Banco Santander, S.a. · BME:SAN
Banco Santander — Q1 2024 Earnings Presentation
84 slides from Banco Santander's earnings presentation, Apr 30, 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 April, 2024 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its char
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - March 2024 Earnings presentation (Supplementary information)
Slide 3: Supplementary information Q1'24
30 April 2024 Supplementary information Q1’24
Slide 4: Important information: Non-IFRS and alternative performance measures
2 Important information Non-IFRS and alternative performance measures This document 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 defi
Slide 5: Important information: forward-looking statements
3 Important information In particular, forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees and may change, including, but not limited to (a) expectat
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 * The phased-in ratio includes the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Capital Requirements Regulation (CRR2) and subsequent modifications introduced
Slide 8: Diversified bond portfolio represents just 7% of total assets
6 Diversified bond portfolio represents just 7% of total assets Bond portfolio %, Mar-24 Spain 28% Poland 13% Portugal 5%UK 4% SCF 6% Mexico 16% US 11% Brazil 9% Chile 6% Other South America 2% €127bn o/w HTC €78bn (61%) ALCO IRRBB €102bn Liquidity portfolio €25bn €127bn • Bond portfolio represents
Slide 9: Conservative and decentralized liquidity and funding model
7 Conservative and decentralized liquidity and funding model Very manageable maturity profile€20.2bn1 issued in public markets in Q1’24 (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes €6bn of Banco Santander, S.A., €0.7bn o
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 5.0 16 - 18 15.4 0 - 1 - 20 - 24 20.4 UK - - 1 - 2 0.0 5 - 6 3.2 6 - 8 3.3 SCF - - 3 - 5 2.2 - - 3 - 5 2.2 SHUSA - - 2 - 3 0.9 - - 2 - 3 0.9 TOTAL 4 - 5 5.0 22 - 28 18.6 5 - 7 3.2 31 - 40
Slide 11: TLAC/MREL for the Resolution Group
9 TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. 29.8% 11.5% 4.1% 4.8% 5.4% 38.7% 16.9% % RWAs % LE 18.0% 6.8% 4.1% 5.1% 2.9% 27.2% 9.7% % RWAs % LE MREL Mar-24(e)TLAC Mar-24(e) % and € bn Req. 33.9% 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 Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional d
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 Retail & Commercial Banking 5.45 5.88 6.00 6.26 6.49 Digital Consumer Bank 7.32 7.75 7.81 7.82 8.38 Corporate & Investment Banking 6.48 6.86 7.02 6.44 7.36 Wealth Management & Insurance 3.84 4.24 4.48 4.72 4.87 Payments 15.43 15.17 15.27 13.11 15.6
Slide 15: Cost of deposits (%)
13 Cost of deposits (%) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Retail & Commercial Banking 1.89 2.15 2.31 2.00 2.40 Digital Consumer Bank 0.91 1.23 1.59 1.90 2.15 Corporate & Investment Banking 5.88 6.53 6.87 5.34 6.62 Wealth Management & Insurance 1.93 2.18 2.41 2.25 2.62 Payments — — — — — Q1'23 Q2'23 Q3'2
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 Retail & Commercial Banking 45.0 44.3 43.5 43.1 41.1 Digital Consumer Bank 43.0 43.3 42.6 42.8 41.2 Corporate & Investment Banking 37.0 38.2 40.8 45.0 42.0 Wealth Management & Insurance 38.4 36.7 36.3 37.9 34.4 Payments 44.8 46.4 45.0 44.2 48.1 Pa
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 coverage
17 Exposure ¹ Coverage Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Stage 1 1,005 1,011 1,002 1,000 1,007 0.4% 0.4% 0.4% 0.4% 0.4% Stage 2 72 75 77 80 83 7.4% 7.2% 7.0% 6.4% 6.3% Stage 3 34 35 36 36 36 40.1% 41.0% 40.4% 40.6% 40.5% Stage coverage 1) Exposure subject to impai
Slide 20: NPL ratio (%)
18 NPL ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Retail & Commercial Banking 3.19 3.22 3.18 3.21 3.24 Digital Consumer Bank 4.04 4.18 4.65 4.75 4.86 Corporate & Investment Banking 1.42 1.38 1.37 1.36 1.14 Wealth Management & Insurance 0.83 0.82 0.82 1.40 0.64 Payments 4.98 5.13 5.06 5.02 4.85 Pag
Slide 21: NPL coverage ratio (%)
19 NPL coverage ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Retail & Commercial Banking 62.7 63.2 63.5 61.4 60.0 Digital Consumer Bank 91.2 87.9 79.4 76.5 76.1 Corporate & Investment Banking 35.3 36.8 35.4 41.2 46.2 Wealth Management & Insurance 62.3 53.2 54.2 29.3 61.6 Payments 143.6 142.1 143.9 1
Slide 22: Credit impaired loans and loan-loss allowances by operating area
20 Spain, 18.2% UK, 4.5% Portugal, 3.7% Poland, 4.6% Other Europe, 0.1% US, 18.5% Mexico, 6.6% Brazil, 26.1% Chile, 4.9% Argentina, 0.6% Other South America, 1.1% DCB Europe, 11.2% Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances. Breakdown by operating areas.
