Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 425

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 425
---
 2,032 |      |
| Cheques and payment orders                          |     |    842 |      |     |    826 |      |        |  16 |          |     |  1.9 |   |     |    797 |      |
| Foreign exchange                                    |     |    834 |      |     |    797 |      |        |  37 |          |     |  4.7 |   |     |    788 |      |
| Charges for past-due/unpaid balances and guarantees |     |    305 |      |     |    297 |      |        |   8 |          |     |  2.6 |   |     |    277 |      |
| Bill discounting                                    |     |    190 |      |     |    208 |      |        | -18 |          |     | -8.7 |   |     |    227 |      |
| Other                                               |     |    778 |      |     |    484 |      |        | 294 |          |     | 60.7 |   |     |    512 |      |
| Net fee income                                      |     | 13,010 |      |     | 12,057 |      |        | 953 |          |     |  7.9 |   |     | 11,790 |      |

Annual report 2024 403

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

Net fee income

Net fee income totalled 13,010 in 2024 and grew 8% compared to 2023, with good performance in all businesses except Payments, whose year-on-year comparison was impacted by a one-time positive fee from commercial agreements in Brazil in Q1 2023.

Gains or losses on financial assets and liabilities and exchange differences (net)

Gains on financial transactions and liabilities and exchange differences (net) stood at EUR 2,273 million in 2024 (EUR 2,633 million in 2023), affected by lower market activity in South America, especially in Brazil, lower results in DCB Europe (DCBE) and lower results in the Corporate Centre from foreign currency hedges and risk transfer initiatives.

Gains and losses on financial assets and liabilities stem from mark-to-market valuations of the