Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000076
Chunk: 5

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 5
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 (Q1 2025 vs Q1 2024) To better reflect the performance of each business, the year-on-year changes provided below are presented in constant euros unless stated otherwise. Variations in current euros are available in the financial report. The group’s business and geographic diversification continues to support consistent, profitable growth. Retail & Commercial Banking’s attributable profit grew 28% to €1,902 million driven by revenue growth across most countries, lower costs and sound credit quality. The total number of customers increased by eight million and the efficiency ratio improved by over 1.3 percentage points to 39.4%, resulting in higher profitability with a RoTE of 17.6% post-AT1. Loans fell 1% in line with our strategic focus on profitability, with deposits growing by 2%. The bank continued to simplify its product portfolio, reducing the number of products by 40% in the last twelve months. Digital Consumer Bank’s attributable profit grew 6% to €492 million on the back of net interest income growth both in Europe and the US and good cost control. The efficiency ratio stood at 41.9% and the cost of risk was stable at 2.14%, as a good performance in the US balanced out higher provisions in Europe. Loans increased 4%, with solid growth in auto across most markets, and deposits rose 12%, in line with the bank’s strategy to reduce funding costs and net interest income volatility through the interest rate cycle. The bank formally launched Openbank in Mexico with a full value proposition to compete with other neobanks. In the US, Openbank has already gathered over $3.5 billion deposits from over 90,000 customers and announced a multi-year partnership with Verizon to offer its customers high-yield savings accounts. CIB reported record quarterly attributable profit of €806 million (+18%) on the back of record revenue of €2,220 million (+8%) with record fee income. CIB saw particularly strong performance in Global Markets with growth across all regions and Corporate Finance in the US. Santander CIB’s strategic focus on fee generation and capital-light Note: YoY changes in constant euros. The 2024 global business series have been slightly modified. These adjustments do not affect Group results. For more information, see the Appendix and the Quarterly financial report. Contribution to Group revenue as a percentage of total operating areas, excluding the Corporate Centre. Global businesses’ RoTEs are adjusted based on Group’s deployed capital; targets have been adjusted for AT