May 16, 2017 
SANTANDER HOLDINGS USA, INC. 
Fixed Income Investor Presentation 
First Quarter 2017
 2 Disclaimer 
This presentation of Santander Holdings USA, Inc. (“SHUSA”) contains “forward-looking statements” within the meaning of the Private Securities  
Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of SHUSA. Words such 
as “may,” “could,” “should, ” “looking forward,” “will,” “would,” “believe,” “expect,” “hope,” “anticipate,” “estimate,” “intend,” “plan,” “assume” or similar 
expressions are intended to indicate forward-looking statements. 
Although SHUSA believes that the expectations reflected in these forward-looking statements are reasonable as of the date on which the statements 
are made, these statements are not guarantees of future performance and involve risks and uncertainties based on various factors and 
assumptions, many of which are beyond SHUSA’s control. Among the factors that could cause SHUSA’s financial performance to differ materially  
from that suggested by the forward-looking statements are: (1) the effects of regulation and policies of the Board of Governors of the Federal 
Reserve System (the “Federal Reserve” or “FRB”), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the 
Consumer Financial Protection Bureau, including changes in trade, monetary and fiscal policies and laws, including interest rate policies of the 
Federal Reserve, the failure to adhere to which could subject SHUSA to formal or informal regulatory compliance and enforcement actions; banking, 
capital and liquidity, regulations and policies and the application and interpretations thereof by regulatory bodies, and the impact of changes in and 
interpretations of generally accepted accounting principles in the United States of America; (2) the strength of the United States economy in general 
and regional and local economies in which SHUSA conducts operations in particular, which may affect, among other things, the level of non-
 performing assets, charge-offs, and provisions for credit losses; (3) the ability of certain European member countries to continue to service their debt 
and the risk that a weakened European economy could negatively affect U.S.-based financial institutions, counterparties with which SHUSA does 
business, as well as the stability of global financial markets; (4) inflation, interest rate, market and monetary fluctuations, which may, among other 
things, reduce net interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and 
secondary markets; (5) adverse movements and volatility in debt and equity capital markets and adverse changes in the securities markets, 
including those related to the financial condition of significant issuers in SHUSA’s investment portfolio; (6) SHUSA’s ability to manage changes in the 
value and quality of its assets, changing market conditions that may force management to alter the implementation or continuation of cost savings or 
revenue enhancement strategies and the possibility that revenue enhancement initiatives may not be successful in the marketplace or may result in 
unintended costs; (7) SHUSA's ability to grow revenue, manage expenses, attract and retain highly-skilled people and raise capital necessary to 
achieve its business goals and comply with regulatory requirements and expectations; (8) SHUSA’s ability to effectively manage its capital, including 
approval of its capital plan by regulators; (9) changes in debt ratings assigned to SHUSA and its subsidiaries; (10) SHUSA’s ability to timely develop 
competitive new products and services in a changing environment that are responsive to the needs of SHUSA's customers and are profitable to 
SHUSA, the acceptance of such products and services by customers, and the potential for new products and services to impose additional costs on 
SHUSA and expose SHUSA to increased operational risk; (11) changes or potential changes to the competitive environment, including changes due 
to regulatory and technological changes, the effects of industry consolidation and perceptions of SHUSA as a suitable service provider or 
counterparty; (12) the ability of SHUSA and its third-party vendors to convert and maintain SHUSA’s data processing and related systems on a 
timely and acceptable basis and within projected cost estimates; (13) SHUSA's ability to control operational risks, data security breach risks and 
outsourcing risks, and the possibility of errors in quantitative models SHUSA uses to manage its business and the possibility that SHUSA's controls  
will prove insufficient, fail or be circumvented; (14) the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in July 
2010, which is a significant development for the industry, the full impact of which will not be known until the rule-making processes mandated by the 
legislation are complete, although the impact has involved and will involve higher compliance costs that have affected and will affect SHUSA’s  
revenue and earnings negatively; (15) SHUSA's ability to promote a strong culture of risk management, operating controls, compliance oversight 
and governance that meets regulatory expectations; (16) competitors of SHUSA that may have greater financial resources or lower costs, may 
innovate more effectively, or may develop products and technology that enable those competitors to compete more successfully than SHUSA;
 3 Disclaimer (cont.) 
(17) acts of terrorism or domestic or foreign military conflicts; and acts of God, including natural disasters; (18) the outcome of ongoing tax audits by 
federal, state and local income tax authorities that may require SHUSA to pay additional taxes or recover fewer overpayments compared to what 
has been accrued or paid as of period-end; (19) adverse publicity, whether specific to SHUSA or regarding other industry participants or industry-
 wide factors, or other reputational harm; and (20) SHUSA’s success in managing the risks involved in the foregoing. 
Because this information is intended only to assist investors, it does not constitute investment advice or an offer to invest, and in making this  
presentation available, SHUSA gives no advice and makes no recommendation to buy, sell, or otherwise deal in shares or other securities of Banco 
Santander, S.A. (“Santander”), SHUSA, Santander Bank, N.A. (“Santander Bank” or “SBNA”), or Santander Consumer Holdings USA, Inc. (“SC”)  in 
any other securities or investments. It is not our intention to state, indicate, or imply in any manner that current or past results are indicative of future 
results or expectations.  As with all investments, there are associated risks, and you could lose money investing.  Prior to making any investment, a 
prospective investor should consult with its own investment, accounting, legal, and tax advisers to evaluate independently the risks, consequences, 
and suitability of that investment. No offering of securities shall be made in the United States except pursuant to registration under the U.S. 
Securities Act of 1933, as amended, or an exemption therefrom.   
In this presentation, we may sometimes refer to certain non-GAAP figures or financial ratios to help illustrate certain concepts.  These ratios, each of 
which is defined in this document, if utilized, may include Pre-Tax Pre-Provision Income, the Tangible Common Equity to Tangible Assets Ratio, and 
the Texas Ratio. This information supplements our results as reported in accordance with GAAP and should not be viewed in isolation from, or as a 
substitute for, our GAAP results, among others. We believe that this additional information and the reconciliations we provide may be useful to 
investors, analysts, regulators and others as they evaluate the impact of these items on our results for the periods presented due to the extent to 
which the items are indicative of our ongoing operations.  Where applicable, we provide GAAP reconciliations for such additional information.  
On February 18, 2014, the Federal Reserve issued the final rule implementing certain of the enhanced prudential standards mandated by Section 
165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Final Rule") to strengthen regulatory oversight of foreign banking 
organizations ("FBOs"). Under the Final Rule, FBOs with over $50 billion of U.S. non-branch assets, including Santander, were required to 
consolidate U.S. subsidiary activities under an intermediate holding company (" IHC"). Due to its U.S. non-branch total consolidated asset size, 
Santander was subject to the Final Rule. As a result of this rule, Santander transferred substantially all of its equity interests in U.S. bank and non-
 bank subsidiaries previously outside SHUSA to SHUSA, which became an IHC effective July 1, 2016. These subsidiaries included Santander 
BanCorp (“SBC”),  Banco Santander International (“BSI”), Santander Investment Services, Inc. (“SIS”), Santander Securities LLC (“SSLLC”), as well 
as several other subsidiaries. 
As these entities were and are solely owned and controlled by Santander prior to and after July 1, 2016, in accordance with Accounting Standards 
Codification 805, the transaction has been accounted for under the common control guidance which requires SHUSA to recognize the assets and 
liabilities transferred at their historical cost of the transferring entity at the date of transfer. Additionally, as this transaction represents a change in 
reporting entity, the guidance requires ret rospective combination of the entities for all periods presented in the financial statements as if the 
combination had been in effect since the inception of common control. The entities transferred approximately $14.1 billion of assets and 
approximately $11.8 billion of liabilities to SHUSA on July 1, 2016.  The financial statements have been recast to reflect the operations of the 
commonly controlled entities for all periods presented as a change in reporting entity. Historical financial information in this presentation, unless 
noted otherwise, has been consistently recast to reflect the above financial reporting requirements.
 4 
Santander  
Bank 
Santander  
Consumer  
USA 
Santander  
Puerto Rico 
Banco  
Santander   
International 
Santander   
Investment 
Securities 
SHUSA is a bank holding company (“BHC”) wholly owned by Santander (NYSE: SAN) 
Introduction 
• SHUSA consists of: 
• Well-established banking franchises in      
the Northeast and Puerto Rico 
• A nationwide auto finance business 
• A wholesale broker-dealer in New York 
• International private banking business 
• Headquartered in Boston 
• Regulated by the Federal Reserve  
• SEC registered1 
• Website www.santanderus.com 
12SHUSA’s SEC filings are accessible on the SEC website at  www.sec.gov and are also accessible through 
SHUSA’s website at www.santanderus.com.
 5 
 
