Banco Santander, S.a. · BME:SAN
Banco Santander — FY2023 Earnings Presentation
91 slides from Banco Santander's earnings presentation, Jan 31, 2024
Slide 1: Form 6-K Report of Foreign Issuer
FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of January, 2024 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its ch
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - December 2023 Earnings presentation (Supplementary information)
Slide 3: Earnings presentation: Supplementary information 2023
Earnings presentation: Supplementary information — 2023 31 January 2024
Slide 4: Important information
2 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
Slide 5: Important information
3 Important information While these forward-looking statements represent our judgement and future expectations concerning our business developments and results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements. In particular, forward looking s
Slide 6: Supplementary information
4 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Quarterly income statements Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 Januar
Slide 7: Capital levels exceed minimum regulatory requirements
5 Santander’s capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements 4.50% 12.26% 11-12% 0.89% 2.50% 1.00% CCyB, 0.37% 1.80% 1.44% 1.50%2.40% 2.61% 2.40% 13.45% 16.31% >15% Assumed regulatory requirement 2023 Group ratios Dec-23 Medium-term target ratios Assumed capi
Slide 8: Diversified bond portfolio represents just 7% of total assets
6 Diversified bond portfolio represents just 7% of total assets Bond portfolio %, Dec-23 ALCO IRRBB €96bn Liquidity portfolio €23bn €119bn Spain 26% Poland 12% Portugal 4% UK 4% SCF 5% Mexico 16% US 12% Brazil 11% Chile 8% Other South America 2% €119bn o/w HTC €71bn (59%) • Bond portfolio represents
Slide 9: Conservative and decentralized liquidity and funding model
7 4.0 13.7 3.2 3.3 2.1 0.3 1.7 4.4 0.4 1.8 1.0 2.6 2.0 0.4 1.1 8.7 21.8 7.2 0.2 4.5 Covered bonds Senior Senior non- preferred AT1 Sub debt 1.8 9.2 8.5 13.6 7.0 13.1 18.6 16.3 10.8 5.2 8.3 13.6 Conservative and decentralized liquidity and funding model Very manageable maturity profile€42.4bn1 issued
Slide 10: 2023 issuances against funding plan
8 2023 issuances against funding plan Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A 0.5 - 1.5 3.5 9-10 15.7 6-7 4.0 15.5 - 18.5 23.2 UK - - 3-4 2.1 5-6 2.1 8-10 4.2 SCF - - 2-4 4.4 - - 2-4 4.4 SHUSA - - 1-2 2.3 - - 1-2 2.3 TOTAL 0.5 - 1.5 3.5 15 - 20 24.5 11-13 6.1 26.5 - 34.5
Slide 11: 2024 funding plan
9 2024 funding plan Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements 2024 funding plan Continue fulfilling the 1.5% AT1 and 2.4% T2 buffers subject to RWA growth MREL & TLAC ratios above regulatory requirements Liquidity position remains sol
Slide 12: TLAC/MREL for the Resolution Group
10 29.8% 11.5% 3.9% 4.1% 4.9% 37.8% 16.4% % RWAs % LE 18.0% 6.8% 3.9% 4.6% 2.5% 26.5% 9.2% % RWAs % LE TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. MREL Dec-23(e)TLAC Dec-23(e) Note: Figures applying the IFRS 9 transitional arrangements. Provisional data. (1) TLAC RWAs are €316
Slide 13: Well-funded, diversified, prudent and highly liquid balance sheet
11 Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios Liquidity Balance Sheet Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional d
Slide 14: Supplementary information
12 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Quarterly income statements Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 Janua
Slide 15: Yield on loans (%)
