Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000033
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 3
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.e. in constant euros) except for Argentina and any grouping which includes it, understanding that the latter provide a better analysis of the Group’s management. For further information, see the 'Alternative performance measures' section in the appendix to this report.

At the Group level, exchange rates had a negative impact of 2.0 pp on total income and a positive impact of 1.6 pp on costs.

To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These items explain the differences between the statutory and underlying income statements and were:

• In 2024:

– The impact of the temporary levy on revenue earned in Spain totalling EUR 335 million in Q1 2024, which was reclassified from total income to other gains (losses) and provisions.

– Provisions which strengthen the balance sheet in Brazil of EUR 352 million in Q2 2024 (EUR 174 million net of tax and minority interests).

• In 2023:

– The impact of the temporary levy on revenue earned in Spain totalling EUR 224 million in Q1 2023, which was reclassified from total income to other gains (losses) and provisions.

– Provisions which strengthen the balance sheet in Brazil of EUR 235 million, net of tax and minority interests in Q1 2023.

For more details, see the 'Alternative Performance Measures' section in the appendix of this report.

As profit was not affected by results that fell outside the ordinary course of our business, no amount was recorded in the 'net capital gains and provisions' line in 2024 or in 2023 and so both profit attributable to the parent and underlying profit attributable to the parent were the same; EUR 12,574 million in 2024 and EUR 11,076 million in 2023. This represents a 14 % year-on-year increase, a 15 % rise in constant euros.

This year-on-year comparison is impacted by a higher charge relating to the temporary levy on revenue earned in Spain, and by charges in Q2 2024 related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America (EUR 243 million, net of tax and minority interests) and by the provision in Q4 2024 for potential complaints related to motor finance dealer commissions in the UK (EUR 260 million, net of tax and minority interests) . Additionally, there was a lower contribution to the Deposit Guarantee Fund in Spain ( EUR 11 million