Santander posts record nine-month results, with earnings per share up 16% and growing seven million customers to 178 million.
Revenue was stable (€46.3 billion), with the bank achieving record net fee income (up 4% year-on-year). Operating expenses fell by 1%. As a result, the efficiency ratio improved to 41.3%.
Loan-loss provisions fell 1% with improved cost of risk at 1.13% (-5 basis points).
Non-performing loan ratio of 2.92%, improving 14 basis points year-on-year, at historically low levels.
In the third quarter, attributable profit reached a new record of €3,504 million, up 8% year-on-year, a sixth consecutive record quarter.
In November, the bank will pay an interim cash dividend of 11.5 euro cents per share against 2025 earnings, an increase of 15% compared to the same dividend last year, as previously announced. The bank reaffirms 2025 targets and expects to distribute at least €10 billion in share buybacks from 2025 and 2026 earnings and excess capital.
Ana Botín, Banco Santander executive chair, said: “Once again, we are delivering strong results. In the last twelve months, we added more than seven million customers and improved profitability to over 16% RoTE post-AT1, with earnings per share up 16%. This reflects the strength of our business model, a disciplined focus on profitable growth, solid balance sheet, and the benefits of our global and in- market scale, and diversification across businesses and geographies.
Our ONE Transformation is driving efficiency gains as we deploy shared global platforms that improve customer experience and reduce costs-to-serve.
Credit quality remains robust with cost of risk at 1.13% and NPL ratio below 3%. With CET1 at 13.1%, we continue to deliver sustainable, double-digit value creation for shareholders, with TNAV plus cash dividend per share up 15%.
Looking ahead, we are on track to meet all our 2025 targets and, amid continued geopolitical and market uncertainty, we are confident we will continue delivering further profitable growth by harnessing our network effects and global scale, and through disciplined capital allocation.”
