Banco Santander, S.a. · BME:SAN
Banco Santander — H1 2024 Earnings Presentation
84 slides from Banco Santander's earnings presentation, Jul 24, 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 July, 2024 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its chart
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - June 2024 Earnings presentation (Supplementary information)
Slide 3: Supplementary information H1'24
24 July 2024 Supplementary information H1’24
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, results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements. In particular, forward looking stat
Slide 6: Supplementary information
4 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 7: Capital levels exceed minimum regulatory requirements
5 Santander’s capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements Assumed capital requirements (fully-loaded)**SREP capital requirements and MDA* • AT1 and T2 ratios are planned to be close to 1.5% and 2.4% of RWAs respectively * The phased-in ratio includes the t
Slide 8: Diversified bond portfolio represents just 7% of total assets
6 Diversified bond portfolio represents just 7% of total assets Bond portfolio %, Jun-24 Spain 29% Poland 12% Portugal 5%UK 6% SCF 5% Mexico 15% US 12% Brazil 8% Chile 6% Other South America 3% €129bn o/w HTC €82bn (64%) • Bond portfolio represents 7% of total assets • HTC&S duration: 1.7 years • Ma
Slide 9: Conservative and decentralized liquidity and funding model
7 Conservative and decentralized liquidity and funding model Very manageable maturity profile€29.0bn1 issued in public markets in H1’24 (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes €6.5bn of Banco Santander, S.A., €1.4bn
Slide 10: 2024 issuances against funding plan
8 2024 issuances against funding plan Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A 4 - 5 5.2 16 - 18 18.4 0 - 1 0.5 20 - 24 24.1 UK - - 1 - 2 0.3 5 - 6 4.7 6 - 8 5.1 SCF - - 3 - 5 2.3 - - 3 - 5 2.3 SHUSA - - 2 - 3 2.3 - - 2 - 3 2.3 TOTAL 4 - 5 5.2 22 - 28 23.3 5 - 7 5.2 31 -
Slide 11: TLAC/MREL for the Resolution Group
9 TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. 29.7% 11.5% 4.1% 6.1% 5.2% 40.0% 16.7% % RWAs % LE 18.0% 6.8% 4.1% 6.6% 2.9% 28.7% 9.7% % RWAs % LE MREL Jun-24(e)TLAC Jun-24(e) % and € bn Req. 33.8% Requirement CBR Buffer SNP T2 CET1 Senior AT1 Sub debt % Req. 22.1% Distance to
Slide 12: Well-funded, diversified, prudent and highly liquid balance sheet
10 Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios Liquidity Balance Sheet ST Funding Securitizations and others Loans and advances to customers Fixed assets & other Customer deposits M/LT debt issua
Slide 13: Supplementary information
11 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 14: Yield on loans
12 Yield on loans (%) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Retail & Commercial Banking 5.45 5.88 6.00 6.26 6.49 6.48 Digital Consumer Bank 7.32 7.75 7.81 7.82 8.38 8.29 Corporate & Investment Banking 6.48 6.86 7.02 6.44 7.36 6.91 Wealth Management & Insurance 3.84 4.24 4.48 4.72 4.87 4.81 Payments 15
Slide 15: Cost of deposits
13 Cost of deposits (%) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Retail & Commercial Banking 1.89 2.15 2.31 2.00 2.40 2.19 Digital Consumer Bank 0.91 1.23 1.59 1.90 2.15 2.25 Corporate & Investment Banking 5.88 6.53 6.87 5.34 6.62 5.52 Wealth Management & Insurance 1.93 2.18 2.41 2.25 2.62 2.53 Payments
Slide 16: Supplementary information
14 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 17: Efficiency ratio