13 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Europe 2.09 2.23 2.46 2.87 3.45 3.82 4.17 4.37 Spain 1.72 1.77 1.96 2.46 3.31 3.80 4.27 4.46 United Kingdom 2.25 2.33 2.46 2.71 2.94 3.16 3.38 3.60 Portugal 1.46 1.48 1.69 2.37 3.33 4.03 4.63 5.00 Poland 4.64 6.22 7.28 7.64 8.26 8.42 8.49 8.24 North
Slide 16: Cost of deposits (%)
14 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Europe 0.08 0.14 0.25 0.53 0.81 1.03 1.24 1.46 Spain 0.05 0.05 0.09 0.22 0.53 0.72 0.90 1.00 United Kingdom 0.12 0.21 0.35 0.79 1.10 1.37 1.64 2.02 Portugal 0.01 0.02 0.02 0.04 0.14 0.26 0.38 0.62 Poland 0.16 0.49 1.00 1.58 1.75 1.89 1.91 1.66 North
Slide 17: Supplementary information
15 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Quarterly income statements Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 Janua
Slide 18: Stage coverage
16 Exposure ¹ Coverage Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Stage 1 967 998 1,030 1,004 1,005 1,011 1,002 1,000 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% Stage 2 68 66 70 69 72 75 77 80 8.0% 8.5% 7.7% 7.7% 7.4% 7.2% 7.0% 6.4% S
Slide 19: NPL ratio (%)
17 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Europe 3.01 2.63 2.58 2.37 2.35 2.35 2.32 2.32 Spain 4.47 3.83 3.69 3.27 3.19 3.11 3.06 3.06 United Kingdom 1.42 1.17 1.16 1.21 1.27 1.32 1.42 1.42 Portugal 3.42 3.33 3.03 2.99 3.05 3.09 2.48 2.59 Poland 3.50 3.45 3.63 3.80 3.66 3.74 3.63 3.
Slide 20: NPL coverage ratio (%)
18 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Europe 49.1 50.2 49.7 51.8 51.0 51.1 51.1 49.3 Spain 50.4 49.4 49.3 51.0 49.9 50.7 51.2 49.1 United Kingdom 26.1 32.9 32.4 33.8 33.1 32.0 31.9 30.3 Portugal 72.8 74.3 76.3 79.3 80.3 81.8 84.6 82.7 Poland 78.5 76.0 74.8 74.0 75.2 74.0 76.5 73
Slide 21: Credit impaired loans and loan-loss allowances
19 Spain, 17.9% UK, 4.6% Portugal, 3.6% Poland, 4.4% Other Europe, 0.1% US, 18.2% Mexico, 6.4% Brazil, 27.1% Chile, 5.3% Argentina, 0.5% Other South America, 1.1% DCB Europe, 10.8% Spain, 24.1% UK, 10.0% Portugal, 2.9% Poland, 4.0% Other Europe, 0.1% US, 17.8% Mexico, 4.2% Brazil, 21.2% Chile, 6.6%
Slide 22: Cost of risk (%)
20 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Europe 0.37 0.37 0.36 0.39 0.42 0.42 0.44 0.44 Spain 0.88 0.79 0.71 0.61 0.62 0.62 0.62 0.62 United Kingdom (0.08) (0.02) 0.02 0.12 0.12 0.11 0.12 0.10 Portugal 0.03 (0.05) (0.12) 0.04 0.06 0.10 0.17 0.20 Poland 0.65 0.95 1.07 1.43 1.71 1.87
Slide 23: Supplementary information
21 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Quarterly income statements Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 Janua
Slide 24: Grupo Santander (EUR mn)
22 GRUPO SANTANDER (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 8,855 9,554 10,051 10,159 10,185 10,735 11,219 11,122 -0.9% 38,619 43,261 +12.0% Net fee income 2,812 3,040 3,015 2,923 3,043
Slide 25: Grupo Santander (Constant EUR mn)
23 GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 8,930 9,150 9,435 9,855 9,916 10,351 10,891 12,103 +11.1% 37,369 43,261 +15.8% Net fee income 2,830 2,923 2,856 2,875
Slide 26: Europe (EUR mn)
24 Europe (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,839 2,981 3,179 3,567 3,597 3,968 4,222 4,123 -2.4% 12,565 15,910 +26.6% Net fee income 1,154 1,162 1,125 1,051 1,168 1,076 1,084 1,0
Slide 27: Europe (Constant EUR mn)
25 Europe (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,802 2,961 3,177 3,585 3,638 3,969 4,202 4,101 -2.4% 12,526 15,910 +27.0% Net fee income 1,154 1,162 1,128 1,055 1,175 1,076
Slide 28: Spain (EUR mn)
26 Spain (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 998 1,017 1,119 1,405 1,460 1,701 1,741 1,738 -0.2% 4,539 6,641 +46.3% Net fee income 745 730 697 646 752 661 635 652 +2.7% 2,818 2,699
Slide 29: United Kingdom (EUR mn)