     
Corporate Structure1 
 
SHUSA 
$135.1BN Assets 
 
                               
  
SBNA2 
$79.6BN Assets 
Retail Bank 
 
  
SC3 
$39.1BN Assets 
Auto Finance 
SHUSA is the intermediate holding company (“IHC”) for Santander’s U.S. operations 
1Balances as of March 31, 2017   4Banco Santander Puerto Rico 
2Santander Bank, N.A.   5Banco Santander International  
3Santander Consumer Holdings USA,  Inc.  6Santander Investment Securities 
Approximately 
58.7% ownership 
Banco Santander, S.A. 
BSPR4 
$5.3BN Assets 
Retail Bank 
BSI5 
$6.9BN Assets 
Wealth Management 
SIS6 
$1.8BN Assets 
Broker Dealer 
100% ownership 
Added to SHUSA effective July 1, 2016
 6 
1Q 2017 Executive Summary1 
Liquidity and 
Funding 
 
Capital 
Balance Sheet 
1Data as of 3/31/17 unless otherwise noted.   
2Includes non controlling interest. 
3Liquidity coverage ratio. 
Earnings 
Credit Quality 
 1Q17 net income of $164MM2 
 SHUSA 1Q17 net interest margin 5.76% 
 SBNA net interest margin improved from 2.30% in 4Q16 to 2.62% in 1Q17  
        
 
 SHUSA’s balance sheet declined from $137.4BN at 4Q16 to $135.1BN at 1Q17 
due to balance sheet optimization initiatives 
 SBNA completed a tender for $881MM of $1.0BN debt due January 2018  
  
 
 In 1Q17 SHUSA issued $1BN 5-year senior debt which is eligible for TLAC 
 SHUSA maintains an LCR3 in excess of the regulatory requirement 
 Holding company held $4.1BN in high quality liquid assets (“HQLA”) as of 1Q17
    
 
 Common Equity Tier 1 (“CET1”) ratio of 14.6% as of 1Q17; 14.1% for Basel 3 fully 
phased-in   
 On April 5, 2017 SHUSA submitted its 2017 Capital Plan to the Federal Reserve 
 
 SBNA’s credit metrics are in line with large bank peers 
 In 1Q17 49 of SC asset-backed securities (“ABS”) tranches impacting more than 
$4.2BN were upgraded by Moody’s 
 SC delinquency and gross losses decreased QoQ reflecting seasonal trends
 7 Quarterly Profitability1  
1Net Income includes noncontrolling interest 
Pre-Tax Pre-Provision Income/(Loss) ($MM)
 Net Income/(Loss) ($MM)1
 Net Interest Income ($MM)
 Pre-Tax Income/(Loss) ($MM)
 1,087 1,042 1,022 
783 
978 
 -
  250
  500
  750
  1,000
 1Q16 2Q16 3Q16 4Q16 1Q17
 1,696 1,665 1,621 1,583 1,603
 0
 500
 1,000
 1,500
 2,000
 1Q16 2Q16 3Q16 4Q16 1Q17
 189 
428 
334 
3 
243 
0
 150
 300
 450
 1Q16 2Q16 3Q16 4Q16 1Q17
 110
 275
 226
 30 
164 
0
 100
 200
 300
 1Q16 2Q16 3Q16 4Q16 1Q17
 Improved profitability in 1Q17 after 4Q16 impacted by one time charges
 8 
2 
2 
Net Interest Margin and IRR Sensitivity 
 SHUSA’s lower net interest margin (“NIM”) since 1Q16 reflects: 
 SBNA: Higher NIM due to balance sheet optimization actions and asset sensitivity 
 SC:  Lower NIM through disciplined approach to credit and modest liability sensitivity 
SHUSA 1Q17 net interest margin of 5.76% 
Net Interest Margin1 SHUSA Interest Rate Sensitivity 
(% change in annual NII for parallel rate movement) 
1SHUSA NIM for 1Q16 and 2Q16 have not been restated for the IHC consolidation effective July 1, 2016
 9 
Auto Loans 
18% 
12% 
5% 
8% 
6% 
5% 
18% 
5% 
3% 
3% 
17% 
Balance Sheet Overview1 
6% 
5% 
4% 
6% 
5% 7% 
6% 
18% 
15% 
7% 
19% 
Investments 
2% 
Cash 
Non Interest-
 Bearing 
Demand 
Deposits 
Other Assets 
C&I  
CRE 
Residential 
Mortgage 
Other  
Loans 
Operating 
Lease Assets 
 
