FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of February, 2025
Commission File Number: 001-12518
 
 
Banco Santander, S.A.
(Exact name of registrant as specified in its charter)
 
 
Ciudad Grupo Santander
28660 Boadilla del Monte (Madrid) Spain
(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F  ☒            Form 40-F  ☐







BANCO SANTANDER, S.A.
________________________

TABLE OF CONTENTS










































Item 1. January - December 2024 Financial Report




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January - December2024

Index




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This report was approved by the board of directors on 4 February 2025, following a favourable report from the audit committee. Important information regarding this report can be found on pages 62 and 63.

Key consolidated data
BALANCE SHEET (EUR million)Dec-24Sep-24%Dec-24Dec-23%Dec-22
Total assets1,837,081 1,802,259 1.9 1,837,081 1,797,062 2.2 1,734,659 
Loans and advances to customers1,054,069 1,067,419 (1.3)1,054,069 1,036,349 1.7 1,036,004 
Customer deposits1,055,936 1,045,911 1.0 1,055,936 1,047,169 0.8 1,009,722 
Total funds1,348,422 1,327,308 1.6 1,348,422 1,306,942 3.2 1,239,981 
Total equity107,327 105,063 2.2 107,327 104,241 3.0 97,585 
Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.
INCOME STATEMENT (EUR million)Q4'24Q3'24%20242023%2022
Net interest income11,986 11,225 6.8 46,668 43,261 7.9 38,619 
Total income16,026 15,135 5.9 61,876 57,423 7.8 52,117 
Net operating income9,254 8,786 5.3 35,842 31,998 12.0 28,214 
Profit before tax4,600 4,919 (6.5)19,027 16,459 15.6 15,250 
Profit attributable to the parent3,265 3,250 0.5 12,574 11,076 13.5 9,605 
EPS, PROFITABILITY AND EFFICIENCY (%) 1
Q4'24Q3'24%20242023%2022
EPS (euros)0.20 0.20 0.8 0.77 0.65 17.9 0.54 
RoE13.3 13.4 13.0 11.9 10.7 
RoTE16.6 16.7 16.3 15.1 13.4 
RoA0.78 0.80 0.76 0.69 0.63 
RoRWA2.27 2.31 2.18 1.96 1.77 
Efficiency ratio 2
42.3 41.9 41.8 44.1 45.8 
UNDERLYING INCOME STATEMENT 2 (EUR million)
Q4'24Q3'24%20242023%2022
Net interest income11,986 11,225 6.8 46,668 43,261 7.9 38,619 
Total income16,026 15,135 5.9 62,211 57,647 7.9 52,154 
Net operating income9,254 8,786 5.3 36,177 32,222 12.3 28,251 
Profit before tax4,600 4,919 (6.5)19,027 16,698 13.9 15,250 
Profit attributable to the parent3,265 3,250 0.5 12,574 11,076 13.5 9,605 
Changes in constant euros:
Q4'24 / Q3'24: NII: +6.9%; Total income: +6.1%; Net operating income: +5.7%; Profit before tax: -5.9%; Attributable profit: +0.9%.
2024 / 2023: NII: +9.5%; Total income: +9.9%; Net operating income: +14.6%; Profit before tax: +15.6%; Attributable profit: +15.3%.
Note: for Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. Additionally, from Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, see 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.
The Q4 2024 Financial Report is a simplified version of the report that we publish in other quarters. It contains all the same information that we usually provide, except for the explanations in some of the sections, since all this information will be detailed in the annual report that we will publish in a few days. We will continue to publish the financial report with the usual structure and contents in the other quarters.
January - December 2024
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3
SOLVENCY (%)Dec-24Sep-24Dec-24Dec-23Dec-22
Fully-loaded CET1 ratio12.8 12.5 12.8 12.3 12.0 
Fully-loaded total capital ratio17.2 16.8 17.2 16.3 15.8 
CREDIT QUALITY (%)1
Q4'24Q3'24202420232022
Cost of risk 2, 3
1.15 1.18 1.15 1.18 0.99 
NPL ratio3.05 3.06 3.05 3.14 3.08 
NPL coverage ratio65 64 65 66 68 
MARKET CAPITALIZATION AND SHARESDec-24Sep-24%Dec-24Dec-23%Dec-22
Shares (millions)15,152 15,494 (2.2)15,152 16,184 (6.4)16,794 
Share price (euros)4.465 4.601 (3.0)4.465 3.780 18.1 2.803 
Market capitalization (EUR million)67,648 71,281 (5.1)67,648 61,168 10.6 47,066 
Tangible book value per share (euros)5.24 5.04 5.24 4.76 4.26 
Price / Tangible book value per share (X)0.85 0.91 0.85 0.79 0.66 
CUSTOMERS (thousands)Dec-24Sep-24%Dec-24Dec-23%Dec-22
Total customers172,537 170,944 0.9 172,537 164,542 4.9159,844 
Active customers103,262 102,313 0.9 103,262 99,503 3.8 99,190 
Digital customers59,317 57,801 2.6 59,317 54,161 9.551,471 
OTHER DATADec-24Sep-24%Dec-24Dec-23%Dec-22
Number of shareholders3,485,134 3,501,621 (0.5)3,485,134 3,662,377 (4.8)3,915,388 
Number of employees206,753 208,080 (0.6)206,753 212,764 (2.8)206,462 
Number of branches8,011 8,134 (1.5)8,011 8,518 (6.0)9,019 

1.
For further information, see the 'Alternative performance measures' section in the appendix to this report.
2.
In addition to financial information prepared in accordance with International Financial Reporting Standards (IFRS) and derived from our consolidated financial statements, this report contains certain financial measures that constitute 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, including the figures related to “underlying” results, which do not include factors that are outside the ordinary course of our business, or have been reclassified within the underlying income statement. Further details are provided in the 'Alternative performance measures' section of the appendix to this report. For further details on the APMs and non-IFRS measures used, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the annual consolidated financial statements prepared under IFRS, please see our 2023 Annual Financial Report, published in the CNMV on 19 February 2024, our 20-F report for the year ending 31 December 2023 filed with the SEC in the United States on 21 February 2024 as well as the 'Alternative performance measures' section of the appendix to this report.

3.Allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months.
4
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January - December 2024
Our business model
Customer focus
Building a digital bank with branches
→ We continue to build a digital bank with branches, with a multichannel offer to fulfil all our customers' financial needs.
173 mn
103 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 - December 2024
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5
Group financial information
Highlights of the period: Main figures
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In Q4 2024, profit attributable to the parent was EUR 3,265 million, a new record for the third consecutive quarter, with a slight increase quarter-on-quarter (+0.5%). In constant euros, profit rose 1%, due to positive trends across the main revenue lines, which offset higher costs, impacted by seasonality, and the provision for potential complaints related to motor finance dealer commissions in the UK.
u
Attributable profit increased 11% compared to Q4 2023. In constant euros, profit rose 16%, supported by strong revenue growth across all global businesses and regions.
u
In 2024, attributable profit totalled EUR 12,574 million, 14% higher than in 2023 (+15% in constant euros), underpinned by solid revenue growth, which outpaced the rise in costs, and with a cost of risk improvement.
u
By business, notable year-on-year profit growth in Retail, CIB and Wealth. Consumer's bottom line performance was impacted by higher CHF mortgage portfolio provisions in Poland and the provision related to motor finance in the UK, while Payments reflected impacts related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America.
u
These strong Group results, with record levels of net interest income, net fee income, total income, net operating income and profit, enabled us to achieve the 2024 targets that we upgraded in Q2 2024.
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u
Profitability improved strongly year-on-year. RoTE in 2024 stood at 16.3%, compared to 15.1% in 2023.
u
Sustained earnings per share growth, increasing 18% year-on-year to EUR 77.1 cents in 2024, supported by the good performance in profit and the share buybacks executed in the last 12 months.
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u
In terms of business volumes, growth of customer funds continued to outpace loans and advances to customers while we continued to focus on active capital management and disciplined capital allocation.
Gross loans and advances to customers (excluding reverse repos) rose 1% year-on-year in constant euros, supported by increases in Consumer, Payments and Wealth. They were stable in CIB and they decreased slightly in Retail, as higher volumes in South America and Mexico did not completely offset the fall in Europe due to Spain (prepayments) and the UK (strategy to prioritize profitability), and in the US (focus on capital optimization).
Customer funds (customer deposits excluding repurchase agreements plus mutual funds) increased 4% year-on-year in constant euros, underpinned by double-digit growth in mutual funds and a rise in deposits, mainly due to demand deposits, with a recovery in the quarter, particularly in Europe in a falling interest rate environment.
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%, +10% in constant euros) and net fee income (+8%, +11% in constant euros), resulting in 8% total income growth (+10% in constant euros).
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u
The structural changes we have implemented to move towards a simpler and more integrated model through ONE Transformation continued to contribute to efficiency gains and profitable growth. The efficiency ratio improved 2.3 pp year-on-year to 41.8% driven mainly by Retail, Consumer and Wealth.
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u
Credit quality remains robust, supported by the positive overall macroeconomic environment and employment across our footprint. The NPL ratio improved 9 bps year-on-year to 3.05%. Total loan-loss reserves reached EUR 22,835 million, resulting in an NPL coverage ratio of 65%.
u
The Group's cost of risk improved 3 bps year-on-year to 1.15%, better than our target for 2024. In Retail, the cost of risk decreased to 0.92%, while in Consumer, the ratio continued to normalize, remaining at controlled levels (2.16%). Retail and Consumer accounted for approximately 85% of the Group's net loan-loss provisions.
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u
As at end December 2024, the fully-loaded CET1 ratio stood at 12.8%, having increased 0.3 pp quarter-on-quarter, supported by 82 bps of organic generation, mainly resulting from gross profit generation, risk transfer and RWA mobilization, which amply offset RWA growth. The ratio was also impacted by a 26 bp deduction for expected shareholder remuneration against profit earned in Q4 2024 in line with our 50% payout target1, -17 bps in regulatory charges (SME models and DTAs) and -9 bps in 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.
6
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January - December 2024
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Think Value
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u
In November, in accordance with the 2024 shareholder remuneration policy, the bank paid an interim cash dividend against 2024 results of EUR 10.00 cents per share, 23% higher than its 2023 equivalent. Including the EUR 9.50 cent dividend paid in May 2024, the total cash dividend per share during 2024 was 39% greater than cash dividends per share paid during 2023.
In addition, between 27 August 2024 and 3 December 2024, the bank carried out the first share buyback programme against 2024 results totalling EUR 1,525 million.
As a result, in this first round of shareholder remuneration charged against 2024 results, payout surpassed EUR 3,057 million, 17% higher than its equivalent in 2023, and represented approximately 50% of H1 2024 attributable profit (approximately 25% in cash dividends and 25% in share buybacks).
u
The bank's board of directors is expected to propose to the AGM the approval of a final cash dividend, in line with the current shareholder remuneration policy1. The total cash dividend per share charged against 2024 results is expected to be approximately 20% higher than the one charged against 2023 results.
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u
As at end December 2024, TNAV per share was EUR 5.24. Including the EUR 9.50 cent dividend per share paid in May 2024 and the EUR 10.00 cent dividend per share paid in 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 8 million customers year-on-year, bringing our total customers to 173 million. We have 103 million active customers, up 4 million year-on-year.
u
The volume of transactions per active customer rose 9% year-on-year in 2024.
u
We continue to focus on delivering great customer experience and improving our service quality, ranking in the top 3 in NPS2 in seven of our markets.
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Think Global
Contribution to Group revenue3
2024 data. Year-on-year changes in constant euros
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u
In Retail, attributable profit was EUR 7,263 million (+29%) driven by 11% growth in total income, structural improvements in costs due to our transformation efforts and lower provisions.
u
Efficiency improved 3.4 pp to 39.7%, cost of risk decreased year-on-year to 0.92%. RoTE increased to 18.9%.
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u
In Consumer, net operating income grew 11%, backed by positive trends in total income (+6%) and costs (-1%), which were not reflected in attributable profit's performance (-12% to EUR 1,663 million), due to cost of risk normalization and higher provisions (CHF mortgages in Poland and the aforementioned provision in the UK).
u
Efficiency stood at 40.1%, improving 2.7 pp, cost of risk continued to normalize reaching 2.16% and RoTE stood at 9.8%.
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u
In CIB, record attributable profit of EUR 2,740 million, up 16%, driven by all-time high revenue, supported by double-digit growth in both net interest income and net fee income.
u
The efficiency ratio stood at 45.6%. RoTE was 18.1%.
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u
In Wealth, attributable profit amounted to EUR 1,650 million (+14%) underpinned by increased activity, good margin management and higher fees, boosted especially by Private Banking.
u
Efficiency improved 2.0 pp to 35.9% and RoTE was 78.7%.
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u
In Payments, attributable profit reached EUR 413 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 increased 18% year-on-year, supported by revenue growth.
u
Cost of risk stood at 7.39%. In PagoNxt, EBITDA margin reached 27.5% (+2.7 pp year-on-year).
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.
2.Net Promoter Score, internal benchmark of individual customers' satisfaction audited by Stiga/Deloitte in H2 2024.
3.As % of total operating areas, excluding the Corporate Centre.
January - December 2024
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7

Grupo Santander results
Statutory income statement

Grupo Santander. Summarized income statement
EUR million
ChangeChange
Q4'24Q3'24%20242023%
Net interest income11,986 11,225 6.8 46,668 43,261 7.9 
Net fee income1
3,344 3,189 4.9 13,010 12,057 7.9 
Gains or losses on financial assets and liabilities and exchange differences2
780 536 45.5 2,273 2,633 (13.7)
Dividend income130 91 42.9 714 571 25.0 
Share of results of entities accounted for using the equity method214 194 10.3 711 613 16.0 
Other operating income/expenses (net)3
(428)(100)328.0 (1,500)(1,712)(12.4)
Total income16,026 15,135 5.9 61,876 57,423 7.8 
Operating expenses(6,772)(6,349)6.7 (26,034)(25,425)2.4 
   Administrative expenses(5,948)(5,535)7.5 (22,740)(22,241)2.2 
       Staff costs (3,770)(3,497)7.8 (14,328)(13,726)4.4 
       Other general administrative expenses (2,178)(2,038)6.9 (8,412)(8,515)(1.2)
   Depreciation and amortization(824)(814)1.2 (3,294)(3,184)3.5 
Provisions or reversal of provisions(1,362)(759)79.4 (3,883)(2,678)45.0 
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)(3,120)(2,947)5.9 (12,644)(12,956)(2.4)
Impairment on other assets (net)(192)(146)31.5 (628)(237)165.0 
Gains or losses on non-financial assets and investments, net(4)5 — 367 313 17.3 
Negative goodwill recognized in results— — — — 39 (100.0)
Gains or losses on non-current assets held for sale not classified as discontinued operations24 (20)— (27)(20)35.0 
Profit or loss before tax from continuing operations4,600 4,919 (6.5)19,027 16,459 15.6 
Tax expense or income from continuing operations(1,037)(1,330)(22.0)(5,283)(4,276)23.6 
Profit from the period from continuing operations3,563 3,589 (0.7)13,744 12,183 12.8 
Profit or loss after tax from discontinued operations— — — — — — 
Profit for the period3,563 3,589 (0.7)13,744 12,183 12.8 
Profit attributable to non-controlling interests(298)(339)(12.1)(1,170)(1,107)5.7 
Profit attributable to the parent3,265 3,250 0.5 12,574 11,076 13.5 
EPS (euros)0.20 0.20 0.8 0.77 0.65 17.9 
Diluted EPS (euros)0.20 0.20 0.7 0.77 0.65 17.9 
Memorandum items:
   Average total assets1,834,476 1,793,758 2.3 1,803,272 1,773,103 1.7 
   Average stockholders' equity97,952 96,720 1.3 96,744 93,035 4.0 
Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 60 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’.



8
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January - December 2024
Underlying income statement

Results performance compared to 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 2.0 pp on total income and a positive impact of 1.6 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 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 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 2024 or in 2023 and so both profit attributable to the parent and underlying profit attributable to the parent were the same; EUR 12,574 million in 2024 and EUR 11,076 million in 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 (EUR 243 million, net of tax and minority interests) and by the provision in Q4 2024 for potential complaints related to motor finance dealer commissions in the UK (EUR 260 million, net of tax and minority interests). Additionally, there was a lower contribution to the Deposit Guarantee Fund in Spain (EUR 11 million, net of tax and minority interests in 2024) and there was no contribution to the Single Resolution Fund, as contributions ended in 2023.




