Full Year 2024 Banco Santander SA Earnings Call Transcript

Feb 05, 2025 / 09:00AM GMT

Release Date Price: €5.4 (+8.29%)

Transcript

Key Points

Positve

Banco Santander SA (SAN) achieved a record profit of EUR 12.6 billion in 2024, marking the third consecutive year of record results.
The company grew its customer base by 8 million, demonstrating strong customer acquisition across all global businesses.
The bank's balance sheet remains robust with a strong capital ratio at an all-time high of 12.8%, reflecting its ability to generate capital organically.
Banco Santander SA (SAN) delivered strong shareholder value creation with tangible net asset value (TNAV) and dividend per share growing by 14%.
The bank's cost of risk ended at 1.15%, better than initial guidance, showcasing prudent risk management.

Negative

Currency devaluation in some markets posed challenges, although offset by profitability and the appreciation of the US dollar.
Higher interest rates in Europe could impact parts of the business, such as consumer and certain developing market geographies.
The bank anticipates a more challenging and volatile macroeconomic environment in 2025.
The cost of risk in Brazil may perform marginally weaker than in 2024 due to changes in the portfolio.
Regulatory charges are expected to be similar to 2024, indicating ongoing regulatory pressures.

Raul Sinha

Banco Santander SA - Global Head of Shareholder and Investor Relations

Everyone -- and thank you for joining Santander's 2024 results presentation. I'm Raul Sinna, Global Head of Investor Relations, and I'm delighted to be here joining our Executive Chair, Ana Botin; our CEO, Hector Grisi; and our CFO, Jose Garcia Cantera.

Today's presentation will follow the usual structure for full year presentations. Ana will kick off the presentation by talking about our results and achievements in the context of our strategy. Then Hector will add detail to our financial performance. Finally, Ana will conclude with our outlook for 2025 before opening for Q&A.

Ana, over to you.

Ana Botin;Sanz De Sautuola Y O;Shea

Banco Santander SA - Executive Chairwoman of the Board

' -

Thank you Raul and welcome everybody to our full year results presentation. 2024 was another record year, the third consecutive year of record results for Santander. It shows the benefits of our strategy, the resilience of our business model.

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