Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 904

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 904
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 22,125 |     |      | 22,788 |     |      | 22,684 |
| Allowances for credit institutions and other financial assets                     |     |      |      5 |     |      |      9 |     |      |      6 |
| Allowances for Debt instruments                                                   |     |      |    349 |     |      |    286 |     |      |    226 |
| Allowances for Financial assets at amortised cost                                 |     |      | 22,327 |     |      | 22,950 |     |      | 22,888 |
| Allowances for Financial assets at fair value through other comprehensive income  |     |      |    152 |     |      |    133 |     |      |     28 |

(A) Allowances for credit impaired loans and advances to customers, customer guarantees and customer commitments granted.

(B) Includes mainly allowances for debt instruments.

| 881 |

| Contents |     | Cross-reference to Form 20-F |     | Consolidated director's report |     | Consolidated financial statements |     | Supplemental information |

4. Risk factors

Risk factor summary

1. Macro-economic and political risks

1.1 Our growth, asset quality and profitability, among others, may be adversely affected by a slowdown in one or more of the economies in which we operate and volatile macroeconomic and political conditions.

1.2 The continuance or escalation of the wars in Ukraine and the Middle East could materially affect our financial position and increase our operational risk.

1.3 The outbreak of highly contagious diseases or other public health emergencies, could materially and adversely impact our business, financial condition, liquidity and results of operations.

1.4 The UK’s withdrawal from the European Union has had and could continue to have a material adverse effect on our UK-based operations, financial condition and prospects.

2. Risks relating to our business

2.1 Legal, regulatory and compliance risks for our business model

2.1.1 We are exposed to risk of loss from legal and regulatory proceedings.

2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial condition.

2.1.3 We are subject to potential action by any of our regulators or supervisors, particularly in response to customer complaints.

2.1.4 We are subject to review by tax authorities, and an incorrect interpretation by us of tax laws and regulations may have a material adverse