Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 47

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 47
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 and power sectors. Cash Management was impacted by the lower interest rate environment, however there was a good performance in the US. • In Global Banking, activity had a mixed performance across products. In debt finance products, DCM experienced strong activity growth, mainly in Latin America (specifically Brazil), while Syndicated Loans & Acquisition Finance decreased in North America and Europe, affected by subdued demand due to the uncertain geopolitical and trade environment. In Corporate Finance (CF), the good trends seen in 2024 continued, achieving strong growth despite a challenging environment. In ECM, we successfully executed, either as global coordinator or bookrunner, six initial public offerings (IPOs) and in M&A of note was our role as sole financial and debt advisor to PSP and AviAlliance for the AGS Airports acquisition. Activity in Structured Finance declined after a record Q1 2024. Lower activity levels in renewables in the US were offset by new midstream projects in the energy sector and a recovery in digital infrastructure globally. Fund Finance activity also rebounded, with several core infrastructure funds raising capital and the consolidation of growing activity on the private credit side. • Global Markets had an excellent quarter, with record activity levels in January on the back of higher volatility and the continuous growth of the institutional franchise, in line with our strategy, especially in rates, securitized products and securities finance. Results Attributable profit in Q1 2025 increased 13% year-on-year to EUR 806 million. In constant euros, it grew 18%, with the following detail:

• Total income rose 8% year-on-year, supported by the good n et fee income performance in all businesses, which grew +11%, primarily in GTB and GB, favoured by the US BBO initiative, and by net interest income, growing double digits if we exclude Argentina. Gains on financial transactions fell year-on-year, with increased activity in more NII and fee based products in Global Markets. By country, there were good performances in the US, Brazil and Argentina, with European units continuing to grow but at a slower pace. By business, revenue growth in GM (+23%) was well balanced between fixed income business and equity products, both up double digits. In GTB, revenue increased slightly on the back of a strong quarter in Trade & Working Capital Solutions. In GB, revenue decreased 5%, as the net fee income growth in CF was more than offset by lower net interest income from Debt and Structured Finance, partially due to portfolio sales.