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. Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Retail & Commercial Banking 0.92 0.92 0.95 1.02 1.03 Digital Consumer Bank 1.81 1.86 2.01 2.04 2.12 Co
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 10,185 10,735 11,219 11,122 11,983 +7.7% 10,185 11,983 +17.7% Net fee income 3,043 3,060 3,119 2,835 3,240 +14.3% 3,043 3,240 +6.5% Gains (l
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 10,367 10,793 11,220 11,123 11,983 +7.7% 10,367 11,983 +15.6% Net fee income 3,092 3,063 3,105 2,832 3,240 +14.4% 3,092 3,240 +4.8%
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 5,931 6,470 6,705 6,445 7,145 +10.9% 5,931 7,145 +20.5% Net fee income 1,074 1,212 1,196 1,015 1,193 +17.5% 1,074 1,193 +11.0% G
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 6,093 6,523 6,713 6,454 7,145 +10.7% 6,093 7,145 +17.3% Net fee income 1,093 1,214 1,191 1,015 1,193 +17.5% 1,093 1,193
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 2,546 2,477 2,600 2,598 2,710 +4.3% 2,546 2,710 +6.4% Net fee income 288 295 316 330 354 +7.6% 288 354 +23.0% Gains (losses) on financ
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 2,542 2,484 2,600 2,589 2,710 +4.7% 2,542 2,710 +6.6% Net fee income 290 296 316 330 354 +7.4% 290 354 +22.4% Gains (losses)
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 844 826 888 1,037 1,062 +2.4% 844 1,062 +25.8% Net fee income 606 536 517 471 654 +38.8% 606 654 +7.9% Gains (losses) on fina
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 847 820 885 1,036 1,062 +2.4% 847 1,062 +25.3% Net fee income 612 537 515 470 654 +39.2% 612 654 +6.8% Gains (losses
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 334 392 409 377 423 +12.0% 334 423 +26.5% Net fee income 308 317 318 319 364 +14.2% 308 364 +18.1% Gains (losses) on financial
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 336 392 409 377 423 +12.2% 336 423 +25.6% Net fee income 310 317 317 319 364 +14.2% 310 364 +17.4% Gains (losses) on
Slide 36: Payments (EUR mn)
34 Payments (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 582 611 649 582 675 +16.1% 582 675 +16.0% Net fee income 770 703 772 708 676 -4.5% 770 676 -12.1% Gains (losses) on financial transactions and othe
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 601 616 644 583 675 +15.9% 601 675 +12.4% Net fee income 790 702 764 706 676 -4.3% 790 676 -14.4% Gains (losses) on financial transactions
Slide 38: PagoNxt (EUR mn)
36 PagoNxt (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 9 22 24 38 31 -18.7% 9 31 +230.9% Net fee income 218 228 255 253 224 -11.4% 218 224 +2.5% Gains (losses) on financial transactions and other 16 27 1
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 10 22 24 38 31 -18.7% 10 31 +216.6% Net fee income 224 228 253 251 224 -10.9% 224 224 -0.1% Gains (losses) on financial transactions and ot
Slide 40: Cards (EUR mn)
38 Cards (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 573 589 625 544 644 +18.5% 573 644 +12.5% Net fee income 551 475 517 456 452 -0.7% 551 452 -17.9% Gains (losses) on financial transactions and other (
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 591 593 620 545 644 +18.3% 591 644 +9.0% Net fee income 566 474 512 455 452 -0.6% 566 452 -20.0% Gains (losses) on financial transactions and
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income (52) (42) (30) 83 (31) — (52) (31) -40.5% Net fee income (3) (3) 1 (8) (1) -81.5% (3) (1) -59.4% Gains (losses) on financial transactions a
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 3,597 3,968 4,222 4,123 4,123 +0.0% 3,597 4,123 +14.6% Net fee income 1,168 1,076 1,084 1,071 1,202 +12.2% 1,168 1,202 +2.9% Gains (losses) on financ
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 3,687 4,019 4,254 4,151 4,123 -0.7% 3,687 4,123 +11.8% Net fee income 1,183 1,084 1,090 1,074 1,202 +11.8% 1,183 1,202 +1.6% Gains (losses)
Slide 46: Spain (EUR mn)
44 Spain (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,460 1,701 1,741 1,738 1,816 +4.5% 1,460 1,816 +24.3% Net fee income 752 661 635 652 746 +14.4% 752 746 -0.8% Gains (losses) on financial transaction
