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BANCO SANTANDER FIRST-QUARTER NET INCOME INCREASES 8.19 PERCENT

 MADRID, April 22 /PRNewswire/ -- Banco Santander (NYSE: STD), the most international of Spain's private banks, had net income of Ptas. 22,379 million ($194.1 million), or Ptas. 180.07 per share ($1.56 per ADR), for the first quarter ended March 31, 1993, an increase of 8.19 percent over the Ptas. 20,685 million reported in the same period of the previous year, it was announced today by Emilio Botin, chairman of the Santander Group.
 "This positive performance was due to international diversification and active management of the consolidated balance sheet," Botin commented.
 "During the first quarter, the Santander Group focused on those geographic areas which provided the best business opportunities. Business growth in Spain was slow because of weaker demand for loans. However, on the funding side, the bank continued to concentrate on attracting mutual funds, which increased by Ptas. 68,654 million ($595.4 million), thus maintaining our position as the market leader in this field," Botin stated.
 Financial revenues for the first quarter of 1993 rose 24.74 percent to Ptas. 197,812 million ($1.7 billion) from the Ptas. 158,577 million ($1.4 billion) reported in the prior year.
 The financial margin rose 13.17 percent to Ptas. 56,670 million ($491.5 million).
 Operating profit reached Ptas. 33,597 million ($291.4 million), an increase of 15.53 percent.
 On April 30, 1993, a final dividend of Ptas. 117 will be paid. This will bring the total annual dividend for 1992 to Ptas. 260, an 8.33-percent increase over the previous year.
 Total average assets rose to Ptas. 6,864 billion ($59.5 billion), 18.30 percent higher than the same period of the previous year.
 "In the international capital markets and investment banking areas, Banco Santander de Negocios (BSN) participated in several significant operations. It was lead manager of the Republic of Venezuela's Eurobond issue and of Spain's Ptas. 50,000 million public debt issue, and it brought the Brazilian bank, Icatu, to the international markets. In the privatization processes of Repsol and Argentaria, BSN was the only Spanish bank to be a lead manager for one of the international tranches (the United Kingdom). Banco Santander Chile and our units in Puerto Rico also made satisfactory progress," Botin said.
 "Treasury and capital markets activities, both in Spain and abroad, enabled us to increase other operating income by 212.56 percent," Botin stated.
 Botin said that, "Control and monitoring of non-performing loans continues to be one of our principal priorities. Non-performing loans, excluding country risk, increased 6.51 percent in the first quarter to Ptas. 131,294 million ($1.1 billion). Non-performing loans accounted for 4.49 percent of total loans and they are 100.44 percent covered by reserves. Although growth in non-performing loans continues to be unsatisfactory, the Group's level is better-than-average for Spanish banks."
 "Applying the criteria for international banks set by the Bank for International Settlements (BIS), the Group's capital adequacy ratio remains very high at 13.07 percent."
 The Consolidated Santander Group is composed of Banco Santander, 15 additional banks and another 126 companies of various nationalities in which it maintains an ownership position. With over $60 billion of assets, the Bank had net income for 1992 of Ptas. 66,152 million ($573.7 million), an increase of 11.80 percent over the preceding year. For 1992, ROA was 1.10 percent and ROE 20.34 percent. Through a network of over 1,759 offices in 28 countries, the Group provides an effective system to fully meet the individual financial needs of its customers in Spain, and is the largest and most profitable international network among private Spanish banks.
 Each Banco Santander ADR is the equivalent of one ordinary Spanish Banco Santander share.
 Conversion of Spanish pesetas was translated into dollar amounts at the exchange rate of U.S. $1.00 equals Ptas. 115.311.
 BANCO SANTANDER
 CONSOLIDATED INCOME STATEMENT
 For the three months ended March 31, 1993 and 1992
 (unaudited; amounts in millions)
 Three Months Ended Percent
 3/31/93 3/31/92 Change
 Financial revenues $1,715.5 Ptas. 197,812 Ptas. 158,577 24.74
 Financial costs 1,224.0 141,142 108,501 30.08
 Financial margin 491.5 56,670 50,076 13.17
 Other ordinary
 revenues 146.9 16,937 15,778 7.35
 Operating margin 638.4 73,607 65,854 11.77
 Personnel expenses 231.2 26,658 23,830 11.87
 Overhead expenses &
 taxes other than
 income tax 115.8 13,352 12,942 3.17
 Total operating
 expenses 347.0 40,010 36,772 8.81
 Operating profit $291.4 Ptas. 33,597 Ptas. 29,082 15.53
 Other operating income 176.1 20,307 6,497 212.56
 Extraordinary income 2.3 261 13,126 (98.01)
 Depreciation (47.4) (5,464) (5,244) 4.20
 Writedown of investment
 securities 8.5 981 (1,113) N/M
 Net provisions (160.8) (18,538) (13,675) 35.56
 Pretax income 270.1 31,144 28,673 8.62
 Provision for
 income tax 76.0 8,765 7,988 9.73
 Net income $194.1 Ptas. 22,379 Ptas. 20,685 8.19
 Group 174.4 20,107 17,952 12.00
 Minority interests 19.7 2,272 2,733 (16.87)
 Average total
 assets 59,532.0 6,864,697 5,802,818 18.30
 U.S. $1.00 equals Spanish Ptas. 115.311
 Technical note: Items have been adjusted to the new accounting criteria established by the Bank of Spain Circular 4/91 and European Community directives which became effective in January 1992.
 -0- 4/22/93
 /CONTACT: Corporate Communications, Banco Santander, Paseo de la Castellana, 75, 28046 Madrid Spain, telephone: 011-341-581-3700; or Philip L. Thomas of the P.L. Thomas Group, 2 North Riverside Plaza, Chicago, IL 60606, 312-906-8060, for Banco Santander/
 (STD)


CO: Banco Santander ST: IN: FIN SU: ERN

SM-JG -- DE030 -- 9686 04/22/93 16:17 EDT
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Date:Apr 22, 1993
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