Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000035
Chunk: 17

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 17
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ander companies with currencies other than the euro (with their hedges) and from their results (with their hedges), in which the Group maintains significant balances. • In 2024, TNAVps grew by 10%, despite a negative c.€1.6bn impact from FX. The overall impact was lower than implied by soft currencies as BRL and MXN depreciation (-€3.3bn) was partly offset by our exposure to the stronger USD and GBP (+€1.5bn) in the year. • In Q4, TNAV improved by €1.8bn, including +€0.9bn from FX, partly due to the impact of FX on our USD exposure (+€1.2bn QoQ).

36 Appendix Investor Day Targets summary Group P&L and excluding Argentina Foreign currency risk Detail by global business, region and country Reconciliation of underlying results to statutory results Glossary

37 Detail by global business

38 Key data Retail & Commercial Banking Highlights Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Transformation efforts are reflected in the growth of our total customers (+8mn YoY), efficiency improvement (-3pp to 39.7%) and higher profitability (RoTE +4pp to 18.9%) • Loans down YoY, affected by mortgage and SME prepayments in Europe, partially offset by growth in South America and Mexico. Generalized increases in deposits and mutual funds • Strong profit increase YoY (+29%), with a solid revenue performance across regions, growing well above costs, and lower LLPs: - NII rose across regions, but especially in South America (volumes and lower cost of deposits), Spain and Poland (margin management) - Fees increased, driven by enhanced commercial activity and a larger customer base. Notably, Brazil, the US, Mexico and Poland - LLPs and CoR improved driven by Europe, which more than offset the impact from higher volumes in South America and normalization in Mexico and Chile • Profit down QoQ, with resilient NII and fees, due to impacts from floods in Spain and cost seasonality Loans Deposits Mutual Funds Efficiency CoR RoTE P&L Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 7,125 5.3 27,942 11.0 9.4 Net fee income 1,166 2.6 4