Banco Santander, S.a. · BME:SAN
Banco Santander — FY2024 Earnings Presentation
98 slides from Banco Santander's earnings presentation, Feb 5, 2025
Slide 1: Supplementary information 2024
5 February 2025 Supplementary information 2024
Slide 2: Important information
Important information Non-IFRS and alternative performance measures This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as de
Slide 3: Important information
Important information While these forward-looking statements represent our judgement and future expectations concerning our business developments, results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements. In particular, forward looking statem
Slide 4: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 4
Slide 5: Capital levels exceed minimum regulatory requirements
Santander’s capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements SREP capital requirements and MDA* Assumed capital requirements (fully-loaded)** Dec-24 Dec-24 17.39% 17.15% +347bps 2.95% T2 2.73% >15% 13.92% 13.92% +323bps AT1 2.40% T2 1.66% T2 2.44% +296bps T2 2.
Slide 6: Diversified bond portfolio represents just 8% of total assets
Diversified bond portfolio represents just 8% of total assets Bond portfolio %, Dec-24 €144bn Other South America Liquidity Chile 3% portfolio 5% €32bn Brazil 10% Spain • Bond portfolio represents 8% of 29% total assets US 11% €144bn • HTC&S duration: 2.0 years o/w HTC €92bn (64%) ALCO IRRBB • Mark
Slide 7: Conservative and decentralized liquidity and funding model
Conservative and decentralized liquidity and funding model €51.3bn1 issued in public markets in 2024 Very manageable maturity profile € bn, Dec-24 € bn, Dec-24 Covered 11.4 12.1 11.9 4.4 4.7 5.7 23.4 Bonds 4.3 1.2 0.5 20.9 14.8 3.0 13.8 Senior 12.1 8.0 12.6 5.3 0.4 0.9 3.0 8.4 2 0.9 1.0 14.0 15.5 14
Slide 8: 2024 issuances against funding plan
2024 issuances against funding plan Execution of 2024 funding plan € bn, Dec-24 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL Execution of 2024 funding plan Plan Issued Plan Issued Plan Issued Plan Issued 2 1-2 Banco Santander, S.A. 4-5 6.91 16 - 18 25.8 0-1 0.5 20 - 24 33.2 3 3 UK - - 1-2 1.3 5-6 6
Slide 9: 2025 funding plan and issuances YtD
2025 funding plan and issuances YtD 2025 funding plan € bn, Jan-25 Hybrids SNP + Senior Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 Banco Santander, S.A. 0 - 0.5 - 20 - 21 10.9 0.5 - 2 - 20.5 - 23.5 10.9 2 UK - - 7-8 1.2 4-5 3.0 11 - 13 4.2 SHUSA - - 3-4 - - - 3-4 - TOTAL 0
Slide 10: TLAC/MREL for the Resolution Group headed by Banco Santander
TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. TLAC Dec-24(e) MREL Dec-24(e) % % and € bn Requirement Requirement 42.1% 171.8 31.0% CBR CBR Buffer Buffer 28.3 Senior 8.3% 8.8% 4.2% 34.7 SNP 4.2% 2.7 Sub debt 13.6 T2 2 10.0 AT1 Req. 16.4% Req. 9.7% 33.9% 29.7% 22.2% 4.9% 18.0% 3.0
Slide 11: Well-funded, diversified, prudent and highly liquid balance sheet
Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios Liquidity Balance Sheet Liquidity Coverage Net Stable Funding Ratio (LCR) Ratio (NSFR) € bn, Dec-24 1,547 1,547 1 Dec-24 Sep-24 Sep-24 Spain 2 162% 154
Slide 12: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 12
Slide 13: NIM (%)
NIM (%) NII / Average earning assets Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Retail & Commercial Banking 2.52 2.74 2.85 2.71 3.12 3.12 3.08 3.17 Spain 1.68 2.10 2.22 2.22 2.58 2.78 2.68 2.49 United Kingdom 1.52 1.54 1.61 1.48 1.41 1.46 1.53 1.58 Mexico 5.53 5.96 6.07 5.67 5.74 5.76 5.93 6.21
Slide 14: Yield on loans (%)
Yield on loans (%) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Retail & Commercial Banking 5.45 5.88 6.00 6.26 6.49 6.48 6.40 6.49 Spain 2.74 3.21 3.67 3.95 4.10 4.09 4.06 3.89 United Kingdom 2.94 3.18 3.41 3.64 3.81 3.94 4.07 4.13 Mexico 13.43 13.85 13.99 14.00 13.82 13.73 13.78 13.46 Brazil 15