15 Efficiency ratio (%) Q1'23 H1'23 9M'23 2023 Q1'24 H1'24 Retail & Commercial Banking 45.0 44.3 43.5 43.1 41.1 39.5 Digital Consumer Bank 43.0 43.3 42.6 42.8 41.2 40.6 Corporate & Investment Banking 37.0 38.2 40.8 45.0 42.0 43.4 Wealth Management & Insurance 38.4 36.7 36.3 37.9 34.4 34.4 Payments 4
Slide 18: Supplementary information
16 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 19: Stage exposure and coverage
17 Exposure ¹ Coverage Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Stage 1 1,005 1,011 1,002 1,000 1,007 1,008 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% Stage 2 72 75 77 80 83 94 7.4% 7.2% 7.0% 6.4% 6.3% 5.6% Stage 3 34 35 36 36 36 35 40.1% 41.0% 40.4% 40.6% 40.5% 41.2% S
Slide 20: NPL ratio
18 NPL ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Retail & Commercial Banking 3.19 3.22 3.18 3.21 3.24 3.15 Digital Consumer Bank 4.04 4.18 4.65 4.75 4.86 4.81 Corporate & Investment Banking 1.42 1.38 1.37 1.36 1.14 1.05 Wealth Management & Insurance 0.83 0.82 0.82 1.40 0.64 0.77 Payments 4
Slide 21: NPL coverage ratio
19 NPL coverage ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Retail & Commercial Banking 62.7 63.2 63.5 61.4 60.0 60.4 Digital Consumer Bank 91.2 87.9 79.4 76.5 76.1 75.9 Corporate & Investment Banking 35.3 36.8 35.4 41.2 46.2 45.0 Wealth Management & Insurance 62.3 53.2 54.2 29.3 61.6 64.6 P
Slide 22: Credit impaired loans and loan-loss allowances
20 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances. Retail, 59.4% DCB, 29.5% CIB, 7.3% Wealth, 0.5% Payments, 3.2% Retail, 53.7% DCB, 33.6% CIB, 4.9% Wealth, 0.5% Payments, 7.3% Spain, 18.0% UK, 4.5% Portugal, 3.4% Poland, 4.7% Other Europe, 0.1% DCB Europe,
Slide 23: Cost of risk
21 Cost of risk (%) Note: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. (*).- PagoNxt’s cost of risk is not provided as we do not consider it a relevant metric for this type of business. Mar-23 Jun-23 Sep-23 D
Slide 24: Supplementary information
22 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 25: Grupo Santander (EUR mn)
23 GRUPO SANTANDER (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 10,185 10,735 11,219 11,122 11,983 11,474 -4.2% 20,920 23,457 +12.1% Net fee income 3,043 3,060 3,119 2,835 3,240 3,237 -0.1% 6,103 6,
Slide 26: Grupo Santander (Constant EUR mn)
24 GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 10,333 10,759 11,182 11,082 11,939 11,518 -3.5% 21,093 23,457 +11.2% Net fee income 3,076 3,047 3,089 2,816 3,225 3,252 +0.8%
Slide 27: Supplementary information
25 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 28: Retail & Commercial Banking (EUR mn)
26 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 5,931 6,470 6,705 6,445 7,145 6,870 -3.8% 12,400 14,015 +13.0% Net fee income 1,074 1,212 1,196 1,015 1,193 1,173 -1.6% 2,
Slide 29: Retail & Commercial Banking (Constant EUR mn)
27 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 6,066 6,495 6,684 6,427 7,113 6,902 -3.0% 12,561 14,015 +11.6% Net fee income 1,088 1,206 1,183 1,007 1,185 1,181
Slide 30: Digital Consumer Bank (EUR mn)
28 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 2,546 2,477 2,600 2,598 2,710 2,655 -2.0% 5,024 5,364 +6.8% Net fee income 288 295 316 330 354 387 +9.2% 584 742 +27.1% Gains (l
Slide 31: Digital Consumer Bank (Constant EUR mn)
29 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 2,541 2,485 2,601 2,588 2,708 2,656 -1.9% 5,026 5,364 +6.7% Net fee income 289 296 315 329 354 388 +9.7% 585 742 +26.8%
Slide 32: Corporate & Investment Banking (EUR mn)
30 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 844 826 888 1,037 1,062 969 -8.7% 1,670 2,031 +21.6% Net fee income 606 536 517 471 654 626 -4.3% 1,142 1,280 +12.0% Ga
Slide 33: Corporate & Investment Banking (Constant EUR mn)
