Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000080
Chunk: 25

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 25
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bank, reflecting our focus on lowering funding costs and reducing NII volatility across the cycle • Profit +6% YoY. By line: − NII rose 2%, on the back of active spread management and volumes growth in DCB Europe and higher yield on loans in the US − Fees affected by the new insurance regulation in Germany. Of note, strong growth in the US (auto) − Costs flat in real terms, even after our investments in global platforms (Openbank, check-out lending, leasing…) − LLP improvement in the US (favorable customer payment rates, higher used car prices and lower unemployment rate) • Strong profit increase QoQ, with LLP improvement driven by the US and lower CHF provisions in Poland. QoQ comparison benefitted from the UK motor finance provision in Q4’24

42Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). DCB Europe DCB US Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,221 1.1 3.6 6.8 Net fee income 84 -14.0 27.2 31.2 Total revenue 1,362 -1.3 1.2 4.4 Operating expenses -574 4.5 2.1 5.3 Net operating income 788 -5.2 0.6 3.8 LLPs -524 -23.7 -16.8 -14.2 Profit before tax 236 111.4 89.4 95.3 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €140bn +3% Deposits €84bn +14% Mutual funds €5bn +20% Yield on loans 5.82% +18bps Cost of deposits 2.14% -10bps Efficiency 47.5% +0.4pp Loans €54bn -2% Deposits €49bn +7% Mutual funds €4bn +11% Yield on loans 12.08% +74bps Cost of deposits 2.14% +14bps Efficiency 42.1% +0.4pp • Loans down YoY on the back of non-auto asset rotation. Deposits +7%, supported by solid performance in our branch-based deposits and the successful launch of Openbank in Q4’24 •