Goodwill 
Home 
Equity 
Multi-Family 
$135.1BN Assets 
$112.5BN Liabilities 
$22.6BN Equity 
Interest-
 Bearing 
Demand 
Deposits 
Secured 
Structured 
Financings 
Equity 
Other 
Liabilities 
FHLB 
Money 
Market 
Certificates 
of Deposit 
Savings 
Revolving 
Credit 
Facilities 
Other  
Borrowings 
SHUSA balance sheet reflects subsidiary banks funded by core deposits and an 
auto finance company funded with wholesale funds 
1Balances as of March 31, 2017
 10 Balance Sheet Trends 
$145 
$140 $139 $137 $135 
Liabilities & Equity 
$ in billions 
Balance sheet trend reflects optimization initiatives and consistent reduction in 
borrowed funds 
Assets 
$145 $140 $139 $137 $135
 11 
2 
 
  
 
Borrowed Funds Profile1 
Sr 
Debt 
 
3.45% 
FHLB 
Bank Debt 
HoldCo Debt 
SC 3rd Party 
Santander2 
FHLB 
 
0.6% 
FHLB 
0.8% 
SC ABS 
1As of March 31, 2017. 
2Difference in Santander balance at SHUSA consolidated and SC reflects lending from SHUSA to SC that is eliminated at the 
consolidated level. 
$43.5 
$41.5 
SC Private Amort. 
SBNA ($BN) 
SHUSA HOLDCO ($BN) SHUSA Consolidated  ($BN)  
Private Amort. 
3rd Party Rev. 
Santander2 
Holding company issuance will be driven by TLAC’s long term debt (“LTD”) 
requirement  
HoldCo Debt 
$4.4 
$5.4 
Bank Debt 
FHLB 
$7.7 
$5.3 ABS 
SC ($BN) 
$31.5 $31.3
 12 
2 
2 
TLAC Rule and SHUSA Issuance 
 SHUSA expects to issue approximately $5.5BN in HoldCo debt during 2017-2018 to meet 
the LTD requirement of 6% of risk-weighted assets (“RWA”) 
 Net increase of ~$3.0BN in SHUSA debt as new issuances also replace maturities 
1Chart does not include SHUSA trust preferred securities ($0.2BN) or SHUSA preferred stock ($0.2BN). 
SHUSA will be required to meet TLAC and LTD requirements by January 1, 2019 
$3.0BN 
SHUSA Debt Outstanding1
 13 
2 
2 
SHUSA HoldCo Debt Profile 
 As of 3/31/17 SHUSA HoldCo held $4.1BN in HQLA 
 SHUSA debt issuances will be designed to maintain a laddered maturity 
structure 
2017 2018 2019 2020 ... 2022 ... 2025 ... ... 2036 Perp
 Trust 
Pref 
Pref 
Stock 
Sr 
Debt 
 
4.6% 
Sr 
Debt 
 
3M+ 
145 
$0.6 
$0.5 
$0.22 $0.2 
$1.0 
Sr 
Debt 
 
2.65% 
$1.1 
Sr 
Debt 
 
4.5% 
$1.0 
Sr 
Debt 
 
2.7% 
$1.0 
Sr 
Debt 
 
3.7%
 14 
2 
Under fully phased-in US Basel III rule3, CET1 ratio as of 1Q17 was 14.1%  
 
Capital Ratios1,2 
Tier 1 Leverage
 Tier 1 risk based
 Common Equity Tier 1
 Total Risk Based
 11.9%
 12.4%
 14.1%
 14.5% 14.6%
 1Q16 2Q16 3Q16 4Q16 1Q17
 11.5% 11.6%
 12.5% 12.5% 12.6%
 1Q16 2Q16 3Q16 4Q16 1Q17
 13.4%
 14.0%
 15.7%
 16.1% 16.2%
 1Q16 2Q16 3Q16 4Q16 1Q17
 15.3%
 15.8%
 17.6% 18.0% 18.1%
 1Q16 2Q16 3Q16 4Q16 1Q17
 1Capital ratios calculated under the U.S. Basel III framework on a transitional basis  
2Periods prior to 3Q16 have not been re-cast for the IHC consolidation 
3Fully phased-in under the standardized approach - see SHUSA 1Q 2017 Form 10-Q
 15 
106.5%
 100.2%
 91.4%93.2%90.6%
 111.3%114.6%
 119.4%
 94.7%
 110.4%109.0%106.0%
 120.0%118.6%120.6%115.3%
 109.0% 114.1%
 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 SBNA Large Banks**
 Reserve Coverage (ALLL/NPL2) 
1.21% 1.16%
 1.02%
 1.17%1.18%
 1.07%1.07%
 1.17%
 1. 7%
 1.2 %1.27%1.29%1.26%1.28%1.31%1.34% 1.22% 1.20%
 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 SBNA Large Banks**
 ALLL to Total Loans 
1.13%
 0.98%
 0.94% 0.96%
 1.30% 1.26%
 1.12%1.16%1.13% 1.12%
 1.20%1.25% 1.18% 1.17% 1.14%
 1.28% 1.26%
 1.22%
 1Q15 Q15 3Q15 4Q15 1Q16 Q16 3Q16 4Q16 1Q17
 SBNA Large Banks**
 Non-Performing Loan Ratio2 
0.26% 0.25%
 0.91%
 0.15%0.12%
 0.43%
 0.20%
 0.31%
 0.21%
 0.43%0.41%0.39%
 0.38%
 0 360.35%0.36%
 0.45% 0.41%
 Q15 2Q15 3 15 4 15 1 16 2Q16 3Q16 4Q16 1Q17
 SBNA Large Banks**
 Annualized Net Charge off Ratio1 
**Source: SNL Bank level data; Large Bank = BAC, COF, C, KEY, BMO, HSBA, PNC, RBS, JPM, UNB, TD, USB, and WFC 
 
