Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 494

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 494
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 12,841 |        |     | 11,050 |        |     | +16 |      |     |        +25 |
| LLPs                                       |     |        | -5,478 |     |        | -5,401 |     |  +1 |      |     |         +9 |
| PBT                                        |     |        |  5,993 |     |  4,608 |        |     | +30 |      |     |        +40 |
| Attributable profit                        |     |  3,863 |        |     |  3,038 |        |     | +27 |      |     |        +36 |

Detailed financial information in section 4.5 'Appendix' .

Annual report 2024 459

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

|           |    | Brazil |     | Underlying attributable profit |
| EUR 2,422 | mn |        |     |                                |

Business performance In Brazil, we continued working to become the primary bank for our customers by launching several initiatives through our global businesses. In Retail, we focused on providing a personalized experience for our customers through data analysis and the use of artificial intelligence. In Consumer, we strengthened our strategic alliances and maintained our leadership in auto for individuals. In CIB, we consolidated our leadership in foreign trade financing and foreign currency. In Wealth, we furthered our fund gathering plan, leveraging a diversified investment ecosystem. In Payments, we achieved sustained growth and increased active customers. Loans and advances to customers fell 8% year-on-year. In gross terms, excluding reverse repos and in constant euros, they rose 10%, supported by all global businesses, with notable growth in Retail and Consumer. Customer deposits decreased 15% year-on-year. Excluding repos and in constant euros, they grew 8% mainly driven by time deposits (+9%). Mutual funds rose 6% and total customer funds increased 7% in constant euros. Results Attributable profit in 2024 was EUR 2,422 million, 26% higher year-on-year. In constant euros, it increased 36%, as follows: • Total income rose 11%, as the good performance in net interest income (+20%), which benefitted from higher volumes and the negative sensitivity of the balance sheet in a lower interest rate environment, and net fee income