6-K 1 financieroq324ingles.htm 6-K Document

6-K表格
證券交易委員會
華盛頓特區20549
外國發行人報告
根據《1934年證券交易法》13a-16或15d-16規定
1934 年《證券交易法》
2024年10月
委員會文件號碼：001-12518
 
 
桑坦德銀行股份有限公司
(根據其章程規定的註冊人準確名稱)
 
 
桑坦德城市集團
西班牙馬德里波阿迪利亞德蒙特28660號
請選擇註冊人是否按Form 20-F或Form 40-F覆蓋提交年度報告。 Form 20-F [X] Form 40-F []
 
 
請勾選標誌表示註冊人是否將提交或已提交由20-F表或40-F表提供封面的年度報告： 20-F ☒ 40-F ☐
20-F表格  ☒            40-F表格  ☐







桑坦德銀行股份有限公司。
________________________

目錄










































項目 1. 2024年1月至9月財務報告




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一月至九月2024

指數


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本報告已於2024年10月28日獲得董事會批准，此前經審計委員會的一份好評報告。關於本報告的重要信息可在第92頁和第93頁找到。

關鍵合併數據
資產負債表（以百萬歐元計）九月二十四日2024年6月%九月二十四日2023年9月%12月23日
總資產1,802,259 1,786,261 0.9 1,802,259 1,816,844 (0.8)1,797,062 
向客戶的貸款和墊款1,067,419 1,065,596 0.2 1,067,419 1,039,172 2.7 1,036,349 
客戶存款1,045,911 1,037,646 0.8 1,045,911 1,034,885 1.1 1,047,169 
所有基金類型1,327,308 1,309,903 1.3 1,327,308 1,288,547 3.0 1,306,942 
股東權益總計105,063 103,648 1.4 105,063 102,897 2.1 104,241 
注意：總資產包括客戶存款、互惠基金、養老金和管理組合。
損益表（以百萬歐元計）Q3'24Q2'24%9M'249M'23%2023
淨利息收入11,225 11,474 (2.2)34,682 32,139 7.9 43,261 
總收入15,135 15,670 (3.4)45,850 42,871 6.9 57,423 
淨營業收入8,786 9,304 (5.6)26,588 23,910 11.2 31,998 
稅前利潤4,919 4,925 (0.1)14,427 12,537 15.1 16,459 
歸屬於母公司的利潤3,250 3,207 1.3 9,309 8,143 14.3 11,076 
每股收益，盈利能力和效率（％） 1
Q3'24Q2'24%9M'249M'23%2023
每股收益（歐元）0.20 0.20 2.4 0.57 0.48 18.6 0.65 
roe13.4 13.4 12.9 11.7 11.9 
RoTE16.7 16.8 16.2 14.8 15.1 
RoA0.80 0.78 0.76 0.68 0.69 
roe2.31 2.18 2.15 1.93 1.96 
效率比率 2
41.9 40.6 41.7 44.0 44.1 
基礎收入表 2 （以百萬歐元計）
Q3'24Q2'24%9M'249M'23%2023
淨利息收入11,225 11,474 (2.2)34,682 32,139 7.9 43,261 
總收入15,135 15,670 (3.4)46,185 43,095 7.2 57,647 
淨營業收入8,786 9,304 (5.6)26,923 24,134 11.6 32,222 
稅前利潤4,919 4,925 (0.1)14,427 12,776 12.9 16,698 
歸屬於母公司的利潤3,250 3,207 1.3 9,309 8,143 14.3 11,076 
恒定歐元變動：
2024年第三季度/2024年第二季度：淨利息收入：+1.1%; 總收入：-0.2%; 淨營業收入：-2.1%; 稅前利潤：+3.0%; 歸屬利潤：+4.6%。
2024年前9個月/2023年前9個月：淨利息收入：+8.7%; 總收入：+8.2%; 淨營業收入：+12.7%; 稅前利潤：+13.6%; 歸屬利潤：+15.1%。
注：對於阿根廷和包括它在內的任何集團，恒定歐元的變動是根據所列每個時期最後一個工作日的阿根廷披索匯率計算的。此外，從2024年第二季度起，阿根廷披索一直使用與官方匯率不同的理論匯率，因爲它更好地反映了通貨膨脹的演變（我們將繼續將官方阿根廷披索匯率應用於之前的所有時期）。欲了解更多信息，請參閱 '替代績效指標' 本報告附錄中的章節。
本報告中的某些數字經過四捨五入，以加強其列報方式。因此，在某些情況下，本報告所載表格中一列或一行的數字之和可能與該列或行的總數不完全一致。
本演示文稿中描述的結果不包括英國金融行爲管理局審查和英國與汽車融資委員會有關的投訴可能產生的影響，因爲目前無法可靠地預測財務影響，預計財務影響不會對集團的財務狀況產生重大影響，預計也不會影響集團2024年財務目標的實現。
一月至九月 2024
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償付能力（%）九月二十四日2024年6月九月二十四日2023年9月12月23日
全面裝載普通股一級資本比率12.5 12.5 12.5 12.3 12.3 
全面裝載總資本比率16.8 16.4 16.8 16.2 16.3 
信貸質量（%）1
Q3'24Q2'249M'249M'232023
風險成本2, 3
1.18 1.21 1.18 1.13 1.18 
不良貸款佔比3.06 3.02 3.06 3.13 3.14 
不良貸款覆蓋率64 66 64 68 66 
市值和股份九月二十四日2024年6月%九月二十四日2023年9月%12月23日
股份（百萬）15,494 15,494 0.0 15,494 16,184 (4.3)16,184 
股價（歐元）4.601 4.331 6.2 4.601 3.619 27.1 3.780 
市值（百萬歐元）71,281 67,098 6.2 71,281 58,562 21.7 61,168 
每股有形賬面價值（歐元）5.04 4.94 5.04 4.61 4.76 
價格/每股有形賬面價值（X）0.91 0.88 0.91 0.79 0.79 
客戶（千人）九月二十四日2024年6月%九月二十四日2023年9月%12月23日
總客戶數170,944 168,243 1.6 170,944 166,250 2.8164,542 
活躍客戶102,313 101,277 1.0 102,313 100,614 1.7 99,503 
數字化客戶57,801 57,000 1.4 57,801 53,568 7.954,161 
其他數據九月二十四日2024年6月%九月二十四日2023年9月%12月23日
股東數量3,501,621 3,526,649 (0.7)3,501,621 3,703,401 (5.4)3,662,377 
職員數量208,080 209,553 (0.7)208,080 212,218 (2.0)212,764 
分行數量8,134 8,285 (1.8)8,134 8,652 (6.0)8,518 

1.
有關詳情，請參閱報告附錄中的 「替代業績指標」 部分
2.
除了根據國際財務報告準則（IFRS）編制並來源於我們合併財務報表的財務信息外，本報告還包含構成歐洲證券和市場管理局（ESMA）2015年10月5日發佈的《有關替代業績指標的指引》所定義的某些財務指標，以及其他非IFRS指標，包括與「基礎」結果相關的數字，這些數字不包括在我們業務常規經營範圍之外的因子，或已在基礎利潤表內進行重新分類。更多詳細信息請參閱報告附錄中的 「替代業績指標」 章節。有關所使用的替代業績指標和非IFRS指標的更多細節，包括它們的定義或適用管理指標與根據IFRS編制的年度合併財務報表中呈現的財務數據之間的調解，請參閱我們於2024年2月19日在西班牙國家證券市場管理局（CNMV）發佈的2023年度財務報告，我們於2024年2月21日向美國證券交易委員會（SEC）提交的截至2023年12月31日的20-F報告，以及本報告附錄中的 「替代業績指標」 部分。

3.過去12個月內的貸款損失準備金數額 / 過去12個月內的客戶貸款平均數額。
4
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January - September 2024
Our business model
Customer focus
Building a digital bank with branches
→ New operating model to build a digital bank with branches, with a multichannel offer to fulfil all our customers' financial needs.
171 mn
102 mn
total customersactive customers
Scale
→ Our global and in-market scale helps us to improve our local banks' profitability, adding value and network benefits.
→ Our activities are organized under five global businesses: Retail & Commercial Banking (Retail), Digital Consumer Bank (Consumer), Corporate & Investment Banking (CIB), Wealth Management & Insurance (Wealth) and Payments.
→ Our five global businesses and our presence in Europe, DCB Europe, North America and South America support value creation based on the profitable growth and operational leverage that ONE Santander provides.
Global and in-market scale
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Diversification
Business, geographical and balance sheet
→ Well-balanced diversification between businesses and markets with a solid and simple balance sheet that gives us recurrent net operating income with low volatility and more predictable results.
Our corporate culture
The Santander Way remains unchanged to continue to deliver for all our stakeholders
Our purpose
To help people and businesses prosper.
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Our aim
To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities.
Our how
Everything we do should be Simple, Personal and Fair.

January - September 2024
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5
Group financial information
General background
Grupo Santander's operating environment in 9M 2024 was characterized by a moderate global economic slowdown, with falling interest rates and a decline in inflation across most of our footprint. Geopolitical tensions, while still present, have not resulted in significant economic impacts, however, there has been greater volatility in global financial markets. Labour markets withstood the monetary tightening period and unemployment rates remained relatively low in most of the countries where we are present.
Country
GDP Change1
Economic performance
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Eurozone
+0.6%Economic growth is losing steam, hindered by weakness in Germany. In the labour market, the unemployment rate remains at historic lows (6.4%), though there is lower labour demand. Inflation continued to decline to 1.7% in September. The ECB accelerated its interest rate cuts, reducing the deposit facility rate to 3.25% in October (after the close of Q3 2024).
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Spain
+3.1%
Growth in Q2 2024 surprised positively, due to the good performance of household consumption. The labour market remains strong, with the number of people enrolled in social security at record levels. Inflation fell to 1.5% in September (core inflation stood at 2.4%), driven by continued moderation in services and energy prices (where inflation is higher).
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United Kingdom
+0.7%The economy performed well in H1 2024; GDP grew by 0.6% in Q2, a performance similar to Q1, driven by the services sector. However, some moderation is expected in the second half of the year. The unemployment rate remained low (4.0% in July). Year-on-year inflation declined to 1.7% in September and inflationary pressures on wages and services eased, which led the Bank of England to cut the official interest rate to 5.0% in August. More rate cuts are expected in Q4 2024.
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Portugal
+1.6%GDP grew slightly in Q2 2024 (+0.1% quarter-on-quarter), but below the 0.8% growth in Q1, due to the negative contribution from the foreign sector. Domestic demand performed better, supported by investment, but public and private consumption slowed. The unemployment rate was 6.4% in August, with employment rising and unemployment declining. Inflation moderated (2.1% in September), although we expect some rebound at the end of the year.
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Poland
+3.2%GDP accelerated in Q2 2024, up 1.5% in the quarter, supported by a good performance in private and public consumption and the unemployment rate was stable at 5% in September. Inflation rose to 4.9% in September and we expect it to continue rising to 5% at the end of the year. For this reason, the central bank held interest rates at 5.75%.
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United States
+3.0%The economy continued to grow at a good pace in H1 2024 and we expect this dynamism to remain. Inflation continued to moderate year-on-year (2.4% in September) and the labour market cooled down (unemployment rate was 4.1% in September) which led the Federal Reserve to cut interest rates by 50 bps, with another 50 bps expected before the end of the year, which would bring the Federal funds rate to a 4.25-4.50% target range.
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Mexico
+2.1%The economy remained weak in Q2 2024, with a slowdown in exports and domestic demand, particularly private consumption. The labour market remains resilient, albeit with signs of moderation. The inflation rate declined (4.6% in September), with core inflation below 4% for the first time in three and a half years. The central bank cut the official interest rate by 50 bps to 10.5% in Q3, bringing the total for the year to -75 bps.
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Brazil
+3.3%The economy continues to surprise with its dynamism, with GDP growth of 3.3% (4.9% in private consumption) and a very low unemployment rate (below 7%). The year-on-year inflation rate picked up to 4.4% in September from 4.2% in June and medium-term expectations remain above target. The central bank began its cycle of interest rate hikes, increasing the interest rate by 25 bps in September to 10.75%, and suggested that there will be further increases in the coming months.
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Chile+1.6%Following a strong Q1 2024, the economy slowed in Q2, with weaknesses in mining, industry and services sectors. Year-on-year inflation declined (4.1% in September versus 4.2% in June) and is expected to moderate further, as medium-term expectations remain anchored around the 3% target. The central bank continued to cut the official interest rate, albeit at a slower pace, -25 bps in Q3 to 5.5% and another 25 bp cut in October and reported that it expects further cuts in the future.
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Argentina-1.7%The economy remained in recession in Q2 2024, but with a much more moderate decline than in Q1 with some signs of recovery for H2, supported by the agriculture and energy sectors. Inflation, although high, continued to moderate to a monthly average of 3.9% in Q3 (5.9% in Q2).
1.Year-on-year changes for Q2 2024.

6
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January - September 2024
Highlights of the period
Main figures
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u
In Q3 2024, profit attributable to the parent was EUR 3,250 million, a new record for the second consecutive quarter, supported by most global businesses, especially Retail and Wealth.
u
Attributable profit was 1% higher compared to Q2 2024, significantly impacted by exchange rate movements. In constant euros, profit grew 5% quarter-on-quarter, due to the good performance in the main revenue lines and after having reported charges in Payments and provisions related to our CHF mortgage portfolio in Poland in Q2 2024.
u
Attributable profit increased 12% compared to Q3 2023. In constant euros, profit rose 16%, supported by revenue growth across all global businesses and by the positive performance in costs and provisions in Retail and Consumer.
u
In 9M 2024, attributable profit was EUR 9,309 million, 14% higher than in the same period of 2023 (+15% in constant euros), boosted by solid revenue growth across all global businesses and regions and good cost management, which grew less than inflation.
u
These solid results, with record net interest income, net fee income, total income, net operating income and profit, make us confident that we will achieve our 2024 targets that we upgraded in Q2.
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u
Profitability improved year-on-year. RoTE stood at 16.2% in 9M 2024, compared to 14.8% in the same period of 2023.
u
Sustained earnings per share growth, rising 19% year-on-year to EUR 56.8 cents in 9M 2024, supported by the positive performance in results and the share buybacks in the last 12 months.
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u
In terms of business volumes, customer funds continued to grow at a faster pace than loans and advances to customers in an environment where interest rates remain elevated in some countries, and as we focus on active capital management and disciplined capital allocation.
Gross loans and advances to customers (excluding reverse repos) increased 1% year-on-year in constant euros, with all businesses growing except Retail, where they decreased 1%, as higher volumes in South America, Mexico, Poland and Portugal did not completely offset lower loans in Spain and the UK due to SMEs and mortgages and in the US due to corporates.
Customer funds (customer deposits excluding repurchase agreements plus mutual funds) rose 3% year-on-year in constant euros, with deposits up 1%, growing across all businesses except CIB, while mutual funds rose double digits.
u
The benefits from our global scale, margin management and higher customer activity were reflected in year-on-year increases in net interest income (+8% in euros, +9% in constant euros) and net fee income (+5% in euros, +6% in constant euros), resulting in 7% total income growth in euros (+8% in constant euros).
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u
Structural changes towards a simpler and more integrated model through ONE Transformation are contributing to efficiency gains and profitable growth. The efficiency ratio improved 2.3 pp year-on-year to 41.7% driven mainly by Retail, Consumer and Wealth.
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u
Credit quality remains robust, driven by the strong macroeconomic environment and employment across our footprint. The NPL ratio was 3.06%, improving 7 bps year-on-year. Total loan-loss reserves reached EUR 22,735 million, resulting in a total coverage ratio of 64%.
u
The Group's cost of risk stood at 1.18% (1.18% in December 2023 and 1.13% in September 2023), in line with our expectations. In Retail, the cost of risk remained under control at 0.98%, while in Consumer, CoR continued to normalize (to 2.12%), remaining at controlled levels. Retail and Consumer accounted for approximately 85% of the Group's net loan-loss provisions.
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u
As at end September 2024, the fully-loaded CET1 ratio stood at 12.5%. In the quarter, we generated 43 bps organically (the net result of 52 bps from gross profit generation, RWA growth and impacts from minority interests), which was offset by a 26 bp charge for shareholder remuneration against profit earned in Q3 2024 in line with our 50% payout target1, -18 bps of regulatory charges and a 1 bp positive contribution from markets and others.
1.In line with the current shareholder remuneration policy of approximately 50% of the Group's reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.
January - September 2024
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7
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Think Value
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u
In applying the shareholder remuneration policy, the board of directors approved an interim payment charged against 2024 results, which will be made in two parts:
i) an interim cash dividend against 2024 results of EUR 10.00 cents per share, equivalent to c.25% of the Group's underlying profit in H1 2024, 23% higher than its 2023 equivalent, which will be paid from 1 November 2024. Including the EUR 9.50 cent dividend per share paid in May 2024, the cash dividend per share paid during 2024 will be 39% higher than that paid in 2023.
ii) a share buyback programme against 2024 results of up to EUR 1,525 million, which commenced on 27 August once the applicable regulatory approval was obtained, as announced in the Inside Information disclosed on the same day.
u
Total shareholder remuneration charged against H1 2024 results will be approximately EUR 3,050 million, 17% higher than the remuneration charged against H1 2023 results. The amount is approximately 50% of H1 2024 attributable profit.
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u
As at end September 2024, TNAV per share was EUR 5.04. Including the EUR 9.50 cent dividend per share paid in May 2024 and the announced EUR 10.00 dividend per share to be paid from November 2024, the TNAV per share + cash dividend per share increased 14% year-on-year.
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Think Customer
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u
Our efforts to simplify and improve our product offering and service quality are reflected in an increase of almost 5 million customers year-on-year, bringing total customers to 171 million. Active customers reached 102 million, up almost 2 million year-on-year.
u
Transaction volumes per active customer rose 8% year-on-year in 9M 2024.
u
We continue to deliver great customer experience and improve our service quality, ranking in the top 3 in NPS1 in seven of our markets.
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Think Global
Contribution to Group revenue2
9M 2024 data.Year-on-year changes in constant euros
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u
In Retail, attributable profit was EUR 5,332 million (+29%) driven by 9% growth in total income and the good performance in costs (due to our transformation efforts) and provisions.
u
Efficiency improved 4.2 pp to 39.3%, cost of risk remained controlled (0.98%), largely unchanged year-on-year. RoTE increased to 18.5%.
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u
In Consumer, net operating income rose 9%, due to total income growth (+5%) and good cost management, reaching an attributable profit of EUR 1,507 million, (+5%) despite higher LLPs (CHF mortgages, cost of risk normalization, higher volumes, lower portfolio sales and some regulatory impacts).
u
Efficiency stood at 40.7%, improving 1.9 pp, cost of risk continued to normalize reaching 2.12% and RoTE stood at 11.9%.
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u
In CIB, revenue continued to grow, achieving record figures in net interest income and net fee income. However, attributable profit (EUR 2,039 million) declined 3%, mainly impacted by costs relating to our transformation investments and net provisions in the period compared to net releases in 9M 2023.
u
The efficiency ratio was 44.4%. RoTE was 18.1%.
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u
In Wealth, attributable profit amounted to EUR 1,266 million (+15%) driven by increased activity, good margin management and higher fees, boosted especially by Private Banking.
u
Efficiency improved 2.1 pp to 34.2% and RoTE was 81.1%.
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u
In Payments, attributable profit reached EUR 178 million, impacted by write-downs in PagoNxt related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America in Q2 2024. Excluding them, profit would be 10% higher year-on-year, due to revenue growth and lower LLPs.
u
Cost of risk improved 67 bps to 7.01%. In PagoNxt, EBITDA margin was 22.7% (+3.1 year-on-year).
1.Net Promoter Score, internal benchmark of individual customers' satisfaction audited by Stiga/Deloitte in H1 2024.
2.As % of total operating areas, excluding the Corporate Centre.
8
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January - September 2024

Grupo Santander results
Grupo Santander. Summarized income statement
EUR million
ChangeChange
Q3'24Q2'24%9M'249M'23%
Net interest income11,225 11,474 (2.2)34,682 32,139 7.9 
Net fee income1
3,189 3,237 (1.5)9,666 9,222 4.8 
Gains or losses on financial assets and liabilities and exchange differences2
536 334 60.5 1,493 1,969 (24.2)
Dividend income91 400 (77.3)584 474 23.2 
Share of results of entities accounted for using the equity method194 180 7.8 497 462 7.6 
Other operating income/expenses (net)3
(100)45 — (1,072)(1,395)(23.2)
Total income15,135 15,670 (3.4)45,850 42,871 6.9 
Operating expenses(6,349)(6,366)(0.3)(19,262)(18,961)1.6 
   Administrative expenses(5,535)(5,538)(0.1)(16,792)(16,556)1.4 
       Staff costs (3,497)(3,467)0.9 (10,558)(10,080)4.7 
       Other general administrative expenses (2,038)(2,071)(1.6)(6,234)(6,476)(3.7)
   Depreciation and amortization(814)(828)(1.7)(2,470)(2,405)2.7 
Provisions or reversal of provisions(759)(1,129)(32.8)(2,521)(1,989)26.7 
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)(2,947)(3,443)(14.4)(9,524)(9,477)0.5 
Impairment on other assets (net)(146)(161)(9.3)(436)(129)238.0 
Gains or losses on non-financial assets and investments, net5 364 (98.6)371 280 32.5 
Negative goodwill recognized in results— — — — — — 
Gains or losses on non-current assets held for sale not classified as discontinued operations(20)(10)100.0 (51)(58)(12.1)
Profit or loss before tax from continuing operations4,919 4,925 (0.1)14,427 12,537 15.1 
Tax expense or income from continuing operations(1,330)(1,448)(8.1)(4,246)(3,552)19.5 
Profit from the period from continuing operations3,589 3,477 3.2 10,181 8,985 13.3 
Profit or loss after tax from discontinued operations— — — — — — 
Profit for the period3,589 3,477 3.2 10,181 8,985 13.3 
Profit attributable to non-controlling interests(339)(270)25.6 (872)(842)3.6 
Profit attributable to the parent3,250 3,207 1.3 9,309 8,143 14.3 
EPS (euros)0.20 0.20 2.4 0.57 0.48 18.6 
Diluted EPS (euros)0.20 0.20 2.5 0.57 0.48 18.6 
Memorandum items:
   Average total assets1,793,758 1,780,522 0.7 1,792,871 1,764,293 1.6 
   Average stockholders' equity96,720 95,994 0.8 96,341 92,421 4.2 
Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 90 as follows:
1.‘Commission income’ and ‘Commission expense’.
2.‘Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net’; ‘Gain or losses on financial assets and liabilities held for trading, net’; ‘Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss’; ‘Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net’; ‘Gain or losses from hedge accounting, net’; and ‘Exchange differences, net’.
3.‘Other operating income’; ‘Other operating expenses’; ’Income from insurance and reinsurance contracts’; and ‘Expenses from insurance and reinsurance contracts’.





January - September 2024
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9
Statutory income statement
Results performance compared to 9M 2023
In Q3 2024, profit attributable to the parent totalled EUR 3,250 million, reaching a new quarterly record for the second quarter in a row, even with a notable impact from currency depreciation in Q3 2024, particularly in Latin America.
Profit attributable to the parent amounted to EUR 9,309 million in 9M 2024, compared to EUR 8,143 million in the same period in 2023, 14% higher year-on-year and another a new record. This increase was due to the good performance of total income, which grew at a much faster pace than operating expenses.
This year-on-year comparison was impacted by a higher charge from the temporary levy on revenue earned in Spain, and by the charges after having discontinued our merchant platforms in Germany and Superdigital in Latin America in Q2 2024. Additionally, Single Resolution Fund (SRF) contributions ended in 2023 and therefore there is no contribution in 2024.
Total income
Total income amounted to EUR 45,850 million, up 7% year-on-year. By line:
•Net interest income (NII) totalled EUR 34,682 million, 8% higher year-on-year with widespread growth across businesses and regions. Good performance in Retail, driven by mainly South America (higher volumes and lower costs of deposits) and Spain and Portugal (good margin management). Also of note was the growth in Consumer, especially in Europe due to greater volumes and asset repricing and in Brazil, favoured by higher volumes and lower interest rates.
Net interest income
EUR million
chart-e87f072bead24417ac8.jpg
•Net fee income amounted to EUR 9,666 million, up 5% compared to 9M 2023, with solid performances across all our global businesses, except Payments which was impacted by a one-time positive fee recorded in Q1 2023 in Brazil.
Net fee income
EUR million
chart-e7f2a83bbff74200bf2.jpg
•Gains or losses on financial assets and liabilities and exchange differences declined to EUR 1,493 million (EUR 1,969 million in 9M 2023) affected by lower market activity in South America, particularly in Brazil.
•Dividend income was EUR 584 million (EUR 474 million in 9M 2023).
•Income from companies accounted for by the equity method reached EUR 497 million, compared to EUR 462 million in 9M 2023.
•Other operating income recorded a loss of EUR 1,072 million (compared to a EUR 1,395 million loss in 9M 2023). This line includes the negative impact from the hyperinflation adjustment in Argentina and the temporary levy on revenue earned in Spain. As mentioned earlier, there were no contributions to the SRF in 2024.
All in all, good performance of total income, supported by year-on-year growth across all our businesses and regions.
Total income
EUR million
chart-24fde1e3072143fdbdc.jpg


10
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January - September 2024
Operating expenses
Operating expenses in 9M 2024 amounted to EUR 19,262 million, and rose 2% year-on-year, growing below inflation and at slower pace than total income, reflecting our cost discipline.
Our cost management continued to focus on structurally improving our efficiency and, as a result, we remain one of the most efficient banks in the world.
We continued to drive our business transformation plan, ONE Transformation, across our footprint, reflected in greater operational leverage and better business dynamics.
Operating expenses
EUR million
chart-56fba896e5364616a73.jpg
Provisions or reversal of provisions
Provisions (net of provisions reversals) amounted to EUR 2,521 million and included the write-down in PagoNxt in Q2 2024 related to the discontinuation of our Superdigital platform in Latin America. In 9M 2023, this line totalled EUR 1,989 million.
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss (net) was EUR 9,524 million (EUR 9,477 million in 9M 2023), relatively stable year-on-year.
Credit quality indicators remained robust, supported by our risk management and the good performance of the global economy and labour markets across our footprint.

Impairment on other assets (net)
The impairment on other assets (net) was EUR 436 million, including the write-down in PagoNxt related to the discontinuation of our merchant platform in Germany in Q2 2024. In 9M 2023, impairments totalled EUR 129 million.
Gains or losses on non-financial assets and investments (net)
Net gains on non-financial assets and investments were EUR 371 million in 9M 2024, including a the capital gain resulting from having closed the joint-venture agreement with Sodexo in Q2 2024 in Brazil. In 9M 2023, net gains were EUR 280 million.
Negative goodwill recognized in results
There was no negative goodwill recorded in 9M 2024 or in 9M 2023.
Gains or losses on non-current assets held for sale not classified as discontinued operations
This item, which mainly includes impairment of foreclosed assets recorded and the sale of properties acquired upon foreclosure, recorded a EUR 51 million loss in 9M 2024 (EUR 58 million loss in 9M 2023).
Profit before tax
Profit before tax was EUR 14,427 million in 9M 2024, up 15% year-on-year, supported by the solid performance in net interest income, net fee income and our cost discipline.
Income tax
Total income tax amounted to EUR 4,246 million compared to EUR 3,552 million in 9M 2023.
Profit attributable to non-controlling interests
Profit attributable to non-controlling interests amounted to EUR 872 million (EUR 842 million in 9M 2023).
Profit attributable to the parent
Profit attributable to the parent rose to EUR 9,309 million in 9M 2024, compared to EUR 8,143 million in the same period in 2023, 14% higher year-on-year.
These results do not fully reflect the underlying business performance due to the impact of the aforementioned charges.


January - September 2024
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11
Underlying income statement
→ Second consecutive quarter of record profit. Similarly, 9M 2024 was also a record high.
→ Efficiency improvement and profitable growth, supported by the operational leverage resulting from ONE Transformation.
→ Risk indicators were robust, supported by good risk management, the economic environment and low unemployment.
Attributable profitRoTERoRWA
EUR 9,309 million+14% in euros16.2%2.15%
+15% in constant euros+1.3 pp+0.2 pp
Note: changes vs. 9M 2023.
Results performance compared to 9M 2023
The Group presents, both at the total Group level and for each of the business units, the changes in euros registered in the income statement, as well as variations excluding the exchange rate effect (i.e. in constant euros) except for Argentina and any grouping which includes it, understanding that the latter provide a better analysis of the Group’s management. For further information, see the 'Alternative performance measures' section in the appendix to this report.
At the Group level, exchange rates had a negative impact of 1.0 pp on total income and a positive impact of 0.9 pp on costs.
To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These items explain the differences between the statutory and underlying income statements and were:
•In 9M 2024:
–The impact of the temporary levy on revenue earned in Spain totalling EUR 335 million in Q1 2024, which was reclassified from total income to other gains (losses) and provisions.
–Provisions which strengthen the balance sheet in Brazil of EUR 352 million in Q2 2024 (EUR 174 million net of tax and minority interests).
•In 9M 2023:
–The impact of the temporary levy on revenue earned in Spain totalling EUR 224 million in Q1 2023, which was reclassified from total income to other gains (losses) and provisions.
–Provisions which strengthen the balance sheet in Brazil of EUR 235 million, net of tax and minority interests in Q1 2023.
For more details, see the 'Alternative Performance Measures' section in the appendix of this report.
As profit was not affected by results that fell outside the ordinary course of our business, no amount was recorded in the net capital gains and provisions line in 9M 2024 or in 9M 2023 and so both profit attributable to the parent and underlying profit attributable to the parent were the same; EUR 9,309 million in 9M 2024 and EUR 8,143 million in 9M 2023. This represents a 14% year-on-year increase, a 15% rise in constant euros.
This year-on-year comparison is impacted by a higher charge relating to the temporary levy on revenue earned in Spain, and by charges in Q2 2024 related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America. Additionally, there was no contribution to the SRF in 2024, as contributions ended in 2023.
Summarized underlying income statement
EUR millionChangeChange
Q3'24Q2'24%% excl. FX9M'249M'23%% excl. FX
Net interest income11,225 11,474 (2.2)1.134,682 32,139 7.98.7
Net fee income3,189 3,237 (1.5)2.39,666 9,222 4.86.4
Gains (losses) on financial transactions 1
536 334 60.564.31,493 1,969 (24.2)(22.3)
Other operating income185 625 (70.4)(70.3)344 (235)——
Total income15,135 15,670 (3.4)(0.2)46,185 43,095 7.28.2
Administrative expenses and amortizations(6,349)(6,366)(0.3)2.7(19,262)(18,961)1.62.5
Net operating income8,786 9,304 (5.6)(2.1)26,923 24,134 11.612.7
Net loan-loss provisions(2,976)(3,118)(4.6)0.2(9,219)(9,037)2.03.8
Other gains (losses) and provisions(891)(1,261)(29.3)(27.6)(3,277)(2,321)41.241.8
Profit before tax4,919 4,925 (0.1)3.014,427 12,776 12.913.6
Tax on profit(1,330)(1,448)(8.1)(5.2)(4,246)(3,765)12.813.2
Profit from continuing operations3,589 3,477 3.26.410,181 9,011 13.013.8
Net profit from discontinued operations— — — — — — — — 
Consolidated profit3,589 3,477 3.26.410,181 9,011 13.013.8
Non-controlling interests(339)(270)25.627.8(872)(868)0.51.6
Net capital gains and provisions— — ——— — ——
Profit attributable to the parent3,250 3,207 1.34.69,309 8,143 14.315.1
Underlying profit attributable to the parent 2
3,250 3,207 1.34.69,309 8,143 14.315.1
1. Includes exchange differences.
2. Excludes net capital gains and provisions.

