When we turn to revenues of the operating divisions, they were 1.4% lower on the back of a negative Forex effect especially due to the U. dollar depreciation over the period and a less favorable market context for fixed income activities in Europe again compared to the first quarter 2017.Nevertheless the economic pickup saw Retail Banking and Services divisions grow its revenues by 2% year-on-year.By the end of March, we've generated a little over €700 million in cumulative savings in the first quarter they amounted to €175 million and were fairly evenly split among the three operating divisions.I remind you that we're targeting €1.1 billion accumulated cost savings by the end of the year and transformation costs stood at just over €200 million in the first quarter, bearing in mind our expectations of €1.1 billion for the full-year 2018.International Financial Services cost evolution reflected business growth, while CIB cost marked a strong decrease benefiting from the cost savings measures we've been implementing.If we remain on costs and if you could just swipe to Slide 10, you'll see the good progress we're making in the implementation of a program of new customer experience, digital transformation, and savings across the Group, so the three axis of our 2020 plan.And at every quarter the CET1 ratio increases by the net income generated after of course allowing for a dividend of 50%, and in Q1, given the impact of IFRIC 21 taxes this effect is basically offset by higher risk weighted assets net of For Ex and this in connection with the good business activity that I mentioned before.
The cost of risk at Group level was still at the low level equivalent to 32 basis points over outstanding which is essentially in line with what we saw in the first quarter of 2017.
They were up at domestic markets on the back of good business development which was partly offset by the low rate environment this quarter.
They marked a good increase at International Financial Services driven by the development of the businesses and this both in an organic and in a bolt-on way but on CIB they were down 9.8% on the back of the lackluster market context in particularly in FICC in Europe and this again compared to the first quarter 2017.
So if we now pick the next slide which is number 6, you can see the impact of the higher taxes and contributions accounted this quarter for the full-year as per IFRIC 21.
The total amount increased by a tad less than €100 million compared to last year from €1 billion to €1.1 billion.