Financial Performance - The company reported record net revenue of €6.549 billion for the first half of 2025, an increase of 6.0% compared to €6.178 billion in the same period of 2024 [2][8] - Retail banking revenue rose by 6.4% to €4.427 billion, driven by strong performance in banking networks and consumer finance [2][8] - Insurance revenue increased by 15.7% to €822 million, with growth across all business lines [2][9] - Specialized business lines generated €1.532 billion, up 2.8% year-on-year [2] - General operating expenses increased by 6.1% to €3.405 billion, reflecting investments in growth [2][11] - Income before tax rose by 8.7% to €2.402 billion, while net income decreased by 4.4% to €1.638 billion due to a corporate tax surcharge of €192 million [2][18][19] Cost and Risk Management - The cost of risk was stable at €782 million, a slight decrease of 2.1% from €799 million [2][12] - The cost of proven risk decreased by 6.3%, while the cost of non-proven risk increased significantly [12][13] - Operating income increased by 8.8% to €2.363 billion, supported by higher revenues and controlled risks [15][17] Business Line Contributions - Retail banking net income slightly increased to €643 million, with general operating expenses growing at a slower pace than revenue [26] - Insurance net income was €495 million, up 0.5% year-on-year [27] - Asset management and private banking saw a net revenue increase of 5.1% to €667 million, with net income rising by 14.3% to €129 million [28] - Corporate banking net revenue declined by 3.7% to €323 million, while net income remained stable at €158 million [29] - Capital markets reported a net revenue increase of 11.0% to €331 million, with net income rising by 3.1% to €124 million [30] Financial Structure - Shareholders' equity reached €46.7 billion at the end of June 2025, up from €45.2 billion at the end of 2024 [20] - The estimated Common Equity Tier 1 (CET1) ratio was 19.5%, indicating strong capital adequacy [20] - The company maintained a low cost/income ratio of 52.0% [32] Key Figures - The total balance sheet stood at €732.747 billion, with customer loans amounting to €343.888 billion [32] - The number of customers increased to 22.4 million, up from 22.2 million [32] - The loan-to-deposit ratio was 119.6%, reflecting a stable funding position [32]