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,283 1,300 1,344 1,225 1,185 -3.2% 1,283 1,185 -7.6% Net fee income 83 84 97 74 79 +5.8% 83 79 -4.9% Gains (losses) on financial transaction
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,323 1,320 1,350 1,240 1,185 -4.4% 1,323 1,185 -10.4% Net fee income 85 86 97 75 79 +4.6% 85 79 -7.8% Gains (losses) on financial t
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,133 1,130 1,156 1,061 1,015 -4.4% 1,133 1,015 -10.4% Net fee income 73 73 83 64 67 +4.6% 73 67 -7.8% Gains (losses) on financial transactio
Slide 50: Portugal (EUR mn)
48 Portugal (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 261 314 439 451 431 -4.5% 261 431 +65.1% Net fee income 124 111 117 111 127 +14.3% 124 127 +2.6% Gains (losses) on financial transactions and other
Slide 51: Poland (EUR mn)
49 Poland (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 586 623 662 673 686 +2.0% 586 686 +17.1% Net fee income 145 144 148 153 176 +15.0% 145 176 +21.2% Gains (losses) on financial transactions and other
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 637 653 688 686 686 +0.0% 637 686 +7.8% Net fee income 157 151 154 156 176 +12.8% 157 176 +11.5% Gains (losses) on financial transactions an
Slide 53: Poland (PLN mn)
51 Poland (PLN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 2,759 2,830 2,980 2,972 2,973 +0.0% 2,759 2,973 +7.8% Net fee income 682 653 665 675 761 +12.8% 682 761 +11.5% Gains (losses) on financial transactio
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 7 30 36 36 5 -86.8% 7 5 -28.8% Net fee income 65 75 87 81 74 -8.0% 65 74 +14.1% Gains (losses) on financial transactions and other 50 32 68 51
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 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 6 30 36 36 5 -86.6% 6 5 -21.9% Net fee income 65 75 87 81 74 -7.6% 65 74 +14.7% Gains (losses) on financial transactions and other 49
Slide 56: North America (EUR mn)
54 North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 2,448 2,483 2,602 2,626 2,611 -0.6% 2,448 2,611 +6.7% Net fee income 521 555 560 555 638 +14.9% 521 638 +22.4% Gains (losses) on financial tra
Slide 57: North America (Constant EUR mn)
55 North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 2,515 2,532 2,617 2,643 2,611 -1.2% 2,515 2,611 +3.8% Net fee income 546 571 563 562 638 +13.5% 546 638 +16.8% Gains (losses) on fina
Slide 58: United States (EUR mn)
56 United States (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,465 1,436 1,414 1,428 1,396 -2.2% 1,465 1,396 -4.7% Net fee income 190 200 189 187 267 +42.7% 190 267 +40.7% Gains (losses) on financial tra
Slide 59: United States (Constant EUR mn)
57 United States (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,448 1,439 1,417 1,415 1,396 -1.3% 1,448 1,396 -3.6% Net fee income 187 201 190 185 267 +44.0% 187 267 +42.4% Gains (losses) on fina
Slide 60: United States (USD mn)
58 United States (USD mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,572 1,562 1,538 1,536 1,516 -1.3% 1,572 1,516 -3.6% Net fee income 203 218 206 201 290 +44.0% 203 290 +42.4% Gains (losses) on financial tra
Slide 61: Mexico (EUR mn)
59 Mexico (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 983 1,045 1,186 1,195 1,214 +1.6% 983 1,214 +23.6% Net fee income 320 344 356 355 359 +1.2% 320 359 +12.3% Gains (losses) on financial transactions a
Slide 62: Mexico (Constant EUR mn)
60 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,067 1,090 1,197 1,225 1,214 -0.9% 1,067 1,214 +13.8% Net fee income 347 359 358 363 359 -1.2% 347 359 +3.5% Gains (losses) on financial tr
Slide 63: Mexico (MXN mn)
61 Mexico (MXN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 19,669 20,110 22,081 22,597 22,390 -0.9% 19,669 22,390 +13.8% Net fee income 6,400 6,619 6,599 6,700 6,621 -1.2% 6,400 6,621 +3.5% Gains (losses) on
Slide 64: Other North America (EUR mn)
