Financial PerformanceSpain net profit was significantly below expectations, with Net Interest Income and total revenues falling short, leading to lower pre-provision operating profit despite better cost control.
Market DynamicsChallenging competitive dynamics in the UK market have led to a sequential downturn in Net Interest Income.
Regional PerformanceBy region, performance was mixed with developed markets showing weaker NII trends (Spain/UK), offset by strong growth in Brazil, Chile and corporate centre.