Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000076
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 2
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'24 (ex FX, i.e. constant euros) Total income 15,537 +1% +5% Operating expenses -6,489 -1% +2% Net operating income 9,048 +2% +7% Net loan-loss provisions -3,161 +1% +7% Profit before tax 5,187 +13% +18% Attributable profit 3,402 +19% +24% Attributable profit like-for-like Spanish banking tax +10% +13% (*) All references to variations in constant euros include Argentina in current euros. Summary of statutory figures at the end of this press release. Underlying business performance All variations are year-on-year unless otherwise stated. Santander achieved a record attributable profit of €3,402 million in the first quarter of 2025, a 19% increase versus the same period last year thanks to record net fee income (+4%) and lower costs. In addition, the bank added nine million new customers with the total number of customers the group serves reaching 175 million customers. That 19% growth is favoured by the temporary levy on revenue earned in Spain (€335 million) which was fully recorded in the first quarter of 2024. This figure contrasts with €87 million recorded in the first quarter of 2025, representing the quarterly accrual of the tax on revenue expected in Spain for the year. Had the bank accrued the 2024 temporary levy by distributing the charge evenly across the four quarters, consistent with the 2025 tax treatment, the profit for the first quarter would have increased by 10%. The group continued to increase profitability and shareholder value creation, with a return on tangible equity (RoTE) of 15.8% post-AT1; earnings per share (EPS) of €0.21, up 26%, and tangible net asset value (TNAV) per share of €5.46 at the end of the first quarter of 2025. Including the interim cash dividend from 2024 results paid last November, total value creation (TNAV plus cash dividend per share) increased 14.5%. In the first quarter of 2025, customer funds (deposits and mutual funds) grew 5% in constant euros, with deposits up by 3% in constant euros, driven by the growth in the Retail and Consumer businesses and the number of customers served. Loans rose 1% in constant euros to €1.02 trillion, as growth in lending within Consumer,