Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000035
Chunk: 21

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 21
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 in current euros.

41 Highlights Digital Consumer Bank Note: Dec-24 data and YoY changes (new lending, loans and deposits in constant euros). P&L Key data Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 2,798 5.9 10,777 6.1 5.4 Net fee income 394 5.3 1,508 23.8 22.7 Total revenue 3,332 5.2 12,916 5.7 5.0 Operating expenses -1,287 -0.5 -5,183 -1.2 -1.5 Net operating income 2,045 9.1 7,733 10.9 10.0 LLPs -1,248 9.8 -4,562 12.4 11.1 Attributable profit 155 -64.7 1,663 -12.3 -12.5 (*) € mn and % change in constant euros. (1) % change in current euros. New lending Loans Deposits Efficiency CoR RoTE €91.1bn +4% €215bn +4% €129bn +10% 40.1% -2.7pp 2.16% +13bps 9.8% -1.8pp • We continue expanding our leadership in consumer finance across our footprint, converging towards a more digital and global operating model to become the most cost competitive player • Loans up 4%, driven by new business volumes (+4%), mainly Brazil, and growth across our footprint in auto lending • Deposits rose 10%, mainly in Europe, in line with our deposit gathering strategy to lower funding costs and reduce NII volatility across the cycle. Openbank launched in the US, enabling us to capture deposits nationwide • Double-digit net operating income growth YoY, supported by a solid revenue performance, both NII (+6%) and fees (+24%), and good cost control (-4% in real terms), resulting in a 2.7pp efficiency improvement to 40.1% • Nevertheless, profit and RoTE decreased YoY mainly due to CHF provisions in Poland and the provision for potential complaints related to motor finance dealer commissions in the UK. CoR normalizing as expected • In the quarter, excellent net operating income, driven by growth in both NII and fees, and lower costs. Profit