Summarized underlying income statement
EUR millionChangeChange
Q4'24Q3'24%% excl. FX20242023%% excl. FX
Net interest income11,986 11,225 6.86.946,668 43,261 7.99.5
Net fee income3,344 3,189 4.95.313,010 12,057 7.910.7
Gains (losses) on financial transactions 1
780 536 45.544.62,273 2,633 (13.7)(11.3)
Other operating income(84)185 ——260 (304)——
Total income16,026 15,135 5.96.162,211 57,647 7.99.9
Administrative expenses and amortizations(6,772)(6,349)6.76.6(26,034)(25,425)2.44.0
Net operating income9,254 8,786 5.35.736,177 32,222 12.314.6
Net loan-loss provisions(3,114)(2,976)4.65.0(12,333)(12,458)(1.0)2.0
Other gains (losses) and provisions(1,540)(891)72.872.0(4,817)(3,066)57.158.9
Profit before tax4,600 4,919 (6.5)(5.9)19,027 16,698 13.915.6
Tax on profit(1,037)(1,330)(22.0)(21.1)(5,283)(4,489)17.719.0
Profit from continuing operations3,563 3,589 (0.7)(0.2)13,744 12,209 12.614.4
Net profit from discontinued operations— — — — — — — — 
Consolidated profit3,563 3,589 (0.7)(0.2)13,744 12,209 12.614.4
Non-controlling interests(298)(339)(12.1)(11.2)(1,170)(1,133)3.35.3
Net capital gains and provisions— — ——— — ——
Profit attributable to the parent3,265 3,250 0.50.912,574 11,076 13.515.3
Underlying profit attributable to the parent 2
3,265 3,250 0.50.912,574 11,076 13.515.3
1. Includes exchange differences.
2. Excludes net capital gains and provisions.


January - December 2024
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9
Grupo Santander balance sheet
Grupo Santander. Condensed balance sheet
EUR million
Change
AssetsDec-24Dec-23Absolute%Dec-22
Cash, cash balances at central banks and other demand deposits192,208 220,342 (28,134)(12.8)223,073 
Financial assets held for trading 230,253 176,921 53,332 30.1 156,118 
   Debt securities82,646 62,124 20,522 33.0 41,403 
   Equity instruments16,636 15,057 1,579 10.5 10,066 
   Loans and advances to customers26,591 11,634 14,957 128.6 9,550 
   Loans and advances to central banks and credit institutions40,280 31,778 8,502 26.8 28,097 
   Derivatives64,100 56,328 7,772 13.8 67,002 
Financial assets designated at fair value through profit or loss1
14,045 15,683 (1,638)(10.4)14,702 
   Loans and advances to customers5,652 7,201 (1,549)(21.5)6,642 
   Loans and advances to central banks and credit institutions408 459 (51)(11.1)673 
   Other (debt securities an equity instruments)7,985 8,023 (38)(0.5)7,387 
Financial assets at fair value through other comprehensive income89,898 83,308 6,590 7.9 85,239 
   Debt securities76,558 73,565 2,993 4.1 75,083 
   Equity instruments2,193 1,761 432 24.5 1,941 
   Loans and advances to customers10,784 7,669 3,115 40.6 8,215 
   Loans and advances to central banks and credit institutions363 313 50 16.0 — 
Financial assets measured at amortized cost1,203,707 1,191,403 12,304 1.0 1,147,044 
   Debt securities120,949 103,559 17,390 16.8 73,554 
   Loans and advances to customers1,011,042 1,009,845 1,197 0.1 1,011,597 
   Loans and advances to central banks and credit institutions71,716 77,999 (6,283)(8.1)61,893 
Investments in subsidiaries, joint ventures and associates7,277 7,646 (369)(4.8)7,615 
Tangible assets32,087 33,882 (1,795)(5.3)34,073 
Intangible assets19,259 19,871 (612)(3.1)18,645 
    Goodwill13,438 14,017 (579)(4.1)13,741 
    Other intangible assets5,821 5,854 (33)(0.6)4,904 
Other assets2
48,347 48,006 341 0.7 48,150 
Total assets1,837,081 1,797,062 40,019 2.2 1,734,659 
Liabilities and shareholders' equity
Financial liabilities held for trading 152,151 122,270 29,881 24.4 115,185 
   Customer deposits18,984 19,837 (853)(4.3)12,226 
   Debt securities issued— — — — — 
   Deposits by central banks and credit institutions39,584 25,670 13,914 54.2 15,553 
   Derivatives57,753 50,589 7,164 14.2 64,891 
   Other35,830 26,174 9,656 36.9 22,515 
Financial liabilities designated at fair value through profit or loss36,360 40,367 (4,007)(9.9)40,268 
   Customer deposits25,407 32,052 (6,645)(20.7)31,143 
   Debt securities issued7,554 5,371 2,183 40.6 5,427 
   Deposits by central banks and credit institutions3,399 2,944 455 15.5 3,698 
   Other— — — — — 
Financial liabilities measured at amortized cost1,484,322 1,468,703 15,619 1.1 1,423,858 
   Customer deposits1,011,545 995,280 16,265 1.6 966,353 
   Debt securities issued317,967 303,208 14,759 4.9 274,912 
   Deposits by central banks and credit institutions114,894 130,028 (15,134)(11.6)145,534 
   Other39,916 40,187 (271)(0.7)37,059 
Liabilities under insurance contracts17,829 17,799 30 0.2 16,426 
Provisions8,407 8,441 (34)(0.4)8,149 
Other liabilities3
30,685 35,241 (4,556)(12.9)33,188 
Total liabilities1,729,754 1,692,821 36,933 2.2 1,637,074 
Shareholders' equity135,196 130,443 4,753 3.6 124,732 
   Capital stock7,576 8,092 (516)(6.4)8,397 
   Reserves (including treasury stock)4
116,578 112,573 4,005 3.6 107,709 
   Profit attributable to the Group 12,574 11,076 1,498 13.5 9,605 
   Less: dividends(1,532)(1,298)(234)18.0 (979)
Other comprehensive income(36,595)(35,020)(1,575)4.5 (35,628)
Minority interests8,726 8,818 (92)(1.0)8,481 
Total equity107,327 104,241 3,086 3.0 97,585 
Total liabilities and equity1,837,081 1,797,062 40,019 2.2 1,734,659 
Note: The condensed balance sheet groups some lines of the consolidated balance sheet on pages 58 and 59 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 (-)’.
10
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January - December 2024
Balance sheet
EUR million
/ Sep-24/ Dec-23
Dec-24%% excl. FX%% excl. FX
Loans and advances to customers1,054,070 (1.3)(1.8)1.7 2.2 
Customer deposits1,055,936 1.0 0.5 0.8 1.6 
Memorandum items:
Gross loans and advances to customers 1
1,016,546 0.3 (0.1)0.2 0.9 
Customer funds1,211,342 3.2 3.0 2.9 4.4 
    Customer deposits 2
977,620 2.9 2.6 1.0 1.6 
    Mutual funds233,722 4.1 4.8 12.1 18.1 
1. Excluding reverse repos.
2. Excluding repos.


Gross loans and advances to customers (excl. reverse repos)
EUR billion
chart-860d2ecfe6124c7ebc4.jpg
0 %1
Dec-24 / Dec-23
1. In constant euros: +1%.


Customer funds
EUR billion
chart-38af4ed278864efcbac.jpg
+3 %
1a
+12 %
+1 %
•Total
• Mutual funds
•Deposits
exc. repos
Dec-24 / Dec-23
1. In constant euros: +4%.


Gross loans and advances to customers (excl. reverse repos)
% operating areas. December 2024
chart-b96e9723a03f43dbb8c.jpg
Customer funds
% operating areas. December 2024
chart-598d1ac85e614fcf849.jpg
January - December 2024
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11
Solvency ratios
Eligible capital. December 2024
EUR million
Fully-loaded
Phased-in1
CET179,705 79,799 
Basic capital90,076 90,170 
Eligible capital107,105 108,588 
Risk-weighted assets624,477 624,503 
%%
CET1 capital ratio12.8 12.8 
Tier 1 capital ratio14.4 14.4 
Total capital ratio17.2 17.4 
Fully-loaded capital ratio
cet19m24s.jpg
TNAV per share
TNAV per share was EUR 5.24, increasing 14% year-on-year including the cash dividends.

Eligible capital (phased-in) 1. Consolidated
EUR million
Change
Dec-24Dec-23Absolute%Dec-22
Capital stock and reserves124,263 121,185 3,078 2.5116,956 
Attributable profit12,574 11,076 1,498 13.59,605 
Dividends(3,144)(2,769)(375)13.5(1,921)
Other retained earnings(38,323)(34,484)(3,839)11.1(35,068)
Minority interests8,479 6,899 1,580 22.97,416 
Goodwill and intangible assets(15,957)(17,220)1,263 (7.3)(17,182)
Other deductions(8,093)(7,946)(146)1.8(5,604)
CET179,799 76,741 3,059 4.074,202 
Preferred shares and other eligible tier 110,371 9,002 1,369 15.28,831 
Tier 190,170 85,742 4,428 5.283,033 
Generic funds and eligible tier 2 instruments18,418 16,497 1,921 11.614,359 
Eligible capital108,588 102,240 6,349 6.297,392 
Risk-weighted assets624,503 623,731 772 0.1609,266 
CET1 capital ratio12.812.30.512.2
Tier 1 capital ratio14.413.70.713.6
Total capital ratio17.416.41.016.0

Fully-loaded CET1 ratio performance
%
chart-6fcd035763ce4c95bdea.jpg
1. The phased-in ratio includes the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Capital Requirements Regulation (CRR) 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 CRR.
2.Deduction for expected shareholder remuneration. 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.
12
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January - December 2024
Risk management
Credit risk

Key risk metrics
Net loan-loss provisions 1
Cost of risk (%) 2
NPL ratio (%)NPL coverage ratio (%)
Q4'242024Chg (%)
/ 2023		Chg (%)
/ Q3'24		2024Chg (bps)
/ 2023		Chg (bps)
/ Q3'24		2024Chg (bps)
/ 2023		Chg (bps)
/ Q3'24		2024Chg (pp)
/ 2023		Chg (pp)
/ Q3'24
Retail1,3885,845(7.3)2.80.92(10)(5)3.18(3)(10)58.4(3.0)0.7
Consumer1,2484,56212.49.82.161345.07332073.6(2.9)(1.1)
CIB171747.3(72.7)0.100(11)0.86(50)(3)39.3(2.0)3.3
Wealth1741—57.40.182590.67(73)(2)80.351.07.2
Payments4481,7148.210.07.3917385.1412(38)140.10.37.0
TOTAL GROUP 3
3,11412,3332.05.01.15(3)(3)3.05(9)(1)64.8(1.2)1.1
Europe4181,862(27.7)(2.0)0.32(12)(3)2.15(17)(9)50.20.91.8
DCB Europe3451,20951.923.60.8827132.5037682.5(5.5)(0.8)
North America9503,7862.4(0.4)2.04(1)(11)4.22122469.7(4.2)(1.6)
South America1,4045,4789.07.33.5014(5)5.42(30)(13)76.5(1.9)1.0
TOTAL GROUP 3
3,11412,3332.05.01.15(3)(3)3.05(9)(1)64.8(1.2)1.1
1.EUR million and % change in constant euros.
2.Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months.
3.Total Group includes the Corporate Centre.
For more detailed information, please see the 'Alternative Performance Measures' section.


Coverage ratio by stage
EUR billion
Exposure1
Coverage
Dec-24Sep-24Dec-23Dec-24Sep-24Dec-23
Stage 11,0021,0081,0000.4 %0.4 %0.4 %
Stage 28887805.6 %5.7 %6.4 %
Stage 335363640.6 %40.1 %40.6 %
1. Exposure subject to impairment. Additionally, in December 2024 there were EUR 32 billion in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&L (EUR 39 billion in September 2024 and EUR 19 billion in December 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 (%)
Q4'24QoQYoY
Balance at beginning of period35,723 1.8 0.5 
   Net additions2,819 (37.4)(34.1)
   Increase in scope of consolidation— (100.0)— 
   Exchange rate differences and other115 — — 
   Write-offs(3,392)0.3 (10.7)
Balance at period-end35,265 (1.3)(1.0)
Loan-loss allowances22,835 0.4 (2.8)
   For impaired assets14,301 0.4 (1.1)
   For other assets8,534 0.5 (5.5)


January - December 2024
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13
Market risk
Trading portfolios1. VaR by region
EUR million
20242023
Q4AverageLastAverage
Total18.4 18.7 12.7 
Europe14.0 16.0 10.9 
North America6.2 6.4 5.3 
South America9.2 9.5 6.8 


Trading portfolios1. VaR by market factor
EUR million
Q4 2024Min.Avg.Max.Last
VaR total14.4 18.4 23.0 18.7 
Diversification effect(14.5)(23.8)(38.0)(27.3)
Interest rate VaR11.4 17.1 21.6 20.2 
Equity VaR7.0 10.6 18.8 9.5 
FX VaR4.4 6.1 8.5 5.9 
Credit spreads VaR3.9 5.4 7.0 5.3 
Commodities VaR2.2 3.0 5.1 5.1 

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.




Trading portfolios1. VaR performance

EUR million
chart-c746378d39fa4aa197e.jpg
1. Activity in Santander Corporate & Investment Banking markets.



14
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January - December 2024
Santander Share
Share price
accion4a.jpg
accin3a01a.jpg
START 29/12/2023
END 31/12/2024
€3.780€4.465
accionmaxa.jpg
accionmina.jpg
Maximum 29/04/2024
Minimum 30/01/2024
€4.928€3.563
globo-europa2a.gif
2nd
Bank in the eurozone by market capitalization
EUR 67,648 million
The Santander share
31 December 2024
Shares and trading data
Shares (number)15,152,492,322 
Average daily turnover (number of shares)30,127,309 
Share liquidity (%)49
(Annualized number of shares traded during the period / number of shares)
Stock market indicators
Price / Tangible book value (X)0.85 
Free float (%)99.90
Comparative share performance
chart-853db7da161541cfa51.jpg


January - December 2024
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15
Share capital distribution by geographic area
31 December 2024
The AmericasEuropeRest of the world
25.72%72.73%1.55%
accionfinala01a.jpg
Source: Banco Santander, Shareholder Register.
.
Share capital distribution by type of shareholder
31 December 2024
chart-a450865cd5294783968a.jpg
Institutions
58.70%
Board*
1.29%
Retail
40.01%
* Shares owned or represented by directors.
16
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January - December 2024
Financial information by segment
Description of segments
Following the creation of two new global segments and in order to align the operating and management model, at the beginning of 2024 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 we started to 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 regions, countries 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 and Argentina.

January - December 2024
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17
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.
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, where the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. Additionally, from Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). 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.