62 Other North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 0 3 2 3 1 -82.8% 0 1 +11.6% Net fee income 12 11 15 13 12 -8.9% 12 12 +0.9% Gains (losses) on financial transactions and other 1 2 (0) 3
Slide 65: Other North America (Constant EUR mn)
63 Other North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 0 3 2 3 1 -82.8% 0 1 +11.6% Net fee income 12 11 15 13 12 -8.9% 12 12 +0.9% Gains (losses) on financial transactions and other
Slide 66: South America (EUR mn)
64 South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 3,163 3,314 3,356 3,206 4,185 +30.5% 3,163 4,185 +32.3% Net fee income 1,166 1,229 1,264 1,025 1,182 +15.3% 1,166 1,182 +1.3% Gains (losses) o
Slide 67: South America (Constant EUR mn)
65 South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 3,185 3,267 3,308 3,157 4,185 +32.6% 3,185 4,185 +31.4% Net fee income 1,174 1,208 1,241 1,012 1,182 +16.8% 1,174 1,182 +0.6% Gains (
Slide 68: Brazil (EUR mn)
66 Brazil (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 2,105 2,180 2,327 2,504 2,630 +5.1% 2,105 2,630 +24.9% Net fee income 817 858 902 885 846 -4.4% 817 846 +3.6% Gains (losses) on financial transaction
Slide 69: Brazil (Constant EUR mn)
67 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 2,183 2,185 2,301 2,486 2,630 +5.8% 2,183 2,630 +20.5% Net fee income 847 861 891 878 846 -3.6% 847 846 -0.0% Gains (losses) on financial tr
Slide 70: Brazil (BRL mn)
68 Brazil (BRL mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 11,731 11,745 12,364 13,359 14,135 +5.8% 11,731 14,135 +20.5% Net fee income 4,550 4,625 4,791 4,719 4,549 -3.6% 4,550 4,549 -0.0% Gains (losses) on
Slide 71: Chile (EUR mn)
69 Chile (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 371 356 241 415 352 -15.1% 371 352 -5.1% Net fee income 153 163 133 122 129 +5.1% 153 129 -16.0% Gains (losses) on financial transactions and other 82
Slide 72: Chile (Constant EUR mn)
70 Chile (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 314 302 221 382 352 -7.9% 314 352 +12.1% Net fee income 130 138 121 115 129 +11.4% 130 129 -0.8% Gains (losses) on financial transactions and
Slide 73: Chile (CLP mn)
71 Chile (CLP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 322,790 310,631 227,113 392,690 361,759 -7.9% 322,790 361,759 +12.1% Net fee income 133,249 142,289 124,044 118,714 132,221 +11.4% 133,249 132,221 -0.
Slide 74: Argentina (EUR mn)
72 Argentina (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 532 606 629 112 1,025 — 532 1,025 +92.7% Net fee income 137 145 164 (50) 131 — 137 131 -4.2% Gains (losses) on financial transactions and other (1
Slide 75: Argentina (ARS mn)
73 Argentina (ARS mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 120,749 197,821 335,842 1,024,801 949,444 -7.4% 120,749 949,444 — Net fee income 31,111 47,835 86,223 188,633 121,575 -35.5% 31,111 121,575 +290.8
Slide 76: Other South America (EUR mn)
74 Other South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 154 172 160 176 178 +1.1% 154 178 +15.2% Net fee income 59 62 65 67 75 +12.2% 59 75 +27.4% Gains (losses) on financial transactions and
Slide 77: Other South America (Constant EUR mn)
75 Other South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 156 173 157 177 178 +0.8% 156 178 +13.9% Net fee income 61 64 65 68 75 +10.7% 61 75 +23.9% Gains (losses) on financial transact
Slide 78: Digital Consumer Bank Europe (EUR mn)
76 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,029 1,011 1,069 1,083 1,095 +1.0% 1,029 1,095 +6.4% Net fee income 191 203 210 192 220 +14.7% 191 220 +15.1% Gains (losses) o
Slide 79: Digital Consumer Bank Europe (Constant EUR mn)
77 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'24 / Q4'23 Q1'23 Q1'24 Q1'24 / Q1'23 Net interest income 1,032 1,018 1,072 1,089 1,095 +0.6% 1,032 1,095 +6.1% Net fee income 191 204 211 192 220 +14.5% 191 220 +14.8% Gains (
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 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 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: 30 April 2024 By: /s/ José García Cantera Name: José García Cantera Title: C