Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 438

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 438
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 traditional retail banking funds, which stood at EUR 1,211,341 million and grew 3% year-on-year. To facilitate the analysis of Santander's management, the comments below do not consider the exchange rate impact (i.e., in constant euros), except for Argentina and any grouping which includes it. For further information, see section 8. 'Alternative performance measures' of this chapter. Compared to December 2023, customer funds rose 4% in constant euros, as follows: • By product, customer deposits excluding repos rose 2%, with an increase in both demand (+2%) and time deposits (+1%). Mutual funds rose 18%, with widespread increases across all businesses and regions.

| Customer funds (excluding repos) |
| EUR billion                      |

|                           |  +3 | % | A |
|                           | +12 | % |   |
|                           |  +1 | % |   |
| •Total                    |     |   |   |
| •Mutual fundsB            |     |   |   |
| •Deposits excluding repos |     |   |   |
| Dec-24 vs. Dec-23         |     |   |   |

A. In constant euros: +4%. B. Including managed and marketed funds.

• By business, customer funds increased 4% in Retail , driven by time deposits in Europe and South America. In Consumer , customer funds rose 11%, in line with our retail deposit gathering strategy. In CIB, customer funds fell 7%, as a result of our strategy to reduce excess corporate deposits while in Wealth they were up 12%, driven mainly by mutual funds. • By secondary segment, customer funds increased practically in all countries. Of note, was South America where they grew 13%. In Europe, they increased 2% and in North America they were stable, as double-digit growth in Mexico offset the decrease in the US. Customer funds maintained a diversified structure across the markets in which the Group operates: Europe (62%), DCB Europe (7%), North America (14%) and South America (17%). The weight of demand deposits was 56% of total customer funds, while time deposits accounted for 25% and mutual funds 19%. In addition to capturing customer deposits, for strategic reasons the Group has a selective policy on issuing securities in international fixed income markets and strives to adapt the frequency and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market.