Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 486

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 486
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 protection business. Gross written premiums recorded in our Wealth business were 9% lower in 2024, impacted by lower activity in related business.

| Wealth. 2024 business performance                         |
| EUR billion and % change in constant euros. December 2024 |

|     | / 2023 |
| +13 | %      |
| +16 | %      |
| +16 | %      |
| +19 | %      |
| +10 | %      |
| +4  | %      |
| +7  | %      |
| -9  | %      |

Note: total products marketed, advised, under custody and/or managed. *Excluding overlaps between PB and SAM (PB clients with investment funds managed by SAM). Results Attributable profit was EUR 1,650 million (12% of the Group’s total operating areas), 12% up compared to 2023. In constant euros, it was 14% higher, by line item: • Total income reached EUR 3,661 million, 15% higher year-on-year, supported by solid growth in both net interest income and net fee income. Net interest income increased 8% in a favourable macro environment driven by solid margin management and strong commercial activity in Private Banking. Net fee income rose 19% year-on-year to EUR 1,489 million, with growth across businesses (mainly in Private Banking and SAM), boosted especially by higher volumes on the back of positive commercial activity and favourable market performance.

Including the fees ceded to our commercial network, which are mainly related to Insurance (c.70% of the total fees ceded), total revenue reached EUR 6,248 million, up 13%, with a solid performance across all three businesses.

| Wealth. Total income                       |
| EUR million and % change in constant euros |

| PB        |
| SAM       |
| Insurance |

| Total income |     | Total income + ceded fees |
| +14%         |     | +14%                      |
| +23%         |     | +21%                      |
| +12%         |     | +7%                       |

| Total income |     | Fees ceded to the commercial network |

Note: information at the total Wealth level excludes overlaps between businesses. • Administrative expenses and amortizations were 9% higher year-on-year, due to investments in key initiatives, such as reinforcing PB teams to address the increase in commercial activity. As a result, net operating income increased 19% year