31 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 846 819 881 1,031 1,057 974 -7.9% 1,665 2,031 +22.0% Net fee income 611 536 514 468 653 627 -4.0% 1,147 1,280
Slide 34: Wealth Management & Insurance (EUR mn)
32 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 334 392 409 377 423 404 -4.4% 726 827 +13.8% Net fee income 308 317 318 319 364 355 -2.6% 625 719 +14.9% Gains (losses)
Slide 35: Wealth Management & Insurance (Constant EUR mn)
33 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 336 393 409 377 423 404 -4.4% 729 827 +13.4% Net fee income 310 317 317 319 364 355 -2.6% 627 719 +14.6% Gains
Slide 36: Payments (EUR mn)
34 Payments (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 582 611 649 582 675 645 -4.5% 1,194 1,320 +10.6% Net fee income 770 703 772 708 676 695 +2.7% 1,472 1,371 -6.9% Gains (losses) on financial t
Slide 37: Payments (Constant EUR mn)
35 Payments (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 595 610 638 576 669 651 -2.6% 1,205 1,320 +9.5% Net fee income 782 696 758 700 671 700 +4.4% 1,478 1,371 -7.3% Gains (losses) on fin
Slide 38: PagoNxt (EUR mn)
36 PagoNxt (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 9 22 24 38 31 31 +2.0% 31 62 +97.7% Net fee income 218 228 255 253 224 233 +4.0% 446 456 +2.2% Gains (losses) on financial transactions and ot
Slide 39: PagoNxt (Constant EUR mn)
37 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 10 22 24 37 30 32 +5.5% 32 62 +96.8% Net fee income 222 226 250 249 222 235 +5.8% 447 456 +2.0% Gains (losses) on financial transacti
Slide 40: Cards (EUR mn)
38 Cards (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 573 589 625 544 644 613 -4.8% 1,162 1,258 +8.2% Net fee income 551 475 517 456 452 462 +2.1% 1,026 915 -10.8% Gains (losses) on financial transa
Slide 41: Cards (Constant EUR mn)
39 Cards (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 586 588 615 539 638 619 -3.0% 1,174 1,258 +7.2% Net fee income 560 471 508 452 449 466 +3.7% 1,031 915 -11.3% Gains (losses) on financi
Slide 42: Corporate Centre (EUR mn)
40 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income (52) (42) (30) 83 (31) (69) +123.1% (94) (100) +6.4% Net fee income (3) (3) 1 (8) (1) 2 — (7) 1 — Gains (losses) on financial transac
Slide 43: Supplementary information
41 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 44: Europe (EUR mn)
42 Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 3,597 3,968 4,222 4,123 4,123 4,165 +1.0% 7,565 8,288 +9.6% Net fee income 1,168 1,076 1,084 1,071 1,202 1,167 -2.9% 2,244 2,368 +5.5% Gains (l
Slide 45: Europe (Constant EUR mn)
43 Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 3,692 4,023 4,259 4,156 4,128 4,160 +0.8% 7,716 8,288 +7.4% Net fee income 1,184 1,085 1,091 1,075 1,203 1,166 -3.1% 2,269 2,368 +4.4%
Slide 46: Spain (EUR mn)
44 Spain (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,460 1,701 1,741 1,738 1,816 1,840 +1.3% 3,161 3,656 +15.6% Net fee income 752 661 635 652 746 738 -1.1% 1,413 1,484 +5.0% Gains (losses) on fi
Slide 47: United Kingdom (EUR mn)
45 United Kingdom (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,283 1,300 1,344 1,225 1,185 1,196 +0.9% 2,583 2,381 -7.8% Net fee income 83 84 97 74 79 64 -19.0% 167 142 -14.8% Gains (losses) on fi
Slide 48: United Kingdom (Constant EUR mn)
46 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,326 1,323 1,352 1,242 1,187 1,194 +0.5% 2,648 2,381 -10.1% Net fee income 85 86 98 75 79 64 -19.3% 171 142 -16.9% Gains (los
Slide 49: United Kingdom (GBP mn)
47 United Kingdom (GBP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,133 1,130 1,156 1,061 1,015 1,020 +0.5% 2,263 2,035 -10.1% Net fee income 73 73 83 64 67 54 -19.3% 146 122 -16.9% Gains (losses) on f
Slide 50: Portugal (EUR mn)