1NPLs= Nonaccruing loans plus accruing loans 90+ DPD 
 
Annualized NCO = Quarterly NCO*4 
Asset Quality:  SBNA  
SBNA asset quality metrics in line with peers 
14Q16 impacted by two commercial clients. Excluding these clients, the charge-off ratio would have been  0.31% 
2NPLs = Non accruing loans plus accruing loans 90+ DPD;
 16 Asset Quality:  SC – Loss and Delinquency 
 QoQ reduction in delinquency and gross losses reflect seasonal trends 
 YoY delinquency and gross losses increase driven by 2015 originations which 
were more nonprime in nature and slower portfolio growth 
Credit Delinquency 
SOURCE:  SC First Quarter 2017 Presentation, April 26, 2017.   
See http://investors.santanderconsumerusa.com/financial-info/quarterly-results
 17 
2 
2 
Rating Agencies 
  Santander Bank 
Te S&P Moody’s 
Short Term 
Deposits 
A-2 P-1 
Senior Debt BBB+ Baa2 
Outlook Stable Stable 
SHUSA 
S&P Moody’s 
N/A N/A 
BBB+ Baa3 
Stable Stable 
 On August 5, 2016, S&P affirmed SHUSA’s and SBNA’s  ratings of                  
A-2/BBB+/stable 
 
    
 On October 18, 2016, Moody’s downgraded SHUSA’s senior debt 
rating by 1 notch from Baa2 to Baa3 and moved SHUSA’s outlook 
from negative to stable 
 On October 18, 2016, Moody’s affirmed SBNA’s ratings at P-1/Baa2 
and the outlook at stable 
March 31, 2017 
Banco Santander 
S&P Moody’s 
A-2 P-2 
A- A3 
Positive1 Stable 
1S&P raised Banco Santander’s outlook from Stable to Positive on February 9, 2017
 Appendix
 19 
2 
2 
Consolidating Balance Sheet 
(1) Includes holding company, eliminations, IHC eliminations and purchase accounting marks related to SC consolidation. 
(2)The IHC entities are presented within "other" in the company's financial statement segment presentation due to immateriality. 
(3) Other Investment securities include trading securities. 
(US $ millions)  Bank SC Other
 (1)
 IHC Entities
 (2)
 SHUSA
 Assets
 Cash and cash equivalents 3,463$              421$                  (107)                   4,793                 8,570$              
Investments Available-for-sale at fair value 16,489              -                         991                    886                    18,366              
Investments Held-to-maturity 1,621                 -                         -                         -                         1,621                 
Other Investment securities
 (3)
 680                    -                         -                         23                      703                    
Loans 49,680              27,067              (371)                   7,339                 83,715              
Less allowance for loan and leases losses (535)                   (3,622)               334                    (100)                   (3,923)               
        Total loans, net 49,145              23,445              (37)                     7,239                 79,792              
Goodwill 3,403                 74                      967                    11                      4,455                 
Other assets 4,859                 15,121              631                    991                    21,602              
Total assets 79,660$            39,061$            2,445$              13,943$            135,109$          
Liabilities and Stockholders' Equity
 Deposits 60,107$            -                         (3,268)               9,762                 66,601$            
Borrowings and other debt obligations 5,270                 31,475              4,471                 260                    41,476              
Other liabilities 779                    2,167                 (24)                     1,510                 4,432                 
       Total liabilities 66,156              33,642              1,179                 11,532              112,509            
Stockholders' equity including  
   noncontrolling interest 13,504              5,419                 1,266                 2,411                 22,600              
Total liabilities and stockholders' equity 79,660$            39,061$            2,445$              13,943$            135,109$          
March 31, 2017
 20 Consolidating Income Statement 
(1)Includes holding company activities, IHC eliminations, eliminations and purchase accounting marks related to SC consolidation. 
(2) SHUSA net income includes non-controlling interest.  
(3)The IHC entities are presented within "other" in the Company's financial statement segment presentation due to immateriality. 
(US $ Millions)  Bank SC Other
 (1)
 IHC Entities
 (3)
 Interest income 557$              1,270$          38$                91                  1,956$          
Interest expense (97)                 (227)              (21)                 (8)                   (353)              
Net interest income 460                1,043            17                  83                  1,603            
Fees & other income/(expense) 197                433               (8)                   106                728                
Equity investment expense (3)                   -                1                     -                 (2)                   
Other non interest income -                 -                -                 1                    1                    
Net revenue 654                1,476            10                  190                2,330            
G & A expense (516)               (617)              (57)                 (121)               (1,311)           
Other expenses (24)                 (3)                   (11)                 (3)                   (41)                 
Provision for credit losses (27)                 (635)              (58)                 (15)                 (735)              
Income before taxes 87                  221               (116)               51                  243                
Income tax (expense)/benefit (16)                 (78)                35                  (20)                 (79)                 
Net income/(loss)
 2
 71$                143$             (81)$               31$                164$             
SHUSA
 For the three-month period ended March 31, 2017
 21 
2 
2 
Quarterly Trended Statement of Operations 
(1)Represents net income/(loss) including noncontrolling interest. 
(US $ Millions) 1Q16 2Q16 3Q16 4Q16 1Q17
 Interest income 2,058$    2,029$   1,971$  1,932$  1,956$   
Interest expense (362)        (364)       (350)       (349)      (353)       
Net interest income 1,696      1,665     1,621     1,583    1,603     
Fees & other income 670         689         728        623        728        
Equity investment expense (4)             (1)            -         (6)           (2)           
Other non interest income 27            31           -         -         1             
Net revenue 2,389      2,384     2,349     2,200    2,330     
G&A expense (1,225)     (1,265)    (1,281)   (1,353)   (1,311)    
Oth r expenses (77)          (77)          (46)         (64)         (41)         
Provision for credit losses (898)        (614)       (688)       (780)      (735)       
Income before taxes 189         428         334        3            243        
Income tax (expense)/benefit (79)          (153)       (108)       27          (79)         
Net income(1) 110$       275$      226$      30$        164$
 22 
2 
2 
SHUSA’s capital ratios remain at the top of peers 
Capital Ratios Peer Comparison (as of 3/31/17) 
CET1 Tier 1 Risk-Based Capital (“RBC”) 
Total RBC Tier 1 Leverage 
- - - - Peer Median Peer data from SNL
 23 
2 
2 
Non-GAAP to GAAP Reconciliations 
$55,756 $56,638 
$57,059 $57,114 $57,548 
0.46% 
0.48% 
0.47% 
0.39% 0.39% 
0.30%
 0.35%
 0.39%
 0.44%
 0.48%
 0.53%
 4Q15 1Q16 2Q16 3Q16 4Q16
 Total Deposits Avg. Interest Cost
 $ Milli n 1Q16 2Q16 3Q16 4Q16 1Q17
 SHUSA Pre-Tax Pre-Provision Income
 Pre-tax income, as reported 189$            428$            334$            3$                 243$            
Add back:
 Provision for credit losses 898              614              688              780              735              
Pre-Tax Pre-Provision Income 1,087$         1,042$         1,022$         783$            978$
 24 
2 
2 
1 
$ Millions 1Q16
 (1)
 2Q16
 (1)
 3Q16 4Q16 1Q17
 Common Equity Tier 1 to Risk-Weighted Assets
 Tier 1 Common 12,644$       12,750$       15,153$       15,136$       14,912$       
Risk-Weighted Assets 106,446       102,967       107,310       104,334       102,353       
Ratio 11.9% 12.4% 14.1% 14.5% 14.6%
 Tier 1 Leverage
 (1)
 Tier 1 Capital 14,281$       14,401$       16,866$       16,844$       16,603$       
123,964       124,498       135,155       134,534       131,648$    
Ratio 11.5% 11.6% 12.5% 12.5% 12.6%
 Tier 1 Risk-Based
 (1)
 Tier 1 Capital 14,281$       14,401$       16,866$       16,844$       16,603$       
Risk-Weighted Assets 106,446       102,967       107,310       104,334       102,353$    
Ratio 13.4% 14.0% 15.7% 16.1% 16.2%
 Total Risk-Based
 (1)
 Risk-Based Capital 16,288$       16,270$       18,834$       18,775$       18,508$       
Risk-Weighted Assets 106,446       102,967       107,310       104,334       102,353$    
Ratio 15.3% 15.8% 17.6% 18.0% 18.1%
 Average total assets for leverage capital purposes
 Non-GAAP to GAAP Reconciliations1,2 
 
