Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000080
Chunk: 22

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 22
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 -571 -5.0 0.7 Net operating income 1,223 14.1 0.8 LLPs -291 -0.2 2.8 Profit before tax 810 41.3 39.7 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,224 -0.6 6.8 9.4 Net fee income 5 — 680.2 699.3 Total revenue 1,190 -0.5 4.4 7.0 Operating expenses -638 -5.0 -4.3 -1.9 Net operating income 552 5.3 16.7 19.6 LLPs -36 — 300.4 310.2 Profit before tax 348 -8.4 -7.7 -5.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €156bn -2% Deposits €218bn +4% Mutual funds €46bn +14% Yield on loans 3.78% -32bps Cost of deposits 0.57% -8bps Efficiency 31.8% -0.0pp Loans €228bn -3% Deposits €209bn -5% Mutual funds €6bn -4% Yield on loans 4.14% +35bps Cost of deposits 1.93% -23bps Efficiency 53.6% -4.9pp • Loans down YoY in line with our focus on profitability. Deposits and mutual funds impacted by a more competitive environment • NOI +17% YoY driven by strong revenue growth, both NII (margin management) and fees, and lower costs. PBT affected by LLP normalization, still at very low levels, and restructuring provisions • Strong net operating income performance QoQ (+5%) driven by cost reduction (transformation and seasonality), not reflected in PBT due to the aforementioned provisions • Loans still impacted by prepayments. Deposits up 4% YoY (demand and time) and mutual funds up double digits • PBT increased YoY with higher fees (mutual funds), resilient NII and good cost control (transformation). YoY growth favoured by the temporary levy in Q1’24 • Strong performance QoQ across the P&L: NII (volumes and margin management