Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 990

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 990
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 the average balance of the earlier period multiplied by the difference between the average interest rates of both periods. (3) The volume and rate analysis is affected by the retrospective application of the new accounting standard IFRS 17 from 1 January 2023, which meant the reclassification of a portfolio of products for approximately EUR 16 billion as of 31 December 2022 registered at that date in 'Customer deposits' to 'Liabilities under insurance or reinsurance contracts' (see note 1.d to our consolidated financial statements in Part 1 of this annual report). The 2022 average balance information has been updated for comparative purposes but not the Interest information, following the approach adopted by the Group in the financial statements. Interest-earning assets-yield spread The following table analyses our average interest-earning assets, interest and similar income and net interest income by domicile of the Group entity at which they are accounted for. Furthermore, it shows gross yields, net yields and yield spreads for each of the years indicated. You should read this table and the footnotes thereto in light of our observations noted in the

| 923 |

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

preceding sub-section entitled ‘-Average Balance Sheets and Interest Rates’, and the footnotes thereto.

|                                    |     | Year ended 31 December,          |           | 2024 |     |           | 2023 |     |           | 2022 |
|:-----------------------------------|:----|:---------------------------------|----------:|:-----|:----|----------:|:-----|:----|----------:|:-----|
|                                    |     | -EUR million, except percentages |           |      |     |           |      |     |           |      |
| Average interest earning assets    |     |                                  | 1,606,141 |      |     | 1,571,738 |      |     | 1,519,174 |      |
| Domestic                           |     |                                  |   468,355 |      |     |   454,161 |      |     |   430,455 |      |
| International - Mature markets     |     |                                  |   740,978 |      |     |   722,538 |      |     |   735,656 |      |
| International - Developing markets |     |                                  |