Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000031
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 3
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. In addition, the group maintained disciplined cost control, with the best efficiency ratio in 15 years. Tax on profit in the period was €5,283 million, up 18%, resulting in an effective tax rate of 28%. Profit in the fourth quarter was €3,265 million, up 11% versus the same quarter of 2023, also representing record results for the third consecutive quarter. The group continued to increase profitability and shareholder value creation, with a return on tangible equity (RoTE) of 16.3%; earnings per share (EPS) of €0.77, up 18%, and tangible net asset value (TNAV) per share of €5.24 at the end of the year. Including both the final cash dividend from 2023 results paid in May and the interim 2024 cash dividend paid in November, total value creation (TNAV plus cash dividend per share) increased 14%. In 2024, customer funds (deposits and mutual funds) grew 4% in constant euros, with deposits up by 2% in constant euros, driven by the ongoing increase in the number of customers served. Loans rose 1% in constant euros to €1.02 trillion, driven by growth in Consumer, Payments and Wealth. In CIB, they remained stable, while in Retail they fell slightly, as the higher volumes in South America and Mexico partially offset the decline in Europe, caused by Spain due to early repayments and the UK as the bank prioritized profitability, and in the US with its ongoing focus on capital optimization. Total income increased 8% (+10% in constant euros) to €62,211 million. The rise in both customer activity and good margin management drove an 8% increase in net interest income, with growth in all businesses and regions, especially Retail. In Retail, net interest income increased 11% in constant euros, with growth in most countries, but especially in South America, driven by higher volumes and lower deposit costs, and in Europe, due to good margin management. The exceptions were the UK, with lower mortgage volumes (in line with the strategy) and higher cost of deposits (competitive market), and the US, due to lower volumes. These results reflect the strength of Santander’s diversified business model, with local and global scale. The group’s net fee income was up 8% to €13,010 million. In constant

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