 
1Periods prior to 3Q16 have not been recast for the IHC consolidation .  Refer to SHUSA 1Q 2017 10-Q. 
 2Basel III ratios on a transition basis under the standardized approach starting in 2Q15.
 25 
2 
2 
SBNA: Quarterly Profitability 
US $ millions 
1See non-GAAP to GAAP reconciliation of Pre-Tax Pre-Provision Income 
Net Interest Income ($MM) Pre-Tax Pre-Provision Income ($MM)
 Pre-Tax Income/(Loss) ($MM) Net Income/(Loss) ($MM)
 100 104 
114 
47 
113 
0
 20
 40
 60
 80
 100
 120
 140
 1Q16 2Q16 3Q16 4Q16 1Q17
 434 438 433 426 
460 
2.22% 2.24%
 2.33% 2.30%
 2.62%
 0
 100
 200
 300
 400
 500
 1Q16 2Q16 3Q16 4Q16 1Q17
 NII Net Interest Margin
 (20)
 104 
126 
23 
86 
-25
 0
 25
 50
 75
 100
 125
 150
 1Q16 2Q16 3Q16 4Q16 1Q17
 (17) 
93 91 
(15)
 70 
-20
 5
 30
 55
 80
 105
 1Q16 2Q16 3Q16 4Q16 1Q17
 26 
2 
2 
SBNA: Quarterly Trended Statement of Operations 
(US$ in Millions) 1Q16 2Q16 3Q16 4Q16 1Q17
 Interest income 576$   565$   541$   527$   557$     
Interest expense (142)    (127)    (108)    (101)    (97)        
Net interest income 434     438     433     426     460       
Fees & other income 227     240     248     213     194       
Other non-interest income 26        31        -      -      -        
Net revenue 687     709     681     639     654       
General & administrative expenses (537)    (540)    (539)    (544)    (517)      
Other expenses (50)      (65)      (28)      (48)      (24)        
(Provision for)/release of credit losses (120)    -      12        (24)      (27)        
(Loss)/income before taxes (20)      104     126     23        86         
Income tax benefit/(expense) 3          (11)      (35)      (38)      (16)        
Net (loss)/income (17)$    93$     91$     (15)$    70$       
1Q16 2Q16 3Q16 4Q16 1Q17
 Net interest margin 2.22% 2.24% 2.33% 2.30% 2.62%
 27 
2 
2 
SBNA: Quarterly Average Balance Sheet 
Quarterly Averages 
(In millions)
 Average Yield/ Average Yield/ Average Yield/ Average Yield/
 Balance Rate Balance Rate Balance Rate Balance Rate
 Deposits and investments 21,504$   1.89% 22,102$    1.18% (598)$       0.71% 26,321$      1.70%
 Loans 50,765     3.68% 52,988     3.50% (2,223)      0.18% 53,898        3.50%
 Allowance for loan losses (531)         --- (597)         --- 66            --- (577)           ---
 Other assets 9,649       --- 10,147     --- (498)         --- 11,075        ---
 TOTAL ASSETS 81,387$   2.79% 84,640$    2.50% (3,253)$    0.29% 90,717$      2.58%
 Interest-bearing demand deposits 9,601       0.20% 9,845       0.23% (244)         -0.03% 10,794        0.54%
 Noninterest-bearing demand deposits 11,215     --- 11,861     --- (646)         --- 10,353        ---
 Savings 4,081       0.09% 4,053       0.12% 28            -0.03% 4,012         0.10%
 Money market 27,494     0.49% 27,398     0.46% 96            0.03% 26,336        0.51%
 Ce tific t s of deposit 7,104       0.98% 8,074       0.95% (970)         0.03% 9,014         0.93%
 Borrowed funds 6,899       2.37% 8,140       2.10% (1,241)      0.27% 14,806        1.96%
 Other liabilities 1,493       --- 1,709       --- (216)         --- 1,925         ---
 Equity 13,500     --- 13,560     --- (60)           --- 13,477        ---
 TOTAL LIABILITIES & SE 81,387$   0.48% 84,640$    0.47% (3,253)$    0.01% 90,717$      0.63%
 NET INTEREST MARGIN 2.62% 2.30% 0.32% 2.22%
 1Q17 1Q164Q16 Change
 28 
2 
2 
SBNA: Funding – Deposits* 
1Represents average quarterly balances 
*SBNA total deposits less the SHUSA cash deposit held at SBNA.   
Average Non Maturity Deposit Balances
 1 
($Mn)
 $47,624 $48,282
 $48,757 $49,474 $49,762
 0.41%
 0.39%
 0.31%
 0.30% 0.30%
 0.20%
 0.25%
 0.30%
 0.35%
 0.40%
 0.45%
 0.50%
 1Q16 2Q16 3Q16 4Q16 1Q17
 Non Maturity Deposit Balances
 Avg. Interest Cost
 Average Total Deposit Balances
 1 
($Mn)
 $56,638 $57,059 $57,114 $57,548 $56,865
 0.48%
 0.47%
 0.39%
 0.39% 0.39%
 0.30%
 0.35%
 0.39%
 0.44%
 0.48%
 0.53%
 1Q16 2Q16 3Q16 4Q16 1Q17
 Total Deposits Avg. Interest Cost
 29 
0.46%
 0.39%
 0.47%
 0.37%
 0.43%0.40%
 0.47%
 0.42% 0.41%
 0.73%0.75%0.76%
 0.86%0.83%0.79%
 0.86%
 0.80%
 0.74%
 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 SBNA Large Banks**
 Delinquency3 
$1,972  
$2,073  
$2,171  
$2,333  
$2,626  
$2,376  $2,337  
$2,018  
$2,108  
3.78% 3.95% 
4.09% 
4.35% 
4.81% 
4.36% 4.42% 
3.87% 
4.22% 
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 Criticized Balances Criticized Ratio
 $590  
$515  $497  $513  
$710  
$687  
$615  
$583  $565  
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 Non-Performing Loans1 Criticized Balances2 
Texas Ratio4  
SBNA: Asset Quality 
$ MM
   