12
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January - September 2024
Total income amounted to EUR 46,185 million, a new record, up 7% year-on-year. In constant euros, total income rose 8% year-on-year, as follows:
•Net interest income (NII) was 9% higher than in 9M 2023 with growth across businesses and regions:
–Strong growth in Retail (+9%), with increases in all regions, especially in South America, which benefitted from higher volumes and lower cost of deposits, and in Europe, driven by good margin management.
–In Consumer, NII rose 5% supported by our active loan repricing actions and volumes growth in Europe, and higher volumes and lower interest rates in Brazil.
–CIB increased strongly (+16%), backed by solid performance in Global Banking, with high activity levels in Leveraged Finance and a good performance in Global Debt Financing.
–In Wealth, NII rose 9%, driven by good margin management in a favourable macroeconomic environment and increased activity in Private Banking.
–In Payments, NII rose 7%, with growth in both Cards and PagoNxt, due to higher activity.
Net interest income
EUR million
leyendaconstantesa14.gif
constant euros
chart-bac038ff5a0b422b946.jpg
•Net fee income grew 6% compared with 9M 2023, with widespread growth across all businesses except Payments, whose year-on-year comparison was impacted by a one-time positive fee from commercial agreements in Brazil in Q1 2023. By business:
–In Retail, net fee income increased 3%, supported by mutual fund, insurance and foreign exchange fees. By country, of note was the good performance in Brazil, the US, Mexico and Poland.
–In Consumer, net fee income rose 25%, driven mainly by growth in Europe due to increased insurance penetration, volumes growth in Brazil and auto fee income in the US.
–In CIB, it increased 15%, mainly driven by greater activity in Global Banking, backed by our US Banking Build-Out (US BBO) initiative.
–In Wealth, net fee income rose 16%, with double-digit growth across all three businesses, mainly due to good commercial activity in Private Banking and Asset Management.
–In Payments, it declined 6%, affected by the impact from the aforementioned one-time positive fee in Q1 2023 in Cards,
while net fee income rose in PagoNxt due to good performances in Ebury and Getnet.
Net fee income
EUR million
leyendaconstantesa14.gif
constant euros
chart-66274cfe08954df3922.jpg
•Gains on financial transactions declined 22%, due to lower results in CIB, mainly in Brazil, down from the high levels recorded in 9M 2023, affected by weaker market activity, although it showed some recovery in the quarter.
•Other operating income in 9M 2024 registered a positive result compared to a negative result in 9M 2023, driven by a less negative impact from the hyperinflation adjustment in Argentina and, as already mentioned, in 2024 there was no contribution to the SRF.
This positive revenue performance keeps us on track to achieve our high-single digit growth target for the whole year.
Total income
EUR million
leyendaconstantesa14.gif
constant euros
chart-ce9d7367ea3d4c1883e.jpg
Administrative expenses and amortizations in 9M 2024 totalled EUR 19,262 million, up 2% year-on-year. In real terms, excluding the impact of average inflation, and in constant euros, they were 1% lower year-on-year.
Our cost management continued to focus on structurally improving our efficiency. As a result, we remained one of the most efficient banks in the world with an efficiency ratio of 41.7%, having improved 2.3 pp versus 9M 2023 and in line with our target of staying around 42%.
January - September 2024
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13
We continued to progress with our business transformation plan, ONE Transformation, reflected in greater operational leverage and better business dynamics. By business and in constant euros:
•In Retail, costs were down 1%, -5% in real terms (i.e. excluding inflation), driven by the transformation efforts through the simplification of our organization and processes, and the implementation of our global platform. The efficiency ratio improved 4.2 pp year-on-year to 39.3%.
•In Consumer, costs were stable year-on-year. In real terms, they fell 2% even as we continued to invest in operational leasing and check-out lending platforms and in business growth. This good performance was driven by our focus on efficiency and transformation. This resulted in a 1.9 pp improvement in the efficiency ratio year-on-year, falling to 40.7%.
•In CIB, costs increased 18%, +15% in real terms, due to our investments in new products and capabilities, as we invest to grow. The efficiency ratio stood at 44.4%, maintaining a leading position among peers.
•In Wealth, costs rose 6%. In real terms, they increased 3% due to investments in key initiatives such as reinforcing Private Banking teams. The efficiency ratio improved 2.1 pp year-on-year to 34.2%.
•In Payments, costs were 5% up, impacted by inflation, rising just 1% in real terms despite investments in global platforms in both PagoNxt and Cards. The efficiency ratio stood at 46.3%.
Operating expenses
EUR million
leyendaconstantesa14.gif
constant euros
chart-3c2cb03064d845e7b8c.jpg
Net operating income in 9M 2024 grew 12% year-on-year (+13% in constant euros), reaching a new record of EUR 26,923 million.
Net operating income
EUR million
leyendaconstantesa14.gif
constant euros
chart-e86fe0f785044e71a4d.jpg
Net loan-loss provisions in 9M 2024 amounted to EUR 9,219 million, up 2% year-on-year. In constant euros, they increased 4 as the good performance in Retail (which accounts for around 50% of Group provisions), due to lower provisions in Europe, partially offset the expected increases in Consumer (continued normalization in Europe and the US, higher volumes, increased CHF mortgage portfolio coverage, lower portfolio sales than last year and some regulatory charges) and in CIB (net releases in 9M 2023).
The cost of risk stood at 1.18%, in line with the Group’s 2024 target.
Net loan-loss provisions
EUR million
leyendaconstantesa14.gif
constant euros
chart-a71f6ff7d3b84f79bb3.jpg
Other gains (losses) and provisions had a loss of EUR 3,277 million, versus a EUR 2,321 million loss in 9M 2023, mainly affected by the aforementioned charges in Q2 2024 and the higher impact of the temporary levy on revenue earned in Spain.
Profit attributable to the parent in 9M 2024 was EUR 9,309 million, 14% more than in the same period in 2023 (+15% in constant euros), supported by double-digit net operating income growth, as total income greatly outpaced cost growth, and by a controlled cost of risk.
Profit attributable to the parent
EUR million
leyendaconstantesa14.gif
constant euros
chart-f1eb6c19b7754788800.jpg
RoTE in 9M 2024 stood at 16.2% (14.8% in 9M 2023), in line with our full-year target, which we upgraded in Q2, to exceed 16%. RoRWA was 2.15% (1.93% in 9M 2023) and earnings per share stood at EUR 0.57 (EUR 0.48 in 9M 2023).

14
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January - September 2024
Underlying results performance compared to the previous quarter
Underlying profit attributable to the parent and profit attributable to the parent were the same both in Q3 2024, at EUR 3,250 million, and in Q2 2024, at EUR 3,207 million, as profit in neither period was affected by results outside the ordinary course of our business.
Compared to Q2 2024, profit in Q3 2024 increased 1% with an impact from currency depreciation, mainly the Brazilian real and the Mexican peso.
In constant euros, excluding the impact of exchange rate movements, it increased 5%, by line:
•Total income remained at record levels, above EUR 15 billion for third consecutive quarter, driven by positive performances in the main lines:
–Net interest income increased 1%, supported by growth in Retail, which contributes more than half of the Group’s net interest income. In this business, net interest income grew across our footprint, especially in Brazil, the UK, Poland and Mexico, mainly due to good margin management and also higher volumes in Poland and Mexico. In Consumer, it increased slightly due to higher volumes in Brazil.
These increases offset the decline in CIB due to lower volumes in the quarter, as a result of our active capital management and focus on profitability.
–Net fee income grew 2% quarter-on-quarter. It rose in Retail, mainly in the UK and Argentina, in Wealth, supported by good activity levels in Private Banking and record assets under management in Asset Management, and also in Payments, backed by increased activity. Net fee income remained at record levels in CIB, reflecting the good results from our strategy to develop new capabilities and products in the US (US BBO). In Consumer, net fee income fell slightly from record levels in Q2 2024.
–Gains on financial transactions grew strongly, driven by CIB, mainly in Brazil, due to a recovery in market activity, after having registered a weaker Q2 2024, and in Spain.

•Operating expenses in Q3 2024 rose 3% quarter-on-quarter, as a result of the usual seasonality in the second half of the year (salary agreements in some regions and accrual of variable remuneration), our investments in the development of new products and capabilities in CIB (US BBO) and costs related to business growth in Wealth.
•Net loan-loss provisions were stable, supported by the significant decline in Retail, due to the good performance in Spain (improved credit quality), Poland (following CHF mortgage provisions in Q2 2024) and Mexico, which offset the increase in provisions in Consumer in the US due to the usual seasonality in the second half of the year.
•Other gains (losses) and provisions had an EUR 891 million loss in Q3 2024, compared to a EUR 1,261 million loss recorded in Q2 2024, which was impacted by the aforementioned one-time charges.

January - September 2024
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15
Grupo Santander balance sheet
Grupo Santander. Condensed balance sheet
EUR million
Change
AssetsSep-24Sep-23Absolute%Dec-23
Cash, cash balances at central banks and other demand deposits169,377 217,057 (47,680)(22.0)220,342 
Financial assets held for trading 232,039 201,226 30,813 15.3 176,921 
   Debt securities74,202 55,987 18,215 32.5 62,124 
   Equity instruments16,008 12,320 3,688 29.9 15,057 
   Loans and advances to customers31,482 13,434 18,048 134.3 11,634 
   Loans and advances to central banks and credit institutions54,100 49,340 4,760 9.6 31,778 
   Derivatives56,247 70,145 (13,898)(19.8)56,328 
Financial assets designated at fair value through profit or loss1
15,460 15,754 (294)(1.9)15,683 
   Loans and advances to customers7,033 6,798 235 3.5 7,201 
   Loans and advances to central banks and credit institutions435 621 (186)(30.0)459 
   Other (debt securities an equity instruments)7,992 8,335 (343)(4.1)8,023 
Financial assets at fair value through other comprehensive income80,171 86,029 (5,858)(6.8)83,308 
   Debt securities68,850 76,199 (7,349)(9.6)73,565 
   Equity instruments1,942 1,796 146 8.1 1,761 
   Loans and advances to customers9,036 7,737 1,299 16.8 7,669 
   Loans and advances to central banks and credit institutions343 297 46 15.5 313 
Financial assets measured at amortized cost1,198,673 1,187,206 11,467 1.0 1,191,403 
   Debt securities111,107 101,404 9,703 9.6 103,559 
   Loans and advances to customers1,019,868 1,011,203 8,665 0.9 1,009,845 
   Loans and advances to central banks and credit institutions67,698 74,599 (6,901)(9.3)77,999 
Investments in subsidiaries, joint ventures and associates8,640 7,819 821 10.5 7,646 
Tangible assets32,536 34,449 (1,913)(5.6)33,882 
Intangible assets19,077 19,635 (558)(2.8)19,871 
    Goodwill13,487 14,072 (585)(4.2)14,017 
    Other intangible assets5,590 5,563 27 0.5 5,854 
Other assets2
46,286 47,669 (1,383)(2.9)48,006 
Total assets1,802,259 1,816,844 (14,585)(0.8)1,797,062 
Liabilities and shareholders' equity
Financial liabilities held for trading 143,559 143,986 (427)(0.3)122,270 
   Customer deposits33,043 21,745 11,298 52.0 19,837 
   Debt securities issued— — — — — 
   Deposits by central banks and credit institutions28,646 32,193 (3,547)(11.0)25,670 
   Derivatives50,697 64,708 (14,011)(21.7)50,589 
   Other31,173 25,340 5,833 23.0 26,174 
Financial liabilities designated at fair value through profit or loss34,503 39,602 (5,099)(12.9)40,367 
   Customer deposits24,962 30,854 (5,892)(19.1)32,052 
   Debt securities issued7,487 5,618 1,869 33.3 5,371 
   Deposits by central banks and credit institutions2,038 3,130 (1,092)(34.9)2,944 
   Other16 — 16 — — 
Financial liabilities measured at amortized cost1,459,778 1,468,719 (8,941)(0.6)1,468,703 
   Customer deposits987,906 982,286 5,620 0.6 995,280 
   Debt securities issued314,446 295,650 18,796 6.4 303,208 
   Deposits by central banks and credit institutions115,657 145,855 (30,198)(20.7)130,028 
   Other41,769 44,928 (3,159)(7.0)40,187 
Liabilities under insurance contracts18,037 17,177 860 5.0 17,799 
Provisions8,571 8,369 202 2.4 8,441 
Other liabilities3
32,748 36,094 (3,346)(9.3)35,241 
Total liabilities1,697,196 1,713,947 (16,751)(1.0)1,692,821 
Shareholders' equity134,070 128,718 5,352 4.2 130,443 
   Capital stock7,747 8,092 (345)(4.3)8,092 
   Reserves (including treasury stock)4
118,539 113,794 4,745 4.2 112,573 
   Profit attributable to the Group 9,309 8,143 1,166 14.3 11,076 
   Less: dividends(1,525)(1,311)(214)16.3 (1,298)
Other comprehensive income(37,471)(34,522)(2,949)8.5 (35,020)
Minority interests8,464 8,701 (237)(2.7)8,818 
Total equity105,063 102,897 2,166 2.1 104,241 
Total liabilities and equity1,802,259 1,816,844 (14,585)(0.8)1,797,062 
Note: The condensed balance sheet groups some lines of the consolidated balance sheet on pages 88 and 89 as follows:
1.'Non-trading financial assets mandatorily at fair value through profit or loss' and 'Financial assets designated at fair value through profit or loss'.
2.‘Hedging derivatives’; ‘Changes in the fair value of hedged items in portfolio hedges of interest risk’; 'Assets under reinsurance contracts'; ‘Tax assets’; ‘Other assets’; and 'Non-current assets held for sale’.
3.‘Hedging derivatives’; ‘Changes in the fair value of hedged items in portfolio hedges of interest rate risk’; ‘Tax liabilities’; ‘Other liabilities’; and ‘Liabilities associated with non-current assets held for sale‘.
4.‘Share premium’; ‘Equity instruments issued other than capital’; ‘Other equity’; ‘Accumulated retained earnings’; ‘Revaluation reserves’; ‘Other reserves’; and ‘Own shares (-)’.
16
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January - September 2024
Balance sheet
Gross loans and advances to customers (excl. reverse repos)
Customer funds (deposits excl. repos + mutual funds)
Loans rose 1% year-on-year and decreased slightly quarter-on-quarter due to lower volumes in CIB.Customer funds continued to increase, with growth both year-on-year and quarter-on-quarter.
Gross loans and advances to customers (excl. reverse repos)
Customer funds (deposits excl. repos + mutual funds)
1,013-1% QoQ1,174+1% QoQ
EUR billion+1% YoYEUR billion+3% YoY
 è By segment:
 è By product:
Solid growth year-on-year in all of our global businesses except in Retail, still affected by prepayments.Year-on-year growth in time deposits and mutual funds, at the expense of demand deposits.
RetailConsumerCIBDemandTimeMutual funds
-1%+5%+6%-1%+5%+16%
Note: changes in constant euros.
Loans and advances to customers
Loans and advances to customers stood at EUR 1,067,419 million as at end September 2024, a 3% increase year-on-year and in line with the previous quarter.
For the purpose of analysing traditional banking loans, the Group uses gross loans and advances to customers excluding reverse repos, which totalled EUR 1,013,145 million. Additionally, the comments below do not include the exchange rate impact (i.e. in constant euros) except for Argentina and any grouping which includes it. For further information, see the 'Alternative performance measures' section in the appendix of this report.
In the quarter, gross loans and advances to customers excluding reverse repos fell 1% in constant euros, with the following detail:
•In Retail, they fell slightly (-1%), as growth in corporates was more than offset by lower activity in individuals and SMEs, still affected by prepayments. By region, they increased in North America (mainly Mexico) and fell in Europe (Spain and the UK) and were stable in South America.
•In Consumer, they were stable, as greater volumes in South America were offset by the decline in the US.
Gross loans and advances to customers (excl. reverse repos)
EUR billion
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0 %1
Sep-24 / Sep-23
1. In constant euros: +1%.

•In CIB, loans were 3% lower, as the increase in North America, in line with our strategy to develop new products and capabilities (US BBO), was more than offset by falls in Europe and South America due to active capital management and our focus on profitability.
•In Wealth, they increased 2%, while in Payments they were 3% up.
Compared to 9M 2023, gross loans and advances to customers (excluding reverse repos and in constant euros) grew 1%, as follows:
•In Retail, they declined 1%, mainly due to a smaller mortgage portfolio in the UK and Spain, still affected by early repayments, though new lending volumes are performing well, and in the US (run-off of non-core portfolios). These falls were partially offset by the growth in mortgage portfolios in Portugal, Poland and Chile. Additionally, personal and commercial loans registered a positive performance, mainly in Brazil, Spain and Poland.
•In Consumer, they rose 5% boosted by the good performance in auto in Europe and South America.
•In CIB, they grew 6% driven by solid growth in Europe and North America.
•They increased 5% both in Wealth and in Payments.
At the end of the quarter, gross loans and advances to customers excluding reverse repos maintained a diversified mix among the markets in which the Group operates: Europe (55%), DCB Europe (14%), North America (16%) and South America (15%).
Gross loans and advances to customers (excl. reverse repos)
% operating areas. September 2024
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January - September 2024
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17
Customer funds
Customer deposits amounted to EUR 1,045,911 million as at end September 2024, up 1% both quarter-on-quarter and year-on-year.
The Group uses customer funds (customer deposits excluding repos, plus mutual funds) for the purpose of analysing traditional retail banking funds, which amounted to EUR 1,174,211 million as at end September 2024. The comments below do not include the exchange rate impact (i.e. in constant euros), except for Argentina and any grouping which includes it. For further information, see the 'Alternative performance measures' section in the appendix to this report.
In the quarter, customer funds grew 1% in constant euros, with the following detail:
•By product, customer deposits excluding repos were flat, as the increase in time deposits, particularly in Europe, compensated the fall in demand deposits. Positive momentum continued in mutual funds (+5% in the quarter).
•By business, customer funds grew 3% in Consumer and in Wealth, and rose 1% in Retail, while they fell 1% in CIB.
Compared to September 2023, customer funds were 3% higher:
•By product, deposits excluding repurchase agreements rose 1%, driven by an increase in time deposits (+5%) given the current interest rate environment, with growth in most countries, while demand deposits decreased 1%. Mutual funds increased 16%.
•By business, they rose 3% in Retail, boosted by individuals and corporates. There was strong growth in Consumer, driven by our deposit gathering strategy. They decreased in CIB, in line with our strategy to reduce excess corporate deposits. In Wealth, they were up 14% due to mutual funds.
•By secondary segment, they grew in all regions.
As at end September 2024, customer funds maintained a diversified mix among the markets in which the Group operates: Europe (63%), DCB Europe (7%), North America (13%) and South America (17%). The weight of demand deposits as a percentage of total customer funds was 56%, time deposits accounted for 25% and mutual funds for 19%.
Customer funds
EUR billion
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+1 %
1a
+10 %
-1 %
•Total
• Mutual funds
•Deposits
exc. repos
Sep-24 / Sep-23
1. In constant euros: +3%.
In addition to capturing customer deposits, the Group, for strategic reasons, maintains a selective policy of issuing securities in the international fixed income markets and strives to adapt the frequency and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market.

In 9M 2024, the Group issued:
•Medium- and long-term senior debt amounted to EUR 17,614 million and covered bonds placed in the market for EUR 7,472 million.
•TLAC eligible instruments issued amounted to EUR 17,550 million, of which EUR 10,567 million was senior non-preferred, EUR 2,765 million was subordinated debt, EUR 1,338 million was AT1 debt and EUR 2,880 million was contingent convertible AT1 debt.
•Maturities of medium- and long-term debt totalled EUR 29,201 million.
The net loan-to-deposit ratio was 102% (100% in September 2023), and the ratio of deposits plus medium- and long-term funding to the Group’s loans was 124%, showing a comfortable funding structure. The liquidity coverage ratio (LCR) was an estimated 161% in September 2024 (see the 'Risk management' chapter of this report).
The Group's access to wholesale funding markets, as well as the cost of issuances depends, in part, on the ratings granted by the rating agencies.
Rating agencies
Long termShort termOutlook
Fitch RatingsA-(Senior A)F2 (Senior F1)Stable
Moody'sA2P-1Positive
S&P Global RatingsA+A-1Stable
DBRSA (High)R-1 (Middle)Stable
Moody's confirmed its A2 long-term and P-1 short-term ratings in October 2024 and maintained the positive outlook they had improved previously in April of this year, following the same movement in the rating of the Kingdom of Spain, and maintaining it two notches above the sovereign.
In September 2024, S&P Global Ratings confirmed Santander's credit rating at A+ for long-term and A1 for short-term debt. In April 2024, S&P rated our AT1 instruments as BBB- (investment grade), a new rating for this kind of instrument. Fitch maintained its A/F1 senior ratings in September 2024.
DBRS and Fitch maintained their stable outlook, above the sovereign, meanwhile S&P also maintained its stable outlook but in line with the sovereign.
Sometimes the methodology applied by the rating agencies limits a bank's rating to the sovereign rating of the country where it is headquartered. Banco Santander, S.A. is still rated above the sovereign debt rating of the Kingdom of Spain by Moody’s, DBRS and S&P and rated at the same level by Fitch, which demonstrates our financial strength and the benefits from our diversification.
Customer funds
% operating areas. September 2024
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18
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January - September 2024
Solvency ratios
Executive summary
Fully-loaded capital ratioFully-loaded CET1 ratio
The fully-loaded CET1 ratio remained above 12% at the end of September, in line with the Group's objective.We continued to generate capital organically in the quarter, backed by profit growth.
Fully-loaded CET1 performance (%)Organic generation+43 bps
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Accrual for shareholder remuneration1
-26 bps
TNAV per share
TNAV per share was EUR 5.04, increasing 14% year-on-year including the cash dividends.
As at end September 2024, the total phased-in capital ratio (applying the IFRS 9 transitional arrangements) stood at 17.1% and the phased-in CET1 ratio at 12.5%. We comfortably meet the levels required by the ECB on a consolidated basis (estimated 13.9% for the total capital ratio and 9.6% for the CET1 ratio). This resulted in a distance to the maximum distributable amount (MDA) of 264 bps and a CET1 management buffer of 286 bps.
In fully-loaded terms, we generated 43 bps organically in the quarter, the net result of 52 bps from gross profit generation, RWA growth and impacts from minority interests.
We also recorded a 26 bp charge for shareholder remuneration against profit earned in Q3 2024 in line with our 50% payout target1 and 18 bps of regulatory charges, mainly relating to capital model changes associated with large exposures.
Additionally, there were positive impacts from the placement of Santander Bank Polska, S.A. ordinary shares and ALCO portfolio valuations which were nearly offset by higher deductions (pensions, intangible assets and others).
This resulted in a fully-loaded CET1 ratio of 12.5%. The total fully-loaded capital ratio stood at 16.8%.
TNAV per share ended the quarter at EUR 5.04. Including the second cash dividend charged against 2023 results paid in May 2024 (EUR 9.50 cents per share) and an interim cash dividend charged against 2024 results announced in September that will be paid from November 2024 (EUR 10.00 cents per share), TNAV plus cash dividend per share increased 14% in the last twelve months (+4% in the quarter).
Lastly, the fully-loaded leverage ratio stood at 4.76% and the phased-in was also 4.76%.
Eligible capital. September 2024
EUR million
Fully-loadedPhased-in
CET178,058 78,152 
Basic capital88,149 88,242 
Eligible capital105,081 106,784 
Risk-weighted assets626,288 626,099 
%%
CET1 capital ratio12.5 12.5 
Tier 1 capital ratio14.1 14.1 
Total capital ratio16.8 17.1 
Fully-loaded CET1 ratio performance
%
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Note: 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 by Regulation 2020/873 of the European Union. Total phased-in capital ratios include the transitory treatment according to chapter 4, title 1, part 10 of the CRR2.
1.Our target payout is approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.
January - September 2024
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19
Risk management
Executive summary
Credit riskMarket risk
Despite the current macroeconomic and geopolitical environment, credit quality indicators remained contained within expected levels.VaR remained at moderate levels in an economic environment marked by geopolitical risk and monetary policy expectations.
Cost of riskNPL ratioCoverage ratioAverage VaR
1.18%3.06%64%Q3'24EUR 16 millionEUR 0 mn vs. Q2'24
-3 bps vs. Q2'24+4 bps vs. Q2'24-3 pp vs. Q2'24
Structural and liquidity riskOperational risk
Robust and diversified liquidity buffer, with ratios well above regulatory requirements.The operational risk profile was stable in the quarter, still focusing on execution, supplier and cyber risk. Operational losses increased compared to Q2 2024.
Liquidity Coverage Ratio (LCR)
161%1
+3 pp vs. Q2'24
Credit risk 2
The operating environment in the first nine months of the year was characterized by uncertainty arising from the macroeconomic and geopolitical situation. Market behaviour was affected by factors such as a scenario of potential economic slowdown in Europe and the US (despite rate cuts by the Bank of England, ECB and the Fed) and presidential elections in the US.
Despite a slight, system-wide deterioration in the stock of loans in recent quarters, credit demand was positive, in an environment characterized by a soft landing in interest rates.
Our global and diversified business model and our strong local presence provide us with resilience, which, paired with our conservative risk management, enable us to maintain a medium-low risk profile, even in less favourable environments.
Key risk metrics
Net loan-loss provisions 3
Cost of risk (%) 4
NPL ratio (%)NPL coverage ratio (%)
Q3'249M'24Chg (%)
/ 9M'23		Chg (%)
/ Q2'24		9M'24Chg (bps)
/ 9M'23		Chg (bps)
/ Q2'24		9M'24Chg (bps)
/ 9M'23		Chg (bps)
/ Q2'24		9M'24Chg (pp)
/ 9M'23		Chg (pp)
/ Q2'24
Retail1,3694,456(5.5)(7.1)0.983(5)3.28111357.7(5.8)(2.7)
Consumer1,1213,31412.29.02.1211(4)4.8723674.7(4.7)(1.1)
CIB61158—12.20.21660.88(48)(16)36.00.6(9.0)
Wealth1124—13.00.081430.69(12)(8)73.118.98.4
Payments4141,266—3.37.01(67)(2)5.524753133.1(10.8)(16.4)
TOTAL GROUP2,9769,2193.80.21.185(3)3.06(7)463.6(3.9)(2.8)
Europe4271,444(27.3)(20.0)0.35(9)(4)2.25(7)048.3(2.8)(0.8)
DCB Europe27986434.2(9.4)0.751532.44361383.3(8.8)(2.1)
North America9442,8379.09.72.1524(9)3.9814571.3(7.5)(3.0)
South America1,3264,07411.54.13.552565.55(16)2575.5(2.5)(6.0)
TOTAL GROUP2,9769,2193.80.21.185(3)3.06(7)463.6(3.9)(2.8)
1.Group internal LCR. See the '`Structural and liquidity risk' section of this chapter. Provisional data.
2.Changes in constant euros, unless otherwise indicated.
3.EUR million and % change in constant euros.
4.Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months.
For more detailed information, please see the 'Alternative Performance Measures' section.
20
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January - September 2024
In terms of credit quality:
•The NPL ratio reached 3.06% (+4 bps compared to Q2 2024), due to an increase in credit impaired loans to EUR 35,723 million (+3% quarter-on-quarter), driven by a rise in Retail and Payments, partially offset by a good performance in CIB. Gross credit risk with customers (total risk) increased slightly, reaching EUR 1,169 billion.
•Net loan-loss provisions rose 4% year-on-year to EUR 9,219 million in 9M 2024, mainly due to normalization in Consumer and increases in CIB (versus net releases in 9M 2023), which were partially offset by positive trends in Retail in Europe.
In Q3 2024, provisions amounted to EUR 2,976 million (in line with Q2 2024), with a decrease in Retail in Europe, mainly in Spain and Poland (after registering higher provisions in the CHF mortgage portfolio in Q2 2024) and in North America, which was partially offset by the seasonal increase in Consumer in the US.
The cost of risk stood at 1.18%, slightly above our ratio in September 2023 (1.13%), but in line with our target for the year and improving quarter-on-quarter (ratio at 1.21% in June 2024).
•The total coverage ratio for credit impaired loans decreased to 64% in the quarter, with loan-loss allowances of EUR 22,735 million. The coverage ratio remained at comfortable levels considering that 68% of the Group’s portfolio is backed by quality collateral.
The IFRS 9 stage distribution of the portfolio was largely unchanged in the quarter in percentage terms.
Coverage ratio by stage
EUR billion
Exposure1
Coverage
Sep-24Jun-24Sep-23Sep-24Jun-24Sep-23
Stage 11,0081,0081,0020.4 %0.4 %0.4 %
Stage 28794775.7 %5.6 %7.0 %
Stage 336353640,1%41.2 %40.4 %
1. Exposure subject to impairment. Additionally, in September 2024 there were EUR 39 billion in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&L (EUR 26 billion in June 2024 and EUR 20 billion in September 2023).
Stage 1: financial instruments for which no significant increase in credit risk has been identified since its initial recognition.
Stage 2: if there has been a significant increase in credit risk since the date of initial recognition but the impairment event has not materialized, the financial instrument is classified in Stage 2.
Stage 3: a financial instrument is catalogued in this stage when it shows effective signs of impairment as a result of one or more events that have already occurred resulting in a loss.
Credit impaired loans and loan-loss allowances
EUR million
Change (%)
Q3'24QoQYoY
Balance at beginning of period35,091 (1.5)0.4 
   Net additions4,505 36.7 12.4 
   Increase in scope of consolidation4 (69.2)— 
   Exchange rate differences and other(496)(18.8)254.3 
   Write-offs(3,381)4.2 4.2 
Balance at period-end35,723 1.8 0.5 
Loan-loss allowances22,735 (2.5)(5.3)
   For impaired assets14,241 (1.5)(0.8)
   For other assets8,494 (4.2)(12.1)
Our Retail, Consumer, CIB and Payments businesses account for around 98% of the Group's total portfolio. Our Wealth business focuses mainly on asset management, investment funds and insurance and has little credit risk exposure. Therefore, the following explanations are focused on the most relevant businesses from a credit risk management point of view.
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Retail & Commercial Banking
Credit risk exposure
56% of total Group
Retail's portfolio mainly comprises high quality mortgage loans, where 90% of loans have an LTV lower than 80%, and a corporate portfolio in which more than 50% has property collateral or other collateral.
The NPL ratio rose 13 bps in the quarter to 3.28%, driven by an increase in credit impaired loans (+5% compared to Q2 2024) mainly in Brazil and, to a lesser extent, in the US and Chile. This was partially offset by a decrease in Mexico and Spain (boosted by NPL portfolio sales). Gross credit risk with customers (total risk) was flat in the quarter.
Net loan-loss provisions declined 5% year-on-year, mainly due to the positive performance of the European portfolios, which was partially offset by greater provisions in Brazil due to higher activity and the normalization in Mexico and Chile. Provisions decreased 7% in the quarter, driven by an improvement in Europe (mainly in Spain and Poland) and in North America.
The cost of risk increased 3 bps year-on-year, reaching 0.98%. Compared to the previous quarter, it improved 5 bps.
The total coverage ratio of credit impaired loans fell slightly in the quarter, to 58%. Given the Retail portfolio includes the mortgage portfolios in Spain and the UK, which have high-quality collateral, we consider the coverage is at appropriate levels for the risk of the portfolio.
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Digital Consumer BankCredit risk exposure
18% of total Group
The Consumer portfolio mainly comprises auto loans, which account for around 80% of the portfolio (originated through strategic alliances with brands), our leasing business, and personal loans.
The NPL ratio stood at 4.87%, up 6 bps quarter-on-quarter, due to an increase in credit impaired loans. Gross credit risk with customers (total risk), was practically flat in the quarter.
Net loan-loss provisions in 9M 2024 increased 12% year-on-year, affected by the continued normalization in Europe and the US, higher volumes, increased CHF mortgage portfolio coverage, lower portfolio sales than last year and some regulatory charges. In the quarter, they rose 9%, due to higher provisions in the US, linked to the usual seasonality (albeit less pronounced than in Q3 2023).
The cost of risk increased 11 bps compared to September 2023, reaching 2.12%. However, it showed a positive performance in the quarter, as it decreased 4 bps compared to June 2024.
The total coverage ratio of credit impaired loans dropped slightly in the quarter, standing at 75%, a level we are comfortable with, considering that more than 80% of the portfolio is auto loans.
January - September 2024
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21
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Corporate & Investment BankingCredit risk exposure
21% of total Group
CIB's portfolio consists of wholesale customers, more than 85% of whom have a rating above investment grade. It is a business with a strong advisory component and high value-added solutions.
The NPL ratio improved 16 bps in the quarter to 0.88%, due to a 12% decline in credit impaired loans, mainly in Brazil. The portfolio grew 5%, primarily in Spain, Poland and North America.
Net loan-loss provisions stood at EUR 158 million, compared to a release of EUR 34 million in 9M 2023. Compared to Q2 2024, provisions increased 12% to EUR 61 million.
The cost of risk increased 6 bps both versus September 2023 and June 2024, to 0.21%.
The total coverage ratio of credit impaired loans stood at 36%, -9 pp quarter-on-quarter as some impaired assets, which had an above-average coverage level, left the balance sheet.
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PaymentsCredit risk exposure
2% of total Group
Payments has a portfolio that encompasses both the exposure associated with payments and transfer processing activities (PagoNxt) as well as the Cards businesses, which are characterized by rapid turnover and returns in line with its level of risk.
The NPL ratio stood at 5.52% (+53 bps compared to Q2 2024), due to a 14% increase in credit impaired loans, primarily in Europe and Brazil. Gross credit risk with customers (total risk) rose 3% in the quarter.
Net loan-loss provisions, which are mainly concentrated in the Cards portfolio, were stable compared to 9M 2023, largely driven by a good performance in South America and Europe. In the quarter, they increased 3%, mainly in Mexico, due to the current macroeconomic environment.
The cost of risk dropped 2 bps in the quarter (-67 bps year-on-year), to 7.01%.
The total coverage ratio of credit impaired assets fell 16 pp in the quarter to 133%.
Market risk
Markets remain conditioned by expectations regarding central banks' monetary policies as well as by geopolitical tensions.
Stock markets continue to be supported by the resilience of the global economies, but showed strong volatility in early August amid fears of a possible slowdown in the US economy after worse-than-expected employment data. Market interest rates continued to show high volatility, impacted by inflation expectations, while exchange rates depreciated further in Latin America, affected by official interest rate cuts and political issues.
Global corporate banking trading activity is focused on serving the needs of our clients. Their risk is measured in terms of daily VaR at 99% and is mainly driven by possible movements in interest rates.
During Q3 2024, the average VaR was EUR 16 million, in line with the previous quarter, remaining mostly stable throughout the quarter, with a slight decrease during the second half of the period, due to a lower exposure, to interest and exchange rates.
By market risk factor, VaR continued to be mostly driven by interest rate risk. VaR figures remain low compared to the size of the Group's balance sheet and activity.
Trading portfolios1. VaR by region
EUR million
20242023
Q3AverageLastAverage
Total16.4 18.0 10.9 
Europe11.7 15.0 8.2 
North America7.0 6.7 4.5 
South America9.7 10.5 7.2 
1. Activity in Santander Corporate & Investment Banking markets.
Trading portfolios1. VaR by market factor
EUR million
Q3 2024Min.Avg.Max.Last
VaR total12.8 16.4 19.8 18.0 
Diversification effect(13.2)(19.8)(34.8)(24.6)
Interest rate VaR12.0 16.4 20.3 17.8 
Equity VaR3.1 5.4 13.1 10.4 
FX VaR4.2 6.0 11.1 5.4 
Credit spreads VaR4.0 4.7 5.6 5.3 
Commodities VaR2.7 3.7 4.5 3.7 
1.Activity in Santander Corporate & Investment Banking markets.
Note: in the North America, South America and Asia portfolios, VaR corresponding to the credit spreads factor other than sovereign risk is not relevant and is included in the interest rate factor.