18
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January - December 2024
January-December 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 Banking27,942 4,681 32,461 19,584 10,874 7,263 
Digital Consumer Bank10,777 1,508 12,916 7,733 2,232 1,663 
Corporate & Investment Banking4,020 2,548 8,343 4,537 4,009 2,740 
Wealth Management & Insurance1,627 1,489 3,661 2,348 2,259 1,650 
Payments2,609 2,793 5,505 3,030 969 413 
PagoNxt132 958 1,240 80 (233)(299)
Cards2,478 1,835 4,265 2,950 1,202 712 
Corporate Centre(308)(11)(676)(1,055)(1,317)(1,154)
TOTAL GROUP46,668 13,010 62,211 36,177 19,027 12,574 
Secondary segments
Europe16,720 4,659 23,510 14,102 10,129 6,644 
     Spain7,256 2,867 11,974 7,703 5,440 3,762 
     United Kingdom4,950 283 5,216 2,299 1,794 1,306 
     Portugal1,548 467 2,100 1,553 1,481 1,001 
     Poland2,844 674 3,555 2,591 1,650 800 
     Other121 367 664 (42)(236)(225)
DCB Europe4,361 902 5,679 3,075 1,131 642 
North America10,330 2,594 13,915 7,214 3,091 2,579 
     US5,693 1,152 7,580 3,750 1,053 1,109 
     Mexico4,631 1,385 6,278 3,613 2,274 1,671 
     Other7 57 57 (149)(236)(201)
South America15,566 4,864 19,783 12,841 5,993 3,863 
     Brazil10,121 3,414 13,536 9,184 3,830 2,422 
     Chile1,822 551 2,592 1,659 1,111 629 
     Argentina2,919 602 2,487 1,465 827 665 
     Other703 298 1,168 533 225 146 
Corporate Centre(308)(11)(676)(1,055)(1,317)(1,154)
TOTAL GROUP46,668 13,010 62,211 36,177 19,027 12,574 
Profit attributable to the parent distribution1. 2024

chart-e08145bc69684f5e8d4a.jpg
1. As a % of operating areas. Excluding the Corporate Centre.
Profit attributable to the parent. 2024
EUR million. % change YoY
fa_sanxverticalxretailxfona.jpg
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fa_sanxverticalxpaymentsxfa.jpg
fa_sanxregionxeuropexfondoa.jpg
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fa_sanxregionxsouthxamerica.jpg
chart-e2ca0e786c2743b9a33a.jpg
Var
Var2
+28 %+29 %
-13 %-12 %
+12 %+16 %
+12 %+14 %
-32 %-26 %
+21 %+19 %
-46 %-47 %
+10 %+12 %
+27 %+36 %
    
2. Changes in constant euros.
January - December 2024
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19
January-December 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 Banking25,550 4,497 29,754 16,930 7,989 5,659 
Digital Consumer Bank10,221 1,229 12,296 7,033 2,677 1,901 
Corporate & Investment Banking3,594 2,131 7,527 4,140 3,795 2,440 
Wealth Management & Insurance1,513 1,262 3,210 1,994 1,994 1,467 
Payments2,424 2,952 5,298 2,954 1,205 607 
PagoNxt93 954 1,140 49 (17)(77)
Cards2,331 1,998 4,158 2,905 1,222 684 
Corporate Centre(41)(13)(439)(829)(961)(998)
TOTAL GROUP43,261 12,057 57,647 32,222 16,698 11,076 
Secondary segments
Europe15,910 4,399 21,439 12,409 8,195 5,482 
     Spain6,641 2,699 10,132 5,905 3,399 2,371 
     United Kingdom5,152 338 5,525 2,779 2,107 1,545 
     Portugal1,465 464 1,982 1,440 1,314 896 
     Poland2,543 589 3,182 2,320 1,392 674 
     Other109 309 618 (35)(17)(3)
DCB Europe4,193 796 5,502 2,884 2,019 1,199 
North America10,159 2,192 13,174 6,708 2,837 2,354 
     US5,742 766 7,209 3,531 863 932 
     Mexico4,408 1,374 5,899 3,311 2,119 1,560 
     Other8 52 66 (133)(145)(138)
South America13,040 4,684 17,971 11,050 4,608 3,038 
     Brazil9,116 3,462 13,104 8,574 2,911 1,921 
     Chile1,383 572 2,285 1,265 951 582 
     Argentina1,879 396 1,544 769 505 386 
     Other662 254 1,038 441 241 150 
Corporate Centre(41)(13)(439)(829)(961)(998)
TOTAL GROUP43,261 12,057 57,647 32,222 16,698 11,076 


20
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January - December 2024

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Retail & Commercial BankingUnderlying attributable profit
EUR 7,263 mn

EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income7,125 4.7 5.3 27,942 9.4 11.0 
Net fee income1,166 1.5 2.6 4,681 4.1 7.3 
Gains (losses) on financial transactions 1
257 101.2 95.8 812 (4.9)(4.0)
Other operating income(306)128.1 128.9 (974)(15.1)(14.3)
Total income8,242 3.7 4.3 32,461 9.1 11.0 
Administrative expenses and amortizations(3,352)8.1 8.5 (12,877)0.4 2.5 
Net operating income4,890 1.0 1.6 19,584 15.7 17.4 
Net loan-loss provisions(1,388)1.4 2.8 (5,845)(10.6)(7.3)
Other gains (losses) and provisions(804)66.0 65.1 (2,865)19.4 20.7 
Profit before tax2,697 (9.8)(9.3)10,874 36.1 35.9 
Tax on profit(636)(21.6)(21.2)(3,091)60.4 57.4 
Profit from continuing operations2,062 (5.4)(4.9)7,783 28.4 28.9 
Net profit from discontinued operations— — — — — — 
Consolidated profit2,062 (5.4)(4.9)7,783 28.4 28.9 
Non-controlling interests(130)(25.0)(24.3)(520)29.0 29.1 
Profit attributable to the parent1,932 (3.7)(3.2)7,263 28.3 28.8 
Balance sheet and activity metrics
Loans and advances to customers608,945 (1.7)(0.4)608,945 (1.5)(0.9)
Customer deposits661,152 1.6 1.7 661,152 (0.8)0.3 
Memorandum items:
Gross loans and advances to customers ²609,490 (0.7)(0.6)609,490 (1.5)(0.7)
Customer funds747,567 2.0 2.3 747,567 3.0 4.4 
    Customer deposits ³649,619 1.8 1.9 649,619 1.8 2.6 
    Mutual funds97,948 3.6 4.9 97,948 11.6 18.8 
Risk-weighted assets290,922 (0.8)290,922 (0.9)
Ratios (%) and customers
RoTE ⁴20.1 (0.6)18.9 3.7 
Efficiency ratio40.7 1.6 39.7 (3.4)
NPL ratio3.18 (0.10)3.18 (0.03)
NPL coverage ratio58.4 0.7 58.4 (3.0)
Number of total customers (thousands)147,140 1.1 147,140 6.0 
Number of active customers (thousands)79,079 1.3 79,079 5.3 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.

January - December 2024
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21
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Digital Consumer BankUnderlying attributable profit
EUR 1,663 mn

EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income2,798 7.1 5.9 10,777 5.4 6.1 
Net fee income394 5.5 5.3 1,508 22.7 23.8 
Gains (losses) on financial transactions 1
(24)— — (4)— — 
Other operating income164 12.7 10.4 635 (13.0)(13.3)
Total income3,332 6.3 5.2 12,916 5.0 5.7 
Administrative expenses and amortizations(1,287)0.7 (0.5)(5,183)(1.5)(1.2)
Net operating income2,045 10.1 9.1 7,733 10.0 10.9 
Net loan-loss provisions(1,248)11.3 9.8 (4,562)11.1 12.4 
Other gains (losses) and provisions(530)375.0 370.8 (939)276.0 283.0 
Profit before tax267 (57.2)(56.9)2,232 (16.6)(16.4)
Tax on profit(43)(63.3)(60.8)(295)(30.9)(30.8)
Profit from continuing operations225 (55.8)(56.0)1,938 (13.9)(13.6)
Net profit from discontinued operations— — — — — — 
Consolidated profit225 (55.8)(56.0)1,938 (13.9)(13.6)
Non-controlling interests(69)(2.1)(1.7)(275)(21.3)(21.1)
Profit attributable to the parent155 (64.5)(64.7)1,663 (12.5)(12.3)
Balance sheet and activity metrics
Loans and advances to customers207,104 2.3 0.8 207,104 4.0 3.4 
Customer deposits128,975 5.0 2.3 128,975 11.7 9.2 
Memorandum items:
Gross loans and advances to customers ²215,160 2.4 0.8 215,160 4.1 3.6 
Customer funds137,122 5.0 2.3 137,122 13.3 10.8 
    Customer deposits ³128,933 5.0 2.3 128,933 12.8 10.3 
    Mutual funds8,189 4.8 1.5 8,189 22.9 19.4 
Risk-weighted assets152,399 (0.6)152,399 (1.3)
Ratios (%) and customers
RoTE ⁴3.7 (6.5)9.8 (1.8)
Efficiency ratio38.6 (2.1)40.1 (2.7)
NPL ratio5.07 0.20 5.07 0.33 
NPL coverage ratio73.6 (1.1)73.6 (2.9)
Number of total customers (thousands)25,041 (0.3)25,041 (1.5)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
22
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January - December 2024
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Corporate & Investment BankingUnderlying attributable profit
EUR 2,740 mn
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income1,088 20.7 20.5 4,020 11.9 14.8 
Net fee income657 7.2 6.8 2,548 19.6 21.4 
Gains (losses) on financial transactions 1
413 (17.4)(17.0)1,619 (9.9)(6.7)
Other operating income(74)— — 156 — — 
Total income2,083 0.5 0.6 8,343 10.8 13.6 
Administrative expenses and amortizations(1,024)6.1 5.5 (3,807)12.4 13.8 
Net operating income1,059 (4.4)(3.6)4,537 9.6 13.4 
Net loan-loss provisions(17)(73.1)(72.7)(174)5.7 7.3 
Other gains (losses) and provisions(129)28.9 28.1 (353)95.3 100.1 
Profit before tax913 (3.4)(2.5)4,009 5.7 9.5 
Tax on profit(157)(40.5)(38.8)(1,065)(6.3)(2.2)
Profit from continuing operations756 10.9 11.7 2,944 10.8 14.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit756 10.9 11.7 2,944 10.8 14.4 
Non-controlling interests(55)13.6 14.7 (204)(6.5)(1.1)
Profit attributable to the parent701 10.7 11.5 2,740 12.3 15.8 
Balance sheet and activity metrics
Loans and advances to customers184,923 (5.3)(7.3)184,923 9.4 9.4 
Customer deposits202,355 (3.3)(4.2)202,355 (0.7)1.0 
Memorandum items:
Gross loans and advances to customers ²136,818 (0.2)(1.9)136,818 (0.6)0.2 
Customer funds152,450 8.5 8.8 152,450 (10.2)(7.0)
    Customer deposits ³136,672 8.0 7.7 136,672 (12.0)(9.7)
    Mutual funds15,777 13.0 18.8 15,777 8.3 26.2 
Risk-weighted assets122,274 (2.4)122,274 6.5 
Ratios (%)
RoTE ⁴18.4 2.0 18.1 0.5 
Efficiency ratio49.2 2.6 45.6 0.6 
NPL ratio0.86 (0.03)0.86 (0.50)
NPL coverage ratio39.3 3.3 39.3 (2.0)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
January - December 2024
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23
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Wealth Management & InsuranceUnderlying attributable profit
EUR 1,650 mn
WEALTH MANAGEMENT & INSURANCE
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income394 (3.1)(3.4)1,627 7.6 8.2 
Net fee income405 10.8 10.5 1,489 18.0 19.2 
Gains (losses) on financial transactions 1
71 29.3 29.4 213 25.7 27.3 
Other operating income74 (28.1)(25.8)332 24.7 32.0 
Total income944 1.5 1.5 3,661 14.0 15.4 
Administrative expenses and amortizations(383)21.4 20.7 (1,313)8.0 9.2 
Net operating income561 (8.6)(8.3)2,348 17.7 19.3 
Net loan-loss provisions(17)55.5 57.4 (41)— — 
Other gains (losses) and provisions(15)459.1 455.0 (48)170.8 170.3 
Profit before tax529 (11.9)(11.6)2,259 13.3 14.8 
Tax on profit(125)(6.2)(6.2)(531)16.9 18.1 
Profit from continuing operations404 (13.6)(13.1)1,728 12.2 13.8 
Net profit from discontinued operations— — — — — — 
Consolidated profit404 (13.6)(13.1)1,728 12.2 13.8 
Non-controlling interests(20)0.9 1.8 (79)7.9 11.6 
Profit attributable to the parent384 (14.2)(13.8)1,650 12.5 13.9 
Balance sheet and activity metrics
Loans and advances to customers24,479 5.7 3.6 24,479 8.8 7.7 
Customer deposits60,986 0.8 0.1 60,986 4.2 3.9 
Memorandum items:
Gross loans and advances to customers ²24,611 5.7 3.7 24,611 8.9 7.9 
Customer funds171,866 2.4 2.1 171,866 9.4 11.6 
    Customer deposits ³60,058 0.8 0.1 60,058 4.2 3.7 
    Mutual funds111,807 3.3 3.2 111,807 12.4 16.4 
Risk-weighted assets11,559 11.5 11,559 (37.2)
Assets under management498,289 1.1 1.3 498,289 8.4 12.7 
Gross written premiums2,567 (8.7)(9.5)11,526 (11.8)(8.5)
Ratios (%) and customers
RoTE ⁴73.5 (11.1)78.7 6.5 
Efficiency ratio40.6 6.6 35.9 (2.0)
NPL ratio0.67 (0.02)0.67 (0.73)
NPL coverage ratio80.3 7.2 80.3 51.0 
Number of Private Banking customers (thousands)299 2.8 299 13.7 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.

