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- Profit rose 11% to €10,337 million in the first nine months of the year
- Return on tangible equity (RoTE) increased to 16.1% post-AT1
- CET1 capital ratio reached a new record at 13.1% thanks to strong organic generation
- The bank reaffirms 2025 targets and expects to distribute at least €10 billion in share buybacks from 2025 and 2026 earnings and excess capital [2].
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- Revenue was stable (€46.3 billion), with the bank achieving record net fee income (+4% year-on-year)[1]
- Operating expenses fell by 1%, reflecting the bank’s transformation towards a simpler, more digital and globally integrated model. 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), on the back of proactive risk management, low unemployment rates and easing monetary policies in most countries.
- 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.
Santander reported an attributable profit of €10,337 million in the first nine months of 2025, up 11% from the same period last year – a record performance for the period. Its total customer base reached 178 million after adding more than seven million new customers over the past 12 months. Strong results were driven by good performance in net interest income, record levels of fee income and further efficiency gains, with continued improvement in credit quality. Third-quarter attributable profit reached €3,504 million (+8%), marking the sixth consecutive quarter of record results.
The group continued to increase profitability and create value for shareholders, achieving a return on tangible equity (RoTE) of 16.1% (+0.7 percentage points) post-AT1, earnings per share (EPS) of €0.66 (+16%), and tangible net asset value (TNAV) per share of €5.56 at end-September 2025. Including the 11.00 euro cents cash dividend paid in May and the 11.50 euro cents interim cash dividend to be paid in November, total value creation (TNAV plus cash dividend per share) increased by 15% year-on-year.
In the first nine months of the year, customer funds grew 7% in constant euros, with deposits up 5% and mutual funds up 16%, reflecting higher customer activity and positive market performance. Loans rose 2% in constant euros to €1.0 trillion, driven by growth in Consumer, CIB, Wealth and Payments, while the loan book in Retail was stable as the bank maintained its focus on profitability and capital optimization.
[1] Reconciliation of underlying results to statutory results, available in the ‘Alternative Performance Measures’ section of the financial report at CNMV
[2]As previously announced, Santander intends to allocate at least €10bn to shareholder remuneration in the form of share buybacks, corresponding to the 2025 and 2026 results, as well as to the expected excess capital. This share buyback target includes: (i) buybacks that are part of the existing shareholder remuneration policy outlined below, and (ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The current remuneration policy for the 2025 results, which the board intends to apply, will remain the same as for the 2024 results, consisting of a total shareholder remuneration of approximately 50% of the Group's reported profit (excluding non-cash and non-capital ratios impact items), distributed in approximately equal parts between cash dividends and share buybacks. The execution of the shareholder remuneration policy and share buybacks to distribute the excess CET1 capital is subject to corporate and regulatory decisions and approvals.
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.