22
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January - September 2024
Trading portfolios1. VaR performance

EUR million
chart-86242fbe75654d8195a.jpg
1. Activity in Santander Corporate & Investment Banking markets..


Structural and liquidity risk
Structural exchange rate risk: mainly driven by transactions in foreign currencies relating to permanent financial investments, their results and associated hedges. Our dynamic management of this risk seeks to limit the impact of foreign exchange rate movements on the CET1 ratio. In the quarter, hedging of currencies impacting this ratio remained close to 100%.
Structural interest rate risk: market interest rates continued showing high levels of volatility in Q3 2024, due to the expectations of a first interest rate cut by the Fed, which materialized at the end of the period and the monetary policy cuts in regions such as the eurozone and Mexico. Nevertheless, our structural debt portfolios continued to perform positively, while structural interest rate risk remained at comfortable levels during the period.
Liquidity risk: the Group maintained its comfortable liquidity risk position in the quarter, supported by a robust and diversified liquidity buffer, with ratios well above regulatory limits.
From September 2024, the Group’s internal LCR ratio includes liquidity transfer restrictions, reaching 161%, in line with the ratio using the previous calculation which did not include said restrictions2. However, since the Group manages liquidity under a decentralized model, consolidated metrics are not considered good indicator of the Group's liquidity position.


Operational risk
Our operational risk profile remained stable in Q3 2024, still focusing on execution, supplier and cyber risk. Operational risk losses increased quarter-on-quarter. Legal proceedings continue to be the main drivers of these losses, which are concentrated in the Group's Retail business.
The Group continuously monitors the performance of operational risks in general, and technological risk in particular, arising from transformation plans, the services provided by third parties, external fraud and the relevant judicial processes.











2. The consolidated LCR metric using ECB criteria, the LCR would be 151%, since, in addition to considering the liquidity restrictions incorporated into the new Group internal LCR, it also excludes any liquidity surplus exceeding 100% LCR in third countries, even if such liquidity could be used to cover stress outflows within the country.
January - September 2024
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23
Financial information by segment
Description of segments
As we previously announced, following the creation of two new global segments and in order to align the operating and management model, we adapted our reporting, starting with the financial information for Q1 2024, with global businesses becoming the primary segments.
Main changes to the composition of Santander's segments
The main changes, which apply from 1 January 2024 to the management information for all periods included in the consolidated financial statements, are as follows:
•All of the Group's businesses across all markets were consolidated into five global areas: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance and Payments. These became the new primary segments.
•The changes in financial information were:
–The former Retail Banking was split into two new segments: Retail & Commercial Banking and Digital Consumer Bank. Our cards business now forms part of the new Payments segment.
–The results of activities mainly related to financial management located in the countries are fully allocated to their global businesses based on the segment that generates the financial position.
–The local corporate centres are fully allocated to the global businesses.
–The revenue sharing criteria between global businesses were revised to better reflect the contribution of each business to the Group.
•The former primary segments (Europe, North America, South America and Digital Consumer Bank - which is renamed DCB Europe) became our secondary segments. 2023 published figures for the countries, regions and the Corporate Centre remain unchanged.
All the changes described above have no impact on the reported Group consolidated financial statements.
Composition of Santander's segments
Primary segments
This primary level of segmentation, which is based on the Group's management structure from 1 January 2024, comprises six reportable segments: five operating areas plus the Corporate Centre.
The operating areas are:
Retail & Commercial Banking (Retail): area that integrates the retail banking business and commercial banking (individuals, SMEs and corporates), except for business originated in the consumer finance and the cards businesses.
Digital Consumer Bank (Consumer): comprises all business originated in the consumer finance companies, plus Openbank, Open Digital Services (ODS) and SBNA Consumer.
Corporate & Investment Banking (CIB): this business, which includes Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets, offers products and services on a global scale to corporate and institutional customers, and collaborates with other global businesses to better serve our broad customer base.
Wealth Management & Insurance (Wealth): includes the corporate unit of Private Banking and International Private Banking in Miami and Switzerland (Santander Private Banking), the asset management business (Santander Asset Management) and the insurance business (Santander Insurance).
Payments: the Group's digital payments solutions, providing global technology solutions for our banks and new customers in the open market. It is structured in two businesses: PagoNxt (Getnet, Ebury and PagoNxt Payments) and Cards (cards platform and business in the countries where we operate).
Secondary segments
At this secondary level, Santander is structured into the segments that made up the primary segments until 2023, which are Europe, DCB Europe, North America and South America:
Europe: comprises all business activity carried out in the region, except that included in DCB Europe. Detailed financial information is provided on Spain, the UK, Portugal and Poland.
DCB Europe: includes Santander Consumer Finance, which incorporates the entire consumer finance business in Europe, Openbank in Spain and ODS.
North America: comprises all the business activities carried out in Mexico and the US, which includes the holding company (SHUSA) and the businesses of Santander Bank (SBNA), Santander Consumer USA (SC USA), the specialized business unit Banco Santander International, the New York branch and Santander US Capital Markets (SanCap).
South America: includes all the financial activities carried out by Santander through its banks and subsidiary banks in the region. Detailed information is provided on Brazil, Chile, Argentina, Uruguay, Peru and Colombia.

24
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January - September 2024
In addition to these operating units, both at the primary and secondary segment level, the Group continues to maintain the area of the Corporate Centre, which includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of the Group’s assets and liabilities committee, as well as management of liquidity and of shareholders’ equity via issuances.
As the Group’s holding entity, this area manages all capital and reserves and allocations of capital and liquidity with the other businesses. It also incorporates goodwill impairment but not the costs related to the Group’s central services (charged to the areas), except for corporate and institutional expenses related to the Group’s functioning.











The businesses included in each of the segments in this report and the accounting principles under which their results are presented here may differ from the businesses included and accounting principles applied in the financial information separately prepared and disclosed by our subsidiaries (some of which are publicly listed) which in name or geographical description may seem to correspond to the business areas covered in this report. Accordingly, the results of operations and trends shown for our business areas in this document may differ materially from those of such subsidiaries.
As explained on the previous page, the results of our segments presented below are provided on the basis of underlying results only and include the impact of foreign exchange rate fluctuations. However, for a better understanding of the changes in the performance of our business areas, we also provide and discuss the year-on-year changes to our results excluding such exchange rate impacts (i.e. in constant euros), except for Argentina, and any grouping which includes it. Additionally, from Q2 2024 onwards, a theoretical exchange rate has been used for the Argentine peso. For further information, see methodology in the 'Alternative performance measures' section in the appendix to this report.
Certain figures contained in this report, have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that column or row.

January - September 2024
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25
January-September 2024
Main items of the underlying income statement
EUR million
Primary segmentsNet interest
income		Net fee
income		Total
income		Net operating
income		Profit
before tax		Profit attributable to the parent
Retail & Commercial Banking20,817 3,514 24,219 14,694 8,177 5,332 
Digital Consumer Bank7,978 1,115 9,584 5,688 1,965 1,507 
Corporate & Investment Banking2,932 1,892 6,261 3,478 3,096 2,039 
Wealth Management & Insurance1,233 1,084 2,718 1,787 1,730 1,266 
Payments1,916 2,069 4,007 2,154 578 178 
PagoNxt97 697 894 5 (281)(326)
Cards1,819 1,371 3,113 2,149 860 503 
Corporate Centre(195)(7)(604)(879)(1,120)(1,012)
TOTAL GROUP34,682 9,666 46,185 26,923 14,427 9,309 
Secondary segments
Europe12,493 3,536 17,663 10,705 7,786 5,029 
     Spain5,454 2,191 9,048 5,910 4,193 2,837 
     United Kingdom3,637 222 3,860 1,699 1,338 975 
     Portugal1,216 357 1,642 1,238 1,185 792 
     Poland2,111 508 2,634 1,915 1,284 643 
     Other74 258 479 (56)(214)(218)
DCB Europe3,256 680 4,252 2,276 1,159 696 
North America7,774 1,941 10,406 5,429 2,310 1,931 
     US4,235 835 5,639 2,796 830 880 
     Mexico3,534 1,062 4,721 2,744 1,685 1,234 
     Other5 43 47 (110)(205)(182)
South America11,355 3,517 14,468 9,390 4,292 2,665 
     Brazil7,709 2,567 10,266 6,977 2,904 1,771 
     Chile1,306 411 1,878 1,176 767 433 
     Argentina1,812 315 1,441 834 475 382 
     Other528 223 883 403 146 79 
Corporate Centre(195)(7)(604)(879)(1,120)(1,012)
TOTAL GROUP34,682 9,666 46,185 26,923 14,427 9,309 
Profit attributable to the parent distribution1
9M 2024

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1. As a % of operating areas. Excluding the Corporate Centre.
Profit attributable to the parent. 9M 2024
EUR million. % change YoY
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Var
Var2
+29 %+29 %
+4 %+5 %
-5 %-3 %
+14 %+15 %
-56 %-53 %
+20 %+19 %
-15 %-16 %
+2 %+2 %
+14 %+21 %
    
2. Changes in constant euros.
26
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January - September 2024
January-September 2023
Main items of the underlying income statement
EUR million
Primary segmentsNet interest
income		Net fee
income		Total
income		Net operating
income		Profit
before tax		Profit attributable to the parent
Retail & Commercial Banking19,105 3,482 22,367 12,631 6,040 4,128 
Digital Consumer Bank7,623 899 9,141 5,249 2,080 1,444 
Corporate & Investment Banking2,557 1,660 5,824 3,447 3,329 2,145 
Wealth Management & Insurance1,135 943 2,426 1,545 1,522 1,109 
Payments1,842 2,244 3,989 2,195 839 403 
PagoNxt55 701 819 (4)(45)(100)
Cards1,787 1,542 3,170 2,199 885 503 
Corporate Centre(124)(6)(650)(933)(1,034)(1,084)
TOTAL GROUP32,139 9,222 43,095 24,134 12,776 8,143 
Secondary segments
Europe11,787 3,328 16,228 9,555 6,339 4,176 
     Spain4,903 2,047 7,791 4,664 2,692 1,854 
     United Kingdom3,927 264 4,245 2,198 1,712 1,243 
     Portugal1,014 352 1,398 997 890 604 
     Poland1,871 437 2,344 1,722 1,082 529 
     Other73 228 450 (26)(37)(54)
DCB Europe3,110 604 4,069 2,103 1,437 823 
North America7,533 1,637 9,807 5,100 2,368 1,900 
     US4,314 579 5,442 2,728 881 865 
     Mexico3,213 1,019 4,318 2,473 1,594 1,163 
     Other5 38 47 (102)(107)(128)
South America9,833 3,659 13,641 8,310 3,667 2,329 
     Brazil6,612 2,577 9,616 6,271 2,264 1,426 
     Chile968 449 1,694 922 671 417 
     Argentina1,767 446 1,572 791 543 406 
     Other486 187 759 326 189 80 
Corporate Centre(124)(6)(650)(933)(1,034)(1,084)
TOTAL GROUP32,139 9,222 43,095 24,134 12,776 8,143 


January - September 2024
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27

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Retail & Commercial BankingUnderlying attributable profit
EUR 5,332 mn
→ To support our vision of becoming a digital bank with branches, we continued to drive our ONE Transformation programme forwards with the implementation of a common operating model and the rollout of our global technological platform.
→ Loans decreased 1% year-on-year in constant euros due to lower balances in Europe (mortgages and SMEs) and in the US, partially offset by increases in South America and Mexico. Deposits rose 1% in constant euros.
→ Attributable profit of EUR 5,332 million, increasing 29% year-on-year in euros and in constant euros, driven by a good revenue performance, efficiency gains from our transformation programme and lower provisions in Europe.

Strategy
In Q3 2024, we advanced in our strategic priorities:
•Implement a common operating model, leveraging the Group’s global scale and our local presence. Our vision is to make Santander into a digital bank with branches, offering all our products and services digitally through our own global platform and use our branch network to advise and help our customers.
We have 145 million customers who can access most of our products and services digitally. Sales through our web and apps and digital customers continued to rise at a good pace.
We have a network of nearly 8,000 branches, across 12 markets. Branches continued to strengthen their role as an essential driver of sales and advisory, reducing operational activities thereby increasing their focus on commercial functions and supporting customers.
•Continue our transformation efforts, based on three pillars:
–Customer experience. We reduced the number of products by 30% year-on-year, as part of our commitment to offer a simple and attractive product portfolio that provides the best experience for our customers. We also continued to improve customer journeys, especially digital onboarding (reducing onboarding times in all countries), and to innovate our product catalogue and services through different initiatives. Of note in the quarter was the launch of a new value proposition for the self-employed and small businesses in Spain, through a more personalized product offering, with specific risk models and more digitalized processes, which is accelerating account openings.

–Operational leverage. We have reduced the number of resources dedicated to non-commercial activities per million customers by 11% since June 2023 and resources dedicated to operational activities per million customers by 23% year-on-year, supported by economies of scale, process automation and organizational simplification. This has freed up time to focus on value added activities. Some examples in the quarter are, the digitalization of in-branch processes in Spain and mortgage servicing in Poland, as well as the simplification of the organization of branches in Brazil. Additionally, our strategy to promote a customer-centric self-service model is producing results, as contact centre call volumes decreased in the quarter while chatbot interactions increased.
–Global Technology Platform. Our goal is to leverage the Group's scale and roll out a global platform. This platform is based on our back-end Gravity technology and supported by ODS’s in-house, cloud-based technology to develop our apps and websites. In Q3 2024, we completed the initial integration of Gravity and ODS in the US, which enables us to provide a new digital offering and the best customer experience. We also completed the migration of our customers in the UK to the global app. The volumes of transactions in Gravity continues to rise, lowering unit costs and generating efficiencies.
•Continue to drive profitable growth and structural efficiency improvements. New digital processes to attract customers, a simpler and targeted offer and enhanced customer experience drove further customer growth (+4% year-on-year). The efficiency that the global platform's scale provides, together with increased simplification and process automation were significant drivers of these results.
Retail. Customers. September 2024
Thousands and year-on-year change
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Europe
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North America
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South America
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Total customers145,47346,49315,07622,48521,18721,17377,79267,617
+4%+1%+2%0%+3%+3%+6%+6%
Active customers78,09828,6888,58613,65710,73710,72338,67331,922
+2%+2%+6%-2%+6%+6%+2%+1%
28
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January - September 2024
Business performance
Loans and advances to customers decreased 1% year-on-year. In gross terms, excluding reverse repos and in constant euros, they decreased 1% mainly due to the decline in individuals and SMEs that was partially offset by increases in corporates.
In individuals, mortgage balances fell both in the UK and in Spain, still impacted by prepayments, but new business volumes are picking up. They also declined in the US due to the run-off of non-core portfolios. This was partially offset by increases in Poland, Portugal and Mexico. Personal loans performed well, especially in Brazil, Poland (both rising double-digits) and Spain.
Corporate loans rose, driven by Spain, Brazil and Mexico. SME loans decreased mainly due to declines in Spain and the UK, partially offset by higher volumes in Brazil and Poland.
Customer deposits fell 1% year-on-year. Excluding repurchase agreements and in constant euros, they rose 1%, driven by an 8% increase in South America. By product, time deposits increased +11%, mainly in Europe, offsetting falls in demand deposits, also in Europe. Mutual funds rose 16% in constant euros, due to the current interest rate environment. As a result, customer funds increased 3% in constant euros.
Retail. Business performance. September 2024
EUR billion and YoY % change in constant euros
614-1%733+3%

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Gross loans and advances to customers excl. reverse reposCustomer deposits excl.
repos + mutual funds

Retail. Total income. 9M 2024
EUR million and YoY % change in constant euros
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Others
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Var
+17%
-12%
+6%
+17%
+11%
    
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EUR 24,219 mn+9%

Results
Attributable profit in 9M 2024 was EUR 5,332 million, 29% higher year-on-year. In constant euros, profit also rose 29% year-on-year, as follows:
•Total income increased 9%, driven by net interest income and net fee income growth.
Net interest income increased 9%, with rises in most countries, but especially in South America, with higher volumes and lower deposit costs, and in Spain and Portugal due to good margin management. The exceptions were the UK, with lower mortgage volumes (in line with our strategy) and a higher cost of deposits, and the US due to lower volumes.
Our more targeted products and services contributed to 3% net fee income growth. The most significant increases were in Brazil (insurance fees and FX), in the US (real estate portfolio servicing fees with the FDIC), Mexico (insurance and mutual funds) and Poland (FX and funds).
•Costs decreased 1% year-on-year (-5% in real terms), reflecting transformation efforts through organizational simplification, process automation and global platform implementation. Of note were the performances in the US (-7%) and Spain (-3%).
These transformation efforts, together with strong revenue growth, contributed to a 4.2 pp efficiency ratio improvement year-on-year to 39.3%.
•Net loan-loss provisions improved 5%, due to a positive performance in Europe, especially in Spain (significant credit quality improvement) and in the UK (macro improvement), which more than offset greater provisions in Brazil due to higher activity and the cost of risk normalization in Mexico and Chile.
The cost of risk was 0.98%, in line with September 2023. The NPL ratio stood at 3.28% (3.18% in September 2023).
RoTE in 9M 2024 was 18.5%, a 4 pp improvement year-on-year.
Compared to Q2 2024, attributable profit grew 13% in constant euros, largely due to the net interest income improvement in Brazil, the UK, Poland and Mexico, mainly backed by good margin management but also higher loans in Poland and Mexico. Additionally, positive performance in provisions in Spain and North America, and also in Poland after having recorded CHF mortgage provisions in Q2 2024.
Retail. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income7,945-3024,219+8+9
Expenses-3,102-1+3-9,525-2-1
Net operating income4,844-5-214,694+16+17
LLPs-1,369-12-7-4,456-7-5
PBT2,990+6+98,177+35+34
Attributable profit2,005+10+135,332+29+29
January - September 2024
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29
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Digital Consumer BankUnderlying attributable profit
EUR 1,507 mn
→ Our priority is to continue expanding our leadership in consumer finance and to be the lowest cost operator in the industry, with the best customer experience through a more digital global operating model and the best solutions (check-out lending, digital journeys in auto lending and operational leasing) through common platforms.
→ Loans increased 5% year-on-year in constant euros, +7% in auto in a market that is recovering. Deposits rose 12% in constant euros, in line with our strategy aimed at lowering funding costs and reducing net interest income volatility across the cycle, to be able to offer our customers better pricing.
→ Attributable profit reached EUR 1,507 million in 9M 2024, a 4% increase year-on-year in euros (+5% in constant euros), mainly driven by operational leverage from solid performances in net interest income and net fee income and good cost control, which more than offset lower residual values in auto and the cost of risk normalization.

Strategy
Digital Consumer Bank (Consumer) is a leading consumer finance company globally. It operates in 26 countries in Europe and the Americas and it serves the financing needs at the point of sale (both physical and digital) of 25 million customers. It combines off three interconnected businesses: auto financing, consumer lending, supported by Zinia, and Openbank.
Our vision in the Consumer business is to become the preferred partner of our end customers and partners, offering greater profitability and value creation.
To respond to the changes the mobility and consumer finance ecosystem is undergoing and deliver on our vision, we continue to transform our operating model:
•Offering global and best-in-class solutions, integrated into our partners' (OEMs, importers and retailers) processes, accompanying them as their increasingly digital business models evolve. We continue to work on improving cross-regional partnerships and consolidating new partnerships by leveraging existing agreements.
•Simplifying and automating our processes to improve customer experience and increase scalability. We are working to align our functions with the Group's operating model, seeking to become more agile.
•Building and developing global platforms. For example in 2024, we have expanded the functionalities of our auto leasing platform operative in three European markets and have fostered growth in Zinia, our check-out lending technology operative in Germany, through new agreements with Amazon and Apple.
As part of our profitable growth strategy, we continue to capture deposits, a lower cost and more stable source of funding, and actively manage our balance sheet to make it more capital light. We launched our digital deposit gathering activities in January 2024 in the Netherlands and continue to work on expanding Openbank to other markets to fund asset growth and capture synergies while we continue to upgrade our customer proposition and experience.
In the period, we made progress with our strategic priorities:
•In Europe, we are focusing on transforming our operating model. To achieve this, we are continuing to pursue and develop commercial opportunities, such as launching an Amazon co-branded card through Zinia in Germany or
strengthening our operational leasing solution and instalment loans with Apple.
We are working towards being the most cost efficient player. For example, in auto, we continue to simplify our operating model, having moved from one platform per country to three in total, towards our final goal of having one common platform.
•In the US, our focus is on recovering pre-pandemic profitability, driving efficiency savings and improving our service. In Q3 2024, we continued to incorporate new strategic agreements in auto and work on the launch of Openbank nationwide in Q4 2024 to help reduce funding costs.
•In Latin America, we continue to drive greater profitable growth. We remain the leaders in Brazil in auto market share as we continue to focus on developing strategic alliances. In Mexico, we are preparing the launch of Openbank with a full value proposition to compete with other neobanks.
Consumer. Total Customers
Millions
0%
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Business performance
After a difficult environment in previous years, 9M 2024 showed further signs of recovery supported by a market with inflation moderation, lower interest rate expectations in Europe and North America and auto sales growth in our main markets.
In this environment, new lending increased 5% year-on-year, with solid growth across our main markets, especially in South America (led by Brazil). We continued to prioritize new business profitability over volumes growth in a higher-for-longer interest rate environment which is supporting progressive profitability improvement.
The stock of loans and advances to customers rose 2%. In gross terms, excluding reverse repos and in constant euros, they were 5% up year-on-year, driven by Europe and Latin America.
30
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January - September 2024
We have a EUR 17 billion leasing portfolio which increased 1% year-on-year in constant euros, as growth in Europe more than offset a decline in the US due to higher volumes of repurchases by dealers and despite increased electric vehicle activity.
Customer deposits, which accounted for 58% of Consumer's total funding, increased 9% year-on-year. Excluding repos and in constant euros, they were up 12% (+21% in DCB Europe and +1% in the US), as a result of our focus on deposit gathering. Mutual funds rose 25% in constant euros, up from very low levels. Our access to wholesale funding markets remained strong and diversified.
Consumer. Business. September 2024
EUR billion and YoY % change in constant euros
210+5%131+13%

