Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000035
Chunk: 35

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 35
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 than offset lower gains on financial transactions and higher LLPs (below volume growth) • Profit up 6% QoQ as revenue growth (fees and gains on financial transactions) and lower tax burden more than offset cost seasonality • Customer growth (+6% YoY). Loans rose across most global businesses. Double-digit growth in deposits and mutual funds • Profit rose YoY, boosted by strong NII and fees, with cost control and higher LLPs, up from very low levels in previous years • Solid profit growth QoQ on the back of favourable NII performance, lower costs and better LLPs, which more than offset a drop in fees (transactional and advisory)

55Note: Dec-24 data and YoY changes (profit, loans, deposits and mutual funds in current euros). (1) The exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds). Argentina • We continue to focus on enhancing customer service, cost to serve and our operating model • Profit up YoY and QoQ, backed by NII and fee growth in a context of increased activity • Positive jaws drove a 9pp efficiency improvement YoY • Quarterly results affected by updated FX rate Loans Deposits Mutual Funds Efficiency CoR RoTE €8bn +105% €11bn +74% €6bn +51% 41.1% -9.1pp 4.59% -204bps 34.8% -20.8pp Underlying P&L* Q4'24 Q3'24 2024 % Q3'24 % 2023 NII 1,107 390 2,919 184.0 55.3 Net fee income 287 111 602 157.8 52.2 Total revenue 1,047 421 2,487 149.0 61.1 Operating expenses -416 -192 -1,022 116.2 31.9 Net operating income 631 228 1,465 176.6 90.4 LLPs -156 -63 -284 146.6 89.5 Attributable profit 283 116 665 145.1 72.2 (*) € mn and % change in current euros. Argentina peso exchange rate considerations • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate – This exchange rate was