Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 476

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 476
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 in South America, driven by higher volumes and lower deposit costs, and in Spain, Poland and Portugal due to good margin management. The exceptions were the UK, due to lower mortgage volumes (in line with our strategy) and higher cost of deposits (competitive market), and the US, due to lower volumes. Greater commercial activity and a larger customer base contributed to net fee income growth (+7%). The most significant increases were in Brazil, the US, Mexico and Poland.

| Retail. Total income                           |
| EUR million and YoY % change in constant euros |

| Other |

| Var  |
| +17% |
| -9%  |
| +7%  |
| +16% |
| +17% |

| Retail |     | EUR 32,461 mn |     | +11% |

• Administrative expenses and amortizations increased 3%. In real terms, costs declined 1% reflecting our transformation efforts through organizational simplification, process automatization and the deployment of the global platform, particularly evident in Spain and the US. As a result, net operating income grew 17% and efficiency improved to 39.7%. • Net loan-loss provisions improved 7%, due to a positive performance in Europe, especially in Spain, Poland and the UK (macro outlook improvement in the country), which more than offset greater provisions in South America due to higher activity and the cost of risk normalization in Mexico and Chile. • The other gains (losses) and provisions line was 21% more negative than in 2023, mainly due to greater restructuring charges in some countries and higher charges related to the CHF mortgage portfolio in Poland. RoTE in 2024 was 18.9%, a 3.7 pp improvement year-on-year.

| Retail. Underlying income statement |     |        |         |     |        |         |     |     |      |     |            |
| EUR million and % change            |     |        |         |     |        |         |     |     |      |     |            |
|                                     |     |        |         |     |        |         |     |   / | 2023 |     |            |
|                                     |     |        |    2024 |     |   2023 |         |     |   % |      |     | % excl. FX |
| Revenue                             |     |        |  32,461 |     | 29,754 |         |     |  +9 |      |