Slide 15: Cost of deposits (%)
Cost of deposits (%) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Retail & Commercial Banking 1.89 2.15 2.31 2.00 2.40 2.19 2.15 2.13 Spain 0.22 0.39 0.53 0.63 0.65 0.69 0.73 0.75 United Kingdom 1.08 1.38 1.67 2.08 2.22 2.15 2.07 1.99 Mexico 4.58 5.07 5.09 5.13 5.21 5.17 4.88 4.44 Brazil 8.37 8.3
Slide 16: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 16
Slide 17: Efficiency ratio (%)
Efficiency ratio (%) Q1'23 H1'23 9M'23 2023 Q1'24 H1'24 9M'24 2024 Retail & Commercial Banking 45.0 44.3 43.5 43.1 41.1 39.5 39.3 39.7 Digital Consumer Bank 43.0 43.3 42.6 42.8 41.2 40.6 40.7 40.1 Corporate & Investment Banking 37.0 38.2 40.8 45.0 42.0 43.4 44.4 45.6 Wealth Management & Insurance 38
Slide 18: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 18
Slide 19: Stage coverage
Stage coverage Exposure ¹ Coverage Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Stage 1 1,005 1,011 1,002 1,000 1,007 1,008 1,008 1,002 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% Stage 2 72 75 77 80 83 94 87 88 7.4% 7.2% 7.0% 6.4% 6.3%
Slide 20: NPL ratio (%)
NPL ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Retail & Commercial Banking 3.19 3.22 3.18 3.21 3.24 3.15 3.28 3.18 Digital Consumer Bank 4.04 4.18 4.65 4.75 4.86 4.81 4.87 5.07 Corporate & Investment Banking 1.42 1.38 1.37 1.36 1.14 1.05 0.88 0.86 Wealth Management & Insurance
Slide 21: NPL coverage ratio (%)
NPL coverage ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Retail & Commercial Banking 62.7 63.2 63.5 61.4 60.0 60.4 57.7 58.4 Digital Consumer Bank 91.2 87.9 79.4 76.5 76.1 75.9 74.7 73.6 Corporate & Investment Banking 35.3 36.8 35.4 41.2 46.2 45.0 36.0 39.3 Wealth Management &
Slide 22: Credit impaired loans and loan-loss allowances
Credit impaired loans and loan-loss allowances. Credit impaired loans Loan-loss allowances Payments, Payments, 7.8% Wealth, 0.5% 3.6% Wealth, 0.6% CIB, 5.9% CIB, 3.6% Retail, 52.5% DCB, 31.4% Retail, 58.5% DCB, 35.5% Other South Other South Argentina, 0.5% America, 0.9% Argentina, 1.3% America, 1.3%
Slide 23: Cost of risk (%)
Cost of risk (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Retail & Commercial Banking 0.92 0.92 0.95 1.02 1.03 1.03 0.98 0.92 Digital Consumer Bank 1.81 1.86 2.01 2.04 2.12 2.17 2.12 2.16 Corporate & Investment Banking 0.16 0.18 0.15 0.10 0.14 0.15 0.21 0.10 Wealth Management & Insura
Slide 24: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 24
Slide 25: Grupo Santander (EUR mn)
GRUPO SANTANDER (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 10,185 10,735 11,219 11,122 11,983 11,474 11,225 11,986 +6.8% 43,261 46,668 +7.9% Net fee income 3,043 3,060 3,119 2,835 3,240 3,
Slide 26: Grupo Santander (Constant EUR mn)
GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 10,157 10,580 10,992 10,878 11,727 11,301 11,425 12,215 +6.9% 42,607 46,668 +9.5% Net fee income 3,008 2,978 3,018 2,745
Slide 27: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 27
Slide 28: Retail & Commercial Banking (EUR mn)
Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 5,931 6,470 6,705 6,445 7,145 6,870 6,803 7,125 +4.7% 25,550 27,942 +9.4% Net fee income 1,074 1,212 1,196 1,015 1,19
Slide 29: Retail & Commercial Banking (Constant EUR mn)
Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 5,945 6,370 6,558 6,301 6,977 6,763 6,918 7,284 +5.3% 25,174 27,942 +11.0% Net fee income 1,061 1,173 1,150
Slide 30: Retail & Commercial Banking Spain (EUR mn)
Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,078 1,305 1,395 1,412 1,489 1,489 1,503 1,435 -4.5% 5,190 5,916 +14.0% Net fee income 291 290 255 260 282 275