DCB Europe
US
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DCB Europe
US
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Gross loans and advances to customers excl. reverse reposCustomer deposits excl.
repos + mutual funds
Consumer. Leasing portfolio. September 2024
EUR billion and YoY % change in constant euros
Total leasing17+1%
chart-f1788331d29a44d19da.jpgResults
In 9M 2024, attributable profit reached EUR 1,507 million, 4% higher than the same period in 2023. In constant euros, profit was up 5%, as follows:
•Total income rose 5%, mainly due to net interest income which also grew 5%, supported by active loan repricing actions and volumes growth in Europe, and higher volumes and lower interest rates in Brazil. NII in the US rose slightly as benefits from higher yields were mostly offset by lower credit volumes.
Net fee income also increased strongly, rising 25%, largely driven by increased insurance penetration in Europe, volumes growth in Brazil and auto fees in the US.
Gains on financial transactions declined, mainly in Europe, down from high levels in 2023. Leasing income also fell, due to a decrease in auto residual values and, in the US, lower leasing volumes and pricing, as we pass on fiscal benefits (recorded in the tax line) from electric vehicle leases.
Consumer. Total income. 9M 2024
EUR million and YoY % change in constant euros
DCB Europe
US*
Other
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Var
+4 %
-2 %
+39 %
* Year-on-year growth in revenue in the US is flat if we include the impact of the EV incentives in the tax line.
•Costs performed well, as they were flat in the period (-2% in real terms), even as we invest in leasing and check-out lending platforms and in business growth. This good performance reflects our efficiency and transformation efforts, particularly in the US where costs declined and in DCB Europe where they were stable. Consequently, efficiency improved 1.9 pp to 40.7%.
•Net loan-loss provisions increased 12%, affected by continued normalization in Europe and the US, higher volumes, increased CHF mortgage portfolio coverage, lower portfolio sales than last year and some regulatory charges. Credit quality remained controlled with the cost of risk at 2.12% (below our historical levels) and the NPL ratio at 4.87%.
RoTE in 9M 2024 was 11.9%, a 0.3 pp increase year-on-year.
Compared to Q2 2024, net interest income rose slightly and net fee income remained at high levels, with good cost control. However, this was not reflected in profit due to a reduction in leasing volumes, residual value performance and higher LLPs in the US affected by the usual seasonality (although less pronounced than in Q3 2023).
Consumer. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income3,135 -4-29,584 +5+5
Expenses-1,278 -2-1-3,896 00
Net operating income1,857 -5-35,688 +8+9
LLPs-1,121 +6+9-3,314 +11+12
PBT624 -14-121,965 -6-5
Attributable profit437 -28-261,507 +4+5
January - September 2024
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31
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Corporate & Investment BankingUnderlying attributable profit
EUR 2,039 mn
→ We continue making our centres of expertise more sophisticated, deepening client relationships with focus on our Global Markets plan to build institutional wallet share, the US Banking Build-Out initiative and actively managing capital.
→ Strong activity year-on-year, supported mainly by our growth initiatives in Global Banking (Global Debt Finance and Corporate Finance) and Global Markets and, to a lesser extent, by Global Transaction Banking.
→ Attributable profit reached EUR 2,039 million, a 5% decline year-on-year (-3% in constant euros). Good revenue performance, growing 9% in constant euros from record levels in 9M 2023, partially offset higher costs related to the development of new capabilities and provisions. We maintained a leading position in efficiency and profitability.
Strategy
Innovation will continue to transform the global economy and shape competition as new technology develops. In this changing environment, corporate and investment banking will continue to coexist with fintechs, digital assets and new digital players (e.g. virtual asset services providers), presenting collaboration opportunities in new sectors.
Substantial transition finance opportunities remain in ESG (e.g. Inflation Reduction Act and Net Zero initiatives) and certain sectors are expected to present significant financing needs, namely infrastructure, energy, life sciences, healthcare and technology.
At Santander, we are well prepared to capitalize on these opportunities, given our unique combination of global approach and local leadership, as reflected in our position in various industry rankings.
We continued to make progress in the execution of our strategy to become a world-class CIB business, positioning ourselves as a trusted advisor to our clients while delivering profitable growth and maintaining dynamic capital management.
In 9M 2024, we made good progress in our priorities:
•We are making our centres of expertise more sophisticated, further strengthening our teams in sales, trading and banking on the back of our two most important strategic initiatives; US BBO and Global Markets:
–In Global Banking (GB), we offer complete investment banking solutions with coverage across multiple industries supported by key hires in our GIGs (Global Industry Groups) and product teams (M&A, Leveraged Finance, ECM and DCM).
–In Global Markets (GM), we continue to execute our strategy centred on increasing activity with our corporate and institutional clients, by further leveraging technology, increasing cross-border flows and enhancing our trading and distribution capabilities, mainly in Leveraged Finance, Strategic Equity Solutions and Convertible Bonds.
We are starting to reap the rewards of our investments in 2023 and 2024, as reflected in the solid performance in institutional sales in Europe and the US.
•We are deepening our client relationships with a particular focus on the US, where we are taking our CIB franchise to the next level through the execution of the US BBO initiative, selectively expanding our client universe and product capabilities to areas adjacent to our current strengths, enabling us to increase our addressable market and the contribution of fees as a share of total revenue, especially in the US.
As a result, we are already making progress in targeting untapped wallets, specifically in M&A, Equity and Debt Capital Markets (ECM and DCM) and Leveraged Finance, where our new global franchise is helping us to create deeper relationships, especially in the US and EMEA, and leading to follow-on business opportunities in other areas.
Our US BBO initiative is already producing results, enabling us to deliver more sophisticated solutions and achieve numerous ‘firsts’ in businesses where we did not have presence and upgraded our roles in GB and GM transactions. Examples of this are, among others: first lead-left underwriting of a leveraged buy-out transaction with one of the largest industrial-focused investment firms, and in ECM, we acted as sole bookrunner in Silverbox Capital's SPAC IPO and in the re-IPO of LATAM Airlines.
In Mexico, we continue to capitalize on business opportunities leveraging our GM and US BBO initiatives, creating significant partnerships within the MEX-US corridor, through a complete investment banking solutions offering.
•We continued to actively manage capital through our Originate-to-Share model to drive large scale capital recycling. This helps us to limit our capital consumption and enabled us to maintain good profitability ratios.
Recent awardsRanking in League Tables 9M 2024
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EuromoneyGlobal CapitalStructured FinanceDebt Capital Markets
LatAm’s Best Bank for FX and Financing
Spain’s Best Investment Bank
Derivatives Risk Solutions House of the Year: Europe & Asia
LatAm Derivatives House of the Year
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ProximoGlobal FinanceEquity Capital Markets
ECAs (H1'24)
Europe Bank of the Year in GDF Energy and Infra
Best Bank for Treasury & Cash Management and Payments in LatAm
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32
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January - September 2024
Business performance
A high proportion of CIB's activity is customer related (83% of total income). Moreover, we have a high and growing percentage of capital-light activity and we actively manage our balance sheet, as reflected in our total revenue to risk-weighted assets ratio, which has improved 1 pp since 2022, up to 6.9%.
Customer loans, which are concentrated in our Global Transaction Banking (GTB) and GB businesses, increased 17% year-on-year. In gross terms, excluding reverse repos and in constant euros, they increased 6%. Customer deposits rose 1% year-on-year. Excluding repos and in constant euros, they fell 13%, in line with our strategy to reduce excess corporate deposits.
By business line, we had the following performance:
•In Global Transaction Banking, strong activity in Export Finance and, to a lesser extent, in Trade & Working Capital Solutions, more than compensated weaker activity in Cash Management, affected by lower interest rates, mainly in South America.
We continued to lead the global Export Finance league tables as Mandated Lead Arranger, with a 10% market share, and in Power & Renewables, with a 17% market share.
Trade & Working Capital Solutions continued to implement innovative trade solutions within the corporate segment, such as Trade Select, our integrated global supply chain finance platform, and increased penetration within the financial sponsors base.
•Global Banking saw significant activity growth year-on-year, with Corporate Finance (CF) maintaining the good momentum from the first half of the year, and Global Debt Financing (GDF) growing slightly, supported by DCM, which gained market share across our three regions.
In CF, we played lead roles in several Leveraged Finance and ECM transactions in Europe and the US, while in M&A our activity spans all sectors. We originated significant cross-border activity on the back of our enhanced capabilities, reflected in our advisory role to BHP on the sale of its Brazilian gold mining assets.
In GDF, performance in Structured Finance was in line with September 2023 despite reduced global activity levels, especially in infrastructure. On the other hand, Securitized Products continued to increase volumes, where we achieved the leading bookrunner position in primary issuances in Europe, exporting knowledge and technology to teams in other regions, such as Latin America.
•Global Markets had strong activity levels in credit, rates, securitized products and cash equity businesses, mainly in Europe and the US, where our institutional client platform and investments in human capital and technology are paying off, as most products are already available and volumes are ramping up. We maintained good momentum and continued to grow in the US.
Results
Attributable profit in 9M 2024 decreased 5% year-on-year to EUR 2,039 million. In constant euros, it fell 3%, with the following detail:
•Total income rose 9% year-on-year, backed by double-digit growth in net interest income and net fee income, both at record levels. Net interest income grew 16% boosted by GB, with high activity levels in Leveraged Finance in CF and good performance in GDF. Net fee income grew 15%, particularly in GB on the back of the US BBO initiative. Gains on financial transactions fell due to lower market activity in South America, particularly Brazil.
By region, good revenue performances in North America and
Europe were partially offset by a decrease in South America due to weaker activity in Brazil.
CIB. Total income by region. 9M 2024.
EUR million and % change in constant euros
Europe
North America
South America
chart-c5962d98fdad4581a2a.jpg
Var
+11 %
+34 %
-7 %
By business, revenue grew in GB (+15%), with strong activity in CF in Europe and the US and good performance in GDF, and in GM (+12%) on the back of strong activity in Europe and North America, as a result of our investments in new capabilities. Total income in GTB grew 3%, from high levels in 2023, supported by the good performance in Export Finance.
CIB. Total income by business. 9M 2024.
EUR million and % change in constant euros
chart-2e52dbed27c14512abd.jpg
Note: total income includes revenue from other activities which are less material (EUR 142 million in 9M'23 and EUR 124 million in 9M'24).
•Costs increased 18% due to our investments in new products and capabilities. Despite this, the efficiency ratio stood at 44.4%, one of the best in the sector.
•Due to the nature of the business, loan-loss provisions have a limited impact on results. They were EUR 158 million, compared to EUR 41 million of net releases in 9M 2023.
As a result, RoTE was 18.1% in 9M 2024.
Compared to Q2 2024, total income rose, supported by strong growth in the US and a recovery in market activity in Brazil which more than offset impacts from seasonality on revenue and lower volumes on net interest income, reflecting our active capital management and focus on profitability. However, this was not fully reflected in profit due to higher investment costs.
CIB. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income2,072 0+36,261 +8+9
Expenses-965 +4+6-2,782 +17+18
Net operating income1,107 -303,478 +1+3
LLPs-61 +10+12-158 ——
PBT946 -9-63,096 -7-5
Attributable profit633 -10-62,039 -5-3
January - September 2024
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Wealth Management & InsuranceUnderlying attributable profit
EUR 1,266 mn
→ We continue building the best wealth and insurance manager in Europe and the Americas supported by our leading global private banking platform and our best-in-class funds and insurance product factories that leverage our scale and global capabilities to offer the best value proposition to our customers.
→ Total assets under management continued to increase, reaching new record levels of EUR 493 billion, +16% year-on-year in constant euros, due to excellent commercial dynamics in both Private Banking and Santander Asset Management. In Insurance, gross written premiums reached EUR 9.0 billion in 9M 2024.
→ Attributable profit amounted to EUR 1,266 million, 14% higher year-on-year (+15% in constant euros), with an RoTE of 81%.
Strategy
Our Wealth Management & Insurance business was established in 2017 with the aim of enhancing its service model and value proposition as part of a common platform that leverages Santander's scale and capabilities.
Since then, it has been an important growth driver for the Group through its three businesses, delivering consistent double-digit growth and generating around one third of the Group's total fees, including those ceded to the commercial network.
•Santander Private Banking (PB) is our leading global platform serving private banking clients across 11 countries. We have a best-in-class service model and value proposition connecting clients and countries through a single platform.
•Santander Asset Management (SAM) is our global asset manager, which manufactures investment solutions for retail and institutional customers, with presence in more than ten countries and over 50 years of experience. SAM makes the most of its local client knowledge and global capabilities to provide customers the best investment opportunities.
•Santander Insurance provides protection solutions following a model based on strategic alliances with leading insurance companies that enables us to have a comprehensive value proposition across 12 countries. We complement this with in-person and digital distribution capabilities to better serve our clients.
We continued to focus on the following strategic initiatives:
•In Private Banking, we already have a best-in-class global platform leading investment flows between Latin America, Europe and the US. Going forward, we are developing key growth opportunities to expand our footprint, such as in the Middle East where we have established a branch in the Dubai International Financial Centre.

Private Banking clients
Thousands
+13%
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We also continue to complete our sophisticated value proposition to make the most of our connectivity between countries and segments, reaching more than EUR 56 billion in fee-based mandates and EUR 3.3 billion in total alternatives commitments.
In Q3 2024, we were named the Best Bank for Wealth Management in Latin America by Euromoney.
•In SAM, we operate as a global asset manager leveraging our scale, global investment capabilities and product distribution hubs. In terms of retail distribution, we deployed SAM Conecta in Mexico and Brazil (already in Spain and Portugal), enhancing our distribution capabilities with real-time information for our customers.
In terms of our alternatives business, we fully implemented eFront, our single operating platform that enables the automatization of the investment cycle and enhances the service we provide our customers.
During this quarter, we were named Best Multi-Manager of the Year in the UK at the Investment Life and Pensions Moneyfacts Awards, along with other notable awards in previous quarters.
•In Insurance, we continue to deploy our strategic plans across countries to deliver more value to our customers and simplify our operations. We are focused on completing our value offer, especially in higher growth verticals such as savings, health and SMEs.
Additionally, we continue to improve customer growth and loyalty by developing fully-digital servicing and claims capabilities, such as the new digital service implemented in Spain, Poland and Argentina and Assesoria de Seguros, a centralized unit for specialized advisory to customers in Brazil.

Wealth awards
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January - September 2024
Business performance
Total assets under management (AuMs) reached new record levels of EUR 493 billion, +16% year-on-year in constant euros and +11% compared to end 2023, driven by excellent commercial activity and positive market performance. In Insurance, gross written premiums reached EUR 9.0 billion year-to-date. By business and in constant euros:
•In Private Banking, customer assets and liabilities exceed EUR 324 billion for the first time (+17% year-on-year), with all product categories growing, especially custody and funds. Net new money totalled EUR 13.2 billion in 9M 2024.
We remain close to our clients, offering them the benefits of our scale and international presence. As a result, our client base grew 13% year-on-year to 290,564.
•In SAM, total assets under management reached EUR 231 billion, +16% year-on-year, on the back of solid commercial activity in all countries. Net sales in 9M 2024 reached EUR 12.5 billion, representing 7% of volumes if we annualize these net sales, and already exceed full year 2023 net sales.
In Spain, we surpassed the EUR 100 billion in AuMs for the first time and delivered record net sales year-to-date in Mexico.
•In Insurance, gross written premiums were in line with last year, with savings business growth.
Wealth. Business performance. September 2024.
EUR billion and % change in constant euros
Total AuMs
Funds and investment*
- SAM
- Private Banking
Custody
Customer deposits
Customer loans
GWPs
chart-0b51d48697cf4c13b36.jpg
/ Jun-24/ Sep-23
+4 %+16 %
+4 %+15 %
+4 %+16 %
+4 %+21 %
+8 %+22 %
0 %+9 %
+2 %+4 %
-5 %0 %
Note: total products marketed, advised, under custody and/or managed.
*Excluding overlaps between PB and SAM (PB clients with investment funds managed by SAM).
Results
Attributable profit in 9M 2024 amounted to EUR 1,266 million, 14% higher year-on-year. In constant euros, it grew 15%, with the following results by line:
•Total income reached EUR 2,718 million, 13% higher year-on-year supported by solid growth in net interest income and net fee income.
Net interest income increased 9% in a favourable macro environment driven by solid margin management and strong commercial activity in Private Banking.

Net fee income rose 16% year-on-year to EUR 1,084 million, with growth in all three businesses, boosted especially by Private Banking and SAM, driven by higher volumes with positive commercial activity and market performance.
•Costs increased 6% year-on-year, due to investments in key initiatives such as reinforcing PB teams to address the increase in commercial activity.
Including the fees ceded to our commercial network, total revenue reached EUR 4,695 million, up 12%, driven by more recurrent activity in Private Banking, higher volumes in SAM and the good performance of the savings business in Insurance.

Wealth. Total income. 9M 2024.
EUR million and % change in constant euros
PB
SAM
Insurance
chart-975daf9a3a3145569a4.jpg
Total incomeTotal income + ceded fees
+12%+12%
+19%+16%
+8%+10%
Total incomeFees ceded to the commercial network
Note: information at the total Wealth level excludes overlaps between businesses.
When considering these ceded fees, along with our PAT, the total contribution to Group profit (PAT+Fees) reached EUR 2,601 million, up 11% year-on-year (+13% in constant euros).
Our RoTE for 9M 2024 was 81.1%.
Compared to Q2 2024, attributable profit increased 10% in constant euros due to good revenue performance in SAM and Insurance. By line, of note was the growth in NII and net fee income, driven by higher activity in SAM.
Wealth. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income929 +4+62,718 +12+13
Expenses-315 +2+4-931 +6+6
Net operating income614 +4+71,787 +16+17
LLPs-11 +12+13-24 ——
PBT600 +5+71,730 +14+15
Attributable profit448 +7+101,266 +14+15
January - September 2024
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PaymentsUnderlying attributable profit
EUR 178 mn
→ PagoNxt and Cards bring a unique position in the payments industry to the Group, covering both sides of the value chain of card payments (issuing and acquiring businesses) and account-to-account payments.
→ Activity increased in both businesses supported by global platform development, enabling further scale gains. In PagoNxt, Getnet's Total Payments Volume (TPV) rose 12% year-on-year in constant euros and the number of transactions improved 5%. In Cards, turnover increased 6% year-on-year in constant euros and transactions rose 9%.
→ Attributable profit was EUR 178 million. Excluding charges after discontinuing our merchant platform in Germany and Superdigital in Latin America in Q2 2024, profit was EUR 421 million, increasing 5% year-on-year, +10% in constant euros. The EBITDA margin in PagoNxt improved 3.1 pp to 22.7%.
PagoNxt and Cards strategy
PagoNxt continued to make progress in its key strategic priorities:
•In Getnet, we continued to consolidate our platform and we deployed new global solutions which enable us to gain market share across most of our footprint.
In the quarter, we launched a regional ecommerce API for merchants who are pursuing acquiring and processing services in Brazil, Mexico, Argentina and Chile through a single integration. We were the first in Latin America to earn a PCI MPoC certification for our Tap On Phone functionality. Also, we participated in enabling contactless payments in Mexico City's underground network.
We remain focused on our current value proposition in Spain and Portugal and we are working with local partners in other European markets.
•In Ebury, we continued to make progress and are focused on: i) growing customers by expanding our product offering and online capabilities, ii) expanding geographically with a focus on emerging markets, and iii) introducing tailored products to capture verticals such as mass payments.
•In PagoNxt Payments, our A2A payment processor, Payments Hub, is already able to process all types of payments globally. We aim to achieve an industry-leading cost per transaction and provide value-added services to benefit both the Group and other open market participants.
Our Dynamic Currency Conversion service is now live in Mexico and Brazil, and the new FX platform was recently brought to Mexico, the UK, the US and Chile, replacing legacy systems.
In Cards, we continued to make progress in our priorities:
•Expand the business: we made progress implementing Card Risk Data Lab in four countries across our three different regions, and we expect to reach one million new pre-approved customers before year end.
We are also enhancing the connection between card issuing and acquiring platforms to offer value-added products and services. We launched a differential joint value proposition (card + PoS) in Chile, following the one already launched in Spain in Q2 2024.
•Improve customer satisfaction: we are working to offer the best card payment experience in a simple way at any time, through what we call Invisible Payments. We made progress in the implementation of Click to Pay, beginning with Brazil. We continued to roll out digital services on a global scale, such as the token manager, which manages more than 180 million tokens at Santander banks.
•Implement our global card platform (Plard), which already manages more than 2.5 million debit cards in Brazil. We expect
to fully migrate the debit card portfolio this year. In Chile, we will start issuing new customer debit cards for individuals and businesses. In Mexico, the new authorizer engine is now live.
Business performance
Loans and advances to customers decreased 4% year-on-year. In gross terms, excluding reverse repurchase agreements and in constant euros, gross loans rose 5%, driven mainly by Cards in Brazil and Mexico.
Payments has a very small amount of deposits, concentrated in PagoNxt. These deposits (excluding repos) rose 50% year-on-year in euros and in constant euros.
Results
Attributable profit was EUR 178 million in 9M 2024, 56% down year-on-year affected by charges in Q2 (discontinuation of our merchant platform in Germany and Superdigital in Latin America). Excluding them, profit was EUR 421 million, up 5% year-on-year. In constant euros, profit rose 10%, by line:
•Total income grew 3%, boosted by a good NII performance driven by activity improvement.
•Costs rose 5%. In real terms, they increased just 1%, despite our investments in platforms both in Cards and PagoNxt.
•Net loan-loss provisions, mainly related to Cards, were flat, with decreases in South America and Europe.
Compared to Q2 2024, the comparison is affected by the aforementioned charges in Q2 2024. Excluding their impact, profit decreased 7% in constant euros, as the good performance in revenue and costs was offset by higher LLPs and tax burden.
Payments. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income1,307 -3+34,007 0+3
Expenses-588 -4-1-1,854 +3+5
Net operating income719 -2+62,154 -2+2
LLPs-414 -5+3-1,266 -3—
PBT272 +558+716578 -31-28
Attributable profit129 ——178 -56-53
36
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January - September 2024
PagoNxt
Business performance
In 9M 2024, the total number of transactions in Getnet reached 7.2 billion, 5% higher year-on-year, and the total payments volume (TPV) was EUR 163 billion, 12% more than in 9M 2023 in constant euros.
In PagoNxt Payments, the number of transactions processed was 785 million compared to 147 million in 9M 2023 and 43% more in Q3 2024 than in Q2 2024.
PagoNxt. Activity
TPV (Getnet)
EUR billion and changes in constant euros
+12%
chart-10bec2d04ab54e42996.jpg
Results
In 9M 2024, attributable loss of EUR 326 million (EUR 83 million loss if we exclude the aforementioned charges in Q2), compared to a EUR 100 million loss in the same period of 2023. There was no material impact from exchange rates in the period. In constant euros:
•Total income reached EUR 894 million, up 12% year-on-year, driven by a good performance in Ebury and the increase in Getnet's revenue in Europe, Mexico and Chile.
•Costs rose 10% year-on-year, reflecting inflationary pressures and continued investment in the global payments platforms.
EBITDA margin was 22.7%, 3.1pp higher than in 9M 2023.
Compared to Q2 2024, attributable loss was EUR 21 million, versus a EUR 22 million loss in Q2 2024 (excluding the aforementioned charges), as strong revenue growth, driven both by NII and fees, controlled costs and LLP improvements offset a higher tax burden.
PagoNxt. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income311+3+9894+9+12
Expenses-288-30-889+8+10
Net operating income23+532—5——
LLPs-3-36-33-13-45-44
PBT4——-281+519+425
Attributable profit-21-92-93-326+224+208
Cards
Business performance
Card turnover increased 6% year-on-year in constant euros, rising 8% in credit cards, in line with our strategy.
The number of transactions rose 9% year-on-year, boosted by a larger card pool and increased card usage for all type of payments.
Loans and advances to customers excluding reverse repurchase agreements and in constant euros rose 6%, driven mainly by Brazil and Mexico.
Cards. Activity
Turnover
EUR billion and changes in constant euros
+6%
chart-33204ff27c794e6a989.jpg
Results
In 9M 2024, attributable profit amounted to EUR 503 million, flat year-on-year. In constant euros, profit rose 3%, by line:
•Total income increased 1% year-on-year, affected by a one-time positive fee that was recorded in Q1 2023 in Brazil. Excluding this effect, revenue rose 3% driven by 4% NII growth, due to higher volumes, which more than offset the fall in net fee income in Mexico (customer retention campaigns) and Chile (regulatory impacts).
•Costs were flat, as our cost efforts offset inflationary impacts and our investment in platforms.
•Net loan-loss provisions increased 1%, below portfolio growth, due to good risk management and a lower interest rate environment in South America.
In 9M 2024, RoTE in Cards was 33.0%.
Compared to Q2 2024, net operating income rose 3% in constant euros, driven by the good performance in revenue and lower costs, which were not reflected in profit due to higher provisions in Mexico, impacted by the current macroeconomic context.
Cards. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income996-5+23,113-2+1
Expenses-300-6-1-965-10
Net operating income696-4+32,149-2+1
LLPs-411-4+4-1,253-2+1
PBT268-11-4860-3+1
Attributable profit150-15-95030+3
January - September 2024
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37
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Corporate CentreUnderlying attributable profit
-EUR 1,012 mn
→ The Corporate Centre continued to support the Group, defining, developing and coordinating the Group's strategy, as well as aiding the operating units, adding value.
→ It carries out the corporate oversight and control function, coordinates interactions with the Group's supervisors and regulators and also carries out functions related to financial and capital management.
→ Attributable loss of EUR 1,012 million in 9M 2024, improving 7% year-on-year, due to lower losses on financial transactions driven by a lower impact from currency hedges and lower costs, which more than offset a weaker performance in net interest income, affected by greater interest expenses related to higher TLAC/MREL issuances.
Strategy and functions
The Corporate Centre contributes value to the Group, through the following functions, among others:
•Global control frameworks and supervision.
•Fostering the exchange of best practices in cost management, which enables us to be one of the most efficient banks.
•Collaborating in the definition and execution of the global strategy, competitive development operations and projects that ensure we meet the business plan.
•Contributing to the launch of projects that will be developed by our global businesses, aimed at leveraging our worldwide presence to generate economies of scale.
•Ensuring open and constructive communication with shareholders, analysts, investors, bondholders, rating agencies and other market players.
•Adding value to our businesses, countries and divisions by encouraging the exchange of best practices, driving and managing innovative global initiatives and defining corporate policies to improve efficiency in our processes and service quality for our customers.
It also coordinates the relationship with European regulators and supervisors and carries out functions related to financial and capital management, as follows:
•Financial Management functions:
–Structural management of liquidity risk associated with funding the Group’s recurring activity and stakes of a financial nature. At the end of September 2024, the liquidity buffer was EUR 322 billion.
This is done ensuring the diversification of funding sources (issuances and other), maintaining an adequate profile in volumes, maturities and costs.
The price of these transactions with other Group units is the market rate that includes all liquidity concepts (which the Group supports by immobilizing funds during the term of the transaction) and regulatory requirements (TLAC/MREL).
–We also actively manage interest rate risk to dampen the impact of interest rate changes on net interest income, conducted via high credit quality, very liquid and low capital consumption derivatives.
–Strategic management of exposure to exchange rates in equity and dynamic management of the FX hedges related to the units’ next twelve months results in euros. The net investments in equity currently hedged totalled EUR 17,107 million (mainly in Mexico, Brazil and the UK) with different FX instruments (spots and forwards).
•Management of total capital and reserves: capital analysis, adequacy and management of the Group including: coordination with subsidiaries, monitoring profitability to maximize shareholder returns, setting solvency targets and capital contributions, and monitoring the capital ratio in both regulatory and economic terms, and efficient capital allocation to the units.
Results
In 9M 2024, the attributable loss was EUR 1,012 million, 7% better than in 9M 2023 (EUR 1,084 million loss), with the following performance by line:
•Net interest income worsened EUR 71 million, as increased liquidity buffer remuneration was more than offset by greater interest expense related to higher TLAC/MREL issuances.
•Losses on financial transactions improved EUR 44 million, due to a lower impact from foreign currency hedges.
•Costs showed a positive trend, decreasing 3% compared to 9M 2023, driven by ongoing simplification measures.
•Other results and provisions increased year-on-year.
Corporate Centre. Underlying income statement
EUR million and % change
Q3'24Q2'24% chg.9M'249M'23% chg.
Total income-254 -140 +80-604 -650 -7%
Net operating income-355 -227 +56-879 -933 -6%
PBT-514 -266 +93-1,120 -1,034 +8%
Attributable profit-403 -252 +60-1,012 -1,084 -7%

38
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January - September 2024

europe.jpg
EuropeUnderlying attributable profit
EUR 5,029 mn
→ We continue to accelerate our business transformation to achieve higher growth and a more efficient operating model.
→ New business lending volumes improved year-on-year, however the stock of loans declined slightly in constant euros, still affected by prepayments. Customer deposits decreased in constant euros, driven by demand deposits.
→ Attributable profit increased 20% year-on-year (+19% in constant euros) to EUR 5,029 million, with strong revenue growth, mainly from net interest income, and lower provisions.
Strategy
In Q3 2024, we remained focused on growing our business and transforming our operating model to improve efficiency and customer experience.
•In Retail, we continued to drive digitalization through a common online banking and mobile experience, while reducing running costs and streamlining products and processes.
•In CIB, we were focused on deepening customer relationships and boosting our distribution capabilities.
•We continued to grow our Wealth business, which is a key driver of fee generation, while increasing its efficiency by developing centralized global technology platforms.
•In Payments, we remain focused on our current PagoNxt value proposition in Spain and Portugal and on expanding our Cards business.
Additionally, our capital discipline has enabled us to maximize the value of our business, through sustainable asset rotation and high-value origination, achieving an RoTE of 17.1% in 9M 2024.
Business performance
Commercial activity continued its positive trend, supported by 356,000 more customers year-on-year.
Loans and advances to customers rose 5% year-on-year. In gross terms, excluding reverse repurchase agreements and in constant euros, they decreased 1%, mainly in the UK and Spain, partially offset by Poland and Portugal supported by new loan originations in mortgages, personal loans and SMEs. By business, they fell in Retail due to mortgage prepayments in the UK and Spain.
Customer deposits increased 2% year-on-year. Excluding repurchase agreements and in constant euros, they decreased 1%, as the decline across all businesses in demand deposits (-4%) was partially offset by the increase in time deposits (+7%), mainly in Retail and Wealth. Mutual funds rose 18% in constant euros, with growth in all countries.
Europe. Business performance. September 2024
EUR billion and YoY % change in constant euros
Europe558-1%Europe733+1%
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uk.jpg
portugal.jpg
poland.jpg
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spain.jpg
uk.jpg
portugal.jpg
poland.jpg
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Gross loans and advances to customers excl. reverse reposCustomer deposits excl.
repos + mutual funds
Results
Attributable profit in 9M 2024 was EUR 5,029 million, up 20% year-on-year. In constant euros, it grew 19%, as follows:
•Total income increased 7%, due to higher net interest income (+4%), with strong growth in Spain, Portugal and Poland with good margin management, which more than offset the fall in the UK due to lower volumes (in line with our strategy) and a higher cost of deposits, in a more competitive market. Net fee income rose 5%, mainly driven by mutual fund fees in Spain.
•Costs increased 3%, flat in real terms, as higher costs in the UK and Poland, both affected by higher salaries, were offset by good management in Portugal and Spain. Net operating income rose 10% and the efficiency ratio improved by 1.7 pp to 39.4%.
•Net loan-loss provisions decreased 27%, driven by credit quality improvement across countries and by macro improvement in the UK. The cost of risk stood at 0.35% (0.44% in September 2023).
•Other results and provisions increased 15%, impacted by the temporary levy on revenue earned in Spain, which was 50% higher than in 2023.
Compared to Q2 2024, profit rose 12% in constant euros, supported by the net interest income and net fee income increases in Poland and the UK and lower net loan-loss provisions, driven by better credit quality in Spain, macro outlook in the UK and the impact of having recorded CHF mortgage provisions in Poland in Q2 2024.
Europe. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income5,945 +1017,663 +9+7
Expenses-2,356 +3+2-6,958 +4+3
Net operating income3,589 -1-110,705 +12+10
LLPs-427 -20-20-1,444 -26-27
PBT2,802 +10+107,786 +23+21
Attributable profit1,842 +12+125,029 +20+19
January - September 2024
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39
DCBEDigital Consumer Bank EuropeUnderlying attributable profit
EUR 696 mn
→ Our strategy is focused on strengthening our leadership in auto and non-auto through strategic alliances and better service through new operational leasing and non-auto (Zinia) platforms.
→ In 9M 2024, new business volumes rose 1% year-on-year in constant euros (+2% in auto), in an auto market that continued to perform well despite an environment that is still tending to limit consumption. Deposits increased double digits, in line with our objective to increase retail funding through common platforms to reduce liability costs.
→ Attributable profit of EUR 696 million, down 16% year-on-year in constant euros as the good performances in net interest income, net fee income and costs were more than offset by cost of risk normalization and higher provisions relating to the CHF mortgage portfolio in Poland.
Strategy
Our strategy in Europe is aligned with that of Consumer at the global level. The vision in our DCB Europe business is to become the preferred partner of our final customers and partners, offering greater profitability and value creation.
Our main focus is on transforming our operating model:
•We continue to offer global solutions integrated into the processes of our partners - manufacturers, importers and retailers - accompanying them as their increasingly digital business models evolve.
•Simplifying and automating our processes to improve customer experience and gain scalability.
•Building and developing global platforms. In Q3 2024, we continued to strengthen our operational leasing solution and launched an Amazon co-branded card through Zinia in Germany. At Openbank, we are currently working on opening a branch in Germany and we are continuing to upgrade our customer proposition and experience.
Business performance
The stock of loans and advances to customers rose 5% year-on-year. In gross terms, excluding reverse repos and in constant euros, it also rose 5% year-on-year (primarily due to auto). New business volumes rose 1% year-on-year in constant euros, mainly in new auto.
In line with our strategy to increase retail funding, customer deposits increased 21% year-on-year. Excluding repos and in constant euros, they also grew 21% to EUR 80 billion. Mutual funds increased 29% from very low levels. Our access to wholesale funding markets remained strong and diversified.
DCB Europe. September 2024
EUR billion and % change in constant euros
0%
QoQ+4%
QoQ
138
+5%84+21%
YoYYoY
Gross loans and advances to customers excl. reverse reposCustomer deposits excl. repos + mutual funds
Results
In 9M 2024, attributable profit reached EUR 696 million, a 15% decline year-on-year. In constant euros, profit decreased 16%, as follows:
•Total income increased 4% mainly due to net interest income (+4%), supported by active loan repricing and customer deposit growth, and net fee income (+12%) driven by greater penetration in direct insurance, especially in Germany.
•Costs remained flat, even as we invest in business growth. Net operating income increased by 8% and the efficiency ratio improved 1.9 pp to 46.5%.
•Net loan-loss provisions were 34% higher, impacted by the provisions in Q2 2024 which increased CHF mortgage portfolio coverage. LLPs were also impacted by normalization, in line with expectations, volumes growth, some regulatory impacts and lower portfolio sales than last year. Despite all of this, cost of risk remained at very low levels (0.75%) and below its historical levels and the NPL ratio stood at 2.44%.
The largest contribution to profit came from Germany (EUR 195 million), followed by the Nordic countries (EUR 168 million), France (EUR 89 million) and the UK (EUR 86 million).
Compared to the previous quarter, profit in Q3 rose 9% in constant euros, mainly due to the additional CHF mortgage provisioning in Q2 which more than offset impacts in other lines while costs remained relatively stable.
DCB Europe. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income1,398 -3-34,252 +4+4
Expenses-656 00-1,976 00
Net operating income742 -6-62,276 +8+8
LLPs-279 -9-9-864 +35+34
PBT402 +13+131,159 -19-19
Attributable profit243 +8+9696 -15-16
40
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January - September 2024
na.jpg
North AmericaUnderlying attributable profit
EUR 1,931 mn
→ We continue to leverage the strength of our global businesses to transform our business in the US, while continuing our digital transformation and refining our tailored service and product suite for a better customer experience in Mexico.
→ Loans and advances to customers increased 3% year-on-year in constant euros, with growth in both countries, but particularly in Mexico. Customer deposits declined 5% in constant euros, in line with our strategy to reduce excess corporate deposits in the US, partially mitigated by deposit growth in Mexico and Consumer in the US.
→ Attributable profit in 9M 2024 was EUR 1,931 million, up 2% year-on-year (also +2% in constant euros), with top line growth in both countries, higher costs (inflation and investments) and cost of risk normalization in line with expectations.
Strategy
We continued to pursue business transformation across the US and Mexico, while leveraging our global and regional scale. We:
•Remained focused on executing the transformation of our Retail and Consumer businesses in both countries. We continued to simplify our product portfolio and streamline our operations.
•Reached an important milestone in the adoption of our global technology platforms to deliver an enhanced digital experience. We prepared our national deposits platform, under the Openbank brand, for its launch in Q4 2024 in the US.
•Continued to invest in our Corporate & Investment Banking Build-Out in the US (US BBO initiative), with the expansion of our advisory services and enhanced product capabilities, which is already reflected in strong revenue growth.
•Pursued growth in Wealth, with targeted investments to enhance our capabilities and strengthen business growth levers.
•Strengthened our regional operating model in technology and operations to consolidate know-how, digitalization, digital hubs, and front and back-office automation, driving more effective and efficient operations.
Business performance
Loans and advances to customers were flat year-on-year. In gross terms, excluding reverse repos and in constant euros, they were up 3% driven by strong growth in CIB in the US and in mortgages, payroll, auto and cards in Mexico.
Customer deposits declined 5% year-on-year. Excluding repos and in constant euros, they also decreased 5%, in line with our strategy to reduce excess corporate deposits in CIB in the US, partially offset by deposit growth in CIB and Retail in Mexico and in Consumer in the US.
North America. Business performance. September 2024
EUR billion and YoY % change in constant euros
North America156+3%North America1570%
us.jpg
mexico.jpg
chart-e91b795fe65d4c34bf9.jpg
us.jpg
mexico.jpg
chart-bb8ec5315f624aa4a39.jpg
Gross loans and advances to customers excl. reverse reposCustomer deposits excl.
repos + mutual funds
Mutual funds grew 26% year-on-year in constant euros largely driven by Mexico, supported by a strategy based on offering a wide range of attractive products through our enhanced digital platforms.
Results
Attributable profit in 9M 2024 was EUR 1,931 million, +2% year-on-year. In constant euros, profit also grew 2%, with the following detail:
•Total income rose 6% year-on-year, driven by a strong revenue performance in CIB in the US, consolidating our transformation process, and by growth across the board in all of our global businesses in Mexico.
•Costs increased 6%, impacted by inflation and investments that we are undertaking in our transformation programmes in Retail in Mexico and for the development of new capabilities in CIB in the US. These impacts were partially compensated by the efficiencies materialized in our Consumer and Commercial businesses in the US.
•Net loan-loss provisions rose 9%, driven by the cost of risk normalization in auto in the US, and by business growth in Retail and Cards in Mexico.
Compared to Q2 2024, total income increased in constant euros due to higher net interest income in Mexico and net fee income in the US. However, this was not reflected in profit (-10% in constant euros) due to the usual auto business seasonality in provisions in the second half of the year in the US and due to higher costs.
North America. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income3,367 -5+110,406 +6+6
Expenses-1,624 -4+2-4,976 +6+6
Net operating income1,743 -605,429 +6+7
LLPs-944 +4+10-2,837 +9+9
PBT724 -11-22,310 -2-2
Attributable profit585 -17-101,931 +2+2
January - September 2024
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41
sa.jpg
South AmericaUnderlying attributable profit
EUR 2,665 mn
→ We are focused on being the primary bank for our customers and becoming the most profitable bank in each of the countries where we operate, taking advantage of the synergies between our global businesses and our regional approach. Our customer base increased 5% year-on-year to 79 million, supported by our focus on service quality.
→ In terms of activity, both loans and deposits grew year-on-year in constant euros, as we seek to become the leading bank in inclusive and sustainable businesses through differential value propositions.
→ Attributable profit was EUR 2,665 million in 9M 2024, a 14% increase year-on-year (+21% in constant euros) driven by strong net interest income growth which more than offset lower gains on financial transactions and higher provisions.
Strategy
In Q3 2024, our main initiatives by business were:
•In Retail, we continued to focus on becoming a digital bank with branches, optimizing our product and service offering, improving operational efficiency and customer experience.
•In Consumer, we continued developing new business models and strengthening strategic alliances, while maintaining our market leadership in auto in our main countries.
•In CIB, we are evolving towards a pan-regional offering, focusing on Markets and Corporate Finance businesses.
•In Wealth, we are working to increase liability gathering to drive loyalty, improving our value offer and developing our distribution channels.
•In Payments, we continued to boost profitable growth through new business development and efficiency improvements, and further expanded our Getnet platform through the launch of new functionalities and a regional ecommerce API.
Business performance
Loans and advances to customers decreased 5% year-on-year. In gross terms, excluding reverse repos and in constant euros, they rose 6%, with increases in all global businesses, except CIB (due to declines in Chile and Argentina, partially offset by an increase in Brazil). Retail had good performance overall in Brazil, in corporates in Uruguay and in mortgages in Chile. Loans in Consumer, Wealth and Payments rose in all the main countries, except in Argentina.
Customer deposits fell 5% year-on-year. Excluding repos and in constant euros, they rose 6%, driven by both time deposits (+7%, up in Retail, Wealth and CIB) and demand deposits (+4%). Mutual funds rose 8% in constant euros, mainly in Brazil and Chile.
South America. Business performance. September 2024
EUR billion and YoY % change in constant euros
South America154+6%South America199+7%
brazil.jpg
chile.jpg
argentina.jpg
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brazil.jpg
chile.jpg
argentina.jpg
sudamerica3banderas.jpg
chart-387fc57d91ac486f9ce.jpg
Gross loans and advances to customers excl. reverse reposCustomer deposits excl.
repos + mutual funds
Results
In 9M 2024, attributable profit reached EUR 2,665 million, 14% higher than in 9M 2023. In constant euros, profit rose 21%, as follows:
•Total income increased 11%, supported by 21% net interest income growth, up across all global businesses, rising double-digits in Brazil, Chile and Uruguay on the back of higher volumes and in the case of Brazil and Chile, also benefiting from negative sensitivity of their balance sheets in a lower interest rate environment. Good net fee income performance in Brazil (Retail and Consumer), Chile (Payments and Wealth), Uruguay (Consumer) and Peru (CIB), offsetting a decrease in Argentina. Gains on financial transactions were impacted by lower results in CIB in Brazil and Argentina.
•Costs were flat year-on-year, falling 4% in real terms, due to good cost management in all the main countries. Net operating income increased 19% and efficiency improved by 4.0 pp year-on-year, reaching 35.1%.
•Net loan-loss provisions were up 12% due to Brazil, where provisions increased but by less than portfolio growth, normalization from low levels in Chile and portfolio growth in Consumer in Uruguay. The cost of risk reached 3.6%, from 3.3% in September 2023.
Compared to Q2 2024, attributable profit grew 17% in constant euros, supported by overall positive trends in total income, mainly due to NII growth in Brazil and net fee income in Argentina, lower charges in other results and provisions and lower tax burden.
South America. Underlying income statement
EUR million and % change
/ Q2'24/ 9M'23
Q3'24%excl. FX9M'24%excl. FX
Total income4,678 -5+214,468 +6+11
Expenses-1,612 -1+5-5,078 -50
Net operating income3,066 -609,390 +13+19
LLPs-1,326 -3+4-4,074 +6+12
PBT1,505 +2+84,292 +17+24
Attributable profit984 +11+172,665 +14+21
42
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Responsible Banking
STRATEGY AND TARGETS
Our sustainability strategy focuses on supporting business growth, meeting our stakeholders' expectations and making Santander more resilient through sound risk management, data protection and privacy, transparency, culture and governance. This strategy focuses on areas with the greatest risks or opportunities for the Group or where we can have the greatest impact.
We continued to make progress towards meeting the goals set at our 2023 Investor Day, which include supporting the transition to a green economy and promoting inclusive growth.
Green financeSocially Responsible Investments (SRI) AuMsFinancial inclusion
EUR 129.7
billion
EUR 85.0
billion
3.5
million people
Target 1: EUR 120 bn 2025Target: EUR 100 bn 2025Target: 5 mn 2025
Target 2: EUR 220 bn 2030
Note: targets were set before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy. For further information, see the 'Alternative performance measures' section in the appendix to this report.
GROUP
•For the second consecutive year, we were included in Fortune magazine's Change the World list for our support for financial inclusion. This list names us one of the 50 companies that have a positive impact on the world by addressing some of society’s biggest challenges through their businesses and activities.
•We published the human rights due diligence exercise that covered all of the Group’s global businesses and areas. The exercise was carried out following various international frameworks, applicable regulations and market practices.
RETAIL
•Since 2023, we have financially included 3.5 million people, of which more than 1.7 million have been through access initiatives and around 1.9 million through finance initiatives. In 9M 2024, we also supported more than one million microentrepreneurs with EUR 950 million through our Prospera, Tuiio and Surgir microfinance programmes, now present in four countries.
•We supported companies and entrepreneurs from 11 countries through Santander X Global Challenge. We expanded our free offering with online courses and special access to technology resources, IT and legal services. In addition, we launched the Santander X Global Challenge | Innovation in Healthcare, which seeks solutions in the healthcare field. Through Santander Open Academy, we offer scholarships, courses and content in 13 countries. This quarter, of note was the Santander | Google: Artificial Intelligence and Productivity course, with training in Artificial Intelligence, to acquire basic knowledge and skills to solve problems more efficiently.
•In relation to our Green Finance unit, in July 2024, Buquebus announced the financing of the largest electric ferry in the world, which will connect Buenos Aires, Argentina and Colonia del Sacramento, Uruguay, through a loan granted by Santander Uruguay for USD 107 million and a partial loan guarantee of USD 67 million by the International Finance Corporation (IFC). This funding enabled Santander and the IFC to close the first operation in the maritime and electricity transport sector worldwide.
•In Q3 2024, we published the 2023 sustainability report in Poland, where we explain our local sustainability actions. Santander UK published the Tomorrow's Homes report that studies how policies can address barriers that prevent consumers from decarbonizing their homes.
•In Spain, we collaborated with Ilunion on the first digital accessibility strategy in the banking sector, which aims to i) define a roadmap that enables entities to become a benchmark in universal accessibility and ii) ensure the achievement of the objectives set for this purpose.

