Q3 2025 Banco Santander SA Earnings Call Transcript
Key Points
- Banco Santander SA (SAN) reported a record quarterly profit of EUR 3.5 billion, marking the best nine-month period ever for the company.
- The company achieved strong revenue growth across its global businesses, supported by a solid customer base that increased by EUR 7 million year-on-year.
- Banco Santander SA (SAN) maintained a strong capital ratio, ending the quarter at an all-time high of 13.1%, with robust credit quality.
- The company is on track to exceed its strategic plan targets for 2023-2025, driven by disciplined capital allocation and improved profitability.
- Banco Santander SA (SAN) announced plans to distribute at least EUR 10 billion to shareholders through share buybacks for 2025-2026, subject to regulatory approvals.
- Currency headwinds impacted the company's cash dividend per share growth, despite a 15% increase.
- The company faces challenges in Brazil due to high real interest rates, which are impacting corporate clients, particularly in the agribusiness sector.
- In Argentina, the company is cautious due to high inflation and real interest rates, leading to a cost of risk of nearly 7%.
- The UK Motor Finance review by the FCA could result in additional provisions, although the impact is not expected to be material for the group.
- The company's cost of risk in Mexico saw a technical change from Stage 2 to Stage 3 loans, although overall asset quality remains stable.
Good morning, and welcome to third quarter 2025 results presentation. For the call today we will be joined by Hector Grisi, our Group CEO; and Jose Garcia Cantera, our CFO. Hector, over to you.
Thanks, Raul. Good morning and everyone, and thank you for joining Santander Results presentation. We will follow the usual structure first, I will go over our results with a special focus on the performance of our global businesses. Then Jose, our CFO will then provide a detailed view of the financials and then I will wrap up with some final remarks before we open for Q&A.
Before we begin, a quick note that all figures in the presentation continue to include Poland until the disposal is completed. Q3 was another record quarter reflecting the strength of our strategy and the resilience of our business model in a more demanding environment.
Our quarterly profit hit a new record at EUR3.5
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