-4% $ MM
   
**Source: SNL Bank level data; Large Bank = BAC, COF, C, KEY, BMO, HSBA, PNC, RBS, JPM, UNB, TD, USB, and WFC 
 
13.1% 12.9% 12.1%
 9.2%8.5% 7.9% 8.6%
 10.7% 10.3% 9.5%9.6%9.3%
 13.7%15.1 1 .5 13.9% 14.0% 14.3%
 1Q15 2Q15 3Q15 4Q15 Q16 2Q16 3Q16 4Q16 1Q17
 SBNA Large Banks**
 1NPLs = Nonaccruing loans plus accruing loans 90+ DPD;  
2Criticized = loans that are categorized as Special Mention, Substandard, Doubtful, or Loss 
3Delinquency = accruing loans 30-89 DPD plus accruing loans 90+ DPD 
4See Appendix for Definition and Non-GAAP measurement reconciliation of Texas Ratio 
1NPLs = Nonaccruing loans plus accruing loans 90+ DPD. 
2Criticized = loans that are categorized as Special Mention, Substandard, Doubtful, or Loss. 
3Delinquency = accruing loans 30-89 DPD plus accruing loans 90+ DPD. 
4See Appendix for Definition and Non-GAAP measurement reconciliation of Texas Ratio.
 30 
Santander Real Estate Capital Commercial Real Estate1 
Home Equity Mortgages 
Outstandings NPL* to Total Loans Net Charge-Offs** 
SBNA: Asset Quality (cont.)  
*NPL = Nonaccruing loans plus accruing loans 90+ DPD      **NCO = Rolling 12-month average for that quarter and the prior 3 quarters 
1Commercial Real Estate is comprised of the  commercial real estate, continuing care retirement communities and 
non-owner occupied real estate secured commercial loans (SREC segment included in separate graph).  
US $ Billions 
$7.0 $6.8 $6.7 $6.5 $6.4 $6.6 $6.7
 $7.0 $6.8
 3.0% 2.9% 2.8% 2.7% 2.6% 2.4% 2.2% 2.3% 2.3%
 1.3% 1.3%
 0.3% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1%
 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 $6.0 $6.0 $6.0 $6.0 $5.9 $5.9 $5.9 $5.9 $5.8
 1.9% 1.8% 1.7% 1.8% 1.8% 1.7% 1.7% 1.7% 1.7%
 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2%
 Q15 2Q15 3Q 5 4Q15 Q16 2Q16 3Q 6 4Q16 1Q17
 $5.8 $5.9 $5.8 $6.0
 $6.6 $6.6 $6.5 $6.5 $6.4
 1.9%
 1.3% 1.3% 1.3% 1.7% 1.6% 1.2% 1.2% 1.1%
 0.2% 0.4% 0.1% 0.2% 0.2% 0.0% -0.1% -0.1% -0.1%
 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 $9.7 $9.7
 $10.7 $10.5 $10.3 $10.1 $9.8 $9.3 $9.1
 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0%
 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
 Q15 2Q15 3Q 5 4Q15 1Q16 2Q16 3Q 6 4Q16 1Q17
 31 
Global Corporate Banking2 
1Commercial Banking = Non-CRE total for Middle Market, Asset Based Lending, Energy Finance, Government Banking, Mortgage 
Warehouse,  Equipment Finance & Leasing, Commercial Banking NCE, Financial Institutions Coverage and Institutional-Non Profit.  
2Global Corporate Banking  =  Non-CRE total for Global Corporate Banking. 
3Other Commercial =  Non –CRE total for all other Commercial Business segments. 
4Other Consumer =  Direct Consumer, Indirect Consumer, RV/Marine, Credit Cards , SFC, & RDM Run-off. 
Commercial Banking1 
Other Consumer4 Other Commercial3 
Outstandings NPL* to Total Loans Net Charge-Offs** 
SBNA: Asset Quality (cont.) 
*NPL = Nonaccruing loans plus accruing loans 90+ DPD    **NCO = Rolling 12-month average for that quarter and the prior 3 quarters 
US $ Billions 
$6.7 $6.7 $6.9
 $7.3 $7.6
 $8.1 $8.0
 $7.5 $7.1
 0.8% 0.6% 0.4% 0.3%
 2.2% 2.0%
 1.5%
 1.8%
 2.2%
 0.3% 0.2% 0.2% 0.2% 0.1% 0.0% 0.2%
 0.9% 1.0%
 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 $9.5
 $10.1 $9.7 $10.0 $10.1 $9.4
 $8.4
 $7.9
 $6.8
 0.0% 0.0% 0.1%
 0.2%
 0.6% 0.7% 0.8%
 0.0% 0.1%0.0% 0.0% 0.0%
 0.3%
 0.3% 0.3% 0.3%
 0.4% 0.4%
 Q15 2Q15 3Q 5 4Q15 1Q16 2Q16 3Q 6 4Q16 1Q17
 $5.6 $5.5 $5.6
 $5.8 $5.9 $6.0
 $6.1
 $6.4 $6.3
 0.9% 0.9% 1.0% 1.2% 1.0% 1.0% 1.0% 1.0% 0.9%
 0.5% 0.5% 0.5% 0.4% 0.5% 0.4% 0.4% 0.4% 0.3%
 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
 $1.8 $1.7 $1.7 $1.7 $1.6 $1.6 $1.6 $1.6 $1.5
 2.2% 2.0% 2.0% 1.8% 1.7% 1.7% 1.8% 1.9% 1.8%
 2 6 2 5 2.6 2.7 2.7% 2.8
 2.9 3.1%
 3.3%
 Q15 2Q15 3Q15 4Q15 Q16 2Q16 3Q 6 4Q16 1Q17
 32 
2 
2 
SBNA: Capital Ratios 
1Fully phased-in under the standardized approach - see SHUSA 1Q  2017 Form 10-Q. 
Under fully phased-in US Basel III rule1, CET1 ratio as of 1Q17 was 16.6%  
 
