Banco Santander, S.A. (BNC) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Santander's first half 2025 results presentation. We are delighted to be joined by our CEO, Hector Grissy, and our CFO, Jose Garcia Cantera. We will start with the presentation and then come back for your questions. Hector, over to you. Thanks, Raul. Good morning, everyone, and thank you for joining Santander results presentation. We will follow the usual structure. First, I will talk about our results with a special focus on the performance of our global businesses. Then Jose, our CFO, will give a deep dive on the financials. And I will conclude with some final remarks before opening up for Q&A. Before starting the presentation, let me remind everyone that we have announced an agreement to sell our business in Poland. Given that, until the deal is completed, we're still managing Poland as prior to the announcement. All figures in this presentation include Poland. We are approaching the end of our strategic cycle well ahead of our plan. Thanks to our disciplined capital allocation, which is further improving profitability, up to 16% post-81, with our C81 ratio at 13%, and 88% of our RWAs generating returns above our cost of equity. After our latest inorganic transaction, we decided to accelerate execution of our €10 billion share buybacks, and upgrade our share buyback target so we now expect to distribute at least €10 billion to our shareholders through share buybacks for 2025-2026 subject to regulatory approvals. Q2 was another record quarter, demonstrating the strength of our strategy and the resilience of our business model in a more challenging environment. Our quarterly profit hit a new record of 3.4 billion, making H125 the first half ever, driven by strong revenue growth across global businesses and our solid franchise of 176 milli...