Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 473

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 473
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 best experience for our customers, driving ourONE Transformationprogramme, implementing a common operating model and rolling out our global technology platform. |     |                                |
| Business performance1 |     | Loansfell slightly (-1% year-on-year) due to lower loans in Europe and the US, partially offset by the increases in South America and Mexico.Depositsrose 3% year-on-year, with growth in all three regions.                                                                |     |                                |
| Results1              |     | Attributable profit in 2024 was EUR 7,263 million,a 29% increase year-on-year, driven by a good revenue performance, efficiency gains from our transformation programme and lower provisions in Europe.                                                                     |     |                                |
| 1.In constant euros.  |     |                                                                                                                                                                                                                                                                             |     |                                |

Strategy

During the year, we consolidated the Group's individual, SME and corporate banking activities within a new global business, Retail & Commercial Banking (Retail), successfully executing our three strategic priorities with the following advances:

• Common operating model. Our vision is to become a digital bank with branches, offering our products and services digitally through our own global platform and using our branch network to advise our customers. In 2024, all countries worked with a common operating model and within this vision. We have 147 million customers who can access most of our products and services digitally. Sales through our digital channels rose double digits year-on-year. Additionally, we have a network of nearly 8,000 branches, where customers can receive advice and support.

• Transformation, based on three pillars:

• Customer experience. We reduced the number of products by 39% year-on-year, as part of our commitment to offer a simple and attractive product portfolio that provides the best experience for our customers. We also continued to improve customer journeys, especially digital onboarding (substantially reducing onboarding times in all countries). Additionally, we launched a new 100% digital and simplified offer for individuals in Brazil and SMEs in Spain. As a result of the improvement in customer experience and digital onboarding, customers grew more than 8 million in the year.

• Operational leverage. We reduced the number of resources dedicated to non-commercial activities per million customers by 13% during the year, supported by digitalization, process

automatization and organizational simplification, with significant progress in all units. Some examples this year were the digitalization of in-branch processes in Spain and mortgage servicing in Poland, as well as the simplification of the