Company: BCDRF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0000891478-25-000101
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-07-30
Form: 6-K
Chunk 2
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,017 -3% +5% Profit before tax 10,303 +8% +13% 5,116 +4% +10% Attributable profit 6,833 +13% +18% 3,431 +7% +13% (*) All references to variations in constant euros include Argentina in current euros. Summary of statutory figures at the end of this press release. Underlying business performance All variations are year-on-year unless otherwise stated. Santander delivered an attributable profit of €6,833 million in the first half of 2025, up 13% compared to the same period last year. This marks the strongest first half on record, driven by robust net interest income, record net fee income, and lower costs and provisions. Profit in the second quarter alone was €3,431 million (+7%), setting a fifth consecutive quarterly record. The group continued to increase profitability and shareholder-value creation, with a return on tangible equity (RoTE) of 16% post-AT1 (up 0.9 percentage points), earnings per share (EPS) of €0.43 (up 19%), and tangible net asset value (TNAV) per share of €5.50 at the end of the first half of 2025. Including the cash dividends from 2024 results paid in November and May, total value creation (TNAV plus cash dividend per share) increased by 16%. In the first half of 2025, customer funds (deposits and mutual funds) grew 6% in constant euros, with deposits up by 4% and mutual funds up 17% in constant euros. Loans rose 1% in constant euros to €1 trillion, as growth in lending within Consumer, Wealth and Payments offset a decline in volumes in CIB and slight fall in Retail due to lower volumes in SMEs and corporates, reflecting the bank’s focus on profitable growth and capital optimization. Total income for H1 2025 was flat year-on-year at €31,010 million (+5% in constant euros), on track to meet the 2025 target, as record net fee income (+3%, or +9% in constant euros, to €6,684 million) thanks to higher activity and customer growth offset a slight drop in net interest income (-3%, but +4% in constant euros excluding Argentina), which remained resilient despite a less favourable interest rate environment. The efficiency ratio improved to 41.5%, reflecting the effect of the group’s ONE Transformation