Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000076
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 3
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 CIB, Wealth and Payments offset a slight fall in Retail due to early amortizations and the bank’s focus on profitable growth and capital optimization. Total income increased 1% (+5% in constant euros) to €15,537 million, as the group achieved record net fee income, backed by higher activity and customer growth. Net interest income was flat (+4% in constant euros) excluding Argentina.

Corporate Communications Ciudad Grupo Santander, edificio Arrecife, planta 2 28660 Boadilla del Monte (Madrid) comunicacion@gruposantander.com www.santander.com - Twitter: @bancosantander 3 Net fee income was up 4% to €3,369 million. In constant euros, it grew 9%, due to the good performance in most businesses. 95% of total revenue is customer related (net interest income and net fee income), reflecting the quality and recurrence of the bank’s results. The efficiency ratio improved by 0.8 percentage points to 41.8%, reflecting the effect of the group’s ONE Transformation programme. The replacement of legacy technology with shared global technology platforms, such as Santander’s cloud-based core banking platform Gravity, has helped the bank achieve cumulative savings of nearly €500 million since December 2022. These investments and initiatives have helped the bank reduce costs (-1%), with efficiency gains in most businesses. Loan-loss provisions were stable (+1%) thanks to solid credit quality reflecting the strength of the group’s diversified balance sheet. Cost of risk decreased to 1.14%, with good performances in most businesses, while the non- performing loan (NPL) ratio improved 0.1 percentage points to 2.99%, falling below 3% for the first time in over 15 years. The bank’s CET1 capital ratio increased to 12.9%, up 0.6 percentage points in the year and 0.1 percentage points in the quarter3, at the top end of the bank’s target operating range of 12-13%. This was driven by strong organic capital generation and positive impacts in markets and others, which more than offset the expected shareholder remuneration4 and other charges. On 2 May, the bank will pay a final cash dividend of 11 euro cents per share against 2024 earnings, resulting in a total cash dividend per share charged against 2024 of 21 euro cents, an increase of 19%. This is complemented by two share buyback programmes from 202