48 Portugal (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 261 314 439 451 431 413 -4.1% 575 844 +46.8% Net fee income 124 111 117 111 127 115 -9.4% 235 242 +3.0% Gains (losses) on financial transacti
Slide 51: Poland (EUR mn)
49 Poland (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 586 623 662 673 686 697 +1.7% 1,209 1,384 +14.4% Net fee income 145 144 148 153 176 163 -7.2% 289 339 +17.3% Gains (losses) on financial transa
Slide 52: Poland (Constant EUR mn)
50 Poland (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 639 656 691 689 689 695 +0.9% 1,295 1,384 +6.9% Net fee income 158 151 154 156 176 162 -7.9% 309 339 +9.5% Gains (losses) on financial
Slide 53: Poland (PLN mn)
51 Poland (PLN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 2,759 2,830 2,980 2,972 2,973 2,999 +0.9% 5,589 5,972 +6.9% Net fee income 682 653 665 675 761 700 -7.9% 1,335 1,461 +9.5% Gains (losses) on fi
Slide 54: Other Europe (EUR mn)
52 Other Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 7 30 36 36 5 19 +293.2% 37 24 -35.4% Net fee income 65 75 87 81 74 87 +16.7% 140 161 +14.9% Gains (losses) on financial transactions and
Slide 55: Other Europe (Constant EUR mn)
53 Other Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 6 30 36 36 5 19 +274.3% 37 24 -35.3% Net fee income 65 75 87 81 75 87 +16.2% 140 161 +14.9% Gains (losses) on financial transact
Slide 56: Digital Consumer Bank Europe (EUR mn)
54 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,029 1,011 1,069 1,083 1,095 1,092 -0.2% 2,040 2,187 +7.2% Net fee income 191 203 210 192 220 231 +5.2% 394 451 +14.4% G
Slide 57: Digital Consumer Bank Europe (Constant EUR mn)
55 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,031 1,017 1,071 1,088 1,094 1,093 -0.1% 2,048 2,187 +6.8% Net fee income 191 204 211 192 220 231 +5.2% 395 451
Slide 58: North America (EUR mn)
56 North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 2,448 2,483 2,602 2,626 2,611 2,636 +1.0% 4,931 5,247 +6.4% Net fee income 521 555 560 555 638 662 +3.7% 1,077 1,300 +20.7% Gains (losse
Slide 59: North America (Constant EUR mn)
57 North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 2,518 2,535 2,619 2,646 2,613 2,634 +0.8% 5,053 5,247 +3.8% Net fee income 546 571 563 562 638 661 +3.6% 1,117 1,300 +16.3% Gai
Slide 60: United States (EUR mn)
58 United States (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,465 1,436 1,414 1,428 1,396 1,428 +2.2% 2,901 2,824 -2.6% Net fee income 190 200 189 187 267 272 +2.1% 390 539 +38.3% Gains (losses) o
Slide 61: United States (Constant EUR mn)
59 United States (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,454 1,445 1,423 1,421 1,402 1,422 +1.4% 2,899 2,824 -2.6% Net fee income 188 202 191 186 268 271 +1.3% 390 539 +38.3% Gains (
Slide 62: United States (USD mn)
60 United States (USD mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,572 1,562 1,538 1,536 1,516 1,537 +1.4% 3,134 3,053 -2.6% Net fee income 203 218 206 201 290 293 +1.3% 421 583 +38.3% Gains (losses) o
Slide 63: Mexico (EUR mn)
61 Mexico (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 983 1,045 1,186 1,195 1,214 1,207 -0.6% 2,027 2,421 +19.4% Net fee income 320 344 356 355 359 374 +4.2% 663 733 +10.5% Gains (losses) on financ
Slide 64: Mexico (Constant EUR mn)
62 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 1,064 1,088 1,194 1,222 1,211 1,210 -0.0% 2,151 2,421 +12.6% Net fee income 346 358 357 362 358 375 +4.8% 704 733 +4.1% Gains (losses)
Slide 65: Mexico (MXN mn)
63 Mexico (MXN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 19,669 20,110 22,081 22,597 22,390 22,383 -0.0% 39,779 44,773 +12.6% Net fee income 6,400 6,619 6,599 6,700 6,621 6,937 +4.8% 13,019 13,559 +4.
