Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 52

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 52
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 remain focused on capital-light activity and actively managing our balance sheet. As a result, our total revenue to risk-weighted assets ratio improved 1 pp year-on-year up to 7.9%. Gross customer loans and advances, excluding reverse repos and in constant euros, were up 5% year-on-year, driven by GB, GM and Trade Finance (GTB). Customer deposits, excluding repos and in constant euros, were up 8% year-on-year, as growth in Cash Management (GTB) amply offset the reduction in GM, in line with our funding strategy. Global Transaction Banking recorded good activity levels year-on-year in a challenging environment. • In Trade & Working Capital Solutions, activity increased year-on-year, after a strong first half of the year, driven by: i) new solutions to mitigate the impact of tariffs; and ii) expansion into new segments and diversification of client portfolios through partnerships, such as Invensa, to provide mid- and large-sized corporates with supply chain inventory solutions. • In Export Finance, activity recovered in Europe and North America in Q3 2025, after a weaker first half compared to a particularly strong H1 2024. We closed ECA-covered transactions across various countries and sectors, with public and private borrowers in the US, the UK, Indonesia, the UAE and Morocco. Most notably, we executed deals exceeding USD 1 billion in Saudi Arabia and Turkey. • In Cash Management, activity remained at good levels, on the back of new value-added solutions that make the business less subject to interest rate cycles and support our ambition to consolidate our position as an important player in Europe, while we maintain a leading position in Spain, Portugal and Latin America. In Global Banking , activity continued to grow, especially due to our US BBO initiative. • In Corporate Finance (CF), strong activity growth driven mainly by M&A and Leveraged Finance, on the back of better market conditions, particularly in the energy sector. Notably, we advised Blackstone on the acquisition of Hill Top Energy Center in the US. In ECM, international activity picked-up materially. The US had a particularly good quarter across all products, including IPOs, follow-ons and convertibles. Similarly, positive trends continued in Europe, while activity in Latin America remained muted. • In Debt Finance, DCM performed well supported by strong investor demand while Syndicated Loans decreased. In Europe, we saw particularly strong activity in corporate issuances. We acted as active bookrunner for Danone, IAG, Orange and