24
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January - December 2024
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PaymentsUnderlying attributable profit
EUR 413 mn
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income694 16.4 17.7 2,609 7.6 12.9 
Net fee income725 3.8 5.0 2,793 (5.4)(1.5)
Gains (losses) on financial transactions 1
41 — — 41 — — 
Other operating income38 120.7 125.0 61 — — 
Total income1,497 14.6 15.6 5,505 3.9 8.6 
Administrative expenses and amortizations(621)5.6 6.3 (2,475)5.6 8.0 
Net operating income876 21.9 23.1 3,030 2.6 9.0 
Net loan-loss provisions(448)8.2 10.0 (1,714)2.9 8.2 
Other gains (losses) and provisions(37)15.7 15.9 (347)314.3 320.1 
Profit before tax391 43.5 43.8 969 (19.6)(12.9)
Tax on profit(132)13.6 15.3 (464)(8.8)(2.2)
Profit from continuing operations259 65.8 64.8 505 (27.4)(20.8)
Net profit from discontinued operations— — — — — — 
Consolidated profit259 65.8 64.8 505 (27.4)(20.8)
Non-controlling interests(24)(12.1)(10.6)(92)3.4 12.0 
Profit attributable to the parent235 82.1 79.9 413 (31.9)(25.7)
Balance sheet and activity metrics
Loans and advances to customers22,840 8.5 11.2 22,840 3.6 15.0 
Customer deposits1,038 5.7 5.7 1,038 (26.8)(26.8)
Memorandum items:
Gross loans and advances to customers ²24,614 8.4 11.0 24,614 3.8 15.3 
Customer funds1,038 5.7 5.7 1,038 (26.8)(26.8)
    Customer deposits ³1,038 5.7 5.7 1,038 (26.8)(26.8)
    Mutual funds— — — — — — 
Risk-weighted assets20,3465.8 20,346(2.9)
Ratios (%)
RoTE ⁴35.0 14.9 15.6 (9.4)
NPL ratio5.14 (0.38)5.14 0.12 
NPL coverage ratio140.17.0 140.10.3 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
´
January - December 2024
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25
PagoNxt
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income35 0.5 2.0 132 41.0 48.3 
Net fee income261 8.4 9.4 958 0.5 5.2 
Gains (losses) on financial transactions 1
0 — — 0 (97.5)(97.4)
Other operating income49 35.8 35.9 150 46.5 48.3 
Total income346 11.3 12.1 1,240 8.7 13.6 
Administrative expenses and amortizations(271)(6.0)(5.2)(1,160)6.3 8.8 
Net operating income75 231.0 207.6 80 62.7 210.4 
Net loan-loss provisions(4)9.1 9.4 (16)(32.5)(30.9)
Other gains (losses) and provisions(23)54.1 55.2 (296)611.6 639.1 
Profit before tax48 997.8 605.1 (233)— 513.0 
Tax on profit(20)(5.8)(2.2)(57)(4.0)8.9 
Profit from continuing operations28 — — (290)281.8 221.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit28 — — (290)281.8 221.4 
Non-controlling interests(2)(53.5)(51.9)(9)571.7 — 
Profit attributable to the parent26 — — (299)287.1 228.8 
Balance sheet and activity metrics
Loans and advances to customers1,066 14.3 18.3 1,066 (8.7)6.1 
Customer deposits1,038 5.7 5.7 1,038 (26.8)(26.8)
Memorandum items:
Gross loans and advances to customers ²1,087 13.8 17.7 1,087 (9.1)5.2 
Customer funds1,038 5.7 5.7 1,038 (26.8)(26.8)
    Customer deposits ³1,038 5.7 5.7 1,038 (26.8)(26.8)
    Mutual funds— — — — — — 
Risk-weighted assets4,671 4.7 4,671 (13.9)
Total transactions (Getnet, million)2,628 7.3 9,837 4.5 
Total payments volume (Getnet)59,020 7.1 8.3 221,787 7.9 13.0 
Ratios (%)
EBITDA margin40.1 12.5 27.5 2.7 
Efficiency ratio78.4(14.4)93.6(2.1)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
26
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January - December 2024
Cards
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income659 17.4 18.6 2,478 6.3 11.4 
Net fee income464 1.4 2.6 1,835 (8.2)(4.7)
Gains (losses) on financial transactions 1
41 — — 41 309.2 358.5 
Other operating income(11)(41.6)(38.3)(89)(50.7)(49.9)
Total income1,152 15.7 16.7 4,265 2.6 7.2 
Administrative expenses and amortizations(350)16.8 17.2 (1,315)5.0 7.3 
Net operating income802 15.2 16.5 2,950 1.5 7.1 
Net loan-loss provisions(444)8.2 10.0 (1,698)3.4 8.8 
Other gains (losses) and provisions(15)(16.6)(17.1)(50)19.2 18.2 
Profit before tax343 27.9 28.7 1,202 (1.6)4.5 
Tax on profit(112)17.9 19.1 (407)(9.5)(3.5)
Profit from continuing operations230 33.4 34.0 795 3.0 9.1 
Net profit from discontinued operations— — — — — — 
Consolidated profit230 33.4 34.0 795 3.0 9.1 
Non-controlling interests(22)(3.6)(2.2)(83)(5.7)1.6 
Profit attributable to the parent209 38.9 39.3 712 4.1 10.1 
Balance sheet and activity metrics
Loans and advances to customers21,774 8.3 10.8 21,774 4.3 15.4 
Customer deposits— — — — — — 
Memorandum items:
Gross loans and advances to customers ²23,526 8.1 10.7 23,526 4.5 15.8 
Customer funds— — — — — — 
    Customer deposits ³— — — — — — 
    Mutual funds— — — — — — 
Risk-weighted assets15,675 6.1 15,675 0.9 
Number of cards (million)100 0.7 100 3.6 
Ratios (%)
RoTE ⁴35.6 6.5 32.6 (2.9)
Efficiency ratio30.40.330.80.7 
NPL ratio5.25(0.37)5.250.14 
NPL coverage ratio141.9 7.3 141.9 (0.3)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
4. Allocated according to RWA consumption.
January - December 2024
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27
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Corporate CentreUnderlying attributable profit
-EUR 1,154 mn
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24Q3'24%20242023%
Net interest income(113)(95)19.0 (308)(41)660.3 
Net fee income(3)(8)(62.6)(11)(13)(20.6)
Gains (losses) on financial transactions 1
22 (145)— (408)(302)35.2 
Other operating income23 (5)— 50 (83)— 
Total income(72)(254)(71.6)(676)(439)54.1 
Administrative expenses and amortizations(104)(101)2.7 (379)(391)(3.1)
Net operating income(176)(355)(50.4)(1,055)(829)27.1 
Net loan-loss provisions3 1 182.3 3 2 25.6 
Other gains (losses) and provisions(25)(160)(84.7)(265)(134)97.7 
Profit before tax(197)(514)(61.7)(1,317)(961)37.0 
Tax on profit55 110 (50.5)162 (36)— 
Profit from continuing operations(142)(403)(64.7)(1,155)(998)15.7 
Net profit from discontinued operations— — — — — — 
Consolidated profit(142)(403)(64.7)(1,155)(998)15.7 
Non-controlling interests0 0 (32.1)1 0 — 
Profit attributable to the parent(142)(403)(64.7)(1,154)(998)15.7 
Balance sheet
Loans and advances to customers5,778 5,896 (2.0)5,778 5,565 3.8 
Cash, central banks and credit institutions104,379 100,528 3.8 104,379 119,279 (12.5)
Debt instruments10,923 8,939 22.2 10,923 7,726 41.4 
Other financial assets1,444 1,413 2.2 1,444 808 78.7 
Other asset accounts118,425 121,371 (2.4)118,425 121,327 (2.4)
Total assets240,948 238,147 1.2 240,948 254,705 (5.4)
Customer deposits1,430 1,612 (11.3)1,430 1,508 (5.2)
Central banks and credit institutions21,730 22,000 (1.2)21,730 47,747 (54.5)
Marketable debt securities121,122 115,124 5.2 121,122 110,144 10.0 
Other financial liabilities48 1,375 (96.5)48 326 (85.3)
Other liabilities accounts7,256 7,575 (4.2)7,256 7,084 2.4 
Total liabilities151,585 147,685 2.6 151,585 166,809 (9.1)
Total equity89,363 90,461 (1.2)89,363 87,896 1.7 
Memorandum items:
Gross loans and advances to customers 2
5,853 5,945 (1.5)5,853 5,640 3.8 
Customer funds1,299 1,478 (12.1)1,299 1,508 (13.8)
    Customer deposits 3
1,299 1,478 (12.1)1,299 1,508 (13.8)
    Mutual funds— — — — — — 
Resources
Number of employees1,798 1,857 (3.2)1,798 1,922 (6.5)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.

28
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January - December 2024

europea.jpg
EuropeUnderlying attributable profit
EUR 6,644 mn
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income4,227 0.5 0.2 16,720 5.1 3.3 
Net fee income1,123 (3.9)(4.0)4,659 5.9 4.9 
Gains (losses) on financial transactions 1
339 (16.3)(16.5)1,357 31.3 30.7 
Other operating income157 (6.0)(6.0)774 699.8 706.4 
Total income5,846 (1.7)(2.0)23,510 9.7 8.0 
Administrative expenses and amortizations(2,450)4.0 3.5 (9,407)4.2 2.8 
Net operating income3,397 (5.4)(5.6)14,102 13.6 11.8 
Net loan-loss provisions(418)(2.0)(2.0)(1,862)(26.5)(27.7)
Other gains (losses) and provisions(635)76.5 76.2 (2,111)25.6 23.7 
Profit before tax2,343 (16.4)(16.6)10,129 23.6 21.6 
Tax on profit(631)(23.4)(23.6)(3,065)29.3 27.3 
Profit from continuing operations1,712 (13.4)(13.7)7,064 21.3 19.3 
Net profit from discontinued operations— — — — — — 
Consolidated profit1,712 (13.4)(13.7)7,064 21.3 19.3 
Non-controlling interests(97)(29.0)(28.7)(420)22.8 16.5 
Profit attributable to the parent1,615 (12.3)(12.6)6,644 21.2 19.5 
Balance sheet
Loans and advances to customers583,754 (2.8)(3.1)583,754 2.4 0.2 
Cash, central banks and credit institutions172,609 6.0 5.8 172,609 (13.0)(14.4)
Debt instruments150,428 12.3 12.1 150,428 30.3 29.4 
Other financial assets52,118 9.6 9.4 52,118 17.0 16.8 
Other asset accounts25,243 (6.1)(6.3)25,243 (6.0)(7.0)
Total assets984,151 1.3 1.0 984,151 3.0 1.2 
Customer deposits652,312 0.2 0.0 652,312 1.1 (0.7)
Central banks and credit institutions110,850 8.9 8.3 110,850 6.4 4.5 
Marketable debt securities83,036 (2.2)(2.3)83,036 5.0 2.3 
Other financial liabilities66,358 8.9 8.7 66,358 24.4 23.8 
Other liabilities accounts28,275 (2.9)(3.0)28,275 (4.6)(4.9)
Total liabilities940,831 1.4 1.2 940,831 3.3 1.4 
Total equity43,320 (2.0)(2.4)43,320 (1.9)(3.6)
Memorandum items:
Gross loans and advances to customers 2
554,179 (0.7)(1.0)554,179 0.4 (1.7)
Customer funds753,172 2.7 2.5 753,172 3.8 2.1 
Customer deposits 3
627,029 2.3 2.1 627,029 1.1 (0.8)
 Mutual funds126,143 5.1 4.8 126,143 20.0 19.3 
Ratios (%), operating means and customers
RoTE16.3 (2.2)16.9 2.4 
Efficiency ratio41.9 2.3 40.0 (2.1)
NPL ratio2.15 (0.09)2.15 (0.17)
NPL coverage ratio50.2 1.8 50.2 0.9 
Number of employees65,746 (2.2)65,746 (2.5)
Number of branches3,022 (0.4)3,022 (2.0)
Number of total customers (thousands)46,821 0.2 46,821 1.1 
Number of active customers (thousands)29,030 0.4 29,030 1.7 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
29
Spain
Q
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%2024%
Net interest income1,802 0.2 7,256 9.3 
Net fee income676 (4.4)2,867 6.2 
Gains (losses) on financial transactions 1
302 (8.4)1,100 59.9 
Other operating income146 (1.1)751 616.5 
Total income2,926 (1.9)11,974 18.2 
Administrative expenses and amortizations(1,133)5.6 (4,271)1.0 
Net operating income1,793 (6.2)7,703 30.4 
Net loan-loss provisions(322)15.2 (1,259)(17.3)
Other gains (losses) and provisions(224)87.9 (1,003)2.0 
Profit before tax1,247 (17.5)5,440 60.1 
Tax on profit(322)(25.4)(1,678)63.1 
Profit from continuing operations925 (14.4)3,763 58.7 
Net profit from discontinued operations— — — — 
Consolidated profit925 (14.4)3,763 58.7 
Non-controlling interests0 (39.0)0 106.8 
Profit attributable to the parent925 (14.4)3,762 58.7 
Balance sheet
Loans and advances to customers246,897 (4.0)246,897 3.2 
Cash, central banks and credit institutions99,657 13.2 99,657 (14.3)
Debt instruments94,519 13.4 94,519 34.9 
Other financial assets48,132 10.0 48,132 17.6 
Other asset accounts17,521 (1.4)17,521 2.6 
Total assets506,725 3.4 506,725 4.8 
Customer deposits323,425 0.0 323,425 (0.2)
Central banks and credit institutions57,218 31.0 57,218 27.7 
Marketable debt securities27,385 (2.9)27,385 (3.9)
Other financial liabilities59,976 9.9 59,976 28.9 
Other liabilities accounts21,163 (3.4)21,163 (4.9)
Total liabilities489,168 3.7 489,168 4.9 
Total equity17,557 (4.3)17,557 0.8 
Memorandum items:
Gross loans and advances to customers 2
225,759 (1.7)225,759 (1.8)
Customer funds399,999 3.8 399,999 3.4 
    Customer deposits 3
306,389 3.5 306,389 (0.8)
    Mutual funds93,609 4.9 93,609 19.9 
Ratios (%), operating means and customers
RoTE21.3 (3.3)21.7 7.5 
Efficiency ratio38.7 2.8 35.7 (6.0)
NPL ratio2.68 (0.12)2.68 (0.38)
NPL coverage ratio52.6 2.6 52.6 3.6 
Number of employees23,980 (0.7)23,980 (3.0)
Number of branches1,827 (0.3)1,827 (2.5)
Number of total customers (thousands)15,307 0.5 15,307 1.9 
Number of active customers (thousands)8,842 1.3 8,842 5.7 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.