January - September 2024
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43

CONSUMER
•In Europe, we financed more than 177,000 new electric vehicles (EV) in 9M 2024 for a total of EUR 5.0 billion, equivalent to a market share of EV sales in Europe of more than 12%. Our offering includes a wide range of green solutions, including the financing of electric vehicles, electric chargers, solar panels and electric bicycles.
•We also continued to make progress in our decarbonization target for our European auto lending portfolio for 2030, which we made public in 2023.
•Santander US Auto formalized a new funding relationship with MobilityWorks, the nation’s largest retailer of accessible vehicles, wheelchairs, equipment and mobility services.
CIB
•As of 30 September 2024, we had financed or mobilized a total of EUR 129.7 billion in green finance since we set our target in 2019, having mobilized EUR 14.3 billion in Q3 2024.
•CIB has engaged in various ESG transactions across products, sectors and countries:
–In Project Finance: we acted as financial advisor, sole underwriter and green loan coordinator in the concession of a EUR 225 million green loan to Zunder (EV charging station company) to drive their expansion plan that aims deploy more than 3,000 ultra-fast charging stations across Europe.
–In DCM: we were active bookrunners on several transactions in Europe, including a EUR 1 billion Green HoldCo senior transaction for Lloyds Banking Group, and a EUR 750 million, 6-year inaugural social covered bond from Banca Monte dei Paschi di Siena.
In Latin America, the Republic of Guatemala issued USD 800 million, 12.5 year inaugural sustainability bond, where we acted as sole sustainability structurer and sole bookrunner. In Mexico, we acted as sole ESG structurer in the first Mexican taxonomy-aligned bond issuance from Acueducto Cuchillo 2 (MXN 6.6 billion senior unsecured sustainability bond).
In the US, we served as active bookrunner on a USD 525 million, 10 year green bond for the New York State Electric & Gas Corporation.
–In GTB: we participated in a EUR 1.2 billion green guarantee line with coverage from Spanish export credit agency Cesce for Siemens Gamesa. The technical guarantees issued under this line will support Siemens Gamesa in its wind projects worldwide. In South America, we signed a sustainability-linked confirming with Vestas in Brazil, the first supply chain finance of its kind for the energy sector in the country.
•We continued to make progress towards achieving our 2030 decarbonization objectives in the electric power generation, oil and gas, aviation, steel, auto manufacturing and thermal coal sectors.
WEALTH
•We continued to increase our socially responsible investment (SRI) product offering, advancing towards our target of reaching EUR 100 billion in SRI AuMs in 2025. As at end September, the total volume of AuMs in socially responsible investments was EUR 85.0 billion, of which EUR 61.1 billion were in SAM and EUR 23.9 billion from third party funds in Private Banking.
•We continued to make progress in our objective to reduce the emissions of 50% of AuMs by half by 2030, within the perimeter of our commitment. Also, we made progress in our net zero engagement activities, through participation in collaborative initiatives and individual engagements.
•Two fixed income funds and two profiled funds will become solidarity funds by transferring part of the management fees to non-profit entities for projects in areas that fight child poverty, employability, social welfare and health.
•We published 'Green hydrogen: fuelling a sustainable future', our third article related to sustainability for our global Private Banking clients.
PAYMENTS
•As at 31 August 2024, in Cards, we had acquired 23.2 million cards made of sustainable materials (recycled PVC or PLA) and we continued to make progress in offering solutions to our customers to calculate their carbon footprint based on the payments they make with their cards, as well as initiatives to offset it.



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Corporate governance

There were no notable corporate governance matters in Q3 2024.
January - September 2024
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45
Santander Share
Dividends and shareholder remuneration
In application of the shareholder remuneration policy for 20241, the board approved a first share buyback programme against 2024 results of up to EUR 1,525 million, which commenced on 27 August, once the applicable regulatory approval was obtained, as announced in the Inside Information disclosed on the same day.
On 24 September 2024, the board of directors approved an interim cash dividend of EUR 10.00 cents per share charged against 2024 results to be paid from 1 November 2024. This represents a 23% increase compared to the equivalent cash dividend payment in 2023.
As a result, the total remuneration of this interim distribution charged against 2024 results will be approximately EUR 3,050 million (+17% compared to its equivalent of 2023) and represents approximately 50% of the H1 2024 attributable profit (25% through cash dividends and 25% through share buybacks).
Share price performance
Santander's shares are listed on five markets: on four exchanges in Spain (Madrid, Barcelona, Bilbao and Valencia), in the US (as an ADR), in the UK (as a CDI), in Mexico (Sistema Internacional de Cotizaciones) and in Poland.
During Q3 2024, there was some market volatility, as a result of idiosyncratic factors in some countries as well as global factor linked to the geopolitical situation. Markets quickly recovered from a period of high volatility at the beginning of August to one of greater stability once the Fed confirmed the start of its expansive monetary policy cycle.
In this environment, equity markets performed well. Santander's share price ended September 2024 with a positive return of 21.7%, outperforming both the sector and the European market.
In the banking sector, the Eurostoxx Banks, the eurozone's main index, increased 22.7%, while the DJ Stoxx Banks rose 20.3% and the MSCI World Banks increased 19.4%. The other main indices also closed up, but rose slightly less (Ibex 35 +17.6% and DJ Stoxx 50 +8.8%).
Share price
accion4.jpg
accin3a01.jpg
START 29/12/2023
END 30/09/2024
€3.780€4.601
accionmax.jpg
accionmin.jpg
Maximum 29/04/2024
Minimum 30/01/2024
€4.928€3.563

Comparative share performance
chart-bcf18d95a8a7459999e.jpg






1.Target payout is c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividends and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.
46
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January - September 2024
Market capitalization and trading
As at 30 September 2024, Santander’s market capitalization of EUR 71,281 million was the largest in the eurozone and the 23rd largest in the world among financial institutions.
The share’s weighting in the Stoxx Europe 600 Banks index was 6.9% and 11.4% in the Euro Stoxx Banks. In the domestic market, its weight in the Ibex 35 was 11.7% as at end September 2024.
A total of 5,783 million shares were traded in the period for an effective value of EUR 25,132 million and an annualized liquidity ratio of 50%.
The average daily trading volume was 30.6 million shares with an effective value of EUR 131 million.
Shareholder base
The total number of Santander shareholders at the end of September 2024 was 3,501,621, of which 3,145,467 were European (72.92% of the capital stock) and 345,036 from the Americas (25.65% of the capital stock).
Excluding the board, which holds 1.26% of the bank’s capital stock, retail shareholders accounted for 39.37% and institutional shareholders accounted for 59.37%.



Share capital distribution by geographic area
30 September 2024
The AmericasEuropeOther
25.65%72.92%1.43%
accionfinala01.jpg
Source: Banco Santander, S.A. Shareholder Register.

globo-europa2.gif
1st
Bank in the eurozone by market capitalization
EUR71,281million
The Santander share
30 September 2024
Shares and trading data
Shares (number)15,494,273,572 
Average daily turnover (number of shares)30,590,687 
Share liquidity (%)50
(Annualized number of shares traded during the period / number of shares)
Stock market indicators
Price / Tangible book value (X)0.91 
Free float (%)99.33
.

Share capital distribution by type of shareholder
30 September 2024
chart-6fb1f6e4b6cd40eb942.jpg
Institutions
59.37%
Board *
1.26%
Retail
39.37%
* Shares owned or represented by directors.


January - September 2024
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47


Appendix

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48
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Financial information
Note: from Q2 2024, we have begun to apply a new theoretical exchange rate for the Argentine peso which better reflects inflation in the country. For more information, see the calculation method detailed in the ‘Alternative Performance Measures’ section in this appendix.
Net fee income. Consolidated
EUR million
Q3'24Q2'24Change (%)9M'249M'23Change (%)
Fees from services1,758 1,789 (1.7)5,368 5,419 (0.9)
Wealth management and marketing of customer funds1,103 1,126 (2.0)3,305 2,982 10.8
Securities and custody328 322 1.9993 821 21.0
Net fee income3,189 3,237 (1.5)9,666 9,222 4.8

Underlying operating expenses. Consolidated
EUR million
Q3'24Q2'24Change (%)9M'249M'23Change (%)
Staff costs3,497 3,467 0.910,558 10,080 4.7
Other general administrative expenses2,038 2,071 (1.6)6,234 6,476 (3.7)
   Information technology635 651 (2.5)1,931 1,861 3.8
   Communications94 98 (4.1)296 315 (6.0)
   Advertising124 137 (9.5)400 457 (12.5)
   Buildings and premises200 179 11.7571 565 1.1
   Printed and office material22 20 10.065 71 (8.5)
   Taxes (other than tax on profits)123 118 4.2391 442 (11.5)
   Other expenses840 868 (3.2)2,580 2,765 (6.7)
Administrative expenses5,535 5,538 (0.1)16,792 16,556 1.4
Depreciation and amortization814 828 (1.7)2,470 2,405 2.7
Operating expenses6,349 6,366 (0.3)19,262 18,961 1.6
Operating means. Consolidated
EmployeesBranches
Sep-24Sep-23ChangeSep-24Sep-23Change
Europe67,23267,150823,034 3,095 (61)
     Spain24,16024,846(686)1,832 1,881 (49)
     United Kingdom21,81222,204(392)444 444 0 
     Portugal4,8994,982(83)375 376 (1)
     Poland10,99610,721275374 386 (12)
     Other5,3654,3979689 8 1 
DCB Europe16,62116,806(185)326 361 (35)
North America43,44645,834(2,388)1,762 1,789 (27)
     US12,68313,971(1,288)408 420 (12)
     Mexico29,31930,704(1,385)1,354 1,369 (15)
     Other1,4441,159285— — — 
South America78,92480,497(1,573)3,012 3,407 (395)
     Brazil55,91557,722(1,807)2,313 2,662 (349)
     Chile9,5309,828(298)235 249 (14)
     Argentina8,2288,16860303 337 (34)
     Other5,2514,779472161 159 2 
Corporate Centre1,8571,931(74)
Total Group208,080212,218(4,138)8,134 8,652 (518)


January - September 2024
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49
Underlying net loan-loss provisions. Consolidated
EUR million
Q3'24Q2'24Change (%)9M'249M'23Change (%)
Non-performing loans3,369 3,582 (5.9)10,415 10,224 1.9
Country-risk(1)— — (1)— — 
Recovery of written-off assets(392)(464)(15.5)(1,195)(1,187)0.7
Net loan-loss provisions2,976 3,118 (4.6)9,219 9,037 2.0
Loans and advances to customers. Consolidated
EUR million
Change
Sep-24Sep-23Absolute%Dec-23
Commercial bills50,448 49,592 856 1.755,628 
Secured loans557,728 561,610 (3,882)(0.7)554,375 
Other term loans297,421 297,746 (325)(0.1)295,485 
Finance leases39,926 37,725 2,201 5.838,723 
Receivable on demand10,401 12,650 (2,249)(17.8)12,277 
Credit cards receivable23,100 23,876 (776)(3.3)24,371 
Impaired assets34,121 33,971 150 0.434,094 
Gross loans and advances to customers (excl. reverse repos)1,013,145 1,017,170 (4,025)(0.4)1,014,953 
Reverse repos76,296 45,244 31,052 68.644,184 
Gross loans and advances to customers1,089,441 1,062,414 27,027 2.51,059,137 
Loan-loss allowances22,022 23,242 (1,220)(5.2)22,788 
Loans and advances to customers1,067,419 1,039,172 28,247 2.71,036,349 


Total funds. Consolidated
EUR million
Change
Sep-24Sep-23Absolute%Dec-23
Demand deposits653,640 661,279 (7,639)(1.2)661,262 
Time deposits295,969 294,952 1,017 0.3307,085 
Mutual funds224,602 203,801 20,801 10.2208,528 
Customer funds1,174,211 1,160,032 14,179 1.21,176,875 
Pension funds15,502 14,149 1,353 9.614,831 
Managed portfolios41,293 35,712 5,581 15.636,414 
Repos96,302 78,654 17,648 22.478,822 
Total funds1,327,308 1,288,547 38,761 3.01,306,942 


50
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Eligible capital (phased-in) 1. Consolidated
EUR million
Change
Sep-24Sep-23Absolute%Dec-23
Capital stock and reserves126,083 121,503 4,580 3.8121,185 
Attributable profit9,309 8,143 1,166 14.311,076 
Dividends(2,327)(2,036)(291)14.3(2,769)
Other retained earnings(39,349)(32,937)(6,411)19.5(34,484)
Minority interests7,940 7,183 757 10.56,899 
Goodwill and intangible assets(16,595)(18,046)1,450 (8.0)(17,220)
Other deductions(6,909)(6,153)(756)12.3(7,946)
CET178,152 77,658 494 0.676,741 
Preferred shares and other eligible tier 110,091 8,933 1,158 13.09,002 
Tier 188,242 86,591 1,652 1.985,742 
Generic funds and eligible tier 2 instruments18,542 16,026 2,516 15.716,497 
Eligible capital106,784 102,617 4,168 4.1102,240 
Risk-weighted assets626,099 629,012 (2,913)(0.5)623,731 
CET1 capital ratio12.512.30.112.3
Tier 1 capital ratio14.113.80.313.7
Total capital ratio17.116.30.716.4
1. 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 by Regulation 2020/873 of the European Union. Total phased-in capital ratios include the transitory treatment according to chapter 4, title 1, part 10 of the CRR2.
January - September 2024
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51

RETAIL & COMMERCIAL BANKING
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income6,803 (1.0)2.3 20,817 9.0 9.5 
Net fee income1,149 (2.1)2.6 3,514 0.9 2.7 
Gains (losses) on financial transactions 1
128 (51.4)(49.5)555 (10.2)(9.3)
Other operating income(134)67.6 73.1 (667)(20.4)(20.1)
Total income7,945 (3.4)0.0 24,219 8.3 9.0 
Administrative expenses and amortizations(3,102)(0.6)3.1 (9,525)(2.2)(1.0)
Net operating income4,844 (5.2)(1.9)14,694 16.3 16.8 
Net loan-loss provisions(1,369)(12.5)(7.1)(4,456)(7.4)(5.5)
Other gains (losses) and provisions(484)(33.9)(31.6)(2,061)15.7 16.1 
Profit before tax2,990 6.4 8.8 8,177 35.4 34.1 
Tax on profit(811)(6.3)(4.2)(2,456)53.0 50.0 
Profit from continuing operations2,179 12.0 14.6 5,721 29.0 28.3 
Net profit from discontinued operations— — — — — — 
Consolidated profit2,179 12.0 14.6 5,721 29.0 28.3 
Non-controlling interests(174)42.7 44.9 (390)26.6 24.5 
Profit attributable to the parent2,005 10.0 12.6 5,332 29.2 28.6 
Balance sheet and activity metrics
Loans and advances to customers619,630 (0.5)(0.8)619,630 (0.6)0.1 
Customer deposits650,757 0.9 1.2 650,757 (1.0)0.0 
Memorandum items:
Gross loans and advances to customers ²614,071 (0.8)(0.6)614,071 (1.8)(0.9)
Customer funds732,746 0.5 1.0 732,746 1.6 3.0 
    Customer deposits ³638,170 0.1 0.5 638,170 0.5 1.3 
    Mutual funds94,577 2.9 4.8 94,577 9.5 16.1 
Risk-weighted assets293,209 0.1 293,209 (4.0)
Ratios (%) and customers
RoTE ⁴20.7 1.5 18.5 3.6 
Efficiency ratio39.0 1.1 39.3 (4.2)
NPL ratio3.28 0.13 3.28 0.11 
NPL coverage ratio57.7 (2.7)57.7 (5.8)
Number of total customers (thousands)145,473 1.8 145,473 3.7 
Number of active customers (thousands)78,098 1.2 78,098 2.5 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.

52
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January - September 2024
DIGITAL CONSUMER BANK
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income2,614 (1.5)0.4 7,978 4.7 5.2 
Net fee income373 (3.7)(1.6)1,115 23.9 24.5 
Gains (losses) on financial transactions 1
3 (66.9)(65.9)19 (73.7)(73.7)
Other operating income145 (31.9)(31.3)472 (13.5)(13.5)
Total income3,135 (4.0)(2.1)9,584 4.8 5.4 
Administrative expenses and amortizations(1,278)(2.2)(0.7)(3,896)0.1 0.4 
Net operating income1,857 (5.1)(3.0)5,688 8.4 9.1 
Net loan-loss provisions(1,121)6.3 9.0 (3,314)11.2 12.2 
Other gains (losses) and provisions(112)(37.9)(36.9)(409)116.1 118.9 
Profit before tax624 (13.6)(11.9)1,965 (5.5)(5.3)
Tax on profit(116)114.4 119.5 (252)(31.7)(31.5)
Profit from continuing operations508 (24.0)(22.5)1,713 0.1 0.3 
Net profit from discontinued operations— — — — — — 
Consolidated profit508 (24.0)(22.5)1,713 0.1 0.3 
Non-controlling interests(71)13.5 14.3 (206)(22.9)(22.9)
Profit attributable to the parent437 (27.8)(26.3)1,507 4.4 4.6 
Balance sheet and activity metrics
Loans and advances to customers202,400 (1.5)(0.1)202,400 2.2 4.5 
Customer deposits122,875 0.7 2.3 122,875 8.6 11.0 
Memorandum items:
Gross loans and advances to customers ²210,069 (1.5)(0.1)210,069 2.1 4.5 
Customer funds130,652 0.9 2.6 130,652 10.2 12.6 
    Customer deposits ³122,840 0.7 2.3 122,840 9.5 11.9 
    Mutual funds7,812 4.2 6.1 7,812 21.9 25.0 
Risk-weighted assets153,369 (2.0)153,369 (3.5)
Ratios (%) and customers
RoTE ⁴10.2 (4.1)11.9 0.3 
Efficiency ratio40.8 0.7 40.7 (1.9)
NPL ratio4.87 0.06 4.87 0.23 
NPL coverage ratio74.7 (1.1)74.7 (4.7)
Number of total customers (thousands)25,123 0.5 25,123 0.2 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
January - September 2024
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53
CORPORATE & INVESTMENT BANKING
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income901 (7.0)(2.5)2,932 14.7 16.5 
Net fee income612 (2.1)0.3 1,892 14.0 15.0 
Gains (losses) on financial transactions 1
500 268.2 270.2 1,206 (26.0)(24.2)
Other operating income59 (82.9)(83.1)230 — — 
Total income2,072 (0.2)2.8 6,261 7.5 9.2 
Administrative expenses and amortizations(965)3.9 6.5 (2,782)17.1 18.0 
Net operating income1,107 (3.4)(0.1)3,478 0.9 3.1 
Net loan-loss provisions(61)10.2 12.2 (158)— — 
Other gains (losses) and provisions(100)116.8 119.4 (224)40.7 42.5 
Profit before tax946 (9.4)(6.0)3,096 (7.0)(4.7)
Tax on profit(264)(11.3)(7.3)(908)(9.6)(7.0)
Profit from continuing operations682 (8.7)(5.5)2,188 (5.8)(3.7)
Net profit from discontinued operations— — — — — — 
Consolidated profit682 (8.7)(5.5)2,188 (5.8)(3.7)
Non-controlling interests(48)3.5 6.5 (149)(16.5)(12.1)
Profit attributable to the parent633 (9.5)(6.3)2,039 (4.9)(3.0)
Balance sheet and activity metrics
Loans and advances to customers195,285 3.9 6.0 195,285 16.5 20.9 
Customer deposits209,191 1.4 3.7 209,191 1.1 5.7 
Memorandum items:
Gross loans and advances to customers ²137,068 (4.7)(2.9)137,068 2.3 6.3 
Customer funds140,529 (2.5)(0.9)140,529 (15.5)(11.3)
    Customer deposits ³126,570 (3.0)(1.4)126,570 (17.1)(13.5)
    Mutual funds13,959 1.7 3.9 13,959 3.1 15.0 
Risk-weighted assets125,266 2.6 125,266 9.8 
Ratios (%)
RoTE ⁴16.4 (2.3)18.1 (2.3)
Efficiency ratio46.6 1.8 44.4 3.6 
NPL ratio0.88 (0.16)0.88 (0.48)
NPL coverage ratio36.0 (9.0)36.0 0.6 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
54
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January - September 2024
WEALTH MANAGEMENT & INSURANCE
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income406 0.6 2.1 1,233 8.6 9.0 
Net fee income366 3.1 5.5 1,084 14.9 15.7 
Gains (losses) on financial transactions 1
55 18.8 21.6 142 15.4 16.0 
Other operating income102 11.1 17.1 258 15.3 18.9 
Total income929 3.6 6.0 2,718 12.0 12.8 
Administrative expenses and amortizations(315)2.0 4.5 (931)5.6 6.4 
Net operating income614 4.4 6.7 1,787 15.7 16.5 
Net loan-loss provisions(11)11.6 13.0 (24)— — 
Other gains (losses) and provisions(3)(48.3)(47.7)(32)(6.6)(6.6)
Profit before tax600 4.8 7.1 1,730 13.7 14.5 
Tax on profit(133)(2.7)(1.0)(406)12.6 13.4 
Profit from continuing operations468 7.1 9.7 1,324 14.0 14.9 
Net profit from discontinued operations— — — — — — 
Consolidated profit468 7.1 9.7 1,324 14.0 14.9 
Non-controlling interests(20)4.2 5.9 (59)10.2 13.1 
Profit attributable to the parent448 7.3 9.8 1,266 14.2 15.0 
Balance sheet and activity metrics
Loans and advances to customers23,165 0.9 2.4 23,165 2.7 5.2 
Customer deposits60,494 (1.4)(0.8)60,494 8.6 9.5 
Memorandum items:
Gross loans and advances to customers ²23,282 0.9 2.4 23,282 2.7 5.3 
Customer funds167,825 1.3 2.5 167,825 10.3 13.6 
    Customer deposits ³59,571 (1.5)(1.1)59,571 9.0 9.8 
    Mutual funds108,254 3.0 4.6 108,254 11.0 15.8 
Risk-weighted assets10,366 (3.4)10,366 (38.9)
Assets under management492,885 2.7 4.5 492,885 10.8 15.9 
Gross written premiums2,810 (11.9)(4.6)8,958 (2.3)0.0 
Ratios (%) and customers
RoTE ⁴84.6 3.2 81.1 3.9 
Efficiency ratio33.9 (0.5)34.2 (2.1)
NPL ratio0.69 (0.08)0.69 (0.12)
NPL coverage ratio73.1 8.4 73.1 18.9 
Number of Private Banking customers (thousands)291 2.6 291 13.3 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.

