Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000035
Chunk: 31

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 31
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 (1) % change in current euros. Loans Deposits Mutual Funds Efficiency CoR RoTE €162bn 0% €135bn -5% €34bn +23% 48.2% -0.9pp 2.04% -1bps 11.2% +1.4pp • Focus on transformation across the region, leveraging the strengths of our global businesses in the US and Mexico • Loans were flat YoY, as growth in Mexico was offset by decrease in the US, in line with our strategy focused on capital optimization and efficient allocation and value creation • Deposits down YoY in line with our strategy to reduce excess corporate deposits in the US, partially offset by growth in Retail and Consumer (supported by Openbank launch). Strong growth in mutual funds • Revenue up 7%, driven by positive performances across most global businesses in the region, but especially CIB in the US and Retail in Mexico • Costs up 1% in real terms, even with investments in CIB in the US and digitalization across the region. Continued efficiency gains • Profit +12% YoY as top line performance more than offset slightly higher LLPs driven by volumes growth and expected CoR normalization in Mexico • Quarterly revenue growth supported by strong net fee income in the US and gains on financial transactions in Mexico, together with falling LLPs and lower effective tax rate drove 11% profit growth QoQ

52Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). (2) Adjusted RoTE: adjusted based on Group’s deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 7.5%. MexicoUS Loans Deposits Mutual Funds Efficiency CoR RoTE2 Loans Deposits Mutual Funds Efficiency CoR RoTE €45bn +6% €42bn +5% €20bn +33% 42.5% -1.4pp 2.64% +21bps 20.0% +2.3pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,458 0.3 5,693 -0.8 -0.9 Net fee income 317 4.2 1,152 50.4 50.3 Total revenue 1,941 0.8 7,580 5.2 5.1 Operating expenses -987