Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000035
Chunk: 19

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 19
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612 3.8 6.6 Net operating income 526 -7.8 2,017 -21.2 -19.0 LLPs 23 — -14 -92.8 -92.6 Profit before tax 382 -16.6 1,601 -18.5 -16.3 (*) € mn and % change in constant euros. (1) % change in current euros. • Sustained customer growth YoY. Loans impacted by prepayments. Deposits up 4% YoY, both demand and time, mainly from commercial. Mutual funds rose double-digits • Strong PBT growth YoY, driven by NII (spread management despite lower volumes), good cost management and lower LLPs • PBT QoQ affected by volumes and pressure on margins, the impact of risk transfer initiatives on fees, seasonality in costs and non- recurring LLPs (floods) Underlying P&L* Q4'24 % Q3'24 2024 % 2023 NII 1,435 -4.5 5,916 14.0 Net fee income 244 -9.3 1,071 -2.3 Total revenue 1,739 -4.7 7,190 17.0 Operating expenses -617 6.4 -2,356 -1.9 Net operating income 1,123 -9.8 4,834 29.3 LLPs -292 27.1 -1,092 -24.0 Profit before tax 652 -28.1 2,858 107.1 (*) € mn and % change.

40 Retail Mexico Retail Brazil Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Loans increased YoY across business lines. Deposits also increased, especially demand deposits. Mutual funds rose double-digits • PBT up 11% YoY supported by higher revenue, both NII (volumes) and fees, and cost control • PBT up 10% QoQ on the back of higher NII (volumes and lower cost of deposits) and improved LLPs (model update), which more than offset a rise in costs • Loans and deposits increased YoY across segments and mutual funds rose, on the back of customer growth • Strong PBT performance YoY, driven by solid revenue, both NII (volumes and cost of deposits) and fees, with costs growing below inflation and LLP