Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 17

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 17
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 our investments in leasing and check-out lending platforms and in Openbank. The efficiency ratio stood at 41.9% (+0.8 pp year-on-year). • In CIB , costs increased 9%, +6% in real terms, due to our investments in our transformation initiatives. The efficiency ratio was 42.9%, maintaining a leading position among peers. • In Wealth , costs rose 10%. In real terms, they increased 7%, reflecting our investments to reinforce Private Banking teams and new capabilities to address the increase in commercial activity. The efficiency ratio improved 1.4 pp year-on-year to 36.5%. • In Payments , costs were stable, declining 3% in real terms, supported by our efforts to control costs, with good performances in both PagoNxt and Cards. The efficiency ratio stood at 43.9%, an improvement of 4.5 pp year-on-year.

| Operating expenses |     |                |
| EUR million        |     |                |
|                    |     | constant euros |

Net operating income in Q1 2025 grew 2% year-on-year (+7% in constant euros), reaching EUR 9,048 million.

| Net operating income |     |                |
| EUR million          |     |                |
|                      |     | constant euros |

Net loan-loss provisions in Q1 2025 amounted to EUR 3,161 million, up 1% year-on-year. In constant euros, they increased 7% due to higher provisions in Payments (impacted by strong credit portfolio growth in Cards, macro outlook and regulatory changes in models in Brazil and model updates in Mexico due to the macro environment) and higher provisions in the Corporate Centre to accelerate NPL ratio reductions, improving the Group's credit quality. The cost of risk stood at 1.14%, in line with the Group’s 2025 target.

| Net loan-loss provisions |     |                |
| EUR million              |     |                |
|                          |     | constant euros |

Other gains (losses) and provisions had a loss of EUR 700 million, versus a EUR 1,125 million loss in Q1 2024. This reduction was mainly explained by the temporary levy on revenue earned in Spain (EUR 335 million) which was recorded in full in Q1 2024 but also due to the good performance in most global businesses. Total income tax amounted EUR 1,446 million, 1% lower than in Q1 2024 (+