AG真人官方

Banco Santander, S.A. (SAN) released the results of the 2025 EBA/ECB stress-test covering 2024-27.

• Starting capital: Fully-loaded CET1 12.19% and Phased-in CET1 12.78% at 31-Dec-24 (adjusted for CRR3 and EBA methodology).
• Baseline scenario: Fully-loaded CET1 strengthens to 13.58% (2025), 14.56% (2026) and 14.65% (2027); phased-in rises to 15.31% by 2027.
• Adverse scenario: Fully-loaded CET1 declines to 10.46% in 2025, recovers to 11.12% in 2026, and returns to 10.46% in 2027 (鈮�-1.7 pp vs. start). Phased-in bottoms at 10.91%.

The bank therefore projects capital accretion in the central case and a limited draw-down under stress while maintaining double-digit CET1 throughout the horizon. Figures reflect the phased implementation of CRR3 and IFRS 9.

Banco Santander (SAN) has authorised a 鈧�1.7 billion share buyback, equivalent to c.25% of the Group鈥檚 H1-25 underlying profit and one-half of its 50% total-payout target. The programme, already cleared by regulators, will start on 31 July 2025 and may run until 3 January 2026 unless the full amount is reached earlier.

Key terms:

• Purpose: shares acquired will be cancelled, lowering share capital as approved at the 2025 AGM.
• Maximum cash outlay: 鈧�1.7 bn.
• Share cap: 鈮�1,373,961,787 shares; at the 鈧�7.55 closing price on 28 Jul 25 this implies 225.2 m shares (c.1.51% of current capital).
• Pricing limits: purchase price may not exceed the higher of the last independent trade or highest independent bid.
• Volume limits: 鈮�25% of the 20-day average daily volume per trading day.
• Venues: Spanish Mercado Continuo, Turquoise Europe, DXE Europe, Aquis Exchange Europe.
• Disclosure: transactions published within seven market sessions.

The board intends to decide on an interim cash dividend against 2025 earnings on 30 September 2025; remaining 2025 shareholder remuneration will depend on future corporate and regulatory approvals.

Banco Santander鈥檚 H1-25 6-K shows resilient profitability, robust capital and contained credit risk.

Underlying attributable profit rose to 鈧�6.83 bn (+12.8% YoY; +18.3% cc) on broadly flat revenue of 鈧�31.0 bn. Net fee income grew 3.2% (+9% cc) and trading gains jumped 44%, offsetting a 3.2% dip in net interest income. Operating expenses were tightly managed (-0.4%), keeping the efficiency ratio at 41.5%.

Credit quality improved: Group NPL ratio fell to 2.91% (-14 bp vs FY-24) with coverage up to 67.2%; cost of risk held at 1.14%. CET1 phased-in stands at 13.0%, 334 bp above minimum and at the top of the 12-13% target, while LCR is 147% and NSFR 159%, underscoring ample liquidity. Bond portfolio is only 8% of assets, with HTC mark-to-market impact <1% of CET1.

Segmentally, Retail & Commercial profit +9%, CIB +9%, Wealth & Insurance +19%; Digital Consumer Bank -3%. Regionally, Spain (+29%), US (+26%), Poland (+18%) and Chile (+46%) outperformed, whereas UK (-11%) and Brazil (-13%) softened. A 鈧�1.5 bn AT1 at 6% and 鈧�2.25 bn dual-tranche covered bond in July advance the 2025 funding plan; MREL/TLAC buffers remain well above requirements.

Management re-affirms >12% fully-loaded CET1 2025 target and indicates a manageable maturity profile and solid liquidity to navigate macro uncertainty.

Banco Santander (SAN) reported record H1 2025 results. Attributable profit rose to 鈧�6.83 bn, up 13% YoY (+18% in constant 鈧�), driven by broad-based growth across Retail, Consumer, CIB, Wealth and Payments. Revenue held at 鈧�31.0 bn (-0.4% reported, +5% constant) while operating expenses were flat, trimming the efficiency ratio to 41.5% (-0.3 pp YoY). Net fee income reached 鈧�6.68 bn (+8% constant), offsetting a 3% reported decline in NII.

Profitability and capital strengthened. RoTE post-AT1 improved 0.9 pp to 16.0%, RoRWA 1.18%, and cost of risk fell 7 bps to 1.14%. The CET1 ratio increased 20 bps YTD to 13.0%, the top of management鈥檚 12-13% range, supported by 22% RoRWA on new lending and 88% of RWAs earning above cost of equity.

Shareholder returns. Santander reiterated its policy to distribute ~50% of earnings (half cash, half buybacks) and raised its target to at least 鈧�10 bn in share buybacks for 2025-26. About 鈧�3.2 bn of proceeds from the 49% sale of Santander Bank Polska will be deployed in early 2026. Since 2021, 鈧�11.2 bn has been returned and ~15% of shares repurchased.

Segment highlights. Retail profit +14% YoY; Consumer profit 鈧�1.04 bn (-1% YoY) with deposit growth +10%; CIB profit 鈧�1.53 bn (+15%); Wealth profit 鈧�0.95 bn (+24%); Payments profit 鈧�0.34 bn (+47%). Group added 8 m customers YoY and digital product availability reached 66%.

Guidance reaffirmed. Management remains on track for 2025 Investor-Day targets: mid-high single-digit revenue growth, cost base down vs. 2024 euros, CoR 鈮�1.15%, RoTE post-AT1 鈮�16.5%, and CET1 within 12-13%.