Slide 66: Other North America (EUR mn)
64 Other North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 0 3 2 3 1 2 +224.7% 3 2 -32.9% Net fee income 12 11 15 13 12 15 +22.9% 23 27 +17.1% Gains (losses) on financial transactions and o
Slide 67: Other North America (Constant EUR mn)
65 Other North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 0 3 2 3 1 2 +228.4% 3 2 -32.9% Net fee income 12 11 15 13 12 15 +23.0% 23 27 +17.1% Gains (losses) on financial transacti
Slide 68: South America (EUR mn)
66 South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 3,163 3,314 3,356 3,206 4,185 3,649 -12.8% 6,477 7,835 +21.0% Net fee income 1,166 1,229 1,264 1,025 1,182 1,176 -0.5% 2,395 2,358 -1.6%
Slide 69: South America (Constant EUR mn)
67 South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 3,144 3,225 3,263 3,110 4,135 3,700 -10.5% 6,369 7,835 +23.0% Net fee income 1,158 1,192 1,224 995 1,166 1,192 +2.2% 2,350 2,35
Slide 70: Brazil (EUR mn)
68 Brazil (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 2,105 2,180 2,327 2,504 2,630 2,605 -1.0% 4,285 5,235 +22.2% Net fee income 817 858 902 885 846 888 +4.9% 1,675 1,734 +3.6% Gains (losses) on f
Slide 71: Brazil (Constant EUR mn)
69 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 2,137 2,139 2,252 2,433 2,575 2,660 +3.3% 4,276 5,235 +22.4% Net fee income 829 842 873 860 829 906 +9.3% 1,671 1,734 +3.8% Gains (los
Slide 72: Brazil (BRL mn)
70 Brazil (BRL mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 11,731 11,745 12,364 13,359 14,135 14,604 +3.3% 23,476 28,739 +22.4% Net fee income 4,550 4,625 4,791 4,719 4,549 4,973 +9.3% 9,175 9,521 +3.8%
Slide 73: Chile (EUR mn)
71 Chile (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 371 356 241 415 352 472 +34.1% 727 824 +13.3% Net fee income 153 163 133 122 129 137 +6.4% 316 265 -16.1% Gains (losses) on financial transactio
Slide 74: Chile (Constant EUR mn)
72 Chile (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 318 306 224 386 356 468 +31.4% 623 824 +32.2% Net fee income 131 140 122 117 130 135 +4.0% 271 265 -2.1% Gains (losses) on financial tr
Slide 75: Chile (CLP mn)
73 Chile (CLP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 322,790 310,631 227,113 392,690 361,759 475,476 +31.4% 633,420 837,235 +32.2% Net fee income 133,249 142,289 124,044 118,714 132,221 137,526 +4.
Slide 76: Argentina (EUR mn)
74 Argentina (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 532 606 629 112 1,025 397 -61.2% 1,138 1,423 +25.0% Net fee income 137 145 164 (50) 131 73 -44.6% 282 204 -27.6% Gains (losses) on financial
Slide 77: Argentina (Argentine peso mn)
75 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 120,749 197,821 335,842 1,024,801 949,444 1,183,149 +24.6% 318,570 2,132,594 — Net fee income 31,111 47,835 86,223 188,633 121,57
Slide 78: Other South America (EUR mn)
76 Other South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 154 172 160 176 178 175 -1.4% 327 353 +8.2% Net fee income 59 62 65 67 75 78 +4.0% 122 154 +26.4% Gains (losses) on financial tran
Slide 79: Other South America (Constant EUR mn)
77 Other South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'24 / Q1'24 H1'23 H1'24 H1'24 / H1'23 Net interest income 157 174 158 178 179 174 -2.7% 331 353 +6.6% Net fee income 61 64 65 68 76 78 +3.0% 125 154 +22.7% Gains (losses) on finan
Slide 80: Supplementary information
78 Supplementary information Balance sheet and capital management Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements New primary segments (under the new definitions applicable from 1 January 2024) Secondary segments (regions and countries) Glossary
Slide 81: Glossary - Acronyms
79 Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ AT1: Additional Tier 1 ❑ bn: Billion ❑ Bps: basis points ❑ CET1: Common equity tier 1 ❑ CIB: Corporate & Investment Banking ❑ CoR: Cost of risk ❑ HQLA: High quality liquid asset ❑ FL: Fully-loaded ❑ FY: Full year ❑ HTC&S: Held to coll
Slide 82: Glossary - Definitions
80 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 a
Slide 83: 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 84: 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: 24 July 2024 By: /s/ José García Cantera Name: José García Cantera Title: Ch