Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000035
Chunk: 28

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 28
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1pp 0.32% -12bps 16.9% +2.4pp

49 Spain UK Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Sustained customer growth YoY. Loans affected by SME amortizations. Deposit performance in line with our strategy to reduce excess corporate deposits. Mutual funds up double-digits • Profit +59% YoY, due to strong growth in NII (good spread management in Retail and Wealth), higher fees (mutual funds and CIB) and lower LLPs • QoQ profit affected by CIB fee performance (Markets and CF), impact of labour agreements and seasonality on costs and LLPs (floods) • Loans and deposits declined as a result of our focus on profitability. Mutual funds flat year-on-year • Profit down YoY, mainly affected by lower volumes and higher cost of deposits. CoR improving from already very low levels • QoQ profit affected by the impact of campaigns on fees, seasonality in costs and the bank levy, partially offset by higher NII (good margin management) and LLP releases Loans Deposits Mutual Funds Efficiency CoR RoTE €226bn -2% €306bn -1% €94bn +20% 35.7% -6.0pp 0.50% -11bps 21.7% +7.5pp Loans Deposits Mutual Funds Efficiency CoR RoTE €236bn -4% €223bn -5% €8bn 0% 55.9% +6.2pp 0.03% -7bps 11.1% -1.9pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 NII 1,802 0.2 7,256 9.3 Net fee income 676 -4.4 2,867 6.2 Total revenue 2,926 -1.9 11,974 18.2 Operating expenses -1,133 5.6 -4,271 1.0 Net operating income 1,793 -6.2 7,703 30.4 LLPs -322 15.2 -1,259 -17.3 Attributable profit 925 -14.4 3,762 58.7 (*) € mn and % change. Underlying P&L* Q4'24 % Q