Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 38

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 38
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 reached their lowest levels since 2018. Excluding Argentina, net interest income increased 4%, driven by Chile (lower cost of deposits and higher credit spreads and inflation), the UK (lower cost of deposits) and Mexico and Poland, both due to higher activity.

Our more targeted products and services offering contributed to 7% net fee income growth, mainly related to transactionality, investment funds and insurance.

| Retail. Total income.Q1 2025                   |
| EUR million and YoY % change in constant euros |

| Others |

| Var |
| +1% |
| +4% |
| +8% |
| +2% |
| +1% |

| EUR 7,895 mn +2% |

• Costs decreased 1% year-on-year (-4% in real terms), reflecting transformation efforts through organizational simplification, process automation and global platform implementation. This transformation, together with strong revenue growth, contributed to a 1.3 pp efficiency ratio improvement year-on-year to 39.4%. • Net loan-loss provisions showed a solid performance, increasing 2%, affected by rises in Brazil, mainly due to individuals, and the normalization of the cost of risk in the UK and Chile. Cost of risk was 0.91% (12 bps lower year-on-year) and the NPL ratio improved to 3.12% (3.21% in March 2024). RoTE (post-AT1) in Q1 2025 was 17.6%, a 2.3 pp improvement year-on-year. Compared to Q4 2024, attributable profit increased 2% in constant euros, driven by net fee income and lower costs, reflecting our transformation efforts and some seasonality. This more than offset the impact of interest rates on net interest income (mainly in Argentina, Brazil and Chile) and higher net loan-loss provisions in Mexico (increasing from low levels) and the UK and Chile (cost of risk normalization).

| Retail. Underlying income statement         |     |       |     |        |     |    |          |     |    |     |     |          |     |     |
| EUR million and % change                    |     |       |     |        |     |    |          |     |    |     |     |          |     |     |
|                                             |     |       |     |        |     |  / | Q4'24    |     |    |     |   / | Q1'24