27 United Kingdom (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 1,192 1,227 1,277 1,297 1,283 1,300 1,344 1,225 -8.9% 4,992 5,152 +3.2% Net fee income 92 110 93 95 83 84 97 74 -23.3% 390 338
Slide 30: United Kingdom (Constant EUR mn)
28 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 1,147 1,196 1,256 1,296 1,303 1,300 1,329 1,221 -8.1% 4,894 5,152 +5.3% Net fee income 89 107 92 95 84 84 96 74 -22.8%
Slide 31: United Kingdom (GBP mn)
29 United Kingdom (GBP mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 997 1,040 1,092 1,127 1,133 1,130 1,156 1,061 -8.1% 4,256 4,480 +5.3% Net fee income 77 93 80 82 73 73 83 64 -22.8% 332 294 -11
Slide 32: Portugal (EUR mn)
30 Portugal (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 170 171 175 231 261 314 439 451 +2.7% 747 1,465 +96.2% Net fee income 122 123 121 118 124 111 117 111 -5.1% 484 464 -4.2% Gains (loss
Slide 33: Poland (EUR mn)
31 Poland (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 407 486 530 552 586 623 662 673 +1.6% 1,976 2,543 +28.7% Net fee income 138 130 135 125 145 144 148 153 +3.3% 528 589 +11.6% Gains (los
Slide 34: Poland (Constant EUR mn)
32 Poland (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 415 498 553 573 608 624 657 655 -0.3% 2,039 2,543 +24.7% Net fee income 140 133 141 130 150 144 147 149 +1.4% 545 589 +8.1% Ga
Slide 35: Poland (PLN mn)
33 Poland (PLN mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 1,881 2,261 2,510 2,602 2,759 2,830 2,980 2,972 -0.3% 9,254 11,541 +24.7% Net fee income 637 605 641 591 682 653 665 675 +1.4% 2,474 2,
Slide 36: Other Europe (EUR mn)
34 Other Europe (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 72 80 77 83 7 30 36 36 +1.2% 312 109 -65.0% Net fee income 56 69 79 68 65 75 87 81 -7.3% 273 309 +13.2% Gains (losses) on financi
Slide 37: Other Europe (Constant EUR mn)
35 Other Europe (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 74 79 74 80 6 30 36 36 -0.3% 307 109 -64.4% Net fee income 57 69 77 66 65 75 87 81 -7.7% 269 309 +14.7% Gains (losses) o
Slide 38: North America (EUR mn)
36 North America (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,131 2,352 2,619 2,603 2,448 2,483 2,602 2,626 +0.9% 9,705 10,159 +4.7% Net fee income 443 494 513 508 521 555 560 555 -0.9% 1,
Slide 39: North America (Constant EUR mn)
37 North America (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,335 2,429 2,571 2,568 2,481 2,497 2,578 2,603 +1.0% 9,902 10,159 +2.6% Net fee income 499 524 518 513 534 558 550 549
Slide 40: United States (EUR mn)
38 United States (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 1,378 1,499 1,669 1,594 1,465 1,436 1,414 1,428 +1.0% 6,140 5,742 -6.5% Net fee income 197 198 194 183 190 200 189 187 -1.3% 771
Slide 41: United States (Constant EUR mn)
39 United States (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 1,430 1,477 1,557 1,505 1,454 1,445 1,423 1,421 -0.2% 5,970 5,742 -3.8% Net fee income 204 194 179 172 188 202 191 186
Slide 42: United States (USD mn)
40 United States (USD mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 1,546 1,597 1,684 1,627 1,572 1,562 1,538 1,536 -0.2% 6,453 6,208 -3.8% Net fee income 221 210 193 186 203 218 206 201 -2.4% 811
Slide 43: Mexico (EUR mn)
41 Mexico (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 753 853 950 1,009 983 1,045 1,186 1,195 +0.8% 3,565 4,408 +23.7% Net fee income 245 283 303 309 320 344 356 355 -0.3% 1,140 1,374 +20.5
Slide 44: Mexico (Constant EUR mn)
42 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 904 952 1,014 1,063 1,027 1,050 1,153 1,179 +2.3% 3,932 4,408 +12.1% Net fee income 294 316 322 324 334 346 344 350 +1.5% 1,25
Slide 45: Mexico (MXN mn)
