Santander and BBVA generate 80% of typical income outside of Spain

The contribution of the Spanish subsidiaries to the interest margin of both groups will change after the injection of income that will cause the first rate hike in Europe since 2011.

Geographic diversification played in favor of Santander and BBVA in the first quarter of the year, waiting for the first rise in the price of money in Europe in more than a decade. The two large Spanish banking groups generated around 8

5