Banco Santander reported a record underlying profit of €11,176 million in the first nine months of 2026, up 16%. Attributable profit reached €12,405 million, up 20%. This includes a €1.9 billion net capital gain from completing the disposal of Santander Bank Polska in January, partly offset by €666 million in charges, including integration costs associated with TSB and Webster. Underlying results exclude these non-recurring items to give a consistent view of the operating performance.
Revenue reached €46.8 billion (+8%), with strong net interest income and net fee income growth, driven by more customers, higher activity and increased volumes across global businesses. ONE Transformation is delivering efficiency gains (costs -1% excluding M&A) as well as higher revenue, resulting in strong growth in net operating income (+14%) and an improvement in the efficiency ratio to 42.6%. Loans and customer funds both increased 16% in constant euros, driven by higher customer activity and the incorporation of TSB and Webster. Excluding these acquisitions, loans increased by 6% and customer funds by 8%.
Underlying profit in Q3 reached €3.8 billion, up 19%. Santander completed the acquisition of Webster on 20 August, strengthening Santander’s US franchise, expanding its customer base by 4.2 million customers. The 2026 interim cash dividend of 12.70 euro cents per share will be paid on 2 November. Total remuneration against H1’26 amounts to approximately €3,660 million. Santander is comfortably on track to meet its 2026 targets, which exclude the impact of M&A: mid-single-digit revenue growth, costs down, both in constant euros; higher profit (vs €14.1 billion in 2025); and a CET1 ratio of 12.8-13%.