Slide 31: Retail & Commercial Banking UK (EUR mn)
Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,219 1,232 1,275 1,164 1,119 1,128 1,189 1,236 +4.0% 4,889 4,672 -4.4% Net fee income 9 0 14 (4) 3 (13) 2 (12) —
Slide 32: Retail & Commercial Banking UK (Constant EUR mn)
Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,272 1,265 1,294 1,191 1,132 1,137 1,187 1,216 +2.5% 5,023 4,672 -7.0% Net fee income 9 0 15 (4) 3 (13)
Slide 33: Retail & Commercial Banking UK (GBP mn)
Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,077 1,071 1,096 1,008 958 963 1,004 1,029 +2.5% 4,252 3,955 -7.0% Net fee income 8 0 12 (3) 3 (11) 1 (10) — 17 (
Slide 34: Retail & Commercial Banking Mexico (EUR mn)
Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 706 780 830 787 814 799 741 763 +2.9% 3,103 3,116 +0.4% Net fee income 135 164 165 145 156 181 159 147 -7.4% 6
Slide 35: Retail & Commercial Banking Mexico (Constant EUR mn)
Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 716 762 782 754 761 751 780 824 +5.6% 3,014 3,116 +3.4% Net fee income 137 160 155 139 146 170 167 16
Slide 36: Retail & Commercial Banking Mexico (MXN mn)
Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 14,129 15,023 15,431 14,866 15,005 14,817 15,386 16,252 +5.6% 59,449 61,460 +3.4% Net fee income 2,694 3,156 3
Slide 37: Retail & Commercial Banking Brazil (EUR mn)
Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,492 1,569 1,596 1,594 1,753 1,734 1,685 1,590 -5.6% 6,251 6,762 +8.2% Net fee income 298 394 417 404 401 413
Slide 38: Retail & Commercial Banking Brazil (Constant EUR mn)
Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,432 1,456 1,459 1,462 1,621 1,673 1,763 1,704 -3.4% 5,808 6,762 +16.4% Net fee income 286 367 382 3
Slide 39: Retail & Commercial Banking Brazil (BRL mn)
Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 8,316 8,455 8,473 8,494 9,419 9,720 10,242 9,898 -3.4% 33,739 39,278 +16.4% Net fee income 1,663 2,132 2,217 2
Slide 40: Digital Consumer Bank (EUR mn)
Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,546 2,477 2,600 2,598 2,710 2,655 2,614 2,798 +7.1% 10,221 10,777 +5.4% Net fee income 288 295 316 330 354 387 373 394 +5
Slide 41: Digital Consumer Bank (Constant EUR mn)
Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,525 2,472 2,585 2,571 2,689 2,637 2,647 2,804 +5.9% 10,153 10,777 +6.1% Net fee income 287 294 313 325 350 383 3
Slide 42: Digital Consumer Bank Europe (EUR mn)
Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,029 1,011 1,069 1,083 1,095 1,092 1,069 1,105 +3.4% 4,193 4,361 +4.0% Net fee income 191 203 210 192 220 231 229 2
Slide 43: Digital Consumer Bank Europe (Constant EUR mn)
Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,030 1,016 1,070 1,087 1,093 1,092 1,070 1,106 +3.4% 4,203 4,361 +3.8% Net fee income 191 204 211 192 220
Slide 44: Digital Consumer Bank US (EUR mn)
Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,173 1,145 1,140 1,142 1,143 1,179 1,138 1,191 +4.7% 4,599 4,651 +1.1% Net fee income 62 56 55 63 64 67 75 97 +28.8% 23
Slide 45: Digital Consumer Bank US (Constant EUR mn)
Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,163 1,151 1,146 1,135 1,147 1,174 1,156 1,175 +1.6% 4,596 4,651 +1.2% Net fee income 61 57 56 63 65 67 76 96
Slide 46: Digital Consumer Bank US (USD mn)
Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,258 1,246 1,240 1,228 1,240 1,270 1,250 1,271 +1.6% 4,972 5,031 +1.2% Net fee income 66 61 60 68 70 72 82 103 +25.7% 2
Slide 47: Corporate & Investment Banking (EUR mn)
Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 844 826 888 1,037 1,062 969 901 1,088 +20.7% 3,594 4,020 +11.9% Net fee income 606 536 517 471 654 626 612 657 +7.