30
image6.jpg
January - December 2024
United Kingdom
Q
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income1,313 4.5 3.0 4,950 (3.9)(6.5)
Net fee income61 (23.6)(25.1)283 (16.2)(18.4)
Gains (losses) on financial transactions 1
(18)— — (18)— — 
Other operating income1 2.3 1.0 2 (67.2)(68.1)
Total income1,356 0.9 (0.5)5,216 (5.6)(8.1)
Administrative expenses and amortizations(756)6.5 5.0 (2,918)6.3 3.4 
Net operating income600 (5.3)(6.7)2,299 (17.3)(19.5)
Net loan-loss provisions34 — — (64)(74.2)(74.9)
Other gains (losses) and provisions(179)65.3 63.9 (441)3.9 1.1 
Profit before tax456 (6.8)(8.3)1,794 (14.9)(17.1)
Tax on profit(125)(12.8)(14.2)(488)(13.3)(15.6)
Profit from continuing operations331 (4.3)(5.8)1,306 (15.4)(17.7)
Net profit from discontinued operations— — — — — — 
Consolidated profit331 (4.3)(5.8)1,306 (15.4)(17.7)
Non-controlling interests— — — — — — 
Profit attributable to the parent331 (4.3)(5.8)1,306 (15.4)(17.7)
Balance sheet
Loans and advances to customers246,453 (3.3)(3.6)246,453 0.3 (4.1)
Cash, central banks and credit institutions54,787 (2.8)(3.1)54,787 (12.2)(16.1)
Debt instruments15,120 13.8 13.4 15,120 47.7 41.2 
Other financial assets390 39.4 39.0 390 35.0 29.1 
Other asset accounts3,382 (8.3)(8.6)3,382 (22.5)(25.9)
Total assets320,132 (2.5)(2.8)320,132 (0.9)(5.3)
Customer deposits230,408 (1.5)(1.9)230,408 (1.3)(5.7)
Central banks and credit institutions25,665 (8.3)(8.6)25,665 (9.0)(13.0)
Marketable debt securities47,933 (2.2)(2.5)47,933 9.3 4.5 
Other financial liabilities2,500 (16.6)(16.9)2,500 (27.2)(30.4)
Other liabilities accounts1,733 (2.4)(2.7)1,733 1.7 (2.8)
Total liabilities308,239 (2.4)(2.7)308,239 (0.8)(5.2)
Total equity11,893 (5.6)(5.9)11,893 (3.9)(8.1)
Memorandum items:
Gross loans and advances to customers 2
236,496 (0.8)(1.1)236,496 0.6 (3.9)
Customer funds230,479 (0.8)(1.1)230,479 (0.5)(4.9)
    Customer deposits 3
222,835 (0.8)(1.1)222,835 (0.7)(5.1)
    Mutual funds7,643 (1.0)(1.3)7,643 5.1 0.5 
Ratios (%), operating means and customers
RoTE11.0 (0.6)11.1 (1.9)
Efficiency ratio55.7 2.9 55.9 6.2 
NPL ratio1.33 (0.11)1.33 (0.09)
NPL coverage ratio29.3 0.9 29.3 (1.0)
Number of employees20,455 (6.2)20,455 (8.2)
Number of branches444 0.0 444 0.0 
Number of total customers (thousands)22,541 0.0 22,541 0.3 
Number of active customers (thousands)13,646 (0.4)13,646 (1.6)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
31
Portugal
Q
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%2024%
Net interest income332 (10.8)1,548 5.7 
Net fee income110 (3.7)467 0.8 
Gains (losses) on financial transactions 1
7 177.5 45 35.3 
Other operating income9 (17.6)40 94.3 
Total income458 (8.4)2,100 6.0 
Administrative expenses and amortizations(143)4.5 (548)1.0 
Net operating income315 (13.3)1,553 7.8 
Net loan-loss provisions(1)(79.8)(11)(85.7)
Other gains (losses) and provisions(18)249.1 (61)24.5 
Profit before tax296 (15.6)1,481 12.7 
Tax on profit(86)(28.8)(478)14.9 
Profit from continuing operations210 (8.7)1,003 11.6 
Net profit from discontinued operations— — — — 
Consolidated profit210 (8.7)1,003 11.6 
Non-controlling interests0 (22.1)(2)4.6 
Profit attributable to the parent209 (8.7)1,001 11.7 
Balance sheet
Loans and advances to customers38,410 1.0 38,410 4.2 
Cash, central banks and credit institutions3,873 (41.3)3,873 (52.1)
Debt instruments15,010 15.7 15,010 36.6 
Other financial assets1,129 0.2 1,129 4.7 
Other asset accounts1,109 1.9 1,109 (13.3)
Total assets59,530 (0.5)59,530 2.1 
Customer deposits38,304 0.7 38,304 5.3 
Central banks and credit institutions8,813 (4.4)8,813 (4.6)
Marketable debt securities4,973 (1.6)4,973 3.3 
Other financial liabilities339 15.2 339 6.3 
Other liabilities accounts3,056 (8.1)3,056 (18.0)
Total liabilities55,485 (0.8)55,485 1.9 
Total equity4,046 4.2 4,046 5.4 
Memorandum items:
Gross loans and advances to customers 2
39,143 1.0 39,143 3.9 
Customer funds43,186 1.1 43,186 6.3 
    Customer deposits 3
38,304 0.7 38,304 5.3 
    Mutual funds4,882 4.5 4,882 14.8 
Ratios (%), operating means and customers
RoTE21.1 (1.6)25.4 (0.6)
Efficiency ratio31.2 3.9 26.1 (1.3)
NPL ratio2.40 (0.07)2.40 (0.19)
NPL coverage ratio79.4 1.3 79.4 (3.3)
Number of employees4,901 0.0 4,901 (0.9)
Number of branches374 (0.3)374 (0.5)
Number of total customers (thousands)2,989 0.8 2,989 2.8 
Number of active customers (thousands)1,905 1.3 1,905 3.6 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
32
image6.jpg
January - December 2024
Poland
Q
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income733 0.8 1.4 2,844 11.8 6.1 
Net fee income166 (2.3)(1.8)674 14.4 8.5 
Gains (losses) on financial transactions 1
13 (33.3)(33.0)57 (14.8)(19.1)
Other operating income9 57.3 54.8 (20)15.0 9.1 
Total income921 (0.1)0.4 3,555 11.7 6.0 
Administrative expenses and amortizations(246)(2.4)(1.9)(965)11.9 6.1 
Net operating income675 0.8 1.3 2,591 11.7 5.9 
Net loan-loss provisions(112)9.0 9.9 (511)(24.2)(28.0)
Other gains (losses) and provisions(197)214.6 216.9 (429)69.3 60.6 
Profit before tax366 (27.4)(27.1)1,650 18.5 12.4 
Tax on profit(111)(1.1)(0.5)(431)14.4 8.5 
Profit from continuing operations255 (35.0)(34.7)1,219 20.1 13.9 
Net profit from discontinued operations— — — — — — 
Consolidated profit255 (35.0)(34.7)1,219 20.1 13.9 
Non-controlling interests(97)(28.4)(28.1)(419)22.6 16.3 
Profit attributable to the parent158 (38.5)(38.2)800 18.8 12.7 
Balance sheet
Loans and advances to customers38,042 2.0 1.8 38,042 12.4 10.6 
Cash, central banks and credit institutions10,283 11.6 11.4 10,283 10.7 9.0 
Debt instruments17,489 15.0 14.8 17,489 16.1 14.2 
Other financial assets493 (15.1)(15.3)493 (32.7)(33.8)
Other asset accounts1,961 (10.6)(10.8)1,961 (0.6)(2.2)
Total assets68,269 5.8 5.7 68,269 12.1 10.3 
Customer deposits50,331 6.1 6.0 50,331 13.1 11.3 
Central banks and credit institutions5,020 5.7 5.5 5,020 8.6 6.9 
Marketable debt securities2,744 4.5 4.3 2,744 41.1 38.9 
Other financial liabilities1,656 6.8 6.7 1,656 (3.0)(4.5)
Other liabilities accounts1,688 12.2 12.0 1,688 0.0 (1.5)
Total liabilities61,439 6.2 6.0 61,439 12.8 11.0 
Total equity6,830 2.7 2.5 6,830 5.8 4.2 
Memorandum items:
Gross loans and advances to customers 2
38,729 1.9 1.7 38,729 11.5 9.8 
Customer funds56,581 7.0 6.9 56,581 14.6 12.8 
    Customer deposits 3
50,086 7.4 7.2 50,086 12.6 10.9 
    Mutual funds6,495 4.4 4.3 6,495 32.3 30.2 
Ratios (%), operating means and customers
RoTE16.1 (9.9)20.2 2.5 
Efficiency ratio26.7 (0.6)27.1 0.0 
NPL ratio3.66 (0.25)3.66 0.11 
NPL coverage ratio61.9 (4.3)61.9 (11.4)
Number of employees11,038 0.4 11,038 2.0 
Number of branches368 (1.6)368 (3.4)
Number of total customers (thousands)5,979 (0.2)5,979 1.7 
Number of active customers (thousands)4,632 0.9 4,632 3.7 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
33
Other Europe
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income48 (5.0)(7.8)121 11.1 11.2 
Net fee income109 13.5 12.2 367 19.0 19.0 
Gains (losses) on financial transactions 1
35 (24.7)(26.0)174 (19.9)(19.9)
Other operating income(7)— — 2 — — 
Total income185 (5.5)(7.1)664 7.4 7.4 
Administrative expenses and amortizations(171)(7.1)(8.3)(706)8.1 8.1 
Net operating income14 20.5 10.4 (42)20.8 20.5 
Net loan-loss provisions(18)— — (17)42.6 42.6 
Other gains (losses) and provisions(18)(71.9)(72.2)(176)— — 
Profit before tax(22)(59.8)(58.7)(236)— — 
Tax on profit14 — — 10 (24.2)(24.3)
Profit from continuing operations(8)(88.0)(87.5)(227)— — 
Net profit from discontinued operations— — — — — — 
Consolidated profit(8)(88.0)(87.5)(227)— — 
Non-controlling interests1 — — 1 (32.3)(32.3)
Profit attributable to the parent(8)(89.2)(88.7)(225)— — 
Balance sheet
Loans and advances to customers13,952 5.2 (1.5)13,952 (3.1)(8.6)
Cash, central banks and credit institutions4,009 47.7 41.6 4,009 68.9 63.0 
Debt instruments8,289 (9.6)(10.6)8,289 (8.5)(9.3)
Other financial assets1,975 9.7 4.2 1,975 30.6 24.6 
Other asset accounts1,270 (40.6)(42.1)1,270 (41.5)(43.0)
Total assets29,495 1.4 (2.9)29,495 (0.1)(3.9)
Customer deposits9,843 21.3 14.1 9,843 51.4 42.3 
Central banks and credit institutions14,134 (12.4)(15.2)14,134 (18.3)(20.9)
Marketable debt securities0 — — 0 — — 
Other financial liabilities1,888 23.8 16.7 1,888 37.9 31.0 
Other liabilities accounts635 4.0 2.8 635 151.4 146.2 
Total liabilities26,500 0.5 (3.7)26,500 4.2 0.1 
Total equity2,995 10.7 5.7 2,995 (26.7)(28.6)
Memorandum items:
Gross loans and advances to customers 2
14,052 5.8 (0.9)14,052 (2.6)(8.1)
Customer funds22,927 15.3 10.7 22,927 35.3 30.4 
 Customer deposits 3
9,415 22.2 14.6 9,415 48.7 39.6 
    Mutual funds13,512 10.9 8.1 13,512 27.2 24.7 
Resources
Number of employees5,372 0.1 5,372 14.4 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.

34
image6.jpg
January - December 2024
DCBEDigital Consumer Bank EuropeUnderlying attributable profit
EUR 642 mn
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income1,105 3.4 3.4 4,361 4.0 3.8 
Net fee income222 (3.1)(3.1)902 13.4 13.1 
Gains (losses) on financial transactions 1
(32)— — (24)— — 
Other operating income132 28.2 27.8 440 11.0 10.2 
Total income1,427 2.1 2.0 5,679 3.2 2.9 
Administrative expenses and amortizations(629)(4.2)(4.3)(2,604)(0.5)(0.7)
Net operating income799 7.7 7.6 3,075 6.6 6.2 
Net loan-loss provisions(345)23.6 23.6 (1,209)52.6 51.9 
Other gains (losses) and provisions(481)690.6 692.6 (735)914.1 867.3 
Profit before tax(28)— — 1,131 (44.0)(44.1)
Tax on profit25 — — (255)(48.2)(48.3)
Profit from continuing operations(2)— — 876 (42.6)(42.7)
Net profit from discontinued operations— — — — — — 
Consolidated profit(2)— — 876 (42.6)(42.7)
Non-controlling interests(51)(12.7)(12.7)(234)(28.7)(28.8)
Profit attributable to the parent(54)— — 642 (46.5)(46.5)
Balance sheet
Loans and advances to customers137,038 1.2 1.2 137,038 3.3 3.4 
Cash, central banks and credit institutions19,185 (9.8)(9.8)19,185 2.9 3.1 
Debt instruments6,310 2.7 2.7 6,310 17.1 17.8 
Other financial assets128 (4.6)(4.6)128 (5.3)(5.4)
Other asset accounts11,115 (1.7)(1.7)11,115 11.8 11.3 
Total assets173,775 (0.3)(0.3)173,775 4.2 4.3 
Customer deposits81,376 1.7 1.8 81,376 17.4 17.9 
Central banks and credit institutions28,120 (6.0)(6.1)28,120 (12.0)(12.9)
Marketable debt securities43,137 (1.1)(1.1)43,137 (3.3)(3.1)
Other financial liabilities1,918 (9.8)(9.8)1,918 (13.5)(13.7)
Other liabilities accounts5,714 8.3 8.4 5,714 9.2 9.5 
Total liabilities160,264 (0.4)(0.4)160,264 4.5 4.6 
Total equity13,512 1.2 1.3 13,512 0.5 0.8 
Memorandum items:
Gross loans and advances to customers 2
139,927 1.2 1.2 139,927 3.5 3.6 
Customer funds85,876 1.8 1.8 85,876 17.7 18.2 
    Customer deposits 3
81,376 1.7 1.8 81,376 17.4 17.9 
    Mutual funds4,500 2.4 2.4 4,500 24.0 24.0 
Ratios (%), operating means and customers
RoTE(2.2)(11.9)6.4 (5.9)
Efficiency ratio44.0 (2.9)45.9 (1.7)
NPL ratio2.50 0.06 2.50 0.37 
NPL coverage ratio82.5 (0.8)82.5 (5.5)
Number of employees16,792 1.0 16,792 0.0 
Number of branches326 0.0 326 (4.7)
Number of total customers (thousands)19,550 (0.4)19,550 (3.2)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
35
naa.jpg
North AmericaUnderlying attributable profit
EUR 2,579 mn
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income2,556 1.2 0.8 10,330 1.7 3.0 
Net fee income654 2.0 2.1 2,594 18.3 20.5 
Gains (losses) on financial transactions 1
248 47.6 46.1 747 48.1 49.9 
Other operating income51 61.2 46.5 243 (23.6)(24.1)
Total income3,509 4.2 3.7 13,915 5.6 7.0 
Administrative expenses and amortizations(1,724)6.2 5.5 (6,701)3.6 4.9 
Net operating income1,785 2.4 2.1 7,214 7.5 9.1 
Net loan-loss provisions(950)0.6 (0.4)(3,786)1.4 2.4 
Other gains (losses) and provisions(54)(28.8)(29.7)(336)143.1 146.1 
Profit before tax781 7.9 8.6 3,091 9.0 11.4 
Tax on profit(132)(4.1)(0.6)(509)8.7 12.5 
Profit from continuing operations649 10.7 10.8 2,582 9.0 11.2 
Net profit from discontinued operations— — — — — — 
Consolidated profit649 10.7 10.8 2,582 9.0 11.2 
Non-controlling interests(1)(44.7)(39.5)(3)(78.6)(77.8)
Profit attributable to the parent648 10.8 10.9 2,579 9.6 11.7 
Balance sheet
Loans and advances to customers179,941 1.0 (4.6)179,941 3.0 1.9 
Cash, central banks and credit institutions39,855 9.8 4.1 39,855 10.8 12.4 
Debt instruments57,135 11.1 6.4 57,135 13.6 18.8 
Other financial assets8,759 6.3 3.1 8,759 (19.9)(15.0)
Other asset accounts22,112 4.7 (1.0)22,112 (3.1)(4.1)
Total assets307,801 4.3 (1.2)307,801 4.4 4.9 
Customer deposits175,586 5.0 (0.7)175,586 (0.2)(0.6)
Central banks and credit institutions44,332 3.3 (2.0)44,332 27.7 32.1 
Marketable debt securities41,414 2.8 (3.1)41,414 17.9 15.7 
Other financial liabilities14,998 4.9 1.3 14,998 (19.4)(14.7)
Other liabilities accounts6,869 14.5 9.6 6,869 1.6 5.9 
Total liabilities283,200 4.6 (0.9)283,200 4.4 4.9 
Total equity24,601 0.7 (4.3)24,601 4.0 5.2 
Memorandum items:
Gross loans and advances to customers 2
162,263 3.7 (2.0)162,263 0.5 0.1 
Customer funds169,753 8.4 3.0 169,753 (0.9)(0.1)
 Customer deposits 3
135,419 8.9 3.2 135,419 (4.5)(4.6)
    Mutual funds34,334 6.3 2.3 34,334 16.6 22.8 
Ratios (%), operating means and customers
RoTE11.1 0.8 11.2 1.4 
Efficiency ratio49.1 0.9 48.2 (0.9)
NPL ratio4.22 0.24 4.22 0.12 
NPL coverage ratio69.7 (1.6)69.7 (4.2)
Number of employees42,846 (1.4)42,846 (6.0)
Number of branches1,761 (0.1)1,761 (1.3)
Number of total customers (thousands)25,762 0.3 25,762 2.9 
Number of active customers (thousands)15,178 0.7 15,178 4.8 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
36
image6.jpg
January - December 2024
United States
Q
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income1,458 3.3 0.3 5,693 (0.9)(0.8)
Net fee income317 7.0 4.2 1,152 50.3 50.4 
Gains (losses) on financial transactions 1
80 (13.6)(16.5)371 25.8 25.9 
Other operating income86 23.5 19.1 365 (10.1)(10.1)
Total income1,941 3.8 0.8 7,580 5.1 5.2 
Administrative expenses and amortizations(987)5.0 1.9 (3,830)4.1 4.2 
Net operating income954 2.7 (0.3)3,750 6.2 6.3 
Net loan-loss provisions(686)5.6 2.7 (2,507)(3.3)(3.3)
Other gains (losses) and provisions(45)(27.9)(29.9)(190)154.9 155.0 
Profit before tax223 2.8 (1.0)1,053 22.0 22.1 
Tax on profit6 — — 56 (19.1)(19.1)
Profit from continuing operations229 6.2 2.0 1,109 19.0 19.0 
Net profit from discontinued operations— — — — — — 
Consolidated profit229 6.2 2.0 1,109 19.0 19.0 
Non-controlling interests— — — — — — 
Profit attributable to the parent229 6.2 2.0 1,109 19.0 19.0 
Balance sheet
Loans and advances to customers134,856 0.7 (6.2)134,856 6.3 (0.1)
Cash, central banks and credit institutions28,200 14.5 6.6 28,200 32.9 24.9 
Debt instruments27,042 3.9 (3.3)27,042 19.2 12.0 
Other financial assets2,821 24.3 15.7 2,821 (30.8)(34.9)
Other asset accounts16,058 3.9 (3.2)16,058 (1.5)(7.4)
Total assets208,978 3.3 (3.8)208,978 9.3 2.8 
Customer deposits125,403 5.4 (1.8)125,403 3.0 (3.2)
Central banks and credit institutions26,794 (5.2)(11.7)26,794 53.9 44.7 
Marketable debt securities31,783 1.3 (5.7)31,783 17.5 10.4 
Other financial liabilities5,223 3.1 (4.0)5,223 (28.2)(32.5)
Other liabilities accounts3,683 23.7 15.2 3,683 18.1 11.0 
Total liabilities192,886 3.3 (3.8)192,886 9.2 2.6 
Total equity16,091 2.7 (4.3)16,091 11.1 4.5 
Memorandum items:
Gross loans and advances to customers 2
117,511 3.9(3.2)117,511 4.3(2.0)
Customer funds108,246 9.92.3108,246 0.2(5.8)
    Customer deposits 3
93,545 10.32.793,545 (2.2)(8.1)
    Mutual funds14,702 7.40.014,702 18.911.8
Ratios (%), operating means and customers
RoTE5.9 0.1 7.5 1.5 
Efficiency ratio50.8 0.6 50.5 (0.5)
NPL ratio4.72 0.32 4.72 0.15 
NPL coverage ratio63.8 (0.8)63.8 (3.9)
Number of employees12,484 (1.6)12,484 (7.5)
Number of branches405 (0.7)405 (2.4)
Number of total customers (thousands)4,474 (0.2)4,474 (0.8)
Number of active customers (thousands)4,308 (0.5)4,308 2.0 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
37
Mexico
Q
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income1,097 (1.5)1.5 4,631 5.0 8.1 
Net fee income322 (2.1)0.8 1,385 0.8 3.8 
Gains (losses) on financial transactions 1
177 135.3 132.8 396 88.0 93.5 
Other operating income(38)(6.8)(2.9)(133)41.7 45.9 
Total income1,558 5.5 8.0 6,278 6.4 9.6 
Administrative expenses and amortizations(689)8.7 11.2 (2,665)3.0 6.0 
Net operating income869 3.1 5.7 3,613 9.1 12.3 
Net loan-loss provisions(263)(10.4)(7.2)(1,277)12.5 15.8 
Other gains (losses) and provisions(17)26.0 27.1 (62)8.1 11.3 
Profit before tax589 9.9 12.3 2,274 7.3 10.5 
Tax on profit(150)6.5 9.0 (598)10.5 13.7 
Profit from continuing operations439 11.2 13.5 1,676 6.3 9.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit439 11.2 13.5 1,676 6.3 9.4 
Non-controlling interests(1)35.5 36.5 (5)(73.0)(72.2)
Profit attributable to the parent438 11.1 13.4 1,671 7.2 10.3 
Balance sheet
Loans and advances to customers45,054 2.1 0.6 45,054 (6.0)8.5 
Cash, central banks and credit institutions10,945 (1.6)(3.1)10,945 (22.3)(10.4)
Debt instruments30,092 18.5 16.8 30,092 8.9 25.6 
Other financial assets5,785 (1.2)(2.6)5,785 (14.0)(0.8)
Other asset accounts5,745 6.7 5.2 5,745 (6.7)7.6 
Total assets97,621 6.2 4.7 97,621 (4.8)9.8 
Customer deposits49,836 3.9 2.4 49,836 (7.2)7.0 
Central banks and credit institutions17,260 19.8 18.0 17,260 1.3 16.8 
Marketable debt securities9,632 8.3 6.7 9,632 19.3 37.6 
Other financial liabilities9,640 5.7 4.2 9,640 (13.8)(0.6)
Other liabilities accounts3,115 5.8 4.2 3,115 (13.0)0.3 
Total liabilities89,483 7.4 5.8 89,483 (4.4)10.3 
Total equity8,138 (4.7)(6.1)8,138 (8.6)5.4 
Memorandum items:
Gross loans and advances to customers 2
44,715 3.0 1.5 44,715 (8.2)5.9 
Customer funds61,160 5.8 4.3 61,160 (2.6)12.4 
    Customer deposits 3
41,528 6.0 4.4 41,528 (9.1)4.8 
    Mutual funds19,632 5.6 4.0 19,632 14.9 32.5 
Ratios (%), operating means and customers
RoTE22.2 2.5 20.0 2.3 
Efficiency ratio44.2 1.3 42.5 (1.4)
NPL ratio2.71 0.01 2.71 (0.11)
NPL coverage ratio100.4 (3.6)100.4 0.4 
Number of employees28,957 (1.2)28,957 (6.2)
Number of branches1,356 0.1 1,356 (0.9)
Number of total customers (thousands)21,289 0.4 21,289 3.8 
Number of active customers (thousands)10,871 1.1 10,871 5.9 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
38
image6.jpg
January - December 2024
Other North America
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income2 (33.4)(32.9)7 (16.7)(16.7)
Net fee income14 (7.7)(7.6)57 10.9 10.9 
Gains (losses) on financial transactions 1
(9)— — (20)— — 
Other operating income3 5.0 5.0 12 86.5 86.5 
Total income10 (53.4)(52.9)57 (13.9)(13.9)
Administrative expenses and amortizations(48)(3.0)(3.0)(206)3.3 3.3 
Net operating income(39)33.7 33.1 (149)11.7 11.7 
Net loan-loss provisions(1)40.0 40.0 (2)(54.0)(54.0)
Other gains (losses) and provisions8 — — (85)— — 
Profit before tax(32)6.8 6.1 (236)62.8 62.8 
Tax on profit12 154.6 153.2 34 589.9 588.4 
Profit from continuing operations(19)(21.7)(22.4)(202)44.4 44.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit(19)(21.7)(22.4)(202)44.4 44.4 
Non-controlling interests1 — — 1 (32.3)(32.3)
Profit attributable to the parent(19)(25.0)(25.7)(201)45.5 45.6 
Balance sheet
Loans and advances to customers30 (5.5)(5.5)30 (6.9)(6.9)
Cash, central banks and credit institutions710 27.6 27.6 710 6.5 6.5 
Debt instruments1 (25.0)(25.0)1 (28.9)(28.9)
Other financial assets154 30.9 30.9 154 10.5 10.5 
Other asset accounts308 11.3 11.3 308 (15.7)(15.7)
Total assets1,203 22.3 22.3 1,203 (0.2)(0.2)
Customer deposits347 5.7 5.7 347 (26.8)(26.8)
Central banks and credit institutions277 20.2 19.5 277 4.5 3.8 
Marketable debt securities— — — — — — 
Other financial liabilities135 17.9 17.9 135 (4.2)(4.2)
Other liabilities accounts72 (11.1)(11.1)72 9.1 9.1 
Total liabilities830 10.2 10.0 830 (12.1)(12.3)
Total equity372 61.8 62.8 372 43.6 44.6 
Memorandum items:
Gross loans and advances to customers 2
37 (5.9)(5.9)37 (11.0)(11.0)
Customer funds347 5.7 5.7 347 (26.8)(26.8)
    Customer deposits 3
347 5.7 5.7 347 (26.8)(26.8)
    Mutual funds— — — — — — 
Resources
Number of employees1,405 (2.7)1,405 14.4 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
39
saa.jpg
South AmericaUnderlying attributable profit
EUR 3,863 mn
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income4,210 19.6 20.5 15,566 19.4 27.3 
Net fee income1,348 16.2 17.3 4,864 3.9 11.2 
Gains (losses) on financial transactions 1
202 83.9 82.3 601 (53.1)(50.4)
Other operating income(445)298.1 299.4 (1,247)20.8 20.3 
Total income5,316 13.6 14.7 19,783 10.1 17.9 
Administrative expenses and amortizations(1,865)15.7 16.5 (6,943)0.3 7.1 
Net operating income3,450 12.5 13.7 12,841 16.2 24.8 
Net loan-loss provisions(1,404)5.9 7.3 (5,478)1.4 9.0 
Other gains (losses) and provisions(346)47.1 46.5 (1,369)31.6 40.1 
Profit before tax1,701 13.0 14.2 5,993 30.1 39.7 
Tax on profit(354)(6.4)(4.9)(1,617)44.3 54.1 
Profit from continuing operations1,347 19.6 20.7 4,376 25.5 35.1 
Net profit from discontinued operations— — — — — — 
Consolidated profit1,347 19.6 20.7 4,376 25.5 35.1 
Non-controlling interests(149)4.3 5.6 (513)14.4 26.0 
Profit attributable to the parent1,198 21.8 22.9 3,863 27.1 36.4 
Balance sheet
Loans and advances to customers147,559 0.0 4.2 147,559 (3.7)9.9 
Cash, central banks and credit institutions60,865 (12.1)(8.0)60,865 (9.7)4.8 
Debt instruments58,703 2.8 7.8 58,703 (8.8)5.6 
Other financial assets25,121 17.4 22.0 25,121 20.8 34.8 
Other asset accounts18,970 4.4 9.3 18,970 (1.4)14.0 
Total assets311,218 (0.7)3.7 311,218 (4.3)9.9 
Customer deposits145,233 (0.7)3.6 145,233 (6.6)7.6 
Central banks and credit institutions44,760 (6.8)(2.9)44,760 (8.5)3.5 
Marketable debt securities36,811 (3.2)1.5 36,811 (7.1)7.5 
Other financial liabilities50,177 11.7 17.1 50,177 18.2 36.1 
Other liabilities accounts8,808 (22.6)(19.0)8,808 (31.0)(21.4)
Total liabilities285,790 (1.0)3.5 285,790 (4.5)9.7 
Total equity25,428 2.0 6.2 25,428 (1.8)12.2 
Memorandum items:
Gross loans and advances to customers 2
154,323 0.0 4.1 154,323 (4.1)9.5 
Customer funds201,241 1.3 5.8 201,241 (2.2)12.6 
    Customer deposits 3
132,496 1.4 5.6 132,496 (2.1)12.1 
    Mutual funds68,745 1.3 6.2 68,745 (2.3)13.6 
Ratios (%), operating means and customers
RoTE23.3 3.8 18.7 4.3 
Efficiency ratio35.1 0.6 35.1 (3.4)
NPL ratio5.42 (0.13)5.42 (0.30)
NPL coverage ratio76.5 1.0 76.5 (1.9)
Number of employees79,571 0.8 79,571 (1.8)
Number of branches2,902 (3.7)2,902 (12.3)
Number of total customers (thousands)80,405 1.9 80,405 10.1 
Number of active customers (thousands)40,527 1.9 40,527 8.0 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.

