Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 44

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 44
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| Detailed financial information in appendix. |     |       |       |     |    |          |     |    |     |     |          |     |     |

|            |     | DCB US |     | Profit before tax |
| EUR 236 mn |     |        |     |                   |

Commercial activity and business performance During the first quarter of the year, we exceeded our expectations for Openbank with the incorporation of over 90 thousand new customers and approximately USD 3.5 billion in deposit balances since its launch. We announced a new multi-year partnership with Verizon, which will start in April and enable us to offer our service to a significant number of potential customers, thereby reinforcing our presence in the US. Loans and advances to customers were 2% lower compared to March 2024. In gross terms, excluding reverse repos and in constant euros, they were 2% down year-on-year, impacted by our asset rotation initiatives in non-auto balances. Customer deposits rose 7% year-on-year. Excluding repos and in constant euros, they also increased 7%, driven by the successful launch of Openbank and a solid performance in our branch based deposits. Mutual funds increased 11% in constant euros. Results Profit before tax in Q1 2025 increased 95% year-on-year to EUR 236 million. In constant euros, it rose 89%, as follows: • Total income increased 1%, driven by greater net interest income (higher auto loan yields) and net fee income (servicing in auto), which offset lower leasing income, mainly due to lower residual values, volumes and gains on sales. • Costs were 2% up, mainly driven by our investments in the Openbank platform, partially offset by savings from our transformation initiatives. • Net loan-loss provisions improved 17%, driven by favourable customer payment rates, improved used car prices and lower unemployment, which more than offset the NPL ratio normalization. Cost of risk improved 20 bps to 4.27%. Compared to Q4 2024, profit before tax grew strongly, supported by the good underlying performance and some seasonality in Q4 of net loan-loss provisions.

| DCB US. Underlying income statement         |     |       |       |     |      |     |          |     |     |     |          |
| EUR million and % change                    |     |       |       |