January - September 2024
a201905201359a02.jpg
55
PAYMENTS
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income596 (7.6)(0.1)1,916 4.0 6.7 
Net fee income698 0.4 5.7 2,069 (7.8)(5.5)
Gains (losses) on financial transactions 1
(4)— — 0 — — 
Other operating income17 284.4 217.6 23 — — 
Total income1,307 (3.0)3.2 4,007 0.5 3.0 
Administrative expenses and amortizations(588)(4.5)(0.7)(1,854)3.3 4.6 
Net operating income719 (1.8)6.4 2,154 (1.9)1.7 
Net loan-loss provisions(414)(4.6)3.3 (1,266)(2.9)0.0 
Other gains (losses) and provisions(32)(87.4)(87.2)(309)487.9 493.6 
Profit before tax272 558.1 716.3 578 (31.1)(27.6)
Tax on profit(116)6.1 14.7 (332)(11.8)(8.1)
Profit from continuing operations156 — — 247 (46.7)(43.7)
Net profit from discontinued operations— — — — — — 
Consolidated profit156 — — 247 (46.7)(43.7)
Non-controlling interests(27)32.3 37.6 (69)13.7 21.4 
Profit attributable to the parent129 — — 178 (55.8)(53.3)
Balance sheet and activity metrics
Loans and advances to customers21,042 0.8 3.4 21,042 (3.5)5.2 
Customer deposits982 (1.3)(1.3)982 50.2 50.2 
Memorandum items:
Gross loans and advances to customers ²22,711 0.6 3.4 22,711 (3.5)5.4 
Customer funds982 (1.3)(1.3)982 50.2 50.2 
    Customer deposits ³982 (1.3)(1.3)982 50.2 50.2 
    Mutual funds— — — — — — 
Risk-weighted assets19,2351.7 19,235(2.4)
Ratios (%)
RoTE ⁴20.1 34.6 9.4 (11.6)
NPL ratio5.52 0.53 5.52 0.47 
NPL coverage ratio133.1(16.4)133.1(10.8)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
56
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January - September 2024
PagoNxt
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income35 10.3 17.4 97 74.5 80.0 
Net fee income241 3.5 9.0 697 (0.6)2.3 
Gains (losses) on financial transactions 1
(1)— — (1)(92.9)(92.7)
Other operating income36 6.4 7.4 101 38.6 39.4 
Total income311 3.5 8.6 894 9.1 12.1 
Administrative expenses and amortizations(288)(2.9)(0.1)(889)8.0 9.7 
Net operating income23 532.5 — 5 — — 
Net loan-loss provisions(3)(36.4)(33.1)(13)(44.8)(43.9)
Other gains (losses) and provisions(15)(94.2)(94.1)(274)— — 
Profit before tax4 — — (281)519.0 425.0 
Tax on profit(21)231.7 277.8 (37)(30.7)(27.3)
Profit from continuing operations(17)(93.7)(94.9)(318)222.1 204.6 
Net profit from discontinued operations— — — — — — 
Consolidated profit(17)(93.7)(94.9)(318)222.1 204.6 
Non-controlling interests(5)840.8 968.6 (7)378.4 484.8 
Profit attributable to the parent(21)(92.0)(93.2)(326)224.4 207.9 
Balance sheet and activity metrics
Loans and advances to customers933 27.3 29.9 933 (11.9)(0.6)
Customer deposits982 (1.3)(1.3)982 50.2 50.2 
Memorandum items:
Gross loans and advances to customers ²955 26.5 29.1 955 (12.3)(1.4)
Customer funds982 (1.3)(1.3)982 50.2 50.2 
    Customer deposits ³982 (1.3)(1.3)982 50.2 50.2 
    Mutual funds— — — — — — 
Risk-weighted assets4,460 4.2 4,460 (2.8)
Total transactions (Getnet, million)2,450 4.4 7,209 5.4 
Total payments volume (Getnet)55,119 2.3 8.3 162,767 9.3 12.4 
Ratios (%)
EBITDA margin27.6 4.6 22.7 3.1 
Efficiency ratio92.7(6.1)99.4(1.0)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2024
a201905201359a02.jpg
57
Cards
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income561 (8.5)(1.0)1,819 1.8 4.4 
Net fee income457 (1.1)4.0 1,371 (11.1)(9.1)
Gains (losses) on financial transactions 1
(3)— — 1 (88.7)(87.3)
Other operating income(19)(35.9)(30.0)(78)(53.3)(52.8)
Total income996 (4.9)1.6 3,113 (1.8)0.7 
Administrative expenses and amortizations(300)(5.9)(1.3)(965)(0.6)0.3 
Net operating income696 (4.4)2.9 2,149 (2.3)0.9 
Net loan-loss provisions(411)(4.2)3.7 (1,253)(2.1)0.8 
Other gains (losses) and provisions(18)— — (35)4.8 3.9 
Profit before tax268 (10.6)(4.2)860 (2.8)0.8 
Tax on profit(95)(7.7)(0.7)(295)(8.7)(5.0)
Profit from continuing operations173 (12.1)(6.0)565 0.5 4.2 
Net profit from discontinued operations— — — — — — 
Consolidated profit173 (12.1)(6.0)565 0.5 4.2 
Non-controlling interests(22)12.5 17.0 (62)4.3 10.9 
Profit attributable to the parent150 (14.8)(8.6)503 0.1 3.4 
Balance sheet and activity metrics
Loans and advances to customers20,110 (0.2)2.4 20,110 (3.1)5.5 
Customer deposits— — — — — — 
Memorandum items:
Gross loans and advances to customers ²21,755 (0.3)2.5 21,755 (3.0)5.8 
Customer funds— — — — — — 
    Customer deposits ³— — — — — — 
    Mutual funds— — — — — — 
Risk-weighted assets14,776 0.9 14,776 (2.3)
Number of cards (million)100 1.0 100 3.7 
Ratios (%)
RoTE ⁴29.1 (5.4)33.0 (0.3)
Efficiency ratio30.1(0.3)31.00.4 
NPL ratio5.620.595.620.49 
NPL coverage ratio134.6 (17.1)134.6 (11.4)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
58
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January - September 2024
CORPORATE CENTRE
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24Q2'24%9M'249M'23%
Net interest income(95)(69)38.4 (195)(124)57.1 
Net fee income(8)2 — (7)(6)33.7 
Gains (losses) on financial transactions 1
(145)(122)18.3 (429)(473)(9.2)
Other operating income(5)49 — 28 (48)— 
Total income(254)(140)80.4 (604)(650)(7.1)
Administrative expenses and amortizations(101)(86)17.1 (275)(283)(2.8)
Net operating income(355)(227)56.3 (879)(933)(5.8)
Net loan-loss provisions1 — — (1)3 — 
Other gains (losses) and provisions(160)(40)305.5 (240)(104)131.5 
Profit before tax(514)(266)92.8 (1,120)(1,034)8.3 
Tax on profit110 15 644.2 108 (50)— 
Profit from continuing operations(403)(252)60.3 (1,012)(1,084)(6.6)
Net profit from discontinued operations— — — — — — 
Consolidated profit(403)(252)60.3 (1,012)(1,084)(6.6)
Non-controlling interests0 0 731.3 0 0 — 
Profit attributable to the parent(403)(252)60.2 (1,012)(1,084)(6.7)
Balance sheet
Loans and advances to customers5,896 5,629 4.7 5,896 5,474 7.7 
Cash, central banks and credit institutions100,528 96,925 3.7 100,528 120,548 (16.6)
Debt instruments8,939 9,622 (7.1)8,939 7,743 15.4 
Other financial assets1,413 934 51.3 1,413 1,161 21.7 
Other asset accounts121,371 124,659 (2.6)121,371 124,803 (2.8)
Total assets238,147 237,769 0.2 238,147 259,730 (8.3)
Customer deposits1,612 1,729 (6.8)1,612 1,239 30.1 
Central banks and credit institutions22,000 21,463 2.5 22,000 55,404 (60.3)
Marketable debt securities115,124 110,786 3.9 115,124 102,027 12.8 
Other financial liabilities1,375 1,748 (21.4)1,375 1,636 (16.0)
Other liabilities accounts7,575 7,762 (2.4)7,575 8,747 (13.4)
Total liabilities147,685 143,488 2.9 147,685 169,052 (12.6)
Total equity90,461 94,281 (4.1)90,461 90,677 (0.2)
Memorandum items:
Gross loans and advances to customers 2
5,945 5,726 3.8 5,945 5,717 4.0 
Customer funds1,478 1,594 (7.3)1,478 1,239 19.3 
    Customer deposits 3
1,478 1,594 (7.3)1,478 1,239 19.3 
    Mutual funds— — — — — — 
Resources
Number of employees1,857 1,861 (0.2)1,857 1,931 (3.8)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.

January - September 2024
a201905201359a02.jpg
59
EUROPE
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income4,205 0.9 0.6 12,493 6.0 4.1 
Net fee income1,168 0.1 0.1 3,536 6.3 5.2 
Gains (losses) on financial transactions 1
406 101.7 102.0 1,017 20.5 19.8 
Other operating income167 (55.7)(55.7)617 129.7 131.0 
Total income5,945 0.6 0.4 17,663 8.8 7.2 
Administrative expenses and amortizations(2,356)2.6 2.3 (6,958)4.3 2.9 
Net operating income3,589 (0.6)(0.8)10,705 12.0 10.2 
Net loan-loss provisions(427)(19.7)(20.0)(1,444)(26.0)(27.3)
Other gains (losses) and provisions(360)(32.7)(32.9)(1,476)16.6 15.1 
Profit before tax2,802 10.1 9.9 7,786 22.8 20.8 
Tax on profit(824)1.2 1.1 (2,434)28.9 26.9 
Profit from continuing operations1,979 14.3 14.1 5,352 20.3 18.2 
Net profit from discontinued operations— — — — — — 
Consolidated profit1,979 14.3 14.1 5,352 20.3 18.2 
Non-controlling interests(137)61.2 60.9 (323)17.8 10.7 
Profit attributable to the parent1,842 11.8 11.7 5,029 20.4 18.7 
Balance sheet
Loans and advances to customers600,470 1.6 0.8 600,470 5.1 2.9 
Cash, central banks and credit institutions162,868 7.8 7.2 162,868 (19.8)(21.1)
Debt instruments133,986 5.0 4.7 133,986 24.4 22.7 
Other financial assets47,562 (6.4)(6.2)47,562 (6.1)(6.0)
Other asset accounts26,879 2.0 1.7 26,879 1.1 0.2 
Total assets971,764 2.6 2.0 971,764 1.3 (0.5)
Customer deposits650,855 2.0 1.3 650,855 2.3 0.3 
Central banks and credit institutions101,770 4.7 4.5 101,770 (9.0)(10.2)
Marketable debt securities84,872 6.0 4.9 84,872 7.3 4.6 
Other financial liabilities60,952 0.2 0.2 60,952 (1.3)(1.6)
Other liabilities accounts29,128 1.7 1.6 29,128 3.6 2.9 
Total liabilities927,576 2.5 1.9 927,576 1.1 (0.7)
Total equity44,188 5.0 4.6 44,188 4.9 2.6 
Memorandum items:
Gross loans and advances to customers 2
558,080 (0.5)(1.2)558,080 1.0 (1.1)
Customer funds733,129 0.8 0.3 733,129 3.2 1.4 
Customer deposits 3
613,097 0.3 (0.4)613,097 0.7 (1.3)
 Mutual funds120,032 3.8 3.8 120,032 18.6 18.1 
Ratios (%), operating means and customers
RoTE18.5 1.5 17.1 2.3 
Efficiency ratio39.6 0.8 39.4 (1.7)
NPL ratio2.25 0.00 2.25 (0.07)
NPL coverage ratio48.3 (0.8)48.3 (2.8)
Number of employees67,232 (0.6)67,232 0.1 
Number of branches3,034 0.0 3,034 (2.0)
Number of total customers (thousands)46,730 0.6 46,730 0.8 
Number of active customers (thousands)28,903 0.4 28,903 1.3 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
60
a201905201359a02.jpg
January - September 2024
Spain
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%9M'24%
Net interest income1,799 (2.2)5,454 11.3 
Net fee income707 (4.1)2,191 7.0 
Gains (losses) on financial transactions 1
330 209.5 798 43.2 
Other operating income148 (59.5)605 113.3 
Total income2,983 (2.1)9,048 16.1 
Administrative expenses and amortizations(1,073)3.8 (3,138)0.4 
Net operating income1,911 (5.2)5,910 26.7 
Net loan-loss provisions(279)(14.6)(937)(20.6)
Other gains (losses) and provisions(119)(51.1)(779)(1.6)
Profit before tax1,512 4.7 4,193 55.8 
Tax on profit(431)(6.4)(1,356)61.9 
Profit from continuing operations1,081 9.9 2,837 53.0 
Net profit from discontinued operations— — — — 
Consolidated profit1,081 9.9 2,837 53.0 
Non-controlling interests0 311.9 0 — 
Profit attributable to the parent1,081 9.9 2,837 53.0 
Balance sheet
Loans and advances to customers257,106 2.2 257,106 6.1 
Cash, central banks and credit institutions88,001 6.2 88,001 (27.7)
Debt instruments83,358 8.0 83,358 31.5 
Other financial assets43,775 (4.7)43,775 (5.8)
Other asset accounts17,769 4.0 17,769 (0.9)
Total assets490,009 3.2 490,009 (0.4)
Customer deposits323,287 2.6 323,287 0.3 
Central banks and credit institutions43,665 8.2 43,665 (13.4)
Marketable debt securities28,206 0.0 28,206 1.6 
Other financial liabilities54,586 6.3 54,586 1.0 
Other liabilities accounts21,911 0.2 21,911 8.6 
Total liabilities471,655 3.2 471,655 (0.7)
Total equity18,353 3.3 18,353 8.2 
Memorandum items:
Gross loans and advances to customers 2
229,728 (2.0)229,728 (0.6)
Customer funds385,316 0.8 385,316 1.1 
    Customer deposits 3
296,087 (0.2)296,087 (3.2)
    Mutual funds89,230 4.0 89,230 18.5 
Ratios (%), operating means and customers
RoTE24.6 1.8 21.8 7.1 
Efficiency ratio36.0 2.1 34.7 (5.5)
NPL ratio2.80 (0.10)2.80 (0.26)
NPL coverage ratio50.0 0.0 50.0 (1.1)
Number of employees24,160 (0.3)24,160 (2.8)
Number of branches1,832 (0.1)1,832 (2.6)
Number of total customers (thousands)15,236 0.7 15,236 2.3 
Number of active customers (thousands)8,732 1.2 8,732 6.1 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.

January - September 2024
a201905201359a02.jpg
61
United Kingdom
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income1,256 5.0 4.0 3,637 (7.4)(9.4)
Net fee income80 25.7 24.6 222 (15.7)(17.6)
Gains (losses) on financial transactions 1
7 — — 0 — — 
Other operating income1 71.3 70.2 1 (79.0)(79.5)
Total income1,344 6.7 5.7 3,860 (9.1)(11.1)
Administrative expenses and amortizations(710)(1.0)(2.0)(2,161)5.6 3.3 
Net operating income634 16.8 15.8 1,699 (22.7)(24.4)
Net loan-loss provisions(37)(16.7)(17.5)(98)(57.3)(58.2)
Other gains (losses) and provisions(108)69.0 67.8 (263)2.2 (0.1)
Profit before tax489 12.6 11.5 1,338 (21.8)(23.6)
Tax on profit(144)30.8 29.8 (363)(22.6)(24.3)
Profit from continuing operations346 6.4 5.4 975 (21.5)(23.3)
Net profit from discontinued operations— — — — — — 
Consolidated profit346 6.4 5.4 975 (21.5)(23.3)
Non-controlling interests— — — — — — 
Profit attributable to the parent346 6.4 5.4 975 (21.5)(23.3)
Balance sheet
Loans and advances to customers254,756 1.6 (0.3)254,756 2.7 (1.5)
Cash, central banks and credit institutions56,348 11.7 9.6 56,348 (14.4)(17.9)
Debt instruments13,290 6.6 4.6 13,290 38.9 33.3 
Other financial assets280 (8.5)(10.2)280 (21.3)(24.5)
Other asset accounts3,689 (15.5)(17.1)3,689 11.8 7.3 
Total assets328,363 3.1 1.2 328,363 0.4 (3.7)
Customer deposits234,005 1.8 (0.1)234,005 1.3 (2.8)
Central banks and credit institutions28,000 9.0 7.0 28,000 (14.5)(18.0)
Marketable debt securities48,988 9.1 7.1 48,988 8.1 3.8 
Other financial liabilities2,997 (36.3)(37.5)2,997 (25.6)(28.6)
Other liabilities accounts1,776 23.8 21.5 1,776 51.0 44.9 
Total liabilities315,766 2.9 1.1 315,766 0.5 (3.6)
Total equity12,597 7.8 5.8 12,597 (1.5)(5.5)
Memorandum items:
Gross loans and advances to customers 2
238,292 1.0 (0.9)238,292 0.0 (4.1)
Customer funds232,352 0.8 (1.0)232,352 2.1 (2.0)
    Customer deposits 3
224,632 0.8 (1.1)224,632 1.9 (2.2)
    Mutual funds7,720 1.7 (0.2)7,720 9.5 5.1 
Ratios (%), operating means and customers
RoTE11.6 0.4 11.1 (2.9)
Efficiency ratio52.8 (4.1)56.0 7.8 
NPL ratio1.44 (0.02)1.44 0.02 
NPL coverage ratio28.4 (0.1)28.4 (3.5)
Number of employees21,812 (1.8)21,812 (1.8)
Number of branches444 0.0 444 0.0 
Number of total customers (thousands)22,534 0.2 22,534 0.1 
Number of active customers (thousands)13,699 (0.4)13,699 (1.5)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
62
a201905201359a02.jpg
January - September 2024
Portugal
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%9M'24%
Net interest income373 (9.8)1,216 20.0 
Net fee income115 (0.6)357 1.3 
Gains (losses) on financial transactions 1
3 (85.3)37 85.9 
Other operating income10 (15.5)31 163.8 
Total income500 (10.4)1,642 17.4 
Administrative expenses and amortizations(137)2.5 (404)0.8 
Net operating income363 (14.4)1,238 24.1 
Net loan-loss provisions(7)— (10)(83.7)
Other gains (losses) and provisions(5)(86.0)(44)(9.1)
Profit before tax351 (10.8)1,185 33.0 
Tax on profit(121)(8.9)(391)37.3 
Profit from continuing operations230 (11.8)793 31.0 
Net profit from discontinued operations— — — — 
Consolidated profit230 (11.8)793 31.0 
Non-controlling interests(1)(3.4)(2)20.5 
Profit attributable to the parent229 (11.8)792 31.0 
Balance sheet
Loans and advances to customers38,033 0.9 38,033 2.7 
Cash, central banks and credit institutions6,593 (5.2)6,593 2.5 
Debt instruments12,968 3.4 12,968 10.1 
Other financial assets1,126 0.7 1,126 1.4 
Other asset accounts1,089 3.6 1,089 (12.0)
Total assets59,809 0.8 59,809 3.9 
Customer deposits38,033 0.8 38,033 7.1 
Central banks and credit institutions9,223 3.2 9,223 7.9 
Marketable debt securities5,052 6.3 5,052 3.3 
Other financial liabilities294 (13.5)294 (21.8)
Other liabilities accounts3,327 (7.1)3,327 (27.4)
Total liabilities55,928 1.1 55,928 3.7 
Total equity3,881 (3.0)3,881 5.8 
Memorandum items:
Gross loans and advances to customers 2
38,771 0.9 38,771 2.5 
Customer funds42,707 1.1 42,707 7.9 
    Customer deposits 3
38,033 0.8 38,033 7.1 
    Mutual funds4,674 3.8 4,674 14.8 
Ratios (%), operating means and customers
RoTE22.7 (3.8)26.8 3.6 
Efficiency ratio27.4 3.5 24.6 (4.1)
NPL ratio2.47 0.05 2.47 (0.01)
NPL coverage ratio78.1 (1.8)78.1 (6.4)
Number of employees4,899 0.3 4,899 (1.7)
Number of branches375 0.3 375 (0.3)
Number of total customers (thousands)2,966 0.7 2,966 2.2 
Number of active customers (thousands)1,880 1.1 1,880 3.8 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2024
a201905201359a02.jpg
63
Poland
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income727 4.3 3.9 2,111 12.8 6.0 
Net fee income170 4.2 3.8 508 16.4 9.4 
Gains (losses) on financial transactions 1
20 1.3 0.8 44 (29.1)(33.4)
Other operating income6 — — (29)15.8 8.8 
Total income923 5.1 4.7 2,634 12.4 5.6 
Administrative expenses and amortizations(252)6.3 5.9 (719)15.6 8.6 
Net operating income670 4.7 4.2 1,915 11.2 4.5 
Net loan-loss provisions(103)(38.3)(38.7)(399)(15.9)(20.9)
Other gains (losses) and provisions(63)(41.9)(42.3)(232)40.3 31.9 
Profit before tax505 37.8 37.5 1,284 18.6 11.5 
Tax on profit(113)3.8 3.4 (320)14.3 7.4 
Profit from continuing operations392 52.1 51.8 964 20.2 12.9 
Net profit from discontinued operations— — — — — — 
Consolidated profit392 52.1 51.8 964 20.2 12.9 
Non-controlling interests(136)60.3 60.1 (321)17.5 10.4 
Profit attributable to the parent256 48.1 47.8 643 21.5 14.2 
Balance sheet
Loans and advances to customers37,306 2.7 2.0 37,306 18.9 10.2 
Cash, central banks and credit institutions9,212 12.9 12.3 9,212 (0.6)(7.8)
Debt instruments15,205 (3.0)(3.6)15,205 6.2 (1.6)
Other financial assets581 19.2 18.5 581 (5.3)(12.2)
Other asset accounts2,194 21.8 21.1 2,194 15.6 7.2 
Total assets64,498 3.3 2.6 64,498 12.2 4.0 
Customer deposits47,415 0.8 0.2 47,415 12.3 4.1 
Central banks and credit institutions4,751 11.1 10.4 4,751 3.0 (4.6)
Marketable debt securities2,627 20.2 19.5 2,627 127.9 111.2 
Other financial liabilities1,550 (5.9)(6.5)1,550 11.0 2.9 
Other liabilities accounts1,504 17.3 16.6 1,504 (15.8)(22.0)
Total liabilities57,846 2.5 1.9 57,846 13.0 4.8 
Total equity6,652 10.5 9.8 6,652 5.6 (2.1)
Memorandum items:
Gross loans and advances to customers 2
38,005 2.3 1.7 38,005 17.8 9.1 
Customer funds52,861 1.6 1.0 52,861 14.1 5.7 
    Customer deposits 3
46,643 1.1 0.5 46,643 10.5 2.4 
    Mutual funds6,219 5.5 4.8 6,219 50.9 39.9 
Ratios (%), operating means and customers
RoTE26.0 7.5 21.6 2.6 
Efficiency ratio27.3 0.3 27.3 0.8 
NPL ratio3.91 0.51 3.91 0.28 
NPL coverage ratio66.3 (8.9)66.3 (10.3)
Number of employees10,996 0.1 10,996 2.6 
Number of branches374 0.3 374 (3.1)
Number of total customers (thousands)5,990 1.3 5,990 2.3 
Number of active customers (thousands)4,589 0.9 4,589 3.7 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
64
a201905201359a02.jpg
January - September 2024
Other Europe
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income50 164.0 173.4 74 1.4 2.2 
Net fee income96 10.9 11.9 258 13.2 13.4 
Gains (losses) on financial transactions 1
46 (19.6)(18.9)139 (11.6)(11.5)
Other operating income3 32.1 33.3 9 — — 
Total income196 18.0 19.5 479 6.4 6.7 
Administrative expenses and amortizations(184)4.5 5.4 (535)12.4 12.6 
Net operating income11 — — (56)116.3 113.2 
Net loan-loss provisions(1)— — 0 — — 
Other gains (losses) and provisions(65)(22.2)(22.2)(158)— — 
Profit before tax(55)(41.4)(42.1)(214)476.5 470.5 
Tax on profit(15)846.2 905.4 (4)(77.5)(77.4)
Profit from continuing operations(70)(26.5)(27.2)(218)295.1 292.9 
Net profit from discontinued operations— — — — — — 
Consolidated profit(70)(26.5)(27.2)(218)295.1 292.9 
Non-controlling interests0 (97.7)(97.7)1 (41.3)(41.3)
Profit attributable to the parent(70)(26.1)(26.7)(218)301.2 298.9 
Balance sheet
Loans and advances to customers13,269 (10.1)(6.8)13,269 4.0 9.3 
Cash, central banks and credit institutions2,714 3.6 6.4 2,714 — — 
Debt instruments9,165 (6.5)(6.0)9,165 5.6 6.5 
Other financial assets1,799 (39.6)(37.5)1,799 (13.1)(9.1)
Other asset accounts2,138 3.5 5.3 2,138 (3.6)(1.4)
Total assets29,085 (9.7)(7.5)29,085 14.4 18.1 
Customer deposits8,114 (3.9)(0.6)8,114 58.7 68.0 
Central banks and credit institutions16,130 (10.0)(8.4)16,130 3.6 5.8 
Marketable debt securities0 (11.6)(7.3)0 — — 
Other financial liabilities1,525 (45.2)(43.2)1,525 (21.3)(17.6)
Other liabilities accounts611 29.0 30.0 611 47.6 49.3 
Total liabilities26,380 (10.9)(8.8)26,380 14.5 18.1 
Total equity2,705 4.2 7.1 2,705 13.4 17.8 
Memorandum items:
Gross loans and advances to customers 2
13,284 (10.1)(6.8)13,284 3.9 9.3 
Customer funds19,892 0.0 2.3 19,892 27.5 31.4 
 Customer deposits 3
7,703 (4.0)(0.6)7,703 56.0 65.5 
    Mutual funds12,190 2.8 4.2 12,190 14.3 16.3 
Resources
Number of employees5,365 0.9 5,365 22.0 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.