40
image6.jpg
January - December 2024
Brazil
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income2,413 (2.5)(0.4)10,121 11.0 19.5 
Net fee income846 1.6 3.5 3,414 (1.4)6.1 
Gains (losses) on financial transactions 1
0 (99.9)(97.3)(37)— — 
Other operating income11 60.4 56.6 39 (10.3)(3.4)
Total income3,270 (0.4)1.6 13,536 3.3 11.2 
Administrative expenses and amortizations(1,063)3.8 5.4 (4,352)(3.9)3.4 
Net operating income2,207 (2.3)(0.2)9,184 7.1 15.3 
Net loan-loss provisions(1,077)(1.0)1.0 (4,487)(4.5)2.7 
Other gains (losses) and provisions(204)1.2 2.9 (867)(9.9)(3.0)
Profit before tax926 (4.4)(2.2)3,830 31.6 41.6 
Tax on profit(214)(21.7)(18.9)(1,165)50.1 61.6 
Profit from continuing operations712 2.4 4.6 2,665 24.8 34.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit712 2.4 4.6 2,665 24.8 34.4 
Non-controlling interests(60)(8.1)(5.4)(243)13.2 21.9 
Profit attributable to the parent652 3.5 5.6 2,422 26.1 35.8 
Balance sheet
Loans and advances to customers88,620 (2.3)3.4 88,620 (8.1)10.1 
Cash, central banks and credit institutions46,745 (16.0)(11.1)46,745 (12.8)4.4 
Debt instruments45,670 2.1 8.1 45,670 (3.5)15.6 
Other financial assets10,632 34.0 41.8 10,632 30.3 56.1 
Other asset accounts13,844 (0.1)5.7 13,844 (5.1)13.7 
Total assets205,510 (3.5)2.2 205,510 (6.6)11.9 
Customer deposits93,994 (4.7)0.8 93,994 (14.7)2.2 
Central banks and credit institutions30,878 (7.5)(2.1)30,878 9.0 30.6 
Marketable debt securities25,351 (4.5)1.1 25,351 (9.4)8.6 
Other financial liabilities34,215 13.3 19.9 34,215 19.5 43.2 
Other liabilities accounts5,582 (32.0)(28.0)5,582 (29.7)(15.7)
Total liabilities190,020 (3.5)2.1 190,020 (6.4)12.1 
Total equity15,490 (2.8)2.8 15,490 (9.2)8.8 
Memorandum items:
Gross loans and advances to customers 2
93,785 (2.4)3.3 93,785 (8.6)9.5 
Customer funds129,881 (3.5)2.1 129,881 (10.5)7.3 
    Customer deposits 3
81,378 (2.4)3.3 81,378 (9.9)8.0 
    Mutual funds48,503 (5.4)0.1 48,503 (11.4)6.1 
Ratios (%), operating means and customers
RoTE19.5 0.8 17.5 3.8 
Efficiency ratio32.5 1.3 32.1 (2.4)
NPL ratio6.14 (0.11)6.14 (0.42)
NPL coverage ratio82.7 0.6 82.7 (2.0)
Number of employees56,619 1.3 56,619 (2.0)
Number of branches2,202 (4.8)2,202 (14.7)
Number of total customers (thousands)69,455 1.9 69,455 10.6 
Number of active customers (thousands)33,123 2.0 33,123 8.7 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
41
Chile
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income516 7.1 7.7 1,822 31.8 48.3 
Net fee income140 (4.1)(3.5)551 (3.7)8.4 
Gains (losses) on financial transactions 1
65 (2.3)(1.7)238 (25.7)(16.3)
Other operating income(6)166.6 166.4 (18)— — 
Total income714 3.4 4.0 2,592 13.4 27.7 
Administrative expenses and amortizations(232)(1.7)(1.1)(933)(8.5)3.0 
Net operating income482 6.0 6.6 1,659 31.1 47.6 
Net loan-loss provisions(118)(7.3)(6.7)(497)36.1 53.2 
Other gains (losses) and provisions(21)98.9 99.4 (51)— — 
Profit before tax343 8.3 8.8 1,111 16.7 31.4 
Tax on profit(59)(2.4)(1.8)(211)56.1 75.7 
Profit from continuing operations285 10.8 11.3 899 10.2 24.1 
Net profit from discontinued operations— — — — — — 
Consolidated profit285 10.8 11.3 899 10.2 24.1 
Non-controlling interests(89)15.5 16.1 (271)15.5 30.0 
Profit attributable to the parent196 8.7 9.3 629 8.1 21.7 
Balance sheet
Loans and advances to customers40,332 (1.0)2.1 40,332 (5.4)1.2 
Cash, central banks and credit institutions5,759 7.2 10.5 5,759 (9.6)(3.3)
Debt instruments7,993 (7.9)(5.0)7,993 (39.8)(35.6)
Other financial assets13,554 6.8 10.2 13,554 11.5 19.3 
Other asset accounts2,796 9.2 12.6 2,796 1.8 8.9 
Total assets70,434 0.6 3.7 70,434 (8.7)(2.4)
Customer deposits30,181 3.6 6.8 30,181 2.0 9.2 
Central banks and credit institutions8,133 (9.5)(6.7)8,133 (45.1)(41.2)
Marketable debt securities10,403 (1.7)1.4 10,403 (3.5)3.3 
Other financial liabilities14,323 5.5 8.8 14,323 13.5 21.4 
Other liabilities accounts1,942 (10.8)(8.0)1,942 (48.0)(44.3)
Total liabilities64,983 0.8 4.0 64,983 (9.1)(2.8)
Total equity5,451 (2.1)1.0 5,451 (3.5)3.2 
Memorandum items:
Gross loans and advances to customers 2
41,405 (1.1)2.0 41,405 (5.5)1.1 
Customer funds43,383 5.8 9.2 43,383 8.2 15.7 
    Customer deposits 3
30,060 3.8 7.1 30,060 2.5 9.6 
    Mutual funds13,324 10.7 14.1 13,324 23.8 32.5 
Ratios (%), operating means and customers
RoTE21.3 2.0 17.0 2.2 
Efficiency ratio32.5 (1.7)36.0 (8.6)
NPL ratio5.37 0.04 5.37 0.36 
NPL coverage ratio49.9 (1.9)49.9 (2.8)
Number of employees9,587 0.6 9,587 (3.6)
Number of branches237 0.9 237 (4.4)
Number of total customers (thousands)4,311 2.3 4,311 6.4 
Number of active customers (thousands)2,556 0.6 2,556 6.6 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
42
image6.jpg
January - December 2024
Argentina
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24Q3'24%2024%
Net interest income1,107 390 184.0 2,919 55.3 
Net fee income287 111 157.8 602 52.2 
Gains (losses) on financial transactions 1
101 34 193.1 229 (32.8)
Other operating income(448)(115)289.5 (1,263)17.9 
Total income1,047 421 149.0 2,487 61.1 
Administrative expenses and amortizations(416)(192)116.2 (1,022)31.9 
Net operating income631 228 176.6 1,465 90.4 
Net loan-loss provisions(156)(63)146.6 (284)89.5 
Other gains (losses) and provisions(123)(22)454.3 (353)209.1 
Profit before tax352 143 146.6 827 63.8 
Tax on profit(68)(27)152.6 (161)38.0 
Profit from continuing operations284 116 145.2 666 71.6 
Net profit from discontinued operations— — — — — 
Consolidated profit284 116 145.2 666 71.6 
Non-controlling interests(1)0 166.8 (1)(43.9)
Profit attributable to the parent283 116 145.1 665 72.2 
Balance sheet
Loans and advances to customers7,684 5,399 42.3 7,684 104.0 
Cash, central banks and credit institutions4,901 4,776 2.6 4,901 7.8 
Debt instruments2,654 1,767 50.2 2,654 94.0 
Other financial assets23 67 (66.3)23 112.9 
Other asset accounts978 635 54.2 978 26.1 
Total assets16,240 12,644 28.4 16,240 55.1 
Customer deposits11,293 8,843 27.7 11,293 74.3 
Central banks and credit institutions852 941 (9.5)852 (33.0)
Marketable debt securities158 145 9.0 158 6.4 
Other financial liabilities968 707 36.9 968 51.6 
Other liabilities accounts476 305 56.2 476 4.6 
Total liabilities13,746 10,941 25.6 13,746 52.9 
Total equity2,494 1,703 46.4 2,494 68.6 
Memorandum items:
Gross loans and advances to customers 2
7,938 5,550 43.0 7,938 104.7 
Customer funds17,047 12,368 37.8 17,047 65.7 
    Customer deposits 3
11,293 8,843 27.7 11,293 74.3 
    Mutual funds5,754 3,525 63.2 5,754 51.0 
Ratios (%), operating means and customers
RoTE28.8 (5.9)34.8(20.8)
Efficiency ratio39.7 (6.0)41.1(9.1)
NPL ratio2.06 0.272.060.07
NPL coverage ratio177.1 16.1177.111.4
Number of employees8,166 (0.8)8,166(3.4)
Number of branches301 (0.7)301(6.5)
Number of total customers (thousands)5,117 1.35,1177.2
Number of active customers (thousands)3,674 1.33,6743.1
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - December 2024
image6.jpg
43
Other South America
EUR million
/ Q3'24/ 2023
Underlying income statementQ4'24%% excl. FX2024%% excl. FX
Net interest income175 0.0 0.6 703 6.2 8.2 
Net fee income75 7.4 8.3 298 17.3 18.0 
Gains (losses) on financial transactions 1
37 (9.5)(8.1)172 25.2 24.1 
Other operating income(2)41.9 46.9 (5)(68.4)(68.3)
Total income285 0.3 1.0 1,168 12.6 13.9 
Administrative expenses and amortizations(155)(3.0)(2.2)(635)6.5 7.1 
Net operating income130 4.4 5.0 533 20.8 23.3 
Net loan-loss provisions(53)10.5 11.3 (210)13.2 14.7 
Other gains (losses) and provisions2 — — (97)566.6 586.5 
Profit before tax79 4.7 5.2 225 (6.4)(4.0)
Tax on profit(13)(26.5)(25.2)(80)(13.5)(12.4)
Profit from continuing operations66 14.3 14.6 145 (2.0)1.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit66 14.3 14.6 145 (2.0)1.4 
Non-controlling interests1 — — 1 (37.1)(37.0)
Profit attributable to the parent67 15.7 15.9 146 (2.5)0.8 
Balance sheet
Loans and advances to customers10,923 2.5 (0.9)10,923 4.4 6.7 
Cash, central banks and credit institutions3,459 0.1 (2.7)3,459 20.5 21.9 
Debt instruments2,387 22.1 18.9 2,387 0.1 4.1 
Other financial assets913 27.8 25.6 913 96.0 102.5 
Other asset accounts1,352 20.2 17.5 1,352 19.1 20.1 
Total assets19,034 6.3 3.1 19,034 9.9 12.3 
Customer deposits9,765 2.2 (0.7)9,765 5.8 9.1 
Central banks and credit institutions4,898 3.5 (0.3)4,898 9.2 9.6 
Marketable debt securities898 16.2 12.6 898 27.7 32.0 
Other financial liabilities671 57.2 53.9 671 21.9 25.1 
Other liabilities accounts807 17.8 14.3 807 25.8 28.3 
Total liabilities17,040 5.3 2.1 17,040 9.2 11.6 
Total equity1,994 15.4 12.0 1,994 16.6 19.0 
Memorandum items:
Gross loans and advances to customers 2
11,196 2.6 (0.8)11,196 4.6 6.9 
Customer funds10,930 2.9 0.0 10,930 6.7 10.2 
    Customer deposits 3
9,765 2.2 (0.7)9,765 5.8 9.1 
    Mutual funds1,165 9.0 6.3 1,165 14.7 20.5 
Resources
Number of employees5,199 (1.0)5,199 7.9 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
44
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Appendix


