Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 10

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 10
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) initiative , in Wealth, due to the good performances in Private Banking and Santander Asset Management, and in Payments, boosted by higher activity. On the other hand, net fee income in Consumer fell slightly, as DCB Europe was impacted by new insurance regulation in Germany.

| Net fee income |
| EUR million    |

• Gains or losses on financial assets and liabilities and exchange differences reached EUR 678 million (EUR 623 million in Q1 2024) due to the higher results in Retail and the Corporate Centre due to a lower impact from currency hedges. • Dividend income was EUR 88 million (EUR 93 million in Q1 2024). • Income from companies accounted for by the equity method reached EUR 168 million, compared to EUR 123 million in Q1 2024. • Other operating income recorded a loss of EUR 144 million, compared to a EUR 1,017 million loss in Q1 2024, which was strongly affected by the larger hyperinflation adjustment in Argentina and the temporary levy on revenue earned in Spain, which was recorded in full in Q1 2024 (EUR 335 million). In summary, a resilient performance in total income, which exceeded EUR 15 billion for the fifth consecutive quarter, reflecting our diversification and global scale, despite the impact of the new interest rate environment on net interest income.

| Total income |
| EUR million  |

| 10 |     | January- March2025 |

| Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | Statutory income statement  |     |                                  |     |                      |     |          |     |       |

Operating expenses Operating expenses in Q1 2025 amounted to EUR 6,489 million, 1% lower year-on-year, reflecting our progress in transformation. Our cost management continued to focus on structurally improving our efficiency and, as a result, we remain as one of the most efficient banks in the world. We continued to drive our business transformation plan, ONE Transformation, across our footprint, reflected in greater operational leverage and better commercial dynamics.

| Operating expenses |
| EUR million        |

Provisions or reversal of provisions Provisions (net of provisions reversals) amounted to EUR 621 million. In Q1 2024, this line totalled EUR 633 million. Impairment or reversal of impairment of financial assets