Banco Santander, S.A. (BNC) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.897 Good morning, all, and welcome to the Santander 00:00:03.897 -- 00:00:07.021 Q1 2025 results call. 00:00:07.021 -- 00:00:09.585 We entered the last year of 00:00:09.585 -- 00:00:11.267 our strategic 00:00:11.267 -- 00:00:15.613 cycle well ahead of our plan, focused on disciplining 00:00:15.613 -- 00:00:20.457 capital allocation, which is further improving our profitability 00:00:20.580 -- 00:00:22.243 to 15.8% 00:00:22.243 -- 00:00:24.243 post-81s 00:00:24.286 -- 00:00:28.088 and our C81 ratio to 12.9%, 00:00:28.600 -- 00:00:32.966 with 87% of RWA generating returns 00:00:32.966 -- 00:00:35.569 above our cost of equity. 00:00:35.569 -- 00:00:41.074 Given our solid progress building capital, our diversified 00:00:41.317 -- 00:00:46.023 earnings, and improving profitability, we reiterate 00:00:46.023 -- 00:00:50.208 our target to distribute up to $10 billion 00:00:50.208 -- 00:00:54.691 to our shareholders through share buybacks for 2025-2026, 00:00:54.934 -- 00:00:56.476 subject 00:00:56.476 -- 00:00:59.297 to regulatory approvals. 00:00:59.448 -- 00:01:03.670 Remember that we no longer set a maximum price 00:01:03.852 -- 00:01:08.196 for our buybacks, reflecting our confidence 00:01:08.196 -- 00:01:11.999 on the group's potential in terms of profitability 00:01:11.999 -- 00:01:14.360 and value creation. 00:01:16.443 -- 00:01:20.487 Q1 was another record quarter for Santander, 00:01:20.487 -- 00:01:25.732 demonstrating the strength of our strategy and the resilience of our business 00:01:25.732 -- 00:01:30.762 model. Profit reached a new record of 3.4 00:01:30.762 -- 00:01:33.747 billion, 19% higher 00:01:33.747 -- 00:01:35.409 than Q124, 00:01:35.409 -- 00:01:38.852 with all of our businesses growing. 00:01:39.135 -- 00:01:42.938 O...