January - September 2024
a201905201359a02.jpg
65
DCB EUROPE
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income1,069 (2.1)(2.0)3,256 4.7 4.5 
Net fee income229 (0.8)(0.8)680 12.6 12.3 
Gains (losses) on financial transactions 1
(3)— — 8 (89.9)(89.9)
Other operating income103 (10.1)(10.2)308 10.1 9.4 
Total income1,398 (3.1)(3.0)4,252 4.5 4.2 
Administrative expenses and amortizations(656)0.3 0.4 (1,976)0.5 0.3 
Net operating income742 (6.0)(5.9)2,276 8.2 7.9 
Net loan-loss provisions(279)(9.4)(9.4)(864)34.9 34.2 
Other gains (losses) and provisions(61)(51.0)(51.2)(254)901.3 821.8 
Profit before tax402 12.6 13.0 1,159 (19.4)(19.5)
Tax on profit(100)28.4 28.8 (281)(22.0)(22.1)
Profit from continuing operations302 8.2 8.6 878 (18.5)(18.6)
Net profit from discontinued operations— — — — — — 
Consolidated profit302 8.2 8.6 878 (18.5)(18.6)
Non-controlling interests(59)7.2 7.3 (182)(28.3)(28.5)
Profit attributable to the parent243 8.5 8.9 696 (15.5)(15.5)
Balance sheet
Loans and advances to customers135,436 (0.1)0.0 135,436 5.1 4.9 
Cash, central banks and credit institutions21,259 11.1 11.3 21,259 13.2 13.2 
Debt instruments6,142 3.7 3.9 6,142 17.8 16.9 
Other financial assets134 36.6 36.5 134 (1.1)(1.6)
Other asset accounts11,303 7.0 7.0 11,303 15.8 15.3 
Total assets174,274 1.7 1.9 174,274 7.1 6.9 
Customer deposits79,995 4.0 4.3 79,995 20.5 20.6 
Central banks and credit institutions29,911 2.3 2.0 29,911 (10.0)(10.8)
Marketable debt securities43,622 (1.6)(1.5)43,622 2.6 2.7 
Other financial liabilities2,126 (15.2)(15.3)2,126 (0.8)(1.4)
Other liabilities accounts5,274 2.5 2.7 5,274 (3.3)(3.3)
Total liabilities160,929 1.8 1.9 160,929 7.5 7.3 
Total equity13,345 1.5 1.7 13,345 2.1 1.9 
Memorandum items:
Gross loans and advances to customers 2
138,253 0.0 0.1 138,253 5.2 5.0 
Customer funds84,389 4.1 4.3 84,389 20.9 21.0 
    Customer deposits 3
79,995 4.0 4.3 79,995 20.5 20.6 
    Mutual funds4,395 5.9 5.9 4,395 29.2 29.2 
Ratios (%), operating means and customers
RoTE9.7 0.8 9.2 (2.2)
Efficiency ratio46.9 1.6 46.5 (1.9)
NPL ratio2.44 0.13 2.44 0.36 
NPL coverage ratio83.3 (2.1)83.3 (8.8)
Number of employees16,621 (0.5)16,621 (1.1)
Number of branches326 (0.3)326 (9.7)
Number of total customers (thousands)19,621 0.5 19,621 (1.8)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
66
a201905201359a02.jpg
January - September 2024
NORTH AMERICA
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income2,527 (4.2)2.0 7,774 3.2 3.3 
Net fee income641 (3.1)3.9 1,941 18.6 18.5 
Gains (losses) on financial transactions 1
168 (0.5)5.5 499 32.6 32.7 
Other operating income32 (63.6)(64.5)192 (26.3)(25.9)
Total income3,367 (5.3)0.8 10,406 6.1 6.2 
Administrative expenses and amortizations(1,624)(4.0)1.6 (4,976)5.7 5.8 
Net operating income1,743 (6.4)0.2 5,429 6.5 6.6 
Net loan-loss provisions(944)3.9 9.7 (2,837)8.8 9.0 
Other gains (losses) and provisions(75)(47.7)(46.2)(283)127.4 127.7 
Profit before tax724 (10.7)(2.1)2,310 (2.4)(2.5)
Tax on profit(138)29.2 46.9 (376)(17.0)(17.2)
Profit from continuing operations586 (16.7)(9.4)1,934 1.0 1.0 
Net profit from discontinued operations— — — — — — 
Consolidated profit586 (16.7)(9.4)1,934 1.0 1.0 
Non-controlling interests(1)138.6 183.2 (3)(82.3)(82.3)
Profit attributable to the parent585 (16.8)(9.5)1,931 1.7 1.7 
Balance sheet
Loans and advances to customers178,103 (2.7)3.1 178,103 (0.4)8.4 
Cash, central banks and credit institutions36,307 5.1 11.5 36,307 (11.5)(1.1)
Debt instruments51,422 (9.5)(2.1)51,422 2.5 15.0 
Other financial assets8,239 (5.2)3.8 8,239 (40.2)(32.8)
Other asset accounts21,112 (8.8)(3.3)21,112 (11.1)(3.6)
Total assets295,183 (3.6)2.6 295,183 (4.0)5.4 
Customer deposits167,262 (6.0)0.0 167,262 (5.1)3.6 
Central banks and credit institutions42,909 1.5 8.3 42,909 12.5 27.1 
Marketable debt securities40,281 2.1 7.9 40,281 8.8 17.8 
Other financial liabilities14,298 (6.8)1.3 14,298 (37.2)(29.4)
Other liabilities accounts6,002 (7.9)(0.5)6,002 (15.8)(6.6)
Total liabilities270,752 (3.9)2.4 270,752 (3.7)5.7 
Total equity24,431 (1.1)5.6 24,431 (6.7)2.7 
Memorandum items:
Gross loans and advances to customers 2
156,490 (5.3)0.6 156,490 (5.4)3.2 
Customer funds156,635 (6.0)0.6 156,635 (8.7)0.4 
 Customer deposits 3
124,349 (7.0)(0.9)124,349 (12.8)(4.6)
    Mutual funds32,286 (1.8)6.6 32,286 11.7 26.0 
Ratios (%), operating means and customers
RoTE10.3 (1.8)11.2 0.8 
Efficiency ratio48.2 0.6 47.8 (0.2)
NPL ratio3.98 0.05 3.98 0.14 
NPL coverage ratio71.3 (3.0)71.3 (7.5)
Number of employees43,446 0.1 43,446 (5.2)
Number of branches1,762 (0.2)1,762 (1.5)
Number of total customers (thousands)25,681 0.8 25,681 2.5 
Number of active customers (thousands)15,079 0.9 15,079 5.5 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2024
a201905201359a02.jpg
67
United States
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income1,411 (1.2)0.8 4,235 (1.8)(1.5)
Net fee income296 8.7 10.8 835 44.1 44.7 
Gains (losses) on financial transactions 1
93 (3.9)(1.8)290 35.1 35.6 
Other operating income70 (32.7)(31.0)278 (16.5)(16.2)
Total income1,870 (1.6)0.4 5,639 3.6 4.0 
Administrative expenses and amortizations(940)(2.3)(0.3)(2,843)4.7 5.1 
Net operating income929 (0.9)1.1 2,796 2.5 2.9 
Net loan-loss provisions(650)17.0 19.3 (1,821)2.9 3.3 
Other gains (losses) and provisions(62)43.4 45.8 (145)85.1 85.7 
Profit before tax217 (35.9)(34.3)830 (5.8)(5.5)
Tax on profit(2)— — 50 — — 
Profit from continuing operations216 (44.0)(42.6)880 1.7 2.1 
Net profit from discontinued operations— — — — — — 
Consolidated profit216 (44.0)(42.6)880 1.7 2.1 
Non-controlling interests— — — — — — 
Profit attributable to the parent216 (44.0)(42.6)880 1.7 2.1 
Balance sheet
Loans and advances to customers133,942 (1.7)2.4 133,942 2.6 8.1 
Cash, central banks and credit institutions24,626 0.5 4.7 24,626 22.3 29.0 
Debt instruments26,027 (2.0)2.1 26,027 10.2 16.2 
Other financial assets2,269 (5.7)(1.7)2,269 (62.6)(60.5)
Other asset accounts15,452 (6.6)(2.7)15,452 (12.1)(7.3)
Total assets202,316 (1.9)2.2 202,316 2.2 7.8 
Customer deposits118,960 (3.8)0.2 118,960 (3.8)1.4 
Central banks and credit institutions28,266 4.0 8.4 28,266 83.9 93.9 
Marketable debt securities31,385 1.9 6.1 31,385 9.4 15.3 
Other financial liabilities5,064 (13.2)(9.5)5,064 (50.0)(47.3)
Other liabilities accounts2,977 (1.4)2.7 2,977 (24.3)(20.2)
Total liabilities186,652 (2.0)2.1 186,652 2.7 8.3 
Total equity15,664 (0.5)3.6 15,664 (3.2)2.0 
Memorandum items:
Gross loans and advances to customers 2
113,054 (4.2)(0.2)113,054 (3.0)2.3
Customer funds98,517 (3.3)0.798,517 (9.5)(4.6)
    Customer deposits 3
84,827 (4.2)(0.2)84,827 (12.3)(7.5)
    Mutual funds13,690 2.66.813,690 12.518.7
Ratios (%), operating means and customers
RoTE5.8 (4.6)8.1 0.6 
Efficiency ratio50.3 (0.4)50.4 0.5 
NPL ratio4.40 0.07 4.40 0.16 
NPL coverage ratio64.5 (3.4)64.5 (8.6)
Number of employees12,683 (0.5)12,683 (9.2)
Number of branches408 (0.2)408 (2.9)
Number of total customers (thousands)4,482 (0.5)4,482 2.9 
Number of active customers (thousands)4,331 (0.4)4,331 8.4 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
68
a201905201359a02.jpg
January - September 2024
Mexico
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income1,113 (7.8)3.3 3,534 10.0 9.7 
Net fee income329 (12.0)(1.3)1,062 4.3 4.0 
Gains (losses) on financial transactions 1
75 1.5 12.7 219 34.9 34.6 
Other operating income(41)112.7 130.8 (95)24.5 24.2 
Total income1,476 (9.8)1.2 4,721 9.3 9.1 
Administrative expenses and amortizations(634)(6.4)4.6 (1,976)7.1 6.9 
Net operating income843 (12.1)(1.3)2,744 10.9 10.7 
Net loan-loss provisions(293)(16.5)(5.6)(1,014)21.6 21.3 
Other gains (losses) and provisions(13)(23.1)(13.2)(45)(0.1)(0.3)
Profit before tax536 (9.2)1.6 1,685 5.7 5.5 
Tax on profit(141)(12.1)(1.5)(448)7.9 7.7 
Profit from continuing operations395 (8.1)2.8 1,237 4.9 4.7 
Net profit from discontinued operations— — — — — — 
Consolidated profit395 (8.1)2.8 1,237 4.9 4.7 
Non-controlling interests(1)(5.1)6.3 (3)(79.8)(79.9)
Profit attributable to the parent394 (8.1)2.8 1,234 6.1 5.9 
Balance sheet
Loans and advances to customers44,130 (5.8)5.4 44,130 (8.2)9.2 
Cash, central banks and credit institutions11,125 15.4 29.1 11,125 (46.0)(35.7)
Debt instruments25,393 (16.0)(6.1)25,393 (4.4)13.7 
Other financial assets5,852 (4.9)6.3 5,852 (22.9)(8.3)
Other asset accounts5,383 (14.6)(4.5)5,383 (8.0)9.4 
Total assets91,883 (7.3)3.6 91,883 (15.4)0.6 
Customer deposits47,974 (11.1)(0.6)47,974 (8.4)9.0 
Central banks and credit institutions14,413 (3.1)8.3 14,413 (36.2)(24.1)
Marketable debt securities8,896 2.6 14.7 8,896 7.0 27.3 
Other financial liabilities9,120 (2.9)8.5 9,120 (27.2)(13.4)
Other liabilities accounts2,944 (13.8)(3.6)2,944 (5.9)11.9 
Total liabilities83,347 (7.7)3.2 83,347 (15.7)0.2 
Total equity8,536 (3.3)8.1 8,536 (12.6)4.0 
Memorandum items:
Gross loans and advances to customers 2
43,396 (8.3)2.5 43,396 (11.2)5.7 
Customer funds57,791 (10.2)0.4 57,791 (7.5)10.0 
    Customer deposits 3
39,194 (12.6)(2.2)39,194 (14.3)2.0 
    Mutual funds18,597 (4.8)6.5 18,597 11.1 32.1 
Ratios (%), operating means and customers
RoTE19.6 0.1 19.3 1.7 
Efficiency ratio42.9 1.5 41.9 (0.9)
NPL ratio2.70 (0.09)2.70 (0.02)
NPL coverage ratio104.0 1.5 104.0 1.3 
Number of employees29,319 0.4 29,319 (4.5)
Number of branches1,354 (0.1)1,354 (1.1)
Number of total customers (thousands)21,199 1.1 21,199 3.5 
Number of active customers (thousands)10,749 1.4 10,749 6.0 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2024
a201905201359a02.jpg
69
Other North America
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income3 72.2 71.1 5 (6.2)(6.2)
Net fee income16 4.2 4.2 43 11.9 11.9 
Gains (losses) on financial transactions 1
0 (99.7)(96.6)(10)— — 
Other operating income3 13.9 13.9 9 143.4 143.4 
Total income21 23.4 22.6 47 0.3 0.3 
Administrative expenses and amortizations(50)(2.2)(2.2)(157)6.0 6.0 
Net operating income(29)(15.0)(14.6)(110)8.6 8.6 
Net loan-loss provisions0 (56.9)(56.9)(2)(64.4)(64.4)
Other gains (losses) and provisions0 (99.6)(99.5)(93)— — 
Profit before tax(30)(75.1)(74.9)(205)91.2 91.2 
Tax on profit5 (37.8)(37.5)22 — — 
Profit from continuing operations(25)(77.6)(77.5)(183)41.4 41.5 
Net profit from discontinued operations— — — — — — 
Consolidated profit(25)(77.6)(77.5)(183)41.4 41.5 
Non-controlling interests0 (97.7)(97.7)1 (41.3)(41.3)
Profit attributable to the parent(25)(77.5)(77.4)(182)42.0 42.2 
Balance sheet
Loans and advances to customers32 (8.9)(8.9)32 (50.8)(50.8)
Cash, central banks and credit institutions556 33.0 33.0 556 75.2 75.2 
Debt instruments1 (5.4)(5.4)1 — — 
Other financial assets117 (7.3)(7.3)117 (11.0)(11.0)
Other asset accounts277 (11.0)(11.0)277 (14.7)(14.7)
Total assets984 10.3 10.3 984 17.3 17.3 
Customer deposits328 (1.3)(1.3)328 50.2 50.2 
Central banks and credit institutions230 (5.2)(4.9)230 23.1 24.3 
Marketable debt securities— — — — — — 
Other financial liabilities115 (4.6)(4.6)115 (9.9)(9.9)
Other liabilities accounts81 1.6 1.6 81 19.8 19.8 
Total liabilities754 (2.7)(2.6)754 25.6 25.9 
Total equity230 95.9 94.7 230 (3.5)(4.2)
Memorandum items:
Gross loans and advances to customers 2
39 (7.0)(7.0)39 (47.3)(47.3)
Customer funds328 (1.3)(1.3)328 50.2 50.2 
    Customer deposits 3
328 (1.3)(1.3)328 50.2 50.2 
    Mutual funds— — — — — — 
Resources
Number of employees1,444 (0.2)1,444 24.6 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
70
a201905201359a02.jpg
January - September 2024
SOUTH AMERICA
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income3,520 (3.5)2.7 11,355 15.5 20.8 
Net fee income1,159 (1.4)5.2 3,517 (3.9)0.9 
Gains (losses) on financial transactions 1
110 36.1 37.4 398 (65.2)(63.6)
Other operating income(112)— — (803)(19.5)(19.5)
Total income4,678 (4.6)1.7 14,468 6.1 11.4 
Administrative expenses and amortizations(1,612)(1.5)4.7 (5,078)(4.8)(0.1)
Net operating income3,066 (6.1)0.2 9,390 13.0 18.8 
Net loan-loss provisions(1,326)(3.2)4.1 (4,074)6.1 11.5 
Other gains (losses) and provisions(235)(43.7)(39.3)(1,023)27.7 32.5 
Profit before tax1,505 1.7 7.7 4,292 17.1 23.5 
Tax on profit(378)(18.6)(12.5)(1,263)24.7 30.3 
Profit from continuing operations1,126 11.0 17.0 3,029 14.2 20.9 
Net profit from discontinued operations— — — — — — 
Consolidated profit1,126 11.0 17.0 3,029 14.2 20.9 
Non-controlling interests(143)10.0 14.4 (365)12.5 23.0 
Profit attributable to the parent984 11.1 17.4 2,665 14.4 20.6 
Balance sheet
Loans and advances to customers147,513 (1.7)(0.3)147,513 (4.6)6.0 
Cash, central banks and credit institutions69,279 14.9 17.2 69,279 (5.2)7.0 
Debt instruments57,113 (6.2)(4.5)57,113 (14.5)(4.5)
Other financial assets21,400 (0.2)0.1 21,400 (6.2)2.3 
Other asset accounts18,175 (1.7)(0.1)18,175 (7.5)3.4 
Total assets313,480 0.7 2.3 313,480 (7.0)3.7 
Customer deposits146,188 2.4 4.2 146,188 (5.5)5.6 
Central banks and credit institutions48,042 (5.9)(4.6)48,042 (15.8)(6.7)
Marketable debt securities38,033 2.2 3.6 38,033 (6.3)5.0 
Other financial liabilities44,904 1.2 2.4 44,904 (3.7)7.2 
Other liabilities accounts11,376 0.6 2.4 11,376 (6.6)3.4 
Total liabilities288,544 0.6 2.2 288,544 (7.3)3.4 
Total equity24,937 1.9 3.5 24,937 (3.5)7.3 
Memorandum items:
Gross loans and advances to customers 2
154,377 (1.9)(0.4)154,377 (4.9)5.8 
Customer funds198,580 1.9 3.6 198,580 (4.2)7.0 
    Customer deposits 3
130,691 1.0 2.8 130,691 (4.6)6.3 
    Mutual funds67,889 3.6 5.3 67,889 (3.4)8.3 
Ratios (%), operating means and customers
RoTE19.5 2.3 17.2 2.4 
Efficiency ratio34.5 1.1 35.1 (4.0)
NPL ratio5.55 0.25 5.55 (0.16)
NPL coverage ratio75.5 (6.0)75.5 (2.5)
Number of employees78,924 (1.3)78,924 (2.0)
Number of branches3,012 (4.7)3,012 (11.6)
Number of total customers (thousands)78,911 2.8 78,911 5.5 
Number of active customers (thousands)39,789 1.9 39,789 2.0 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2024
a201905201359a02.jpg
71
Brazil
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income2,474 (5.0)3.1 7,709 16.6 22.2 
Net fee income833 (6.2)1.9 2,567 (0.4)4.4 
Gains (losses) on financial transactions 1
(31)(25.8)(21.3)(37)— — 
Other operating income7 (74.7)(71.0)28 190.5 204.5 
Total income3,282 (5.6)2.5 10,266 6.8 11.9 
Administrative expenses and amortizations(1,024)(7.6)0.5 (3,289)(1.7)3.1 
Net operating income2,258 (4.6)3.5 6,977 11.3 16.6 
Net loan-loss provisions(1,088)(6.1)2.0 (3,410)3.8 8.8 
Other gains (losses) and provisions(201)(19.9)(12.2)(663)(8.3)(3.9)
Profit before tax969 1.1 9.3 2,904 28.3 34.5 
Tax on profit(273)(14.1)(6.0)(951)41.6 48.4 
Profit from continuing operations696 8.7 17.0 1,953 22.7 28.6 
Net profit from discontinued operations— — — — — — 
Consolidated profit696 8.7 17.0 1,953 22.7 28.6 
Non-controlling interests(66)9.3 17.6 (183)10.1 15.4 
Profit attributable to the parent630 8.6 16.9 1,771 24.2 30.1 
Balance sheet
Loans and advances to customers90,720 (2.5)(0.3)90,720 (4.6)9.5 
Cash, central banks and credit institutions55,674 12.1 14.6 55,674 (7.3)6.3 
Debt instruments44,715 (4.0)(1.9)44,715 (3.7)10.5 
Other financial assets7,932 2.2 4.4 7,932 (7.7)5.8 
Other asset accounts13,855 1.7 4.0 13,855 (4.7)9.4 
Total assets212,896 1.1 3.3 212,896 (5.3)8.7 
Customer deposits98,650 (0.3)1.9 98,650 (7.6)6.0 
Central banks and credit institutions33,376 1.8 4.1 33,376 (3.1)11.2 
Marketable debt securities26,533 4.6 6.9 26,533 (8.3)5.2 
Other financial liabilities30,190 2.6 4.9 30,190 (1.5)13.0 
Other liabilities accounts8,209 1.5 3.7 8,209 14.8 31.6 
Total liabilities196,957 1.2 3.5 196,957 (5.3)8.7 
Total equity15,940 (0.7)1.5 15,940 (5.3)8.7 
Memorandum items:
Gross loans and advances to customers 2
96,070 (2.7)(0.5)96,070 (5.0)9.0 
Customer funds134,597 (0.7)1.4 134,597 (6.1)7.7 
    Customer deposits 3
83,342 (2.6)(0.4)83,342 (6.7)7.0 
    Mutual funds51,254 2.4 4.6 51,254 (5.0)9.0 
Ratios (%), operating means and customers
RoTE18.7 2.4 16.8 3.1 
Efficiency ratio31.2 (0.7)32.0 (2.7)
NPL ratio6.25 0.29 6.25 (0.46)
NPL coverage ratio82.1 (8.2)82.1 (0.9)
Number of employees55,915 (1.6)55,915 (3.1)
Number of branches2,313 (5.4)2,313 (13.1)
Number of total customers (thousands)68,182 2.7 68,182 5.6 
Number of active customers (thousands)32,486 1.9 32,486 1.4 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
72
a201905201359a02.jpg
January - September 2024
Chile
Q
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income482 2.1 3.5 1,306 34.9 54.5 
Net fee income146 6.3 8.1 411 (8.6)4.7 
Gains (losses) on financial transactions 1
66 21.1 23.1 173 (36.5)(27.3)
Other operating income(2)(45.1)(43.5)(12)— — 
Total income691 4.8 6.3 1,878 10.9 26.9 
Administrative expenses and amortizations(236)(2.1)(0.5)(701)(9.1)4.1 
Net operating income455 8.8 10.2 1,176 27.5 46.0 
Net loan-loss provisions(127)0.7 2.4 (379)31.9 51.0 
Other gains (losses) and provisions(11)529.9 624.2 (30)— — 
Profit before tax317 9.3 10.5 767 14.4 31.0 
Tax on profit(60)3.5 4.7 (153)59.5 82.6 
Profit from continuing operations257 10.7 11.9 615 6.9 22.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit257 10.7 11.9 615 6.9 22.4 
Non-controlling interests(77)9.8 10.9 (182)14.9 31.6 
Profit attributable to the parent180 11.2 12.4 433 3.9 18.9 
Balance sheet
Loans and advances to customers40,740 0.4 (0.7)40,740 (5.0)0.6 
Cash, central banks and credit institutions5,374 1.6 0.6 5,374 (31.5)(27.4)
Debt instruments8,675 (15.1)(16.0)8,675 (31.6)(27.5)
Other financial assets12,687 (2.1)(3.1)12,687 (7.1)(1.6)
Other asset accounts2,560 (0.1)(1.1)2,560 (14.0)(9.0)
Total assets70,037 (2.2)(3.2)70,037 (12.5)(7.3)
Customer deposits29,138 2.6 1.6 29,138 1.0 7.0 
Central banks and credit institutions8,991 (23.1)(23.9)8,991 (44.9)(41.7)
Marketable debt securities10,583 (2.5)(3.5)10,583 (2.8)2.9 
Other financial liabilities13,580 0.4 (0.6)13,580 (7.3)(1.8)
Other liabilities accounts2,178 14.9 13.8 2,178 (43.4)(40.0)
Total liabilities64,470 (2.9)(3.8)64,470 (13.5)(8.4)
Total equity5,567 5.7 4.7 5,567 1.9 7.9 
Memorandum items:
Gross loans and advances to customers 2
41,850 0.2 (0.9)41,850 (5.1)0.5 
Customer funds40,989 3.5 2.5 40,989 5.1 11.3 
    Customer deposits 3
28,948 2.2 1.2 28,948 1.4 7.4 
    Mutual funds12,041 6.8 5.8 12,041 15.2 22.1 
Ratios (%), operating means and customers
RoTE19.3 1.4 15.6 1.5 
Efficiency ratio34.2 (2.4)37.4 (8.2)
NPL ratio5.33 0.21 5.33 0.43 
NPL coverage ratio51.8 (1.3)51.8 (3.8)
Number of employees9,530 0.1 9,530 (3.0)
Number of branches235 (2.9)235 (5.6)
Number of total customers (thousands)4,213 4.0 4,213 7.8 
Number of active customers (thousands)2,542 2.0 2,542 12.3 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2024
a201905201359a02.jpg
73
Argentina
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24Q2'24%9M'24%
Net interest income390 397 (1.9)1,812 2.6 
Net fee income111 73 53.1 315 (29.3)
Gains (losses) on financial transactions 1
34 18 92.0 128 (64.1)
Other operating income(115)(23)389.4 (815)(18.2)
Total income421 465 (9.5)1,441 (8.4)
Administrative expenses and amortizations(192)(129)49.3 (607)(22.3)
Net operating income228 336 (32.0)834 5.4 
Net loan-loss provisions(63)(31)105.1 (129)(10.2)
Other gains (losses) and provisions(22)(77)(71.2)(230)121.0 
Profit before tax143 228 (37.3)475 (12.6)
Tax on profit(27)(63)(57.1)(93)(31.9)
Profit from continuing operations116 165 (29.7)382 (6.2)
Net profit from discontinued operations— — — — — 
Consolidated profit116 165 (29.7)382 (6.2)
Non-controlling interests0 0 (43.0)(1)(35.4)
Profit attributable to the parent116 164 (29.7)382 (6.1)
Balance sheet
Loans and advances to customers5,399 5,256 2.7 5,399 (12.9)
Cash, central banks and credit institutions4,776 2,276 109.8 4,776 87.0 
Debt instruments1,767 1,841 (4.0)1,767 (63.9)
Other financial assets67 54 23.0 67 (8.1)
Other asset accounts635 671 (5.4)635 (39.0)
Total assets12,644 10,099 25.2 12,644 (14.3)
Customer deposits8,843 5,553 59.2 8,843 (5.6)
Central banks and credit institutions941 1,590 (40.8)941 (50.7)
Marketable debt securities145 180 (19.7)145 (5.1)
Other financial liabilities707 920 (23.2)707 (23.7)
Other liabilities accounts305 285 6.8 305 (40.2)
Total liabilities10,941 8,529 28.3 10,941 (14.9)
Total equity1,703 1,570 8.5 1,703 (10.5)
Memorandum items:
Gross loans and advances to customers 2
5,550 5,368 3.4 5,550 (12.9)
Customer funds12,368 8,676 42.6 12,368 (13.2)
    Customer deposits 3
8,843 5,553 59.2 8,843 (5.5)
    Mutual funds3,525 3,123 12.9 3,525 (27.9)
Ratios (%), operating means and customers
RoTE34.6 (19.8)37.4(2.1)
Efficiency ratio45.7 18.042.1(7.6)
NPL ratio1.79 0.281.79(0.11)
NPL coverage ratio161.0 15.8161.02.7
Number of employees8,228 (1.5)8,2280.7
Number of branches303 (3.5)303(10.1)
Number of total customers (thousands)5,049 2.35,0496.2
Number of active customers (thousands)3,626 1.03,6263.9
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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Other South America
EUR million
/ Q2'24/ 9M'23
Underlying income statementQ3'24%% excl. FX9M'24%% excl. FX
Net interest income175 (0.3)5.3 528 8.6 9.7 
Net fee income70 (11.2)(7.0)223 19.4 19.0 
Gains (losses) on financial transactions 1
41 (19.2)(14.3)135 36.2 32.7 
Other operating income(1)(43.8)(36.5)(3)(74.9)(75.3)
Total income284 (5.9)(0.8)883 16.3 16.6 
Administrative expenses and amortizations(159)1.4 5.2 (480)10.7 10.5 
Net operating income124 (13.9)(7.5)403 23.8 24.7 
Net loan-loss provisions(48)(11.8)(6.5)(157)23.4 23.6 
Other gains (losses) and provisions(1)(98.8)(98.7)(99)998.5 — 
Profit before tax76 — — 146 (22.6)(21.8)
Tax on profit(18)(29.2)(23.2)(67)(38.9)(38.6)
Profit from continuing operations58 — — 79 0.0 1.9 
Net profit from discontinued operations— — — — — — 
Consolidated profit58 — — 79 0.0 1.9 
Non-controlling interests0 (97.6)(97.6)1 (46.1)(46.1)
Profit attributable to the parent58 — — 79 (0.7)1.2 
Balance sheet
Loans and advances to customers10,654 (5.3)0.0 10,654 1.9 11.2 
Cash, central banks and credit institutions3,456 13.0 19.5 3,456 31.1 41.5 
Debt instruments1,955 (13.3)(5.8)1,955 (29.6)(20.7)
Other financial assets714 6.9 10.4 714 43.5 51.2 
Other asset accounts1,125 (31.4)(29.8)1,125 2.3 6.8 
Total assets17,904 (5.1)0.2 17,904 2.5 11.8 
Customer deposits9,558 (3.7)3.3 9,558 (1.8)8.9 
Central banks and credit institutions4,734 (5.2)(3.1)4,734 8.6 14.1 
Marketable debt securities773 (3.8)4.3 773 24.0 39.0 
Other financial liabilities427 (16.3)(13.2)427 2.2 7.5 
Other liabilities accounts685 (34.3)(31.6)685 1.2 10.0 
Total liabilities16,177 (6.4)(1.2)16,177 2.3 11.6 
Total equity1,727 8.4 15.1 1,727 4.7 13.9 
Memorandum items:
Gross loans and advances to customers 2
10,907 (5.2)0.1 10,907 2.1 11.4 
Customer funds10,626 (3.5)3.8 10,626 (1.1)10.1 
    Customer deposits 3
9,558 (3.7)3.3 9,558 (1.8)8.9 
    Mutual funds1,068 (2.0)7.9 1,068 6.3 21.5 
Resources
Number of employees5,251 (0.7)5,251 9.9 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2024
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75
Alternative performance measures (APMs)
In addition to the financial information prepared under IFRS, this consolidated directors’ report contains financial measures that constitute alternative performance measures (APMs) to comply with the guidelines on alternative performance measures issued by the European Securities and Markets Authority on 5 October 2015 and non-IFRS measures.
The financial measures contained in this consolidated directors’ report that qualify as APMs and non-IFRS measures have been calculated using the financial information from Santander but are not defined or detailed in the applicable financial information framework or under IFRS and therefore have neither been audited nor are susceptible to being fully audited.
We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period. While we believe that these APMs and non-IFRS financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, the way in which Santander defines and
calculates these APMs and non-IFRS measures may differ from the calculations by other companies with similar measures and, therefore, may not be comparable.
The APMs and non-IFRS measures we use in this document can be categorized as follows:
Underlying results
In addition to IFRS results measures, we present some results measures which are non-IFRS and which we refer to as underlying measures. These measures allow in our view a better year-on-year comparability given that they exclude items outside the ordinary performance of our business (e.g. capital gains, write-downs, impairment of goodwill) or certain line items have been reclassified in the underlying ("adjusted") income statement, as their impact on profit is zero, to facilitate comparisons with prior quarters and better understand the trends in the business.
In addition, in the section "Financial information by segment", relative to the primary and secondary segments, results are only presented on an underlying basis in accordance with IFRS 8, and reconciled on an aggregate basis to our IFRS consolidated results to the consolidated financial statements, which are set out below.
Reconciliation of underlying results to statutory results
EUR million
January-September 2024
Statutory resultsAdjustmentsUnderlying results
Net interest income34,682 — 34,682 
Net fee income9,666 — 9,666 
Gains (losses) on financial transactions 1
1,493 — 1,493 
Other operating income9 335 344 
Total income45,850 335 46,185 
Administrative expenses and amortizations(19,262)— (19,262)
Net operating income26,588 335 26,923 
Net loan-loss provisions(9,571)352 (9,219)
Other gains (losses) and provisions(2,590)(687)(3,277)
Profit before tax14,427 — 14,427 
Tax on profit(4,246)— (4,246)
Profit from continuing operations10,181 — 10,181 
Net profit from discontinued operations— — — 
Consolidated profit10,181 — 10,181 
Non-controlling interests(872)— (872)
Profit attributable to the parent9,309 — 9,309 
1. Includes exchange differences.
Explanation of adjustments:
1.Temporary levy on revenue in Spain in Q1 2024, totalling EUR 335 million, which was reclassified from total income to other gains (losses) and provisions.
2.Provisions which strengthen the balance sheet in Brazil of EUR 352 million in Q2 2024 (EUR 174 million net of tax and minority interests).
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Reconciliation of underlying results to statutory results
EUR million
January-September 2023
Statutory resultsAdjustmentsUnderlying results
Net interest income32,139 — 32,139 
Net fee income9,222 — 9,222 
Gains (losses) on financial transactions 1
1,969 — 1,969 
Other operating income(459)224 (235)
Total income42,871 224 43,095 
Administrative expenses and amortizations(18,961)— (18,961)
Net operating income23,910 224 24,134 
Net loan-loss provisions(9,511)474 (9,037)
Other gains (losses) and provisions(1,862)(459)(2,321)
Profit before tax12,537 239 12,776 
Tax on profit(3,552)(213)(3,765)
Profit from continuing operations8,985 26 9,011 
Net profit from discontinued operations— — — 
Consolidated profit8,985 26 9,011 
Non-controlling interests(842)(26)(868)
Profit attributable to the parent8,143 — 8,143 
1. Includes exchange differences.

Explanation of adjustments:
1.Temporary levy on revenue in Spain in Q1 2023, totalling EUR 224 million, which was reclassified from total income to other gains (losses) and provisions.
2.Provisions to strengthen the balance sheet in Brazil in Q1 2023, totalling EUR 235 million, net of tax and non-controlling interests (EUR 474 million recorded in net loan-loss provisions, EUR 213 million positive impact in tax and EUR 26 million in non-controlling interests).


January - September 2024
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Profitability and efficiency ratios
The purpose of the profitability ratios is to measure the ratio of profit to capital, to tangible capital, to assets and to risk-weighted assets, while the efficiency ratio measures how much general administrative expenses (personnel and other) and amortization costs are needed to generate revenue.
Additionally, goodwill adjustments have been removed from the RoTE numerator as, since they are not considered in the denominator, we believe this calculation is more correct.

RatioFormulaRelevance of the metric
RoEProfit attributable to the parent (annualized)This ratio measures the return that shareholders obtain on the funds invested in the bank and as such measures the company's ability to pay shareholders.
(Return on equity)
Average stockholders’ equity 1 (excl. minority interests)
RoTE
Profit attributable to the parent (annualized)2
This indicator is used to evaluate the profitability of the company as a percentage of its tangible equity. It's measured as the return that shareholders receive as a percentage of the funds invested in the entity less intangible assets.
(Return on tangible equity)
Average stockholders' equity 1 (excl. minority interests) - intangible assets
RoAConsolidated profit (annualized)This metric measures the profitability of a company as a percentage of its total assets. It is an indicator that reflects the efficiency of the company's total funds in generating profit.
(Return on assets)Average total assets
RoRWAConsolidated profit (annualized)The return adjusted for risk is a derivative of the RoA metric. The difference is that RoRWA measures profit in relation to the bank's risk-weighted assets.
(Return on risk-weighted assets)Average risk-weighted assets
Efficiency ratio
Operating expenses 3
One of the most commonly used indicators when comparing productivity of different financial entities. It measures the amount of funds used to generate the bank's total income.
Total income
1. Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Dividends.
2. Excluding the adjustment to the valuation of goodwill.
3. Operating expenses = Administrative expenses + amortizations.
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Profitability and efficiency 1, 2
Q3'24Q2'249M'249M'23
(EUR million and %)
RoE13.4 %13.4 %12.9 %11.7 %
   Profit attributable to the parent (annualized)13,00012,82712,41210,858
   Average stockholders' equity (excluding minority interests)96,72095,99496,34192,421
RoTE16.7 %16.8 %16.2 %14.8 %
   Profit attributable to the parent (annualized)13,00012,82712,41210,858
   (-) Goodwill impairment-2-2-4—
   Profit attributable to the parent excluding goodwill impairment (annualized)13,00212,82912,41610,858
   Average stockholders' equity (excluding minority interests)96,72095,99496,34192,421
   (-) Average intangible assets19,04319,62119,51819,226
   Average stockholders' equity (excl. minority interests) - intangible assets77,67776,37376,82373,195
RoA0.80 %0.78 %0.76 %0.68 %
   Consolidated profit (annualized)14,35513,90613,57412,014
   Average total assets1,793,7581,780,5221,792,8711,764,293
RoRWA2.31 %2.18 %2.15 %1.93 %
   Consolidated profit (annualized)14,35513,90613,57412,014
   Average risk-weighted assets622,347636,621631,547623,352
Efficiency ratio41.9 %40.6 %41.7 %44.0 %
   Underlying operating expenses6,3496,36619,26218,961
      Operating expenses6,3496,36619,26218,961
      Adjustments to operating expenses for items outside ordinary course of businesses ————
   Underlying total income15,13515,67046,18543,095
      Total income15,13515,67045,85042,871
      Adjustments to total income for items outside ordinary course of businesses ——335224
1.Averages included in the RoE, RoTE, RoA and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances.
2.The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).

