Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 478

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 478
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anks. These launches, together with digital deposit gathering activities in the Netherlands during the year, support our profitable growth strategy to capture deposits (a lower cost and more stable source of funding) and actively manage our balance sheet to make it more capital light.

| Consumer. Total customers |
| Millions                  |

Annual report 2024 443

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

Business performance After a difficult environment in previous years, 2024 showed further signs of recovery supported by a market with inflation moderation and lower interest rates in Europe and North America. In this environment, new lending increased 4% year-on-year, with solid growth across our main markets, especially in South America, led by Brazil. The stock of loans and advances to customers rose 4%. In gross terms, excluding reverse repos and in constant euros, they were also 4% up year-on-year, mainly driven by Brazil. We have a EUR 17 billion leasing portfolio which decreased 5% year-on-year in constant euros, as growth in Europe was more than offset by a decline in the US. Customer deposits, which accounted for 60% of Consumer's total funding, increased 12% year-on-year. Excluding repos and in constant euros, they were up 10%, as a result of our strategy aimed at lowering funding costs and reducing net interest income volatility across the cycle. Our access to wholesale funding markets remained strong and diversified. Mutual funds rose 19% in constant euros, up from very low levels. As a result, customer funds rose 11% year-on-year in constant euros.

| Consumer. 2024 business performance            |
| EUR billion and YoY % change in constant euros |

| 215 |     | +4% |     | 137 |     | +11% |

| DCB Europe |
| US         |

| DCB Europe |
| US         |

| Gross loans and advances to customer excl. reverse repos |     | Customer deposits excl. repos + mutual funds |

| Consumer. Leasing portfolio                    |
| EUR billion and YoY % change in constant euros |

| Total leasing |     | 17 | -5% |

Results Attributable profit in 2024 was EUR 1,663 million (12% of the Group's total operating areas), down 13% year-on-year. In constant euros, profit fell 12%, as follows: • Total