Slide 48: Corporate & Investment Banking (Constant EUR mn)
Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 833 807 862 1,002 1,033 948 925 1,115 +20.5% 3,503 4,020 +14.8% Net fee income 603 527 507 461 645 619 62
Slide 49: Wealth Management & Insurance (EUR mn)
Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 334 392 409 377 423 404 406 394 -3.1% 1,513 1,627 +7.6% Net fee income 308 317 318 319 364 355 366 405 +10.8% 1,262
Slide 50: Wealth Management & Insurance (Constant EUR mn)
Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 334 390 406 374 420 401 410 396 -3.4% 1,505 1,627 +8.2% Net fee income 307 314 313 315 360 351 370 409 +10
Slide 51: Payments (EUR mn)
Payments (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 582 611 649 582 675 645 596 694 +16.4% 2,424 2,609 +7.6% Net fee income 770 703 772 708 676 695 698 725 +3.8% 2,952 2,793 -5.4% Gains (l
Slide 52: Payments (Constant EUR mn)
Payments (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 571 584 611 547 639 621 620 730 +17.7% 2,312 2,609 +12.9% Net fee income 753 673 733 676 649 677 716 752 +5.0% 2,835 2,793 -1.5
Slide 53: PagoNxt (EUR mn)
PagoNxt (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 9 22 24 38 31 31 35 35 +0.5% 93 132 +41.0% Net fee income 218 228 255 253 224 233 241 261 +8.4% 954 958 +0.5% Gains (losses) on financial
Slide 54: PagoNxt (Constant EUR mn)
PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 9 21 23 36 29 30 36 37 +2.0% 89 132 +48.3% Net fee income 213 217 241 240 214 227 247 270 +9.4% 911 958 +5.2% Gains (losses) on
Slide 55: Cards (EUR mn)
Cards (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 573 589 625 544 644 613 561 659 +17.4% 2,331 2,478 +6.3% Net fee income 551 475 517 456 452 462 457 464 +1.4% 1,998 1,835 -8.2% Gains (loss
Slide 56: Cards (Constant EUR mn)
Cards (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 561 563 588 511 610 590 584 693 +18.6% 2,223 2,478 +11.4% Net fee income 540 456 492 436 435 451 469 481 +2.6% 1,925 1,835 -4.7% G
Slide 57: Corporate Centre (EUR mn)
Corporate Centre (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income (52) (42) (30) 83 (31) (69) (95) (113) +19.0% (41) (308) +660.3% Net fee income (3) (3) 1 (8) (1) 2 (8) (3) -62.6% (13) (11) -20
Slide 58: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 58
Slide 59: Europe (EUR mn)
Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,597 3,968 4,222 4,123 4,123 4,165 4,205 4,227 +0.5% 15,910 16,720 +5.1% Net fee income 1,168 1,076 1,084 1,071 1,202 1,167 1,168 1,123 -
Slide 60: Europe (Constant EUR mn)
Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,707 4,038 4,274 4,170 4,141 4,174 4,199 4,206 +0.2% 16,189 16,720 +3.3% Net fee income 1,185 1,086 1,092 1,076 1,204 1,167 1,16
Slide 61: Spain (EUR mn)
Spain (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,460 1,701 1,741 1,738 1,816 1,840 1,799 1,802 +0.2% 6,641 7,256 +9.3% Net fee income 752 661 635 652 746 738 707 676 -4.4% 2,699 2,867 +6
Slide 62: United Kingdom (EUR mn)
United Kingdom (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,283 1,300 1,344 1,225 1,185 1,196 1,256 1,313 +4.5% 5,152 4,950 -3.9% Net fee income 83 84 97 74 79 64 80 61 -23.6% 338 283 -16.
Slide 63: United Kingdom (Constant EUR mn)
United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,338 1,335 1,365 1,254 1,199 1,205 1,254 1,292 +3.0% 5,293 4,950 -6.5% Net fee income 86 87 98 76 80 64 80 60 -25.1% 347
Slide 64: United Kingdom (GBP mn)
United Kingdom (GBP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,133 1,130 1,156 1,061 1,015 1,020 1,061 1,093 +3.0% 4,480 4,189 -6.5% Net fee income 73 73 83 64 67 54 68 51 -25.1% 294 240 -18.
