Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 4

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 4
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 parent was EUR 3,402 million, a new record for the fourth consecutive quarter , having increased 4% compared to Q4 2024. In constant euros, profit also rose 4%, driven by lower costs. Positive net fee income performance and resilient net interest income in the current interest rate environment, excluding Argentina. u Attributable profit increased 19% compared to Q1 2024 . In constant euros, profit rose 24% boosted by the positive total income performance, with a solid contribution from net fee income, and costs, which grew by less than revenue and declined in real terms. Additionally, the year-on-year comparison was favoured by the temporary levy on revenue earned in Spain which was recorded in full in Q1 2024 compared to the quarterly accrual of the banking tax expected for 2025. If we accrue the 2024 temporary levy, distributing the charge in line with the treatment of the tax in 2025, profit would increase by 13% year-on-year in constant euros. u By business, strong year-on-year profit growth across all global businesses , with most of them rising double digits. u These results reflect an excellent start to the year and put us on track to meet our 2025 targets .

u Profitability improved strongly year-on-year. RoTE (post-AT1) stood at 15.8% in Q1 2025, compared to 14.1% in the same period of 2024. u Sustained earnings per share growth, increasing 26% year-on-year to EUR 21.5 cents, boosted by the positive trends in profit and the share buybacks executed in the last 12 months .

u In terms of business volumes, growth of customer funds continued to outpace loans and advances to customers as we continued to focus on active capital management, disciplined capital allocation and profitable growth. Gross loans and advances to customers (excluding reverse repos) rose 1% year-on-year in constant euros, supported by increases in all global businesses' portfolios except Retail, where they fell slightly. Customer funds (c ustomer deposits excluding repos plus mutual funds) increased 5% year-on-year in constant euros, underpinned by double-digit growth in mutual funds and a rise in deposits (supported by increases in most global businesses), mainly due to demand deposits. u I n the new interest rate environment, total income increased 1% in euros (+5% in constant euros) in line with the target we established for 2025