anexo.jpg


January - December 2024
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45

Financial information
Note: from Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For more information, see the calculation method detailed in the ‘Alternative Performance Measures’ section in this appendix.
Net fee income. Consolidated
EUR million
Q4'24Q3'24Change (%)20242023Change (%)
Fees from services1,979 1,758 12.67,347 7,004 4.9
Wealth management and marketing of customer funds1,069 1,103 (3.1)4,374 3,967 10.3
Securities and custody296 328 (9.8)1,289 1,086 18.7
Net fee income3,344 3,189 4.913,010 12,057 7.9

Underlying operating expenses. Consolidated
EUR million
Q4'24Q3'24Change (%)20242023Change (%)
Staff costs3,770 3,497 7.814,328 13,726 4.4
Other general administrative expenses2,178 2,038 6.98,412 8,515 (1.2)
   Information technology691 635 8.82,622 2,471 6.1
   Communications108 94 14.9404 414 (2.4)
   Advertising140 124 12.9540 603 (10.4)
   Buildings and premises186 200 (7.0)757 721 5.0
   Printed and office material24 22 9.189 97 (8.2)
   Taxes (other than tax on profits)165 123 34.1556 570 (2.5)
   Other expenses864 840 2.93,444 3,639 (5.4)
Administrative expenses5,948 5,535 7.522,740 22,241 2.2
Depreciation and amortization824 814 1.23,294 3,184 3.5
Operating expenses6,772 6,349 6.726,034 25,425 2.4
Operating means. Consolidated
EmployeesBranches
Dec-24Dec-23ChangeDec-24Dec-23Change
Europe65,74667,457(1,711)3,022 3,083 (61)
     Spain23,98024,713(733)1,827 1,874 (47)
     United Kingdom20,45522,280(1,825)444 444 0 
     Portugal4,9014,945(44)374 376 (2)
     Poland11,03810,822216368 381 (13)
     Other5,3724,6976759 8 1 
DCB Europe16,79216,795(3)326 342 (16)
North America42,84645,593(2,747)1,761 1,784 (23)
     US12,48413,489(1,005)405 415 (10)
     Mexico28,95730,876(1,919)1,356 1,369 (13)
     Other1,4051,228177— — — 
South America79,57180,997(1,426)2,902 3,309 (407)
     Brazil56,61957,775(1,156)2,202 2,580 (378)
     Chile9,5879,948(361)237 248 (11)
     Argentina8,1668,455(289)301 322 (21)
     Other5,1994,819380162 159 3 
Corporate Centre1,7981,922(124)
Total Group206,753212,764(6,011)8,011 8,518 (507)


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Underlying net loan-loss provisions. Consolidated
EUR million
Q4'24Q3'24Change (%)20242023Change (%)
Non-performing loans3,526 3,369 4.713,941 14,048 (0.8)
Country-risk(1)(1)— (2)2 — 
Recovery of written-off assets(411)(392)4.8(1,606)(1,592)0.9
Net loan-loss provisions3,114 2,976 4.612,333 12,458 (1.0)
Loans and advances to customers. Consolidated
EUR million
Change
Dec-24Dec-23Absolute%Dec-22
Commercial bills53,209 55,628 (2,419)(4.3)56,688 
Secured loans557,463 554,375 3,088 0.6565,609 
Other term loans296,339 295,485 854 0.3290,031 
Finance leases40,120 38,723 1,397 3.639,833 
Receivable on demand10,756 12,277 (1,521)(12.4)11,435 
Credit cards receivable24,928 24,371 557 2.322,704 
Impaired assets33,731 34,094 (363)(1.1)32,888 
Gross loans and advances to customers (excl. reverse repos)1,016,546 1,014,953 1,593 0.21,019,188 
Reverse repos59,648 44,184 15,464 35.039,500 
Gross loans and advances to customers1,076,194 1,059,137 17,057 1.61,058,688 
Loan-loss allowances22,125 22,788 (663)(2.9)22,684 
Loans and advances to customers1,054,069 1,036,349 17,720 1.71,036,004 


Total funds. Consolidated
EUR million
Change
Dec-24Dec-23Absolute%Dec-22
Demand deposits677,818 661,262 16,556 2.5710,232 
Time deposits299,801 307,085 (7,284)(2.4)236,099 
Mutual funds233,722 208,528 25,194 12.1184,054 
Customer funds1,211,341 1,176,875 34,466 2.91,130,385 
Pension funds15,646 14,831 815 5.514,021 
Managed portfolios43,118 36,414 6,704 18.432,184 
Repos78,317 78,822 (505)(0.6)63,391 
Total funds1,348,422 1,306,942 41,480 3.21,239,981 



January - December 2024
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47
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 our financial information 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 used 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", covering the primary and secondary segments, results are presented only 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-December 2024
Statutory resultsAdjustmentsUnderlying results
Net interest income46,668 — 46,668 
Net fee income13,010 — 13,010 
Gains (losses) on financial transactions 1
2,273 — 2,273 
Other operating income(75)335 260 
Total income61,876 335 62,211 
Administrative expenses and amortizations(26,034)— (26,034)
Net operating income35,842 335 36,177 
Net loan-loss provisions(12,685)352 (12,333)
Other gains (losses) and provisions(4,130)(687)(4,817)
Profit before tax19,027 — 19,027 
Tax on profit(5,283)— (5,283)
Profit from continuing operations13,744 — 13,744 
Net profit from discontinued operations— — — 
Consolidated profit13,744 — 13,744 
Non-controlling interests(1,170)— (1,170)
Profit attributable to the parent12,574 — 12,574 
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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January - December 2024
Reconciliation of underlying results to statutory results
EUR million
January-December 2023
Statutory resultsAdjustmentsUnderlying results
Net interest income43,261 — 43,261 
Net fee income12,057 — 12,057 
Gains (losses) on financial transactions 1
2,633 — 2,633 
Other operating income(528)224 (304)
Total income57,423 224 57,647 
Administrative expenses and amortizations(25,425)— (25,425)
Net operating income31,998 224 32,222 
Net loan-loss provisions(12,932)474 (12,458)
Other gains (losses) and provisions(2,607)(459)(3,066)
Profit before tax16,459 239 16,698 
Tax on profit(4,276)(213)(4,489)
Profit from continuing operations12,183 26 12,209 
Net profit from discontinued operations— — — 
Consolidated profit12,183 26 12,209 
Non-controlling interests(1,107)(26)(1,133)
Profit attributable to the parent11,076 — 11,076 
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 - December 2024
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49
Profitability and efficiency ratios
The purpose of the profitability ratios is to measure the ratio of profit to equity, to tangible equity, 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 valuation 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 bank's total assets in generating profit over a given period.
(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 resources 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
Q4'24Q3'242024 2023 
(EUR million and %)
RoE13.3 %13.4 %13.0 %11.9 %
   Profit attributable to the parent (annualized)13,06113,00012,57411,076
   Average stockholders' equity (excluding minority interests)97,95296,72096,74493,035
RoTE16.6 %16.7 %16.3 %15.1 %
   Profit attributable to the parent (annualized)13,06113,00012,57411,076
   (-) Goodwill impairment0-2-4-20
   Profit attributable to the parent excluding goodwill impairment (annualized)13,06113,00212,57811,096
   Average stockholders' equity (excluding minority interests)97,95296,72096,74493,035
   (-) Average intangible assets19,15819,04319,42819,361
   Average stockholders' equity (excl. minority interests) - intangible assets78,79477,67777,31673,675
RoA0.78 %0.80 %0.76 %0.69 %
   Consolidated profit (annualized)14,25214,35513,74412,209
   Average total assets1,834,4761,793,7581,803,2721,773,103
RoRWA2.27 %2.31 %2.18 %1.96 %
   Consolidated profit (annualized)14,25214,35513,74412,209
   Average risk-weighted assets627,333622,347630,494624,031
Efficiency ratio42.3 %41.9 %41.8 %44.1 %
   Underlying operating expenses6,7726,34926,03425,425
      Operating expenses6,7726,34926,03425,425
      Adjustments to operating expenses for items outside ordinary course of businesses ————
   Underlying total income16,02615,13562,21157,647
      Total income16,02615,13561,87657,423
      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 - December 2024
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51
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 %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking18.9 7,265 38,482 15.1 5,659 37,362 
Digital Consumer Bank9.8 1,663 17,050 11.5 1,901 16,502 
Corporate & Investment Banking18.1 2,740 15,178 17.5 2,440 13,922 
Wealth Management & Insurance78.7 1,650 2,097 72.2 1,467 2,033 
Payments15.6 415 2,664 24.9 627 2,512 
PagoNxt------
Cards32.6 712 2,187 35.5 684 1,928 
Europe16.9 6,645 39,292 14.5 5,489 37,931 
   Spain21.7 3,762 17,347 14.2 2,371 16,742 
   United Kingdom11.1 1,306 11,781 13.0 1,545 11,874 
   Portugal25.4 1,001 3,948 25.9 896 3,458 
   Poland20.2 800 3,956 17.7 674 3,810 
DCB Europe6.4 642 10,055 12.3 1,199 9,721 
North America11.2 2,580 23,089 9.8 2,360 24,183 
   US7.5 1,109 14,742 6.1 932 15,355 
   Mexico20.0 1,671 8,343 17.7 1,560 8,814 
South America18.7 3,865 20,671 14.4 3,045 21,097 
   Brazil17.5 2,424 13,853 13.7 1,921 13,987 
   Chile17.0 629 3,693 14.8 582 3,925 
   Argentina34.8 665 1,909 55.6 386 694 
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 %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking39.7 12,877 32,461 43.1 12,825 29,754 
Digital Consumer Bank40.1 5,183 12,916 42.8 5,263 12,296 
Corporate & Investment Banking45.6 3,807 8,343 45.0 3,387 7,527 
Wealth Management & Insurance35.9 1,313 3,661 37.9 1,216 3,210 
Payments45.0 2,475 5,505 44.2 2,344 5,298 
PagoNxt93.6 1,160 1,240 95.7 1,091 1,140 
Cards30.8 1,315 4,265 30.1 1,253 4,158 
Europe40.0 9,407 23,510 42.1 9,030 21,439 
   Spain35.7 4,271 11,974 41.7 4,227 10,132 
   United Kingdom55.9 2,918 5,216 49.7 2,745 5,525 
   Portugal26.1 548 2,100 27.3 542 1,982 
   Poland27.1 965 3,555 27.1 862 3,182 
DCB Europe45.9 2,604 5,679 47.6 2,618 5,502 
North America48.2 6,701 13,915 49.1 6,465 13,174 
   US50.5 3,830 7,580 51.0 3,679 7,209 
   Mexico42.5 2,665 6,278 43.9 2,588 5,899 
South America35.1 6,943 19,783 38.5 6,920 17,971 
   Brazil32.1 4,352 13,536 34.6 4,529 13,104 
   Chile36.0 933 2,592 44.6 1,020 2,285 
   Argentina41.1 1,022 2,487 50.2 775 1,544 
Numerator: underlying operating expenses.
Denominator: underlying total income.
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January - December 2024
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 ratio)		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 credit 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
NPL coverage ratioTotal allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balancesThe NPL 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)Dec-24Sep-24Dec-23
(EUR million and %)
NPL ratio3.05 %3.06 %3.14 %
Credit impaired customer loans and advances, guarantees and undrawn balances35,26535,72335,620
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)33,56833,89033,821
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired163231273
Customer guarantees and undrawn balances classified in stage 31,5211,5931,517
Doubtful exposure of loans and advances to customers at fair value through profit or loss1399
Total risk1,157,2741,168,5741,133,898
Impaired and non-impaired gross loans and advances to customers1,076,1951,089,4411,059,135
Impaired and non-impaired customer guarantees and impaired undrawn customer balances81,07979,13374,763