Slide 65: Portugal (EUR mn)
Portugal (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 261 314 439 451 431 413 373 332 -10.8% 1,465 1,548 +5.7% Net fee income 124 111 117 111 127 115 115 110 -3.7% 464 467 +0.8% Gains (losse
Slide 66: Poland (EUR mn)
Poland (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 586 623 662 673 686 697 727 733 +0.8% 2,543 2,844 +11.8% Net fee income 145 144 148 153 176 163 170 166 -2.3% 589 674 +14.4% Gains (losses
Slide 67: Poland (Constant EUR mn)
Poland (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 641 657 692 690 690 697 724 734 +1.4% 2,681 2,844 +6.1% Net fee income 158 152 155 157 177 163 169 166 -1.8% 621 674 +8.5% Gains
Slide 68: Poland (PLN mn)
Poland (PLN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,759 2,830 2,980 2,972 2,973 2,999 3,115 3,158 +1.4% 11,541 12,245 +6.1% Net fee income 682 653 665 675 761 700 727 714 -1.8% 2,675 2,902
Slide 69: Other Europe (EUR mn)
Other Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 7 30 36 36 5 19 50 48 -5.0% 109 121 +11.1% Net fee income 65 75 87 81 74 87 96 109 +13.5% 309 367 +19.0% Gains (losses) on financial
Slide 70: Other Europe (Constant EUR mn)
Other Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 6 30 36 36 5 19 51 47 -7.8% 109 121 +11.2% Net fee income 65 75 87 81 75 87 97 109 +12.2% 308 367 +19.0% Gains (losses) on
Slide 71: Digital Consumer Bank Europe (EUR mn)
Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,029 1,011 1,069 1,083 1,095 1,092 1,069 1,105 +3.4% 4,193 4,361 +4.0% Net fee income 191 203 210 192 220 231 229 2
Slide 72: Digital Consumer Bank Europe (Constant EUR mn)
Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,030 1,016 1,070 1,087 1,093 1,092 1,070 1,106 +3.4% 4,203 4,361 +3.8% Net fee income 191 204 211 192 220
Slide 73: North America (EUR mn)
North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,448 2,483 2,602 2,626 2,611 2,636 2,527 2,556 +1.2% 10,159 10,330 +1.7% Net fee income 521 555 560 555 638 662 641 654 +2.0% 2,19
Slide 74: North America (Constant EUR mn)
North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,451 2,467 2,544 2,568 2,537 2,557 2,608 2,628 +0.8% 10,029 10,330 +3.0% Net fee income 525 548 540 539 616 638 663 677 +
Slide 75: United States (EUR mn)
United States (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,465 1,436 1,414 1,428 1,396 1,428 1,411 1,458 +3.3% 5,742 5,693 -0.9% Net fee income 190 200 189 187 267 272 296 317 +7.0% 766 1,
Slide 76: United States (Constant EUR mn)
United States (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,453 1,444 1,422 1,420 1,401 1,421 1,433 1,438 +0.3% 5,739 5,693 -0.8% Net fee income 188 201 191 186 268 271 300 313 +4.
Slide 77: United States (USD mn)
United States (USD mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,572 1,562 1,538 1,536 1,516 1,537 1,550 1,555 +0.3% 6,208 6,158 -0.8% Net fee income 203 218 206 201 290 293 325 338 +4.2% 828 1,
Slide 78: Mexico (EUR mn)
Mexico (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 983 1,045 1,186 1,195 1,214 1,207 1,113 1,097 -1.5% 4,408 4,631 +5.0% Net fee income 320 344 356 355 359 374 329 322 -2.1% 1,374 1,385 +0.
