which more than offset the drop in gains on financial assets and liabilities. in any event, net interest income remained lower than in 2019. 10 fee and commission income has increased in recent years, 11 mainly on account of payment services, although it is still low compared with spanish banks ’ main european peers. profitability remained positive in 2022 q1. thus, ordinary profit at the six listed banks rose by more than 30 % 12 year - on - year, with increases of 9 % - 10 % both in net interest income and fee and commission income. meanwhile, impairment losses fell by 9 % compared with march 2021. it must be noted, however, that the full economic impact of the war in ukraine did not materialise in the first quarter of the year. in 2021 extraordinary gains were recognised as a result of two mergers ( €4. 2 billion in total ), the spin - off of an insurance company ( €0. 9 billion ) and restructuring costs at the two big banks ( - €1. 2 billion ). in 2020, extraordinary items included the negative adjustments to goodwill of the two banks with the largest international presence ( - €12. 2 billion ), the adjustment for deferred tax assets ( - €2. 5 billion ), restructuring costs at one bank ( - €1. 2 billion ) and capital gains on the sale of business lines ( €0. 6 billion ). however, as the year - on - year increase in net interest income ( 1. 4 % ) in 2021 was lower than the increase in average total assets ( 3. 8 % ), its contribution to the change in roa in 2021 was negative. this decline is explained by the larger drop in interest income than in interest expenses. the fall in consolidated net interest income over the last two years, concentrated in 2020, is due to a narrower interest rate spread ( price effect ) and a drop in the volume of assets combined with an increase in the volume of funding ( volume effect ). the latter represents an important difference compared with business in spain, where the volume effect partially offset the likewise negative price effect. since 2015, net fee and commission income as a percentage of total assets has increased from 0. 41 % to 0. 45 %. by contrast, net profit at the six listed banks fell by 29 % in 2022 q1 compared with a year earlier, but this was due to the almost €4. 3 billion recorded in extraordinary gains in march 2021 as a result

a whole. recent developments on the international economic front are positive in terms of growth. while growth in both the asian and latin american emerging economies remains below par, the latest indicators show that the united states and the united kingdom appear to have picked up speed, following the weak first - quarter results this year. economic recovery is also holding up in the euro area. gdp grew by 0. 4 % in the first quarter of this year and, on the latest preliminary estimate released last friday, by 0. 3 % in the second quarter. for the year as a whole, projections envisage figures of around 1. 5 %, considerably up on end - 2014 estimates. private consumption continues to be the driving force here, while the contribution of private investment remains moderate. bis central bankers ’ speeches turning to inflation, both actual and projected euro area rates have now turned around from the declining trajectory marking their path throughout 2014, but inflation is still some way off the ecb ’ s reference level of 2 % for the euro area. the favourable performance of euro area economic activity and prices is underpinned by certain external factors, such as the pick - up in the global economy and lower oil prices, but also by other factors whose origin lies in the economic policy decisions adopted by the national governments and the european authorities. these include most notably the reforms undertaken in different countries and the more neutral stance of fiscal policies. in any event, mention should be made of the contribution of monetary policy and the significance of the decision adopted in january this year to enlarge the securities purchase programme with the inclusion of government debt securities. since then, we have witnessed not only further monetary easing and the depreciation of the euro, but also a more uniform transmission of expansionary impulses to the various countries in the area and, in particular, to those such as spain which were comparatively more affected by the fragmentation of european financial markets. the latest monetary policy measures have translated into a significant improvement in the spanish economy ’ s financing conditions. this improvement is visible not only in the lower cost of new funds, but also in a progressive – but slow – normalisation of credit in spain. aggregate balances continue to post negative rates of change, reflecting the headway in the deleveraging of our households and firms ; however, these rates are increasingly less negative and are compatible with the growth of new financing flows. performance of and outlook for the spanish economy on preliminary estimates in late july, the spanish economy is expected to have