January - December 2024
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53
Credit risk (II)Dec-24Sep-24Dec-23
(EUR million and %)
NPL coverage ratio65 %64 %66 %
Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances22,83522,73523,490
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through OCI22,12522,02222,788
Total allowances to cover impairment losses on customer guarantees and undrawn balances710713702
Credit impaired customer loans and advances, guarantees and undrawn balances35,26535,72335,620
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)33,56833,89033,821
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired163231273
Customer guarantees and undrawn balances classified in stage 31,5211,5931,517
Doubtful exposure of loans and advances to customers at fair value through profit or loss1399
Cost of risk1.15 %1.18 %1.18 %
Underlying allowances for loan-loss provisions over the last 12 months12,33312,64012,458
Allowances for loan-loss provisions over the last 12 months12,68512,99212,932
    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 months1,075,8211,070,5851,059,566



NPL ratio
(EUR million and %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking3.18 20,468 643,782 3.21 20,961 652,382 
Digital Consumer Bank5.07 10,992 216,613 4.75 9,831 207,107 
Corporate & Investment Banking0.86 2,068 241,078 1.36 3,007 221,593 
Wealth Management & Insurance0.67 169 25,226 1.40 330 23,612 
Payments5.14 1,266 24,615 5.02 1,191 23,710 
PagoNxt------
Cards5.25 1,235 23,526 5.11 1,151 22,513 
Europe2.15 13,774 640,094 2.32 14,495 624,696 
   Spain2.68 7,672 285,883 3.06 8,529 278,569 
   United Kingdom1.33 3,299 248,061 1.42 3,518 247,360 
   Portugal2.40 993 41,418 2.59 1,024 39,503 
   Poland3.66 1,636 44,704 3.55 1,397 39,329 
DCB Europe2.50 3,527 141,312 2.12 2,877 135,608 
North America4.22 8,375 198,607 4.09 7,805 190,720 
   US4.72 7,012 148,643 4.57 6,303 137,893 
   Mexico2.71 1,352 49,927 2.82 1,489 52,785 
South America5.42 9,287 171,301 5.72 10,142 177,380 
   Brazil6.14 6,418 104,519 6.56 7,479 113,937 
   Chile5.37 2,394 44,590 5.01 2,332 46,565 
   Argentina2.06 173 8,411 1.99 78 3,903 
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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January - December 2024
NPL coverage ratio
(EUR million and %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking58.4 11,949 20,468 61.4 12,868 20,961 
Digital Consumer Bank73.6 8,088 10,992 76.5 7,521 9,831 
Corporate & Investment Banking39.3 812 2,068 41.2 1,240 3,007 
Wealth Management & Insurance80.3 135 169 29.3 97 330 
Payments140.1 1,774 1,266 139.8 1,665 1,191 
PagoNxt------
Cards141.9 1,752 1,235 142.1 1,636 1,151 
Europe50.2 6,909 13,774 49.3 7,147 14,495 
   Spain52.6 4,039 7,672 49.1 4,185 8,529 
   United Kingdom29.3 967 3,299 30.3 1,066 3,518 
   Portugal79.4 789 993 82.7 847 1,024 
   Poland61.9 1,013 1,636 73.3 1,024 1,397 
DCB Europe82.5 2,910 3,527 88.0 2,532 2,877 
North America69.7 5,836 8,375 73.8 5,763 7,805 
   US63.8 4,471 7,012 67.7 4,265 6,303 
   Mexico100.4 1,358 1,352 100.0 1,489 1,489 
South America76.5 7,103 9,287 78.4 7,948 10,142 
   Brazil82.7 5,311 6,418 84.7 6,338 7,479 
   Chile49.9 1,196 2,394 52.7 1,230 2,332 
   Argentina177.1 307 173 165.7 128 78 
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 %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking0.92 5,845 632,300 1.02 6,540 638,166 
Digital Consumer Bank2.16 4,562 210,747 2.04 4,106 201,376 
Corporate & Investment Banking0.10 174 180,565 0.10 165 168,553 
Wealth Management & Insurance0.18 41 23,264 (0.08)(17)22,366 
Payments7.39 1,714 23,183 7.22 1,666 23,060 
PagoNxt------
Cards7.64 1,698 22,225 7.44 1,642 22,058 
Europe0.321,862 590,624 0.44 2,533 582,256 
   Spain0.501,259 249,759 0.62 1,522 246,660 
   United Kingdom0.0364 251,348 0.10 247 251,362 
   Portugal0.0311 38,454 0.20 77 38,546 
   Poland1.38511 37,138 2.08 674 32,385 
DCB Europe0.881,209 137,165 0.62 792 128,583 
North America2.043,786 185,873 2.05 3,733 182,037 
   US1.822,507 137,581 1.92 2,593 135,190 
   Mexico2.641,277 48,439 2.43 1,135 46,729 
South America3.505,478 156,397 3.36 5,401 160,644 
   Brazil4.514,487 99,532 4.77 4,701 98,555 
   Chile1.19497 41,582 0.80 365 45,637 
   Argentina4.59284 6,190 6.64 150 2,262 
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 - December 2024
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55
Other indicators
The Group has a series of additional financial metrics which facilitate analysis of the underlying business trends and performance.


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 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 loans and advances to customers net of loan-loss provisions 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 ceded by Santander Asset Management and Santander Insurance to the branch network, net of taxes, excluding Private Banking customersMetric to assess Wealth Management & Insurance's total contribution to the Group's profit.
1. Tangible book value = Stockholders' equity (excl. minority interests) - intangible assets.



Others (EUR million and %)
Dec-24Sep-24Dec-23
TNAV (tangible book value) per share5.245.044.76
   Tangible book value79,34277,52275,552
   Number of shares excl. treasury stock (million)15,13715,39015,886
Price / Tangible book value per share (X)0.850.910.79
   Share price (euros)4.4654.6013.780
   TNAV (tangible book value) per share5.245.044.76
Loan-to-deposit ratio100 %102 %99 %
   Net loans and advances to customers1,054,0691,067,4191,036,349
   Customer deposits1,055,9361,045,9111,047,169
Q4'24Q3'2420242023
PAT + After tax fees paid to SAN (in Wealth) (Constant EUR million)8219033,3993,039
   Profit after tax4104731,7281,518
   Net fee income net of tax4114311,6711,521

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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 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 business 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 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.
We present, at both the Group level as well as the business unit level, the changes in euros as well as the changes excluding the exchange rate effect ("excluding FX" or "constant euros") for loans and advances to customers excluding reverse repurchase agreements (repos) and customer funds (which comprise deposits and mutual funds) excluding repos. Additionally, we present changes in the main balance sheet lines of the Group's countries and regions both in euros as well as the changes
excluding the exchange rate effect. 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 the balances, into our presentation currency, the euro, applying the closing exchange rate on the last working day of December 2024 to all periods contemplated in the analysis. We use this method to calculate the variations 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.
In Q2 2024, due to the significant divergence between the official exchange rate and other macroeconomic magnitudes in Argentina, mainly inflation, we began to apply an alternative exchange rate for the Argentine peso which reflects the exchange rate observed in transactions ordered between market participants under the prevailing economic conditions, such as the repatriation of dividends from businesses in Argentina. This exchange rate was modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US.
Given the stabilization and improved macroeconomic outlook in the country, from Q4 2024 we are taking the dollar contado con liquidación rate (CCL) as a reference for this alternative exchange rate, which is the exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds). At the end of the year, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate.
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)
20242023Dec-24Sep-24Dec-23
US dollar1.082 1.081 1.039 1.116 1.105 
Pound sterling0.846 0.870 0.829 0.832 0.868 
Brazilian real5.809 5.397 6.427 6.074 5.365 
Mexican peso19.723 19.158 21.554 21.874 18.691 
Chilean peso1,020.473 906.417 1,032.560 1,001.107 965.192 
Argentine peso1
1,232.389 1,617.838 893.635 
Polish zloty4.305 4.538 4.275 4.282 4.343 
1. Average exchange rates for the Argentine peso are not included since we use the exchange rate on the last working day of each period presented given it is a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods).
January - December 2024
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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 and global businesses, as the weighted average the inflation rate of each country comprising the regions or global business, weighted by each country's operating expenses in the region or global business. For the Group, the global businesses and 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
%Average inflation last 12 months
Retail & Commercial Banking1
3.4
Digital Consumer Bank1
2.7
Corporate & Investment Banking1
3.2
Wealth Management & Insurance1
3.1
Payments1
3.3
Europe2.8
   Spain2.8
   United Kingdom2.5
   Portugal2.4
   Poland3.7
DCB Europe2.4
North America3.7
   US3.0
   Mexico4.7
South America1
3.9
   Brazil4.4
   Chile4.3
Total Group1
3.3
1. Excluding the impact of inflation in Argentina.
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Condensed consolidated financial statements

•CONDENSED CONSOLIDATED BALANCE SHEET
•CONDENSED CONSOLIDATED INCOME STATEMENT
NOTE:The following financial information for the 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
ASSETSDec-24Dec-23
Cash, cash balances at central banks and other deposits on demand192,208 220,342 
Financial assets held for trading230,253 176,921 
Non-trading financial assets mandatorily at fair value through profit or loss6,130 5,910 
Financial assets designated at fair value through profit or loss7,915 9,773 
Financial assets at fair value through other comprehensive income89,898 83,308 
Financial assets at amortised cost1,203,707 1,191,403 
Hedging derivatives5,672 5,297 
Changes in the fair value of hedged items in portfolio hedges of interest risk(704)(788)
Investments7,277 7,646 
Joint ventures entities2,061 1,964 
Associated entities5,216 5,682 
Assets under reinsurance contracts222 237 
Tangible assets32,087 33,882 
Property, plant and equipment31,212 32,926 
For own-use12,636 13,408 
Leased out under an operating lease18,576 19,518 
Investment property875 956 
Of which : Leased out under an operating lease749 851 
Intangible assets19,259 19,871 
Goodwill13,438 14,017 
Other intangible assets5,821 5,854 
Tax assets30,596 31,390 
Current tax assets11,426 10,623 
Deferred tax assets19,170 20,767 
Other assets8,559 8,856 
Insurance contracts linked to pensions81 93 
Inventories6 7 
Other8,472 8,756 
Non-current assets held for sale4,002 3,014 
TOTAL ASSETS1,837,081 1,797,062 
January - December 2024
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Condensed consolidated balance sheet
EUR million
LIABILITIESDec-24Dec-23
Financial liabilities held for trading 152,151 122,270 
Financial liabilities designated at fair value through profit or loss36,360 40,367 
Financial liabilities at amortized cost1,484,322 1,468,703 
Hedging derivatives4,752 7,656 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk (9)55 
Liabilities under insurance contracts17,829 17,799 
Provisions8,407 8,441 
Pensions and other post-retirement obligations1,731 2,225 
Other long term employee benefits915 880 
Taxes and other legal contingencies2,717 2,715 
Contingent liabilities and commitments710 702 
Other provisions2,334 1,919 
Tax liabilities 9,598 9,932 
Current tax liabilities3,322 3,846 
Deferred tax liabilities6,276 6,086 
Other liabilities 16,344 17,598 
Liabilities associated with non-current assets held for sale— — 
TOTAL LIABILITIES1,729,754 1,692,821 
EQUITY
Shareholders' equity135,196 130,443 
Capital 7,576 8,092 
Called up paid capital7,576 8,092 
Unpaid capital which has been called up— — 
Share premium 40,079 44,373 
Equity instruments issued other than capital— 720 
Equity component of the compound financial instrument— — 
Other equity instruments issued— 720 
Other equity217 195 
Accumulated retained earnings82,326 74,114 
Revaluation reserves— — 
Other reserves(5,976)(5,751)
(-) Own shares(68)(1,078)
Profit attributable to shareholders of the parent12,574 11,076 
(-) Interim dividends(1,532)(1,298)
Other comprehensive income (loss)(36,595)(35,020)
Items not reclassified to profit or loss (4,757)(5,212)
Items that may be reclassified to profit or loss(31,838)(29,808)
Non-controlling interest8,726 8,818 
Other comprehensive income(2,020)(1,559)
Other items10,746 10,377 
TOTAL EQUITY107,327 104,241 
TOTAL LIABILITIES AND EQUITY1,837,081 1,797,062 
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS
Loan commitments granted302,861 279,589 
Financial guarantees granted16,901 15,435 
Other commitments granted134,493 113,273 


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Condensed consolidated income statement
EUR million
20242023
Interest income112,735 105,252 
   Financial assets at fair value through other comprehensive income7,324 5,995 
   Financial assets at amortized cost84,309 77,701 
   Other interest income21,102 21,556 
Interest expense(66,067)(61,991)
Interest income/ (charges)46,668 43,261 
Dividend income714 571 
Income from companies accounted for using the equity method711 613 
Commission income17,602 16,321 
Commission expense(4,592)(4,264)
Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net(114)96 
   Financial assets at amortized cost(190)(3)
   Other financial assets and liabilities76 99 
Gain or losses on financial assets and liabilities held for trading, net1,459 2,322 
   Reclassification of financial assets at fair value through other comprehensive income— — 
   Reclassification of financial assets from amortized cost— — 
   Other gains (losses)1,459 2,322 
Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss495 204 
   Reclassification of financial assets at fair value through other comprehensive income— — 
   Reclassification of financial assets from amortized cost— — 
   Other gains (losses)495 204 
Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net691 (93)
Gain or losses from hedge accounting, net16 63 
Exchange differences, net(274)41 
Other operating income (*)803 1,104 
Other operating expenses(2,324)(2,827)
Income from insurance and reinsurance contracts470 460 
Expenses from insurance and reinsurance contracts(449)(449)
Total income61,876 57,423 
Administrative expenses(22,740)(22,241)
   Staff costs(14,328)(13,726)
   Other general and administrative expenses(8,412)(8,515)
Depreciation and amortization(3,294)(3,184)
Provisions or reversal of provisions, net(3,883)(2,678)
Impairment or reversal of impairment of financial assets not measured at fair value
through profit or loss and net gains and losses from modifications		(12,644)(12,956)
   Financial assets at fair value through other comprehensive income— (44)
   Financial assets at amortized cost(12,644)(12,912)
Impairment of investments in subsidiaries, joint ventures and associates, net— — 
Impairment on non-financial assets, net(628)(237)
   Tangible assets(386)(136)
   Intangible assets(231)(73)
   Others(11)(28)
Gain or losses on non-financial assets and investments, net367 313 
Negative goodwill recognized in results— 39 
Gains or losses on non-current assets held for sale not classified as discontinued operations(27)(20)
Operating profit/(loss) before tax19,027 16,459 
Tax expense or income from continuing operations(5,283)(4,276)
Profit/(loss) for the period from continuing operations13,744 12,183 
Profit/( loss) after tax from discontinued operations— — 
Profit/(loss) for the period13,744 12,183 
Profit attributable to non-controlling interests1,170 1,107 
Profit/(loss) attributable to the parent12,574 11,076 
Earnings/(losses) per share
Basic 0.77 0.65 
Diluted0.77 0.65 
(*) Includes -EUR 1,225 million at 31 December 2024 (-EUR 1,016 million at 31 December 2023) derived from the net monetary loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.
January - December 2024
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Glossary
•Active customer: Those customers who comply with the minimum balance, income and/or transactionality requirements as defined according to the business area
•APM: Alternative Performance Measures
•bn: Billion
•bps: basis points
•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 in constant euros 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
•DTAs: Deferred tax assets
•EPS: Earnings per share
•ESG: Environmental, Social and Governance
•ESMA: European Securities and Markets Authority
•Free float: total number of shares in circulation minus treasury shares as a % the total number of shares in circulation
•FX: Foreign Exchange
•IFRS 9: International Financial Reporting Standard 9, regarding financial instruments
•IFRS 17: International Financial Reporting Standard 9, regarding insurance contracts
•LLPs: Loan-loss provisions
•mn: Million
•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
•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
•TNAV: Tangible net asset value
•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) Q4 2024 Financial Report, published on 5 February 2025 (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.

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January - December 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:    5 February 2025By:/s/ José García Cantera
Name:José García Cantera
Title:Chief Financial Officer

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