

9,781

(2,032)

(19)

5,200

–

(1,136)

–

31

35,193

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

–

–

–

–

–

–

3,128

–

(1,097)

–

4

2,035

OTHER CHANGES IN EQUITY

(559)

(1,798)

7

3,872

166

(6)

(5,200)

–

–

–

(3)

(3,521)

Capital reduction

(559)

(1,798)

–

–

–

–

–

–

–

–

–

(2,357)

Dividends (or remuneration to shareholders)

–

–

–

(1,178)

–

–

–

–

–

–

(4)

(1,182)

Purchase of treasury shares

–

–

–

–

–

(1,818)

–

–

–

–

–

(1,818)

Sale or cancellation of treasury shares

–

–

–

–

–

1,812

–

–

–

–

–

1,812

Transfers among components of equity

25

–

–

–

5,200

–

–

(5,200)

–

–

–

–

–

Other increase/(decrease) in equity

–

–

7

(150)

166

–

–

–

–

–

1

24

Of which: Payment of AT1 instruments

–

–

–

–

(261)

–

–

–

–

–

–

(261)

BALANCE AT 31-12-2022

7,502

13,470

46

13,653

(1,866)

(25)

3,128

–

(2,233)

–

32

33,707

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

–

–

–

–

–

–

4,816

–

334

–

2

5,152

OTHER CHANGES IN EQUITY

–

–

–

1,272

(168)

(494)

(3,128)

–

–

–

(2)

(2,520)

Capital reduction

–

–

–

–

–

–

–

–

–

–

–

–

Dividends (or remuneration to shareholders)

–

–

–

(1,728)

–

–

–

–

–

–

(3)

(1,731)

Purchase of treasury shares

–

–

–

–

–

(513)

–

–

–

–

–

(513)

Sale or cancellation of treasury shares

–

–

–

–

–

19

–

–

–

–

–

19

Transfers among components of equity

6

–

–

–

3,128

–

–

(3,128)

–

–

–

–

–

Other increase/(decrease) in equity

–

–

–

(128)

(168)

–

–

–

–

–

1

(295)

Of which: Payment of AT1 instruments

–

–

–

–

(277)

–

–

–

–

–

–

(277)

CLOSING BALANCE AT 31-12-2023

7,502

13,470

46

14,925

(2,034)

(519)

4,816

–

(1,899)

–

32

36,339

(*) Presented for comparison purposes only (see Note 1.4).

Consolidated statements of cash flows (indirect method)
(Millions of euros)
		NOTE	2024	2023  **	2022 **
A) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES			16,846	15,744	(79,875)
Profit/(loss) for the period *			5,795	4,818	3,133
Adjustments to obtain cash flows from operating activities			2,764	2,681	819
	Depreciation and amortisation		778	774	730
	Other adjustments		1,986	1,907	89
Net increase/(decrease) in operating assets			(13,355)	7,687	(14,823)
	Financial assets held for trading		1,305	390	3,628
	Financial assets not designated for trading compulsorily measured at fair value through profit or loss		(3,863)	(2,034)	2,132
	Financial assets designated at fair value through profit or loss		743	782	(669)
	Financial assets at fair value with changes in other comprehensive income		(1,944)	(262)	1,861
	Financial assets at amortised cost		(9,865)	8,192	(24,663)
	Other operating assets		269	619	2,888
Net increase/(decrease) in operating liabilities			23,089	617	(68,609)
	Financial liabilities held for trading		1,378	(1,777)	(1,088)
	Financial liabilities designated at fair value through profit or loss		318	(126)	(1,054)
	Financial liabilities at amortised cost		17,839	(5,928)	(63,400)
	Other operating liabilities		3,554	8,448	(3,067)
Income tax (paid)/received			(1,447)	(59)	(395)
B) CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES			(152)	203	164
Payments:			(772)	(828)	(1,304)
	Tangible assets		(317)	(412)	(440)
	Intangible assets		(438)	(389)	(476)
	Investments in joint ventures and associates		–	(26)	–
	Subsidiaries and other business units		–	–	(250)
	Non-current assets and liabilities classified as held for sale		(17)	(1)	(138)
Proceeds:			620	1,031	1,468
	Tangible assets		83	134	138
	Intangible assets		5	16	1
	Investments in joint ventures and associates		89	106	152
	Non-current assets and liabilities classified as held for sale		443	775	1,177
C) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES			(4,752)	1,393	(3,984)
Payments:			(12,939)	(9,655)	(9,564)
	Dividends	6	(3,947)	(1,728)	(1,178)
	Subordinated liabilities		(2,000)	(1,500)	(1,760)
	Purchase of own equity instruments		(1,292)	(513)	(1,818)
	Other payments related to financing activities		(5,700)	(5,914)	(4,808)
Proceeds:			8,187	11,048	5,580
	Subordinated liabilities	23	1,750	2,318	750
	Disposal of own equity instruments		23	19	15
	Other proceeds related to financing activities		6,414	8,711	4,815
D) EFFECT OF EXCHANGE RATE CHANGES			1	(1)	1
E) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)			11,943	17,339	(83,694)
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			37,861	20,522	104,216
G) CASH AND CASH EQUIVALENTS AT END OF PERIOD (E+F)			49,804	37,861	20,522
COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF PERIOD
	Cash		2,402	2,418	2,560
	Cash equivalents at central banks		45,955	33,704	16,384
	Other financial assets		1,447	1,739	1,578
TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD			49,804	37,861	20,522
(*)	Of which: Interest received		21,113	17,599	8,830
	Of which: Interest paid		9,591	7,397	1,281
	Of which: Dividends received		450	674	421
(**)	Presented for comparison purposes only (see Note 1.4).