Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 989

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 989
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2023 and 2022, Total average liabilities attributed to international activities accounted for 64%, 65% and 65%, respectively, of the Group’s Total average liabilities. (International - Mature markets accounted for 40%, 41% and 43% and International - Developing markets accounted for 24%, 24% and 22%, respectively).

(A)Does not include contingently convertible preference shares and perpetual subordinated notes because they do not accrue interests. We include them under 'Other non-interest bearing liabilities'.

(B)As of 31 December 2022, interest includes expenses from assets reported in 'Cash and deposits on demand and loans and advances to central banks and credit institutions' related to liquidity placed in the ECB.

(C) Includes 'Liabilities under insurance or reinsurance contracts', reflecting the retrospective application of the new accounting standard IFRS 17 from 1 January 2023, which meant the reclassification of a portfolio of products for approximately EUR 16 billion registered as of 31 December 2022 in 'Customer deposits' to 'Liabilities under insurance or reinsurance contracts' (see note 1.d to our consolidated financial statements in Part 1 of this annual report). The 2022 average balance information has been updated for comparative purposes but not the Interest information, following the approach adopted by the Group in the financial statements.

Changes in Interest Income / (Charges)-Volume and Rate Analysis

The following tables include, by domicile of the Group entity at which the relevant asset or liability is accounted for, changes in our net interest income attributable to changes in average volume and changes in average rate for 2024 compared to 2023 and 2023 compared to 2022. We have calculated volume variances based on changes in average balances and rate variances based on changes in interest rates on average interest-earning assets and average interest-bearing liabilities, as applicable. You should read the following tables and the footnotes thereto in light of our observations noted in the preceding sub-section entitled ‘-Average Balance Sheets and Interest Rates'.

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| Contents |     | Cross-reference to Form 20-F |     | Consolidated director's report |     | Consolidated financial statements |     | Supplemental information |

|                                                                                                                              |     | Year ended 31 December,               
 2024 / 2023                           |        |     |         |       |     |            |        |
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