13.9%
 14.9%
 15.7% 16.2%
 17.0%
 1Q16 2Q16 3Q16 4Q16 1Q17
 13.9%
 14.9% 15.7%
 16.2%
 17.0%
 1Q16 2Q16 3Q16 4Q16 1Q17
 11.3% 11.4%
 12.3% 12.3%
 12.9%
 1Q16 2Q16 3Q16 4Q16 1Q17
 15.4%
 16.2%
 17.0% 17.4%
 18.2%
 1Q16 2Q16 3Q16 4Q16 1Q17
 Common Equity Tier 1 Tier 1 Leverage Ratio
 Tier 1 Risk-Based Capital Ratio Total Risk-Based Capital Ratio
 33 
2 
2 
1 
SBNA: Non-GAAP to GAAP Reconciliations 
$ Millions 1Q16 2Q16 3Q16 4Q16 1Q17
 Tier 1 Common to RWAs
 Tier 1 Common Capital 9,813$        9,876$        10,025$      10,006$      10,031$     
RWAs 70,512 66,357 64,015 61,886 59,111
 Ratio 13.9% 14.9% 15.7% 16.2% 17.0%
 Tier 1 Leverage
 Tier 1 Capital 9,813$        9,876$        10,025$      10,006$      10,031$     
87,066        86,358        81,815        81,076        77,909       
Ratio 11.3% 11.4% 12.3% 12.3% 12.9%
 Tier 1 Risk Based
 Tier 1 Capital 9,813$        9,876$        10,025$      10,006$      10,031$     
RWAs 70,512 66,357 64,015 61,886 59,111
 Ratio 13.9% 14.9% 15.7% 16.2% 17.0%
 Total Risk Based
 Risk Based Capital 10,827$      10,771$      10,874$      10,759$      10,785$     
RWAs 70,512        66,357        64,015        61,886        59,111       
Ratio 15.4% 16.2% 17.0% 17.4% 18.2%
 Average total assets for leverage capital purposes
 34 SBNA: Non-GAAP to GAAP Reconciliations (cont.) 
$ Millions 1Q16 2Q16 3Q16 4Q16 1Q17
 SBNA Texas Ratio
 Total Equity 13,456$      13,576$      13,610$      13,418$      13,504$     
Less:
 Goodwill and Other Intangibles (excluding MSRs) (3,723)         (3,716)         (3,681)         (3,664)         (3,649)        
Preferred Stock - - - - -
 Add:  Allowance for loan losses 643              640              616              533              535             
Total Equity and Loss Allowances for Texas Ratio 10,376$      10,500$      10,545$      10,287$      10,390$     
Nonperforming Assets 747$           748$           648$           618$            596$           
90+ DPD accruing 2 2 3 3 4
 Accruing TDRs 364 364 356 353 361
 Total Nonperforming Assets 1,113$        1,114$        1,007$        974$            961$           
Texas Ratio 10.7% 10.6% 9.5% 9.5% 9.2%
 35 
2 
2 
SBNA: Non-GAAP to GAAP Reconciliations (cont.) 
$ Millio s 1Q16 2Q16 3Q16 4Q16 1Q17
 SBNA Pre-Tax Pre-Provision Income
 Pre-tax (loss)/income, as reported (20)$            104$           126$           23$              87$              
Add back:
 Provision for/(Release of) credit losses 120              -               (12)               24                27                
Pre-Tax Pre-Provision Income 100$           104$           114$           47$              114$
 36 
44.9%
 53.4%
 51.1%
 35%
 40%
 45%
 50%
 55%
 60%
 65%
 70%
 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
 SC Auction Only Recovery Rate SC Auction Plus Recovery Rate (Quarterly)7.5%
 Max 13.3%
 Min  2.8%
 0.0
 2.0
 4.0
 6.0
 8.0
 10.0
 12.0
 14.0
 Feb-07 Feb-09 Feb-11 Feb-13 Feb-15 Feb-17
 Subprime
 4.3%
 Max 5.4%
 Min 1.6%
 Feb-07 Feb-09 Feb-11 Feb-13 Feb-15 Feb-17
 Subprime
 85
 90
 95
 100
 105
 110
 115
 120
 125
 110
 115
 120
 125
 130
 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
 Manheim (Left Axis) NADA (Right Axis)
 SC: AUTO INDUSTRY ANALYSIS 
Used Vehicle Indices1 
Manheim: Seasonally Adjusted         NADA: Not Seasonally Adjusted 
1 Manheim, Inc.; Indexed to a basis of 100 at 1995 levels; National Automotive Dealers Association (NADA) 
2 Auction Only - includes all auto-related recoveries including inorganic/purchased receivables from auction lanes only 
2 Auction Plus – Per the financial statements includes insurance proceeds, bankruptcy/deficiency sales, and timing impacts  
3 Standard & Poor’s Rating Services (ABS Auto Trust Data – two-month lag on data, as of February 28, 2017) 
 