43 Mexico (MXN mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 17,319 18,241 19,417 20,360 19,669 20,110 22,081 22,597 +2.3% 75,338 84,457 +12.1% Net fee income 5,641 6,061 6,170 6,210 6,400 6,619 6
Slide 46: Other North America (EUR mn)
44 Other North America (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 0 (0) (0) 0 0 3 2 3 +39.5% 0 8 — Net fee income 1 13 17 16 12 11 15 13 -11.0% 47 52 +10.0% Gains (losses) on financial tra
Slide 47: Other North America (Constant EUR mn)
45 Other North America (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 0 (0) (0) 0 0 3 2 3 +39.5% 0 8 — Net fee income 1 13 17 16 12 11 15 13 -11.0% 47 52 +10.0% Gains (losses) on fina
Slide 48: South America (EUR mn)
46 South America (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 3,037 3,390 3,411 3,141 3,163 3,314 3,356 3,206 -4.5% 12,979 13,040 +0.5% Net fee income 1,013 1,162 1,174 1,165 1,166 1,229 1,2
Slide 49: South America (Constant EUR mn)
47 South America (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,967 2,948 2,862 2,864 2,821 2,913 3,074 4,232 +37.7% 11,642 13,040 +12.0% Net fee income 974 1,017 1,008 1,110 1,085
Slide 50: Brazil (EUR mn)
48 Brazil (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,143 2,279 2,251 2,229 2,105 2,180 2,327 2,504 +7.6% 8,901 9,116 +2.4% Net fee income 743 857 812 884 817 858 902 885 -1.8% 3,296 3,46
Slide 51: Brazil (Constant EUR mn)
49 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,321 2,207 2,197 2,215 2,174 2,176 2,291 2,475 +8.0% 8,940 9,116 +2.0% Net fee income 805 834 792 879 843 857 888 874 -1.5% 3
Slide 52: Brazil (BRL mn)
50 Brazil (BRL mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 12,527 11,912 11,859 11,953 11,731 11,745 12,364 13,359 +8.0% 48,250 49,200 +2.0% Net fee income 4,342 4,501 4,275 4,746 4,550 4,625 4,
Slide 53: Chile (EUR mn)
51 Chile (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 483 554 402 332 371 356 241 415 +72.4% 1,772 1,383 -22.0% Net fee income 112 110 120 127 153 163 133 122 -8.0% 468 572 +22.2% Gains (los
Slide 54: Chile (Constant EUR mn)
52 Chile (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 483 550 415 343 356 343 251 433 +72.9% 1,792 1,383 -22.9% Net fee income 112 109 123 130 147 157 137 131 -4.3% 473 572 +20.8% G
Slide 55: Chile (CLP mn)
53 Chile (CLP mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 437,644 498,964 376,457 311,342 322,790 310,631 227,113 392,690 +72.9% 1,624,407 1,253,223 -22.9% Net fee income 101,410 98,614 111,094
Slide 56: Argentina (EUR mn)
54 Argentina (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 300 432 616 431 532 606 629 112 -82.2% 1,778 1,879 +5.7% Net fee income 121 143 182 97 137 145 164 (50) — 542 396 -26.9% Gains (loss
Slide 57: Argentina (Constant EUR mn)
55 Argentina (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 41 66 111 158 135 221 376 1,147 +205.1% 376 1,879 +399.4% Net fee income 17 22 33 43 35 54 96 211 +118.8% 115 396 +245.2% G
Slide 58: Argentina (ARS mn)
56 Argentina (ARS mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 36,978 58,765 99,007 141,515 120,749 197,821 335,842 1,024,801 +205.1% 336,265 1,679,213 +399.4% Net fee income 14,875 19,625 29,856
Slide 59: Other South America (EUR mn)
57 Other South America (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 111 125 142 150 154 172 160 176 +10.1% 527 662 +25.6% Net fee income 38 52 62 58 59 62 65 67 +2.7% 210 254 +21.2% Gains (l
Slide 60: Other South America (Constant EUR mn)
58 Other South America (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 122 125 138 148 156 173 157 177 +12.7% 534 662 +24.1% Net fee income 41 52 60 57 60 63 64 67 +4.5% 211 254 +20.2%
Slide 61: Digital Consumer Bank Europe (EUR mn)
