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Banco Santander (SAN) investor relations material
Banco Santander Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Achieved record H1 2025 attributable profit of €6.8bn, up 13% year-over-year, with EPS up 19% and ROTE post-AT1 at 16%, supported by strong revenue growth and 8 million new customers.
Efficiency ratio improved to 41.5%, the best in over 15 years, driven by disciplined capital allocation, digital transformation, and operational leverage.
CET1 capital ratio reached 13%, at the top end of the operating range, with robust credit quality and solid balance sheet.
Announced new €1.7bn share buyback, reaffirmed commitment to at least €10bn in buybacks for 2025–2026, and total shareholder remuneration for 2024 reached €6.3bn.
Strategic transactions in Poland and the UK, including the sale of Santander Poland and acquisition of TSB, support capital redeployment and future growth.
Financial highlights
Total income for H1 2025 was €31bn, flat year-over-year but up 5% in constant euros; net interest income (NII) was €21.2bn, down 4% YoY but up 4% excluding Argentina.
Net fee income grew 3% to €6.3bn (+9% in constant euros), with strong contributions from CIB, Wealth, and Payments.
Operating expenses fell 1%, supporting an efficiency ratio of 41.5%; cost of risk improved to 1.14% (down 7bps YoY), and NPL ratio dropped to 2.91%.
Attributable profit rose 13% YoY to €6.8bn; EPS up 19% YoY to €0.43; TNAV per share at €5.50, up 16% YoY.
Customer funds grew 6% YoY, with deposits up 4% and mutual funds up 17%.
Outlook and guidance
On track to meet 2025 targets: revenue of ~€62bn, ROTE post-AT1 of ~16.5%, CET1 at 13%, cost of risk ~1.15%, and mid-high single digit net fee income growth.
Cost base expected to decline in real terms for 2025; further efficiency gains anticipated as transformation progresses.
Shareholder remuneration policy targets at least €10bn in buybacks for 2025–2026, with a 50% payout ratio split between cash dividends and buybacks.
TSB acquisition expected to generate >20% return on invested capital and increase UK ROTE to 16% by 2028.
Organic capital generation expected to accelerate in H2, with excess capital above 13% CET1 to be distributed via buybacks.
Explain the drivers behind record net fee income.
Assess impact of TSB acquisition on UK RoTE.
How does ONE Transformation impact efficiency?
What's driving the improved share buyback target?
ONE Transformation: potential cost direction?
Brazil: when will provisions peak?
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Next Banco Santander earnings date
Q3 202529 Oct, 2025
Next Banco Santander earnings date
Q3 202529 Oct, 2025
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Frequently asked questions
Banco Santander S.A. offers a wide range of banking and financial services, including retail banking, corporate banking, asset management, and insurance products. The bank operates primarily in Europe, Latin America, and North America, serving individual customers, SMEs, and multinational corporations. Banco Santander S.A. is headquartered in Madrid, Spain, and its shares are listed on the BME.
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