SC Recovery Rates2 
Industry Net Loss Rates3 
Nonprime 
SE
 V
 ER
 IT
 Y
  
C
 R
 ED
 IT
  
 Industry 60+ Day Delinquency Rates3 
Nonprime 
SOURCE:  SC First Quarter 2017 Presentation, April 26, 2017.   
See http://investors.santanderconsumerusa.com/financial-info/quarterly-results
 37 SC: DISCIPLINED LOAN UNDERWRITING CONTINUED IN 1Q17  
1 Approximate FICOs 
2 Includes some capital lease originations 
 Auto origination decreases (YoY) driven by disciplined underwriting in a competitive market  
($ in Millions) Q1 2017 Q4 2016 Q1 2016 QoQ YoY
 Total Core Retail Auto 2,198$                     2,010$                     2,614$                     9% (16%)
 Chrysler Capital Loans (<640)1 833                           768                           1,242                       8% (33%)
 Chrysler Capital Loans (≥640)1 755                           775                           1,307                       (3%) (42%)
 Total Chrysler Capital Retail 1,588$                     1,543$                     2,549$                     3% (38%)
 Total Leases2 1,602                       973                           1,619                       65% (1%)
 Total Auto Originations 5,388$                     4,526$                     6,782$                     19% (21%)
 Total Personal Lending -                            190                           -                            N/A N/A
 Total Originations 5,388$                     4,717$                     6,782$                     14% (21%)
 Asset Sales 931$                         1,381$                     1,729$                     (33%) (46%)
 Serviced for Others Portfolio 11,015$                   11,945$                  14,235$                   (8%) (23%)
 Average Managed Assets 51,230$                   52,039$                  52,962$                   (2%) (3%)
 Three Months Ended Originations % Variance
 SOURCE:  SC First Quarter 2017 Presentation, April 26, 2017.   
See http://investors.santanderconsumerusa.com/financial-info/quarterly-results
 38 
2 
2 
SOURCE:  SC First Quarter 2017 Presentation, April 26, 2017.   
See http://investors.santanderconsumerusa.com/financial-info/quarterly-results 
4% 3% 2% 2% 2% 
14% 13% 12% 11% 12% 
15% 
12% 13% 15% 18% 
22% 
20% 23% 24% 
25% 
13% 
13% 
14% 15% 
13% 
32% 
40% 35% 
32% 30% 
1Q16 2Q16 3Q16 4Q16 1Q17
 Originations by Credit (RIC only) 
($ in mi llions) 
>640
 600-640
 540-599
 <540
 No FICO
 Commercial
 51% 57% 56% 53% 47% 
49% 43% 44% 47% 53% 
1Q16 2Q16 3Q16 4Q16 1Q17
 New/Used Originations 
($ in mi llions) 
Used
 New
 1 Loans to commercial borrowers; no FICO score obtained 
 
 Originations <640 decreased approximately $840 million YoY 
 Mix relatively constant on a percentage basis 
 
 
 
 Higher proportion of used vehicles originated in 2017, up 
4% YoY 
 Average loan balances on originations down YoY, reflecting 
larger percentage of used vehicles and lower loan-to-values 
Average loan balance 
in dollars 
$21,745 $21,929 $21,482 $21,488 $20,193 
$3,723 $3,861 $3,553 $5,162 $3,787 
$3,723 $3,861 $3,553 $5,162 $3,787 
1 
$2,657 $3,499 
SC: Originations Exhibit Higher Credit Quality
 39 
2 
2 
SC:  Asset Quality – Provisions and Reserves 
 
$660
 $512
 $610
 $686
 $635
 12.0%
 12.6%
 12.4%
 12.6%
 12.7%
 11.6%
 11.8%
 12.0%
 12.2%
 12.4%
 12.6%
 12.8%
 $0
 $100
 $200
 $300
 $400
 $500
 $600
 $700
 $800
 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
 Provis ion Expense and Allowance Ratio
 ($ in mi llions)
 Provision for credit losses Allowance Ratio
 $3,422
 $171
 $128 $10 ($278)
 $3,453
 $3,000
 $3,100
 $3,200
 $3,300
 $3,400
 $3,500
 $3,600
 $3,700
 $3,800
 Q4 2016 New
 Volume
 TDR
 Migration
 Performance
 Adjustment
 Liquidations
 & Other
 Q1 2017
 Q4 2016 to Q1 2017 ALLL Reserve Walk2
 ($ in mi llions)
  
 Allowance to loans ratio increased to 12.7% QoQ, primarily 
driven by the increased balance of loans classified as TDRs 
and the denominator effect of slower portfolio growth 
 Provision for credit losses decreased YoY primarily driven 
by lower allowance for credit loss offset by higher net 
credit loss 
 
 
 QoQ allowance increased $31 million 
 New volume and troubled debt restructuring (“TDR”) 
migration1 were offset by liquidations and other 
1 TDR migration – the allowance for assets classified as TDRs  takes into consideration expected lifetime losses, typically requiring additional coverage 
2 Explanation of quarter over quarter variance are estimates 
 
SOURCE:  SC First Quarter 2017 Presentation, April 26, 2017.   
See http://investors.santanderconsumerusa.com/financial-info/quarterly-results