59 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 1,020 1,012 1,000 990 1,029 1,011 1,069 1,083 +1.3% 4,022 4,193 +4.3% Net fee income 206 219 204 215 191 203 210
Slide 62: Digital Consumer Bank Europe (Constant EUR mn)
60 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 997 992 982 980 1,027 1,014 1,068 1,084 +1.5% 3,952 4,193 +6.1% Net fee income 205 218 203 214 191 203 2
Slide 63: Corporate Centre (EUR mn)
61 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income (172) (181) (157) (142) (52) (42) (30) 83 — (652) (41) -93.8% Net fee income (3) 2 (2) (16) (3) (3) 1 (8) — (19) (13) -30.8%
Slide 64: Retail Banking (EUR mn)
62 Retail Banking (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 8,112 8,635 9,058 9,050 8,977 9,524 9,822 9,662 -1.6% 34,855 37,985 +9.0% Net fee income 1,807 1,982 1,968 1,896 1,901 1,965 2,
Slide 65: Retail Banking (Constant EUR mn)
63 Retail Banking (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 8,207 8,325 8,588 8,819 8,797 9,231 9,585 10,372 +8.2% 33,939 37,985 +11.9% Net fee income 1,808 1,895 1,854 1,860 1,8
Slide 66: Corporate & Investment Banking (EUR mn)
64 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 783 929 916 919 838 774 950 923 -2.9% 3,548 3,485 -1.8% Net fee income 529 500 489 464 619 554 531 486 -8.6% 1,
Slide 67: Corporate & Investment Banking (Constant EUR mn)
65 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 764 842 781 854 753 689 865 1,178 +36.1% 3,241 3,485 +7.5% Net fee income 529 479 462 458 608 537 519
Slide 68: Wealth Management & Insurance (EUR mn)
66 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 131 167 227 322 413 456 454 416 -8.4% 847 1,739 +105.4% Net fee income 322 333 328 309 309 317 319 321 +0.7% 1,2
Slide 69: Wealth Management & Insurance (Constant EUR mn)
67 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 129 160 217 314 408 450 448 432 -3.5% 820 1,739 +112.1% Net fee income 324 323 311 301 299 305 311 351
Slide 70: PagoNxt (EUR mn)
68 PagoNxt (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2 3 6 11 9 22 24 38 +57.9% 22 93 +325.2% Net fee income 157 222 231 270 218 228 255 253 -1.0% 881 954 +8.3% Gains (losses) on financia
Slide 71: PagoNxt (Constant EUR mn)
69 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2 3 6 11 10 22 24 38 +58.9% 22 93 +320.8% Net fee income 172 223 231 273 222 227 251 254 +1.1% 898 954 +6.3% Gains (losses) o
Slide 72: Supplementary information
70 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Quarterly income statements Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 Janua
Slide 73: Retail & Commercial Banking (EUR mn)
71 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 4,974 5,399 5,839 5,880 5,973 6,512 6,747 6,318 -6.4% 22,093 25,550 +15.6% Net fee income 1,130 1,211 1,226 1,105
Slide 74: Retail & Commercial Banking (Constant EUR mn)
72 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 5,019 5,191 5,547 5,736 5,832 6,259 6,521 6,939 +6.4% 21,494 25,550 +18.9% Net fee income 1,123 1,147 1,1
Slide 75: Digital Consumer Bank (EUR mn)
73 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,463 2,495 2,593 2,570 2,546 2,477 2,600 2,598 -0.1% 10,121 10,221 +1.0% Net fee income 297 321 317 334 288 295 316 330
Slide 76: Digital Consumer Bank (Constant EUR mn)
74 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2,489 2,433 2,465 2,488 2,518 2,456 2,584 2,663 +3.0% 9,876 10,221 +3.5% Net fee income 301 319 311 329 289 296
Slide 77: Corporate & Investment Banking (EUR mn)
75 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 917 1,067 914 918 801 784 845 1,164 +37.7% 3,816 3,594 -5.8% Net fee income 519 487 475 441 606 536 517 471 -8.
