Pre-provision profit missed consensus by 1% due to a trading loss on total return swaps, expected recovery in April.
Net interest income met expectations but fell 2% QoQ; loan book flat while commercial spreads rose to 3.3% from 3.2%.
Commission income beat consensus by 2% despite a 2% QoQ decline, driven by 8% YoY wealth fees rise and 30% bancassurance jump.
CET1 rose to 14.9%, cost of risk fell to 26 bps, and 2026 guidance targets flat NII growth and a €750 m buyback.