Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 432

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 432
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2024, there was a lower contribution to the Deposit Guarantee Fund in Spain and there was no contribution to the Single Resolution Fund as contributions ended in 2023. Total income amounted to EUR 62,211 million in 2024, a new record, up 8% year-on-year. In constant euros, total income rose 10% year-on-year, as follows: • Net interest income (NII) totalled EUR 46,668 million, a new record, and 10% higher year-on-year, with growth across all businesses and regions: • NII grew strongly in Retail (+11%), which represents 60% of the Group's NII. It rose in all three regions, especially in South America, which benefitted from higher volumes and lower cost of deposits, and in Europe, driven by good margin management. • In Consumer (23% of Group NII), it rose 6%, on the back of active loan repricing and volumes growth in Europe, and higher volumes and lower interest rates in Brazil. • In CIB, NII increased strongly (+15%), boosted by our three main businesses . • In Wealth , NII rose 8%, driven by good margin management in a favourable macroeconomic environment and strong commercial activity in Private Banking. • In Payments , NII increased 13%, with growth in both Cards and PagoNxt, due to higher activity. • Net fee income reached EUR 13,010 million, also a new record, up 11% year-on-year, with growth across all businesses if we exclude from Payments the one-time positive fee from commercial agreements in Cards in Brazil in Q1 2023. We recorded this excellent net fee income performance as a result of executing our strategy to capture network effects across the Group. By business: • In Retail , net fee income increased 7%, supported by higher commercial activity and a larger customer base. By country, the good performances in Brazil, the US, Mexico and Poland stood out. • In Consumer , net fee income rose 24%, driven mainly by growth in Europe due to increased insurance penetration, volumes growth in Brazil and auto fee income in the US. • In CIB , net fee income increased 21%, with all businesses growing but particularly Global Banking on the back of the US Banking Build-Out (US BBO) initiative.

• In Wealth , net fee income rose 19%, with growth across all three businesses, mainly due to good commercial activity in Private Banking and Asset Management. • In Payments , net