Slide 78: Corporate & Investment Banking (Constant EUR mn)
76 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 931 993 800 882 752 725 806 1,311 +62.8% 3,606 3,594 -0.3% Net fee income 517 467 449 435 595 520 506
Slide 79: Wealth Management & Insurance (EUR mn)
77 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 137 174 235 337 334 392 409 377 -7.8% 883 1,513 +71.4% Net fee income 322 334 329 309 308 317 318 319 +0.3% 1,29
Slide 80: Wealth Management & Insurance (Constant EUR mn)
78 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 135 168 226 330 331 387 404 391 -3.2% 859 1,513 +76.0% Net fee income 324 323 311 301 299 305 310 348 +
Slide 81: Payments (EUR mn)
79 Payments (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 537 599 627 596 582 611 649 582 -10.3% 2,359 2,424 +2.8% Net fee income 548 684 670 750 770 703 772 708 -8.2% 2,653 2,952 +11.3% Gain
Slide 82: Payments (Constant EUR mn)
80 Payments (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 527 546 554 560 536 566 607 716 +17.9% 2,187 2,424 +10.8% Net fee income 567 665 642 739 769 687 746 750 +0.7% 2,612 2,952 +
Slide 83: PagoNxt (EUR mn)
81 PagoNxt (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2 3 7 10 9 22 24 38 +57.8% 22 93 +325.2% Net fee income 157 222 231 271 218 228 255 253 -1.0% 881 954 +8.3% Gains (losses) on financia
Slide 84: PagoNxt (Constant EUR mn)
82 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 2 3 7 10 10 22 24 38 +58.9% 22 93 +320.8% Net fee income 172 223 231 273 222 227 251 254 +1.1% 898 954 +6.3% Gains (losses) o
Slide 85: Cards (EUR mn)
83 Cards (EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 535 596 620 586 573 589 625 544 -12.9% 2,337 2,331 -0.3% Net fee income 391 462 439 480 551 475 517 456 -11.8% 1,772 1,998 +12.8% Gains
Slide 86: Cards (Constant EUR mn)
84 Cards (Constant EUR mn) Change Change Underlying income statement Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'23 / Q3'23 2022 2023 2023 / 2022 Net interest income 525 542 547 550 526 544 583 678 +16.2% 2,165 2,331 +7.6% Net fee income 396 442 411 466 547 460 494 496 +0.4% 1,714 1,998 +16.5
Slide 87: Supplementary information
85 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Quarterly income statements Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 Janua
Slide 88: Glossary - Acronyms
86 Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ AT1: Additional Tier 1 ❑ bn: Billion ❑ Bps: basis points ❑ CET1: Common equity tier 1 ❑ CoR: Cost of credit / cost of risk ❑ HQLA: High quality liquid asset ❑ FL: Fully-loaded ❑ FX: Foreign exchange ❑ ESG: Environmental, social and go
Slide 89: Glossary - Definitions
87 Glossary - Definitions Notes: The averages for the RoTE and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated
Slide 90: 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:
Slide 91: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Banco Santander, S.A. Date: 31 January 2024 By: /s/ José García Cantera Name: José García Cantera Title: