To guarantee capital ratios in line with the new regulations, we have implemented a series of measures to optimize assets and use of capital, including via a programme of stake disposals to reduce our exposure to equity. These measures have enabled us to preserve solid capital ratios without having to implement rights issues (our most recent dates back to 1998).

In the last decade we have optimized the use of capital, through equity stake disposals and strengthening our presence in k-light/fee-based businesses. At the same time we increased remuneration for shareholders and expanded our Group through external acquisitions.

CAPITAL RATIO 31 DECEMBER 2025
CET1 RATIO 16.4%
TOTAL CAPITAL RATIO 18.7%
LEVERAGE RATIO 7.2%