Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 22

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 22
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|                                                                                                                       |     | TNAV per share                                                                                               |     |         |     |                                                                                       |     |         |
|                                                                                                                       |     | TNAV per share wasEUR 5.46, increasing 14.5% year-on-year including the cash dividend paid in November 2024. |     |         |     |                                                                                       |     |         |
| Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.                         |     |                                                                                                              |     |         |     |                                                                                       |     |         |

As at end March 2025, the total phased-in capital ratio (applying the CRR transitional arrangements) stood at 17.2% and the phased-in CET1 ratio at 12.9%, on track to meet the 13% target for 2025 that we announced in Q4 2024. We comfortably meet the levels required by the ECB on a consolidated basis (estimated 13.9% for the total capital ratio and 9.6% for the CET1 ratio). This resulted in a distance to the maximum distributable amount (MDA) of 295 bps and a CET1 management buffer of 321 bps. In the quarter, the CET1 ratio increased by 10 bps. We generated 33 bps organically in the period, the net result of 53 bps of gross profit generation and the impact from RWA growth. We also recorded a 27 bp deduction for the accrual of shareholder remuneration profit earned in Q1 2025, in line with our 50% payout target 1 , and 8 bps of regulatory charges, mostly relating to capital model changes. Additionally, there were positive impacts in Markets & others, mainly relating to HTC&S portfolio valuations and tax credits. Although the CRR3 fully-loaded criteria are not yet fully defined, our current estimate for the fully-loaded CET1 ratio is comfortably above our >12% Investor Day target for 2025 year end.

TNAV per share ended the quarter at EUR 5.46. Including the interim cash dividend charged against 2024 results paid in November 2024 (EUR 10.00 cents per share), TNAV plus cash dividend per share increased 14.5% in the last twelve months (+4.2% in the quarter). The EUR 11.00 cent per share dividend approved in the Annual General Meeting on 4 April 2025 will be