IBEXIBEX banks gained almost €4 billion in profit in the first quarter of this year.

That’s a 20.4% increase on last year’s figures, and it’s down to factors such as the integration of new businesses and international market promotion.

Companies that contributed to the growth include Santander, BBVA, CaixaBank, Sabadell and more.

The only exception has been Popular, which lost €137 million in profits compared to last year.

Ibex’s net interest income at is estimated at €500 million between January and March of this year.