Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000080
Chunk: 33

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 33
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 +2% Deposits €91bn -3% Mutual funds €14bn +10% Efficiency 50.0% -0.3pp CoR 1.73% -25bps RoTE post-AT1 10.7% +3.4pp Loans €45bn +7% Deposits €41bn +3% Mutual funds €20bn +29% Efficiency 41.7% +0.3pp CoR 2.55% -8bps RoTE post-AT1 20.6% +2.3pp • Loans up 2%, driven by CIB on the back of higher market activity. Deposits fell, as strong growth in Consumer was offset by a drop in CIB in line with our strategy in 2024 to reduce excess corporate deposits • Profit +45% YoY, as revenue growth (especially fees) and lower LLPs (resilient consumer behaviour and used car prices) amply offset higher costs (investments in CIB and successful Openbank launch) • Profit +80% QoQ with similar trends: revenue up (CIB fees) with lower LLPs and contained costs (investments for growth) • New digital features, enhanced and value-added offers as well as commercial alliances are driving loan and deposit growth • Profit +12% YoY, driven by NII (volumes and margin management), fees (insurance and funds) and lower LLPs (better asset quality) • Profit down QoQ, as good NII, fee and cost performances did not offset lower gains on financial transactions (non-recurring gain in Q4’24) and higher LLPs (increasing from low levels in Q4 2024) Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,499 1.4 4.1 7.3 Net fee income 355 10.4 29.0 33.0 Total revenue 2,014 2.3 4.5 7.8 Operating expenses -1,007 0.6 3.9 7.2 Net operating income 1,006 4.1 5.1 8.4 LLPs -535 -23.2 -15.7 -13.0 Attributable profit 417 80.4 44.6 49.1 (*) € mn and % change in constant euros. (