Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 40

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 40
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 |     | -135 |       |     | +40 |     |      +33 |     | -34 |     |      -23 |
| PBT                                         |     |  343 |       |     |  +7 |     |       +8 |     |  +6 |     |      +23 |
| Detailed financial information in appendix. |     |      |       |     |     |     |          |     |     |     |          |

|            |     | RETAIL BRAZIL |     | Profit before tax |
| EUR 233 mn |     |               |     |                   |

Commercial activity and business performance Our business strategy focused on: i) expanding the high-net worth and corporate segments by offering a personalized and global experience; and ii) providing a more integrated multi-channel experience and a more simplified product offering in the mass segment, thereby driving double-digit growth in digital sales. Additionally, in corporates, we are working to build a closer relationship with our customers, with tailored offers and enhancing the multi-channel approach. Loans and advances to customers decreased 15% year-on-year. In gross terms, excluding reverse repos and in constant euros they fell 2% as increases in mortgages and SMEs did not offset declines in personal loans and corporates, in line with our strategy to focus on profitable growth and capital optimization. Customer deposits decreased 3% year-on-year. Excluding repos and in constant euros, they increased 9%, mainly due to time deposits in line with the market. Mutual funds grew 16% year-on-year in constant euros. As a result customer funds rose 11% in constant euros. Results Profit before tax in Q1 2025 reached EUR 233 million, 31% less than in the same period of 2024. In constant euros, it fell 21%, by line: • Total income increased 2%, driven by higher gains on financial transactions and net fee income (+3%), mainly in insurance and funds, with net interest income flat despite the impact of negative sensitivity of the balance sheet to higher interest rates. • Costs increased 3%, less than inflation, reflecting our transformation efforts. As a result, net operating income was flat and the efficiency ratio improved by 68 bps to 40.5%. • Net loan-loss provisions rose 9%, though remaining at controlled levels, mainly due to the increase in individuals, impacted by the macroeconomic environment, balance sheet clean up exercises and active risk management. In the quarter, profit before tax