Q1 2026 Banco Santander SA Earnings Call Transcript
Key Points
- Banco Santander SA (SAN) reported a record profit of EUR 3.6 billion for Q1 2026, up 12% from Q1 2025, demonstrating strong performance across all global businesses.
- The bank's efficiency improved by 3 percentage points, with an underlying Return on Tangible Equity (RoTE) increasing to 15.2%.
- The CET1 capital ratio reached an all-time high of 14.4%, indicating a strong capital position.
- Banco Santander SA (SAN) added 8 million new customers year-on-year, contributing to revenue growth and supporting its target of reaching 210 million customers by 2028.
- The bank's global platforms and technology enhancements are driving operational leverage and efficiency, with a focus on simplification and automation.
- Loan loss provisions were impacted by portfolio deterioration in Argentina, reflecting sector trends in the country.
- The bank faced a EUR 210 million provision related to motor finance in the UK, affecting overall profit growth.
- The geopolitical environment remains uncertain, which could impact credit quality and economic