January - September 2024
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Ratio Formula Relevance of the metric
Global business RoTE  Profit attributable to the parent excluding goodwill impairment (annualized)This indicator is used to evaluate the profitability of the company as a percentage of its tangible equity. It's measured as the return that shareholders receive as a percentage of the funds invested in the entity less intangible assets.
Average stockholders' equity (excl. minority interests) - intangible assets 1
1.Allocated according to RWA consumption.
RoTE (EUR million and %)
9M'249M'23
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking18.5 7,110 38,376 14.9 5,503 36,958 
Digital Consumer Bank11.9 2,010 16,887 11.6 1,925 16,570 
Corporate & Investment Banking18.1 2,718 15,031 20.3 2,860 14,057 
Wealth Management & Insurance81.1 1,687 2,080 77.2 1,478 1,915 
Payments9.4 239 2,553 21.0 537 2,556 
PagoNxt------
Cards33.0 671 2,033 33.3 671 2,012 
Europe17.1 6,706 39,176 14.8 5,568 37,690 
   Spain21.8 3,783 17,335 14.7 2,472 16,764 
   United Kingdom11.1 1,301 11,714 14.0 1,658 11,838 
   Portugal26.8 1,056 3,944 23.1 806 3,484 
   Poland21.6 857 3,971 18.9 705 3,724 
DCB Europe9.2 927 10,102 11.3 1,097 9,666 
North America11.2 2,576 22,975 10.4 2,533 24,421 
   US8.1 1,173 14,540 7.4 1,153 15,545 
   Mexico19.3 1,645 8,520 17.6 1,551 8,808 
South America17.2 3,555 20,711 14.8 3,106 20,973 
   Brazil16.8 2,363 14,051 13.7 1,902 13,856 
   Chile15.6 577 3,702 14.1 556 3,953 
   Argentina37.4 509 1,360 39.5 542 1,372 
Numerator: profit attributable to the parent excluding goodwill impairment (annualized).
Denominator: average stockholders' equity (excluding minority interests) - intangible assets, for global businesses allocated according to RWA consumption.
PagoNxt's RoTE is not provided as we do not consider it a relevant metric to measure performance in this type of business.
Efficiency ratio (EUR million and %)
9M'249M'23
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking39.3 9,525 24,219 43.5 9,735 22,367 
Digital Consumer Bank40.7 3,896 9,584 42.6 3,892 9,141 
Corporate & Investment Banking44.4 2,782 6,261 40.8 2,377 5,824 
Wealth Management & Insurance34.2 931 2,718 36.3 881 2,426 
Payments46.3 1,854 4,007 45.0 1,794 3,989 
PagoNxt99.4 889 894 100.5 823 819 
Cards31.0 965 3,113 30.6 970 3,170 
Europe39.4 6,958 17,663 41.1 6,673 16,228 
   Spain34.7 3,138 9,048 40.1 3,127 7,791 
   United Kingdom56.0 2,161 3,860 48.2 2,047 4,245 
   Portugal24.6 404 1,642 28.7 401 1,398 
   Poland27.3 719 2,634 26.5 622 2,344 
DCB Europe46.5 1,976 4,252 48.3 1,967 4,069 
North America47.8 4,976 10,406 48.0 4,707 9,807 
   US50.4 2,843 5,639 49.9 2,714 5,442 
   Mexico41.9 1,976 4,721 42.7 1,845 4,318 
South America35.1 5,078 14,468 39.1 5,332 13,641 
   Brazil32.0 3,289 10,266 34.8 3,345 9,616 
   Chile37.4 701 1,878 45.5 771 1,694 
   Argentina42.1 607 1,441 49.7 781 1,572 
Numerator: underlying operating expenses.
Denominator: underlying total income.
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Credit risk indicators
The credit risk indicators measure the quality of the credit portfolio and the percentage of non-performing loans covered by provisions.
RatioFormulaRelevance of the metric
NPL ratio
(Non-performing loans)		Credit impaired customer loans and advances, guarantees and undrawn balancesThe NPL ratio is an important variable regarding financial institutions' activity since it gives an indication of the level of risk the entities are exposed to. It calculates risks that are, in accounting terms, declared to be credit impaired as a percentage of the total outstanding amount of customer credit and contingent liabilities.
Total Risk 1
Total coverage ratioTotal allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balancesThe total coverage ratio is a fundamental metric in the financial sector. It reflects the level of provisions as a percentage of the credit impaired assets. Therefore it is a good indicator of the entity's solvency against customer defaults both present and future.
Credit impaired customer loans and advances, guarantees and undrawn balances
Cost of riskAllowances for loan-loss provisions over the last 12 monthsThis ratio quantifies loan-loss provisions arising from credit risk over a defined period of time for a given loan portfolio. As such, it acts as an indicator of credit quality.
Average loans and advances to customers over the last 12 months
1. Total risk = non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances.




Credit risk (I)Sep-24Jun-24Sep-23
(EUR million and %)
NPL ratio3.06 %3.02 %3.13 %
Credit impaired customer loans and advances, guarantees and undrawn balances35,72335,09135,558
Gross loans and advances to customers registered under the headings “financial assets measured at amortized cost” and "financial assets designated at fair value through profit or loss" classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)33,89033,36233,682
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired231252288
Customer guarantees and undrawn balances classified in stage 3 1,5931,4671,577
Doubtful exposure of loans and advances to customers at fair value through profit or loss91011
Total risk1,168,5741,163,6541,135,383
Impaired and non-impaired gross loans and advances to customers1,089,4411,088,2201,062,413
Impaired and non-impaired customer guarantees and impaired undrawn customer balances79,13375,43472,970


January - September 2024
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Credit risk (II)Sep-24Jun-24Sep-23
(EUR million and %)
Total coverage ratio64 %66 %68 %
Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances22,73523,32324,019
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through OCI22,02222,62523,242
Total allowances to cover impairment losses on customer guarantees and undrawn balances713698777
Credit impaired customer loans and advances, guarantees and undrawn balances35,72335,09135,558
Gross loans and advances to customers registered under the headings “financial assets measured at amortized cost” and "financial assets designated at fair value through profit or loss" classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)33,89033,36233,682
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired231252288
Customer guarantees and undrawn balances classified in stage 31,5931,4671,577
Doubtful exposure of loans and advances to customers at fair value through profit or loss91011
Cost of risk1.18 %1.21 %1.13 %
Underlying allowances for loan-loss provisions over the last 12 months12,64012,93012,055
Allowances for loan-loss provisions over the last 12 months12,99213,28212,529
    Adjustments to loan-loss provisions for items outside ordinary course of businesses -352-352-474
Average loans and advances to customers over the last 12 months1,070,5851,064,8701,064,199



NPL ratio
(EUR million and %)
9M'249M'23
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking3.28 21,486 654,371 3.18 20,901 657,788 
Digital Consumer Bank4.87 10,304 211,374 4.65 9,580 206,116 
Corporate & Investment Banking0.88 2,210 250,087 1.37 2,993 218,758 
Wealth Management & Insurance0.69 165 23,917 0.82 193 23,626 
Payments5.52 1,255 22,712 5.06 1,189 23,524 
PagoNxt------
Cards5.62 1,223 21,755 5.13 1,151 22,434 
Europe2.25 14,758 656,839 2.32 14,490 625,391 
   Spain2.80 8,313 296,731 3.06 8,602 280,849 
   United Kingdom1.44 3,696 256,374 1.42 3,540 249,715 
   Portugal2.47 1,013 41,035 2.48 983 39,620 
   Poland3.91 1,687 43,151 3.63 1,334 36,743 
DCB Europe2.44 3,405 139,508 2.08 2,746 131,780 
North America3.98 7,761 195,145 3.83 7,481 195,162 
   US4.40 6,426 146,029 4.24 6,025 142,048 
   Mexico2.70 1,324 49,076 2.72 1,443 53,039 
South America5.55 9,496 170,969 5.71 10,140 177,479 
   Brazil6.25 6,701 107,180 6.71 7,472 111,283 
   Chile5.33 2,367 44,430 4.90 2,299 46,901 
   Argentina1.79 108 6,019 1.91 122 6,391 
Numerator: credit impaired customer loans and advances, guarantees and undrawn balances.
Denominator: total risk.
PagoNxt's NPL ratio is not provided as we do not consider it a relevant metric for this type of business.
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NPL coverage ratio
(EUR million and %)
9M'249M'23
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking57.7 12,390 21,486 63.5 13,265 20,901 
Digital Consumer Bank74.7 7,699 10,304 79.4 7,606 9,580 
Corporate & Investment Banking36.0 795 2,210 35.4 1,058 2,993 
Wealth Management & Insurance73.1 121 165 54.2 104 193 
Payments133.1 1,670 1,255 143.9 1,711 1,189 
PagoNxt------
Cards134.6 1,646 1,223 146.0 1,680 1,151 
Europe48.3 7,135 14,758 51.1 7,405 14,490 
   Spain50.0 4,160 8,313 51.2 4,401 8,602 
   United Kingdom28.4 1,050 3,696 31.9 1,130 3,540 
   Portugal78.1 791 1,013 84.6 831 983 
   Poland66.3 1,118 1,687 76.5 1,021 1,334 
DCB Europe83.3 2,838 3,405 92.2 2,532 2,746 
North America71.3 5,531 7,761 78.8 5,895 7,481 
   US64.5 4,146 6,426 73.1 4,403 6,025 
   Mexico104.0 1,377 1,324 102.7 1,482 1,443 
South America75.5 7,170 9,496 78.0 7,913 10,140 
   Brazil82.1 5,502 6,701 83.0 6,199 7,472 
   Chile51.8 1,226 2,367 55.6 1,279 2,299 
   Argentina161.0 174 108 158.3 193 122 
Numerator: total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances.
Denominator: credit impaired customer loans and advances, guarantees and undrawn balances.
PagoNxt's coverage ratio is not provided as we do not consider it a relevant metric for this type of business.
Cost of risk
(EUR million and %)
9M'249M'23
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking0.98 6,186 634,138 0.95 6,305 664,507 
Digital Consumer Bank2.12 4,440 209,090 2.01 3,999 198,737 
Corporate & Investment Banking0.21 364 175,401 0.15 229 152,114 
Wealth Management & Insurance0.08 19 22,894 (0.05)(12)22,531 
Payments7.01 1,629 23,229 7.69 1,550 20,164 
PagoNxt------
Cards7.24 1,615 22,293 7.68 1,507 19,624 
Europe0.352,026 586,107 0.44 2,587 590,431 
   Spain0.521,280 247,399 0.62 1,570 252,210 
   United Kingdom0.05116 251,285 0.12 311 254,207 
   Portugal0.0728 38,132 0.17 66 39,191 
   Poland1.67599 35,876 1.98 625 31,536 
DCB Europe0.751,016 135,675 0.60 755 126,125 
North America2.153,962 184,435 1.91 3,480 182,400 
   US1.942,645 136,013 1.77 2,406 136,256 
   Mexico2.691,315 48,952 2.34 1,067 45,640 
South America3.555,634 158,535 3.30 5,250 159,098 
   Brazil4.784,827 101,059 4.67 4,535 97,153 
   Chile1.09456 41,953 0.87 395 45,537 
   Argentina4.88136 2,775 4.09 169 4,143 
Numerator: underlying allowances for loan-loss provisions over the last 12 months.
Denominator: average loans and advances to customers over 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.
January - September 2024
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Other indicators
The Group has a series of additional financial metrics which facilitate analysis of the underlying business trends and performance. It also has another set of ESG indicators which enables us to track the progress of our Responsible Banking objectives.


RatioFormulaRelevance of the metric
TNAV per share
 Tangible book value 1
This is a very commonly used ratio used to measure the company's accounting value per share having deducted the intangible assets. It is useful in evaluating the amount each shareholder would receive if the company were to enter into liquidation and had to sell all the company's tangible assets.
(Tangible equity net asset value per share)  Number of shares excluding treasury stock
Price / tangible book value per share (X) Share priceThis is one of the most commonly used ratios by market participants for the valuation of listed companies both in absolute terms and relative to other entities. This ratio measures the relationship between the price paid for a company and its accounting equity value.
TNAV per share
LTD ratio Net loans and advances to customersThis is an indicator of the bank's liquidity. It measures the total (net) loans and advances to customers as a percentage of customer deposits.
(Loan-to-deposit) Customer deposits
Loans and advances (excl. reverse repos) Gross loans and advances to customers excluding reverse reposIn order to aid analysis of the commercial banking activity, reverse repos are excluded as they are highly volatile treasury products.
Deposits (excl. repos) Customer deposits excluding reposIn order to aid analysis of the commercial banking activity, repos are excluded as they are highly volatile treasury products.
PAT + After tax fees paid to SAN (in Wealth Management & Insurance) Net profit + fees paid from Santander Asset Management and Santander Insurance to Santander, net of taxes, excluding Private Banking customersMetric to assess Wealth Management & Insurance's total contribution to Grupo Santander profit.
1. Tangible book value = Stockholders' equity (excl. minority interests) - intangible assets.



OthersSep-24Jun-24Sep-23
TNAV (tangible book value) per share5.044.944.61
   Tangible book value77,52276,51474,561
   Number of shares excl. treasury stock (million)15,39015,49216,176
Price / Tangible book value per share (X)0.910.880.79
   Share price (euros)4.6014.3313.619
   TNAV (tangible book value) per share5.044.944.61
Loan-to-deposit ratio102 %103 %100 %
   Net loans and advances to customers1,067,4191,065,5961,039,172
   Customer deposits1,045,9111,037,6461,034,885
Q3'24Q2'249M'249M'23
PAT + After tax fees paid to SAN (in Wealth) (Constant EUR million)9128662,6012,300
   Profit after tax4754331,3241,152
   Net fee income net of tax4374331,2771,148
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ESG indicators
MetricDefinitionSep-24
Green finance raised and facilitated (EUR billion)Nominal amount of project finance, financial advisory, project bonds, green bonds (DCM), export finance (ECA), mergers and acquisitions (M&A), and equity capital markets (ECM) transactions ranked by the SCFS panel and reported in the League Tables of Dealogic, Inframation News, TXF and Mergermarket since the beginning of the year.14.3
Green finance raised and facilitated accumulated from 2019-2025 (EUR billion)Cumulative amount of green finance disbursed and made available since 2019. 129.7
Socially responsible investment assets under management (SRI AuMs) (EUR billion)Value corresponding to total volume of assets under management registered as article 8 - promoting ESG characteristics - and 9 - with explicit sustainability objectives - of the Sustainable Finance Disclosure Regulation (SFDR, EU Reg. 2019/2088) except for illiquid investments in Private Banking which are reported in terms of committed capital. It includes: i) assets managed or advised by Santander Asset Management (SAM) and other Group asset managers in the EU and, using equivalent criteria, in countries where SFDR does not apply; and ii) third party funds and assets advised deemed sustainable investments according to SFDR (Article 2.17) or using internal criteria as per SFICS (Sustainable Finance & Investment Classification System).85.0
Credit disbursed to microentrepreneurs (EUR million)Total amount of credit disbursed during the year to low-income entrepreneurs with low access to banking service, or with difficulties in accessing credit, with the objective of creating and/or growing their businesses. Data include information on microfinance programmes in Brazil, Colombia, Mexico and Peru.950
Support (investment) for education, employment and entrepreneurship (EUR million)Total amount invested to support education, employment and entrepreneurship.61.9
Support (investment) for education, employment and entrepreneurship accumulated from 2023-2025 (EUR million)Cumulative amount of investment in education, employability and entrepreneurship since 2023. 167.0
Support (investment) for other local initiatives (EUR million)Total amount invested through local initiatives to promote childhood education, social welfare (especially among vulnerable groups), art and culture.27
Financing volume of renewable electric vehicles (EUR billion)Financing volume of vehicles powered exclusively by a rechargeable electric battery (no petrol engine).5.0
Note: targets were set before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy.
January - September 2024
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Local currency measures
We make use of certain financial measures in local currency to help in the assessment of our ongoing operating performance. These non-IFRS financial measures include the results of operations of our subsidiary banks located outside the eurozone, excluding the impact of foreign exchange. Because changes in foreign currency exchange rates do not have an operating impact on the results, we believe that evaluating their performance on a local currency basis provides an additional and meaningful assessment of performance to both management and the company’s investors.
The Group presents, at both the Group level as well as the business unit level, the real changes in the income statement as well as the changes excluding the exchange rate effect ("excluding FX" or "constant euros"), as it considers the latter facilitates analysis, since it enables businesses movements to be identified without taking into account the impact of converting each local currency into euros.
Said variations, excluding the impact of exchange rate movements, are calculated by converting income statement lines for the different business units comprising the Group into our presentation currency, the euro, applying the average exchange rate for 9M 2024 to all periods contemplated in the analysis. We use this method for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.
The Group presents, at both the Group level as well as the business unit level, the changes in euros in the balance sheet as well as the changes excluding the exchange rate effect for loans and advances to customers excluding reverse repurchase agreements (repos) and customer funds (which comprise
deposits and mutual funds) excluding repos. As with the income statement, the reason is to facilitate analysis by isolating the changes in the balance sheet that are not caused by converting each local currency into euros.
These changes excluding the impact of exchange rate movements are calculated by converting loans and advances to customers excluding reverse repos and customer funds excluding repos, into our presentation currency, the euro, applying the closing exchange rate on the last working day of September 2024 to all periods contemplated in the analysis. We use this method to calculate the variations in loans and advances to customers excluding reverse repos and customer funds excluding repos for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.
From Q2 2024, we have begun to apply a new theoretical exchange rate for the Argentine peso. This decision is due to the significant divergence that we have observed between the official exchange rate and other macroeconomic magnitudes, mainly inflation. The new theoretical exchange rate also reflects the implicit exchange rate observed in certain transactions ordered between market participants under the prevailing economic conditions, such as the repatriation of dividends from businesses in Argentina. This theoretical rate has been modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US.
The average and period-end exchange rates for the main currencies in which the Group operates are set out in the table below.
Exchange rates: 1 euro / currency parity
Average (income statement)Period-end (balance sheet)
9M'249M'23Sep-24Jun-24Sep-23
US dollar1.087 1.083 1.116 1.071 1.058 
Pound sterling0.851 0.870 0.832 0.848 0.867 
Brazilian real5.682 5.420 6.074 5.943 5.295 
Mexican peso19.208 19.251 21.874 19.561 18.392 
Chilean peso1,017.949 889.030 1,001.107 1,011.373 945.192 
Argentine peso1
1,617.838 254.654 1,617.838 1,498.930 370.374 
Polish zloty4.305 4.581 4.282 4.308 4.621 
1. From Q2 2024 onwards, a theoretical exchange rate has been used, as explained in the text above. We continue to apply the official ARS exchange rate to all prior periods.
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Impact of inflation rate on the variations of operating expenses
Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in operating expenses in euros, ii) the changes excluding the exchange rate effect with the exception of Argentina which is calculated as described above in "Local currency measures", and iii) the changes excluding the exchange rate effect minus the effect of average inflation over the last twelve months except for Argentina as cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates. The reason is that the two latter facilitate analysis for management purposes.
Inflation is calculated as the arithmetic average of the last twelve months for each country and, for the regions, as the weighted average of each country comprising the region's inflation rate, weighted by each country's operating expenses in the region. For South America, we exclude the impact of inflation in Argentina from the calculation of the region's average inflation as cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates.

The table below shows the average inflation rates calculated as indicated.
Average inflation last 12 months
%
Retail & Commercial Banking3.5
Digital Consumer Bank2.9
Corporate & Investment Banking3.3
Wealth Management & Insurance3.2
Payments3.4
Europe3.0
   Spain3.0
   United Kingdom3.0
   Portugal2.2
   Poland4.1
North America3.7
   US3.1
   Mexico4.7
South America1
3.7
   Brazil4.3
   Chile4.3
DCB Europe2.5
Total Group1
3.4
1. Excluding the impact of inflation in Argentina.
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Interim condensed consolidated financial statements
•CONDENSED CONSOLIDATED BALANCE SHEET
•CONDENSED CONSOLIDATED INCOME STATEMENT
NOTE:The following financial information for the first nine months of 2024 and 2023 (attached herewith) corresponds to the condensed consolidated financial statements prepared in accordance with the International Financial Reporting Standards.
Condensed consolidated balance sheet
EUR million
ASSETSSep-24Dec-23Sep-23
Cash, cash balances at central banks and other deposits on demand169,377 220,342 217,057 
Financial assets held for trading232,039 176,921 201,226 
Non-trading financial assets mandatorily at fair value through profit or loss6,347 5,910 6,104 
Financial assets designated at fair value through profit or loss9,113 9,773 9,650 
Financial assets at fair value through other comprehensive income80,171 83,308 86,029 
Financial assets at amortised cost1,198,673 1,191,403 1,187,206 
Hedging derivatives5,637 5,297 7,234 
Changes in the fair value of hedged items in portfolio hedges of interest risk(313)(788)(3,151)
Investments8,640 7,646 7,819 
Joint ventures entities2,060 1,964 2,026 
Associated entities6,580 5,682 5,793 
Assets under reinsurance contracts217 237 233 
Tangible assets32,536 33,882 34,449 
Property, plant and equipment31,612 32,926 33,395 
For own-use12,469 13,408 13,575 
Leased out under an operating lease19,143 19,518 19,820 
Investment property924 956 1,054 
Of which : Leased out under an operating lease768 851 889 
Intangible assets19,077 19,871 19,635 
Goodwill13,487 14,017 14,072 
Other intangible assets5,590 5,854 5,563 
Tax assets28,589 31,390 30,646 
Current tax assets9,471 10,623 9,620 
Deferred tax assets19,118 20,767 21,026 
Other assets9,217 8,856 9,615 
Insurance contracts linked to pensions95 93 90 
Inventories6 7 8 
Other9,116 8,756 9,517 
Non-current assets held for sale2,939 3,014 3,092 
TOTAL ASSETS1,802,259 1,797,062 1,816,844 
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Condensed consolidated balance sheet
EUR million
LIABILITIESSep-24Dec-23Sep-23
Financial liabilities held for trading 143,559 122,270 143,986 
Financial liabilities designated at fair value through profit or loss34,503 40,367 39,602 
Financial liabilities at amortized cost1,459,778 1,468,703 1,468,719 
Hedging derivatives5,000 7,656 8,758 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk 50 55 (217)
Liabilities under insurance or reinsurance contracts18,037 17,799 17,177 
Provisions8,571 8,441 8,369 
Pensions and other post-retirement obligations2,318 2,225 2,232 
Other long term employee benefits833 880 795 
Taxes and other legal contingencies2,604 2,715 2,637 
Contingent liabilities and commitments713 702 777 
Other provisions2,103 1,919 1,928 
Tax liabilities 9,177 9,932 10,586 
Current tax liabilities3,040 3,846 4,180 
Deferred tax liabilities6,137 6,086 6,406 
Other liabilities 18,521 17,598 16,967 
Liabilities associated with non-current assets held for sale— — — 
TOTAL LIABILITIES1,697,196 1,692,821 1,713,947 
EQUITY
Shareholders' equity134,070 130,443 128,718 
Capital 7,747 8,092 8,092 
Called up paid capital7,747 8,092 8,092 
Unpaid capital which has been called up— — — 
Share premium 41,604 44,373 44,373 
Equity instruments issued other than capital744 720 712 
Equity component of the compound financial instrument— — — 
Other equity instruments issued744 720 712 
Other equity213 195 196 
Accumulated retained earnings82,324 74,114 74,115 
Revaluation reserves— — — 
Other reserves(5,887)(5,751)(5,574)
(-) Own shares(459)(1,078)(28)
Profit attributable to shareholders of the parent9,309 11,076 8,143 
(-) Interim dividends(1,525)(1,298)(1,311)
Other comprehensive income (loss)(37,471)(35,020)(34,522)
Items not reclassified to profit or loss (5,256)(5,212)(4,974)
Items that may be reclassified to profit or loss(32,215)(29,808)(29,548)
Non-controlling interest8,464 8,818 8,701 
Other comprehensive income(1,852)(1,559)(1,692)
Other items10,316 10,377 10,393 
TOTAL EQUITY105,063 104,241 102,897 
TOTAL LIABILITIES AND EQUITY1,802,259 1,797,062 1,816,844 
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS
Loan commitments granted291,385 279,589 289,742 
Financial guarantees granted15,780 15,435 15,605 
Other commitments granted138,136 113,273 112,854 




January - September 2024
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Condensed consolidated income statement
EUR million
9M'249M'23
Interest income84,394 78,142 
   Financial assets at fair value through other comprehensive income5,168 5,418 
   Financial assets at amortized cost62,890 57,973 
   Other interest income16,336 14,751 
Interest expense(49,712)(46,003)
Interest income/ (charges)34,682 32,139 
Dividend income584 474 
Income from companies accounted for using the equity method497 462 
Commission income13,034 12,447 
Commission expense(3,368)(3,225)
Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net19 88 
   Financial assets at amortized cost(40)— 
   Other financial assets and liabilities59 88 
Gain or losses on financial assets and liabilities held for trading, net808 555 
   Reclassification of financial assets at fair value through other comprehensive income— — 
   Reclassification of financial assets from amortized cost— — 
   Other gains (losses)808 555 
Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss627 38 
   Reclassification of financial assets at fair value through other comprehensive income— — 
   Reclassification of financial assets from amortized cost— — 
   Other gains (losses)627 38 
Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net41 287 
Gain or losses from hedge accounting, net28 96 
Exchange differences, net(30)905 
Other operating income (*)702 587 
Other operating expenses(1,791)(2,012)
Income from insurance and reinsurance contracts348 542 
Expenses from insurance and reinsurance contracts(331)(512)
Total income45,850 42,871 
Administrative expenses(16,792)(16,556)
   Staff costs(10,558)(10,080)
   Other general and administrative expenses(6,234)(6,476)
Depreciation and amortization(2,470)(2,405)
Provisions or reversal of provisions, net(2,521)(1,989)
Impairment or reversal of impairment of financial assets not measured at fair value
through profit or loss and net gains and losses from modifications		(9,524)(9,477)
   Financial assets at fair value through other comprehensive income(7)(20)
   Financial assets at amortized cost(9,517)(9,457)
Impairment of investments in subsidiaries, joint ventures and associates, net— — 
Impairment on non-financial assets, net(436)(129)
   Tangible assets(249)(77)
   Intangible assets(184)(40)
   Others(3)(12)
Gain or losses on non-financial assets and investments, net371 280 
Negative goodwill recognized in results— — 
Gains or losses on non-current assets held for sale not classified as discontinued operations(51)(58)
Operating profit/(loss) before tax14,427 12,537 
Tax expense or income from continuing operations(4,246)(3,552)
Profit/(loss) for the period from continuing operations10,181 8,985 
Profit/( loss) after tax from discontinued operations— — 
Profit/(loss) for the period10,181 8,985 
Profit attributable to non-controlling interests872 842 
Profit/(loss) attributable to the parent9,309 8,143 
Earnings/(losses) per share
Basic 0.57 0.48 
Diluted0.57 0.48 
(*) Includes -EUR 796 million at 30 September 2024 (-EUR 973 million at 30 September 2023) derived from the net monetary loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.
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Glossary
•A2A: account-to-account
•Active customer: Those customers who comply with the minimum balance, income and/or transactionality requirements as defined according to the business area
•ADR: American Depositary Receipt
•APM: Alternative Performance Measures
•AuMs: Assets under management
•bn: Billion
•BNPL: Buy now, pay later
•bps: basis points
•CDI: CREST Depository Interest
•CET1: Common Equity Tier 1
•CF: Corporate Finance
•CHF: Swiss francs
•CIB: Corporate & Investment Banking
•CNMV: Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores)
•Consumer: Digital Consumer Bank
•Costs in real terms: variations excluding the effect of average inflation over the last twelve months
•DCBE: Digital Consumer Bank Europe
•Digital customers: Every consumer of a commercial bank’s services who has logged on to their personal online banking and/or mobile banking in the last 30 days
•ECB: European Central Bank
•EPS: Earnings per share
•ESG: Environmental, Social and Governance
•ESMA: European Securities and Markets Authority
•Fed: Federal Reserve
•Financial inclusion: Number of people who are unbanked, underbanked, in financial difficulty, with difficulties in accessing credit who, through the Group's products and services, are able to access the financial system or receive tailored finance. Financially underserved groups are defined as people who do not have a current account, or who have an account but obtained alternative (non-bank) financial services in the last 12 months. Beneficiaries of various programmes are included in the quantification process only once in the entire period. Only new empowered people are counted, taking as a base year those existing since 2019. 
•FX: Foreign Exchange
•GB: Global Banking
•GDF: Global Debt Financing
•GDP: Gross Domestic Product
•GTB: Global Transaction Banking
•IA: Artificial intelligence
•IFRS 9: International Financial Reporting Standard 9, regarding financial instruments
•IFRS 17: International Financial Reporting Standard 9, regarding insurance contracts
•IT: Information technology
•LCR: Liquidity Coverage Ratio
•LLPs: Loan-loss provisions
•MDA: Maximum Distributable Amount
•mn: Million
•MREL: Minimum Requirement for own funds and eligible liabilities)
•NII: Net Interest Income
•NPS: Net Promoter Score
•ODS: Open Digital Services
•PBT: Profit before tax
•pp: percentage points
•QoQ: quarter-on-quarter
•P2R: Pillar 2 requirement
•Payments: PagoNxt (Getnet, Ebury y PagoNxt Payments) y Cards
•PB: Private Banking
•PoS: Point of sale
•Retail: Retail & Commercial Banking
•Repos: Repurchase agreements
•RoA: Return on assets
•RoE: Return on equity
•RoRWA: Return on risk-weighted assets
•RoTE: Return on tangible equity
•RWAs: Risk-weighted assets
•SAM: Santander Asset Management
•SBNA: Santander Bank N.A.
•SCIB: Santander Corporate & Investment Banking
•SC USA: Santander Consumer USA
•SEC: Securities and Exchanges Commission
•SHUSA: Santander Holdings USA, Inc.
•SMEs: Small and medium enterprises
•SPAC: Special Purpose Acquisition Company
•SRF: Single Resolution Fund
•TLAC: The total loss-absorbing capacity requirement which is required to be met under the CRD V package
•TNAV: Tangible net asset value
•TPV: Total payments volume
•VaR: Value at Risk
•Wealth: Wealth Management & Insurance
•YoY: year-on-year
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Important information
Non-IFRS and alternative performance measures
This report 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 defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between periods. APMs we use are presented unless otherwise specified on a constant FX basis, which is computed by adjusting comparative period reported data for the effects of foreign currency translation differences, which distort period-on-period comparisons. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For further details on APMs and Non-IFRS Measures, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2023 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 21 February 2024 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2024/sec-2023-annual-20-f-2023-en.pdf), as well as the section “Alternative performance measures” of this Banco Santander, S.A. (Santander) Q3 2024 Financial Report, published on 29 October 2024 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results). Underlying measures, which are included in this report, are non-IFRS measures.
The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the businesses included and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries.
Non-financial information
This report contains, in addition to financial information, non-financial information (NFI), including environmental, social and governance-related metrics, statements, goals, commitments and opinions.
NFI is not audited nor reviewed by an external auditor. NFI is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which are materially different from those applicable to financial information and are in many cases emerging and evolving. NFI is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. NFI is thus subject to significant measurement uncertainties, may not be comparable to NFI of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. NFI is for informational purposes only and without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.
Forward-looking statements
Santander hereby warns that this report contains “forward-looking statements” as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like “expect”, “project”, “anticipate”, “should”, “intend”, “probability”, “risk”, “VaR”, “RoRAC”, “RoRWA”, “TNAV”, “target”, “goal”, “objective”, “estimate”, “future”, “commitment”, “commit”, “focus”, “pledge” and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI.
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 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) expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third-parties’ (including governments and other public actors) energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; (b) Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions, which may be affected by conflicting interests such as energy security; (c) changes in operations or investments under existing or future environmental laws and regulations; (d) changes in rules and regulations, regulatory requirements and internal policies, including those related to climate-related initiatives; (e) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; (f) events that lead to damage to our reputation and brand; (g) exposure to operational losses, including as a result of cyberattacks, data breaches or other security incidents; and (h) the uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations.
In addition, the important factors described in this report and other risk factors, uncertainties or contingencies detailed in our most recent Form 20-F and subsequent 6-Ks filed with, or furnished to, the SEC, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume.
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Forward-looking statements are therefore aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this report, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Santander does not accept any liability in connection with forward-looking statements except where such liability cannot be limited under overriding provisions of applicable law.
Not a securities offer
This report and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities.
Past performance does not indicate future outcomes
Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this report should be taken as a profit and loss forecast.
Third Party Information
In this report, Santander relies on and refers to certain information and statistics obtained from publicly-available information and third-party sources, which it believes to be reliable. Neither Santander nor its directors, officers and employees have independently verified the accuracy or completeness of any such publicly-available and third-party information, make any representation or warranty as to the quality, fitness for a particular purpose, non-infringement, accuracy or completeness of such information or undertake any obligation to update such information after the date of this report. In no event shall Santander be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, such publicly-available and third-party information contained herein. Any sources of publicly-available information and third-party information referred or contained herein retain all rights with respect to such information and use of such information herein shall not be deemed to grant a license to any third party.







This document is a translation of a document originally issued in Spanish. Should there be any discrepancies between the English and the Spanish versions, only the original Spanish version should be binding.

January - September 2024
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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:    29 October 2024By:/s/ José García Cantera
Name:José García Cantera
Title:Chief Financial Officer