Slide 79: Mexico (Constant EUR mn)
Mexico (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 997 1,020 1,120 1,146 1,135 1,135 1,172 1,189 +1.5% 4,282 4,631 +8.1% Net fee income 324 336 335 340 336 352 347 350 +0.8% 1,334
Slide 80: Mexico (MXN mn)
Mexico (MXN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 19,669 20,110 22,081 22,597 22,390 22,383 23,112 23,448 +1.5% 84,457 91,333 +8.1% Net fee income 6,400 6,619 6,599 6,700 6,621 6,937 6,850
Slide 81: Other North America (EUR mn)
Other North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 0 3 2 3 1 2 3 2 -33.4% 8 7 -16.7% Net fee income 12 11 15 13 12 15 16 14 -7.7% 52 57 +10.9% Gains (losses) on financial trans
Slide 82: Other North America (Constant EUR mn)
Other North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 0 3 2 3 1 2 3 2 -32.9% 8 7 -16.7% Net fee income 12 11 15 13 12 15 16 14 -7.6% 52 57 +10.9% Gains (losses) on financ
Slide 83: South America (EUR mn)
South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,163 3,314 3,356 3,206 4,185 3,649 3,520 4,210 +19.6% 13,040 15,566 +19.4% Net fee income 1,166 1,229 1,264 1,025 1,182 1,176 1,15
Slide 84: South America (Constant EUR mn)
South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,021 3,102 3,134 2,970 3,988 3,547 3,643 4,388 +20.5% 12,227 15,566 +27.3% Net fee income 1,111 1,143 1,174 945 1,118 1,1
Slide 85: Brazil (EUR mn)
Brazil (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,105 2,180 2,327 2,504 2,630 2,605 2,474 2,413 -2.5% 9,116 10,121 +11.0% Net fee income 817 858 902 885 846 888 833 846 +1.6% 3,462 3,414
Slide 86: Brazil (Constant EUR mn)
Brazil (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,019 2,022 2,128 2,300 2,433 2,514 2,592 2,582 -0.4% 8,470 10,121 +19.5% Net fee income 783 796 825 812 783 856 872 903 +3.5% 3,
Slide 87: Brazil (BRL mn)
Brazil (BRL mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 11,731 11,745 12,364 13,359 14,135 14,604 15,058 14,998 -0.4% 49,200 58,795 +19.5% Net fee income 4,550 4,625 4,791 4,719 4,549 4,973 5,06
Slide 88: Chile (EUR mn)
Chile (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 371 356 241 415 352 472 482 516 +7.1% 1,383 1,822 +31.8% Net fee income 153 163 133 122 129 137 146 140 -4.1% 572 551 -3.7% Gains (losses)
Slide 89: Chile (Constant EUR mn)
Chile (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 316 304 223 385 355 466 482 519 +7.7% 1,228 1,822 +48.3% Net fee income 131 139 122 116 130 135 146 141 -3.5% 508 551 +8.4% Gains
Slide 90: Chile (CLP mn)
Chile (CLP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 322,790 310,631 227,113 392,690 361,759 475,476 491,886 529,884 +7.7% 1,253,223 1,859,004 +48.3% Net fee income 133,249 142,289 124,044 118
Slide 91: Argentina (EUR mn)
Argentina (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 532 606 629 112 1,025 397 390 1,107 +184.0% 1,879 2,919 +55.3% Net fee income 137 145 164 (50) 131 73 111 287 +157.8% 396 602 +52.2% Ga
Slide 92: Argentina (Argentine peso mn)
Argentina (Argentine peso mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 120,749 197,821 335,842 1,024,801 949,444 1,183,149 799,603 665,292 -16.8% 1,679,213 3,597,488 +114.2% Net fee income 31,111
Slide 93: Other South America (EUR mn)
Other South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 154 172 160 176 178 175 175 175 -0.0% 662 703 +6.2% Net fee income 59 62 65 67 75 78 70 75 +7.4% 254 298 +17.3% Gains (losses
Slide 94: Other South America (Constant EUR mn)
Other South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 153 170 154 173 174 170 179 180 +0.6% 650 703 +8.2% Net fee income 60 63 63 67 74 76 71 77 +8.3% 252 298 +18.0% Gain
Slide 95: Supplementary information
Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 95
Slide 96: Glossary - Acronyms
Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ MREL: Minimum requirement for own funds and eligible liabilities ❑ AT1: Additional Tier 1 ❑ NII: Net interest income ❑ bn: Billion ❑ NPL: Non-performing loans ❑ Bps: basis points ❑ PBT: Profit before tax ❑ CET1: Common equity tier 1 ❑ P&
Slide 97: Glossary - Definitions
Glossary - Definitions PROFITABILITY AND EFFICIENCY ✓ RoTE: Return on tangible capital: Group attributable profit / average of: net equity (excluding minority interests) – intangible assets (including goodwill) ✓ RoRWA: Return on risk-weighted assets: consolidated profit / average risk-weighted asse
Slide 98: Thank You.
Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: