Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000111
Chunk: 51

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 51
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Commercial activity and business performance During Q2 2025, Openbank continued to exceed expectations, maintaining the good trends seen in previous quarters, having welcomed 141,000 new customers and gathered approximately USD 5.1 billion in deposit balances since its launch. Our multi-year partnership with Verizon is also delivering strong results, with more than 12,000 active accounts and approximately USD 300 million in balances captured since its launch in April. Gross loans and advances to customers, excluding reverse repos and in constant euros, declined 7% year-on-year, mainly impacted by our asset rotation initiatives, in line with our capital light strategy. Customer deposits, excluding repos and in constant euros, rose 11% year-on-year, backed by the aforementioned growth in Openbank and solid retention rates in our branch based deposits. Mutual funds also grew, contributing to an 11% increase in customer funds. Results Profit before tax in H1 2025 was 41% higher year-on-year, reaching EUR 501 million. In constant euros, it rose 42%, as follows: • Total income was flat, as stronger net interest income (higher auto loan yields) and net fee income (auto servicing fees), were offset by weaker leasing income, mainly due to lower volumes, residual values and gains on sales. • Costs increased slightly (+1%) as savings from our transformation initiatives practically compensated our investments in Openbank. • Net loan-loss provisions improved 13%, driven by resilient customer behaviour, improved used car prices and a stable labour market, and also supported by capital relief measures, which more than offset the NPL normalization. As a result, cost of risk improved 46 bps to 4.22%. Compared to Q1 2025, profit before tax grew strongly (+20% in constant euros), mainly on the back of better net fee income, a decline in costs (lower Openbank campaign expenses and savings linked to our transformation efforts) and lower net loan-loss provisions.

| DCB US. Underlying income statement         |     |       |       |     |     |     |          |     |        |       |     |     |     |          |
| EUR million and % change                    |     |       |       |     |     |     |          |     |        |       |     |     |     |          |
|                                             |     |       |       |     |   / |     |    Q1'25 |     |        |       |     |   / |     |    H1'