The Group’s underlying attributable profit was EUR 2,138 million, significantly higher quarter-on-quarter and year-on-year. Compared to the first quarter of 2020, in constant euros:
Revenue growth (+8%), with growth in all regions and the majority of countries, showing the strength provided by our geographic and business diversification. Net interest income and net fee income accounted for around 92% of total revenue.
Flat costs enabled the efficiency ratio to improve to 45 driven by overall positive performance across markets, mainly in Europe. This performance reflects the successful management over the last years, as well as the impacts of additional savings measures adopted since the beginning of the crisis.
Loan-loss provisions recorded its lowest figure since Q1'20. Down 43% from additional provisions recorded in 2020 to reflect expected credit losses arising from covid-19.
Additionally, we recorded EUR 530 million net of tax from expected restructuring costs for the year as a whole. As a result, attributable profit amounted to EUR 1,608 million in the quarter.
