Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 492

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 492
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     |         +3 |
| Net operating income                        |     |       |  2,299 |     | 2,779 |        |     | -17 |      |     |        -19 |
| LLPs                                        |     |       |    -64 |     |       |   -247 |     | -74 |      |     |        -75 |
| PBT                                         |     |       |  1,794 |     | 2,107 |        |     | -15 |      |     |        -17 |
| Attributable profit                         |     | 1,306 |        |     | 1,545 |        |     | -15 |      |     |        -18 |

Detailed financial information in section 4.5 'Appendix' .

Annual report 2024 454

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

|           |    | Portugal |     | Underlying attributable profit |
| EUR 1,001 | mn |          |     |                                |

Business performance In 2024, our strategy remained centred on the execution of our commercial and digital transformation, focusing on excellence in customer experience and satisfaction, especially in Retail, which enabled us to grow in both customers and volumes. During the year, and despite a competitive environment, we were leaders in new mortgage lending, supported by our mixed-rate offering. In individuals, there was a good performance in personal loans and insurance (especially in health). In corporates, we promoted investment projects and energy transition, both in Retail and CIB. As a result, loans and advances to customers grew 4% year-on-year. In gross terms excluding reverse repos, they also increased 4%. Customer deposits increased 5%, also +5% excluding repos, supported by a well-targeted strategy. Mutual funds rose 15% year-on-year, supported by our growth strategy focused on high value-added segments. Results Attributable profit reached EUR 1,001 million in 2024, 12% higher than in 2023 as follows: • Total income increased 6%, reflecting higher net interest income (+6%) supported by higher volumes and good margin management. Net fee income increased slightly (+1%), in part due to legal limitations on fees charged on mortgages and other loans. • Administrative expenses and amortizations rose 1% (-1% in real terms).