Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 424

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 424
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14 bps year-on-year in our international developing markets.

The average cost of interest-bearing liabilities rose 19 bps in 2024 to 4.33%. By market, it performed in line with the average yield on assets, increasing in our domestic (+48 bps year-on-year) and international mature (+67 bps year-on-year) markets, and it fell 1.1 pp year-on-year in our international developing markets.

We calculated the change in interest income/(expense) shown in the tables below by:

• Applying the interest rate of the previous period to the difference between the average balances from the current and previous periods to obtain the change in volumes.

• Applying the difference between the rates from the current and previous periods to the average balance from the previous year to obtain the change in interest rate.

Both interest income and expense increased in 2024, mainly due to higher average interest rates and, to a lesser extent, greater volumes.

As a result, net interest income increased 8% year-on-year, with generalized growth across all businesses and regions.

Especially of note was the performance in Retail, mainly in South America due to the higher volumes and lower cost of deposits, and in Spain, Poland and Portugal due to good margin management. There was also strong growth in Consumer, especially in Europe due to volumes growth and asset repricing, and in Brazil, favoured by higher volumes and lower average interest rates.

Annual report 2024 398

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

| Average balance sheet - assets and interest income                                                                           |     |      |           |                 |     |         |          |     |       |              |     |      |           |                 |     |         |          |     |       |              |
| EUR million                                                                                                                  |     |      |           |                 |     |         |          |     |       |              |     |      |           |                 |     |         |          |     |       |              |
|                                                                                                                              |     | 2024 |           |                 |     |         |          |     |       |              |     | 2023 |           |                 |     |         |          |     |       |              |
| Assets                                                                                                                       |     |      |           | Average balance |     |         | Interest |     |       | Average rate |     |      |           | Average balance |