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

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 6
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 edificio Arrecife, planta 2 28660 Boadilla del Monte (Madrid) comunicacion@gruposantander.com www.santander.com - Twitter: @bancosantander 4 revenue grew 10% in constant euros (versus a target of high-single digit); the efficiency ratio stood at 41.8% (versus a target of c.42%); cost of risk ended the year in 1.15% (versus a target of c.1.2%); fully loaded CET1 increased to 12.8% (versus a target of higher than 12% after fully loaded Basel III implementation); and RoTE was 16.3% (versus a target of higher than 16%). For 2025, Santander is targeting6 revenue of c.€62 billion; mid-high single digit fee income growth in constant euros; cost base down in euros versus 2024; cost of risk of c.1.15%; CET1 of 13% (operating range of 12-13%); and RoTE of over 17% (c.16.5% post-AT1). The strength of the bank’s organic capital generation, which resulted in CET1 rising to 12.8% at the end of 2024, should enable the bank to return to shareholders €10 billion in buybacks from 2025 and 2026 earnings and the anticipated excess capital, in addition to our standard cash dividend distribution, subject to corporate and regulatory approvals2. Global businesses (2024 vs 2023) To better reflect the performance of each business, the year-on-year changes provided below are presented in constant euros unless stated otherwise. Variations in current euros are available in the financial report. The group’s business and geographic diversification continues to support consistent, profitable growth. Retail & Commercial Banking’s attributable profit grew 29% to €7,263 million driven by good revenue performance across the regions (+11%), efficiency gains from the bank’s transformation programme, and lower provisions in Europe. Furthermore, the total number of customers increased by eight million and the efficiency ratio improved by over three percentage points to 39.7%, resulting in a RoTE of 18.9%. Loans fell 1% affected by mortgage and SME early repayments in Europe, mostly offset by growth in South America and Mexico. The UK business continued to improve its net interest income quarter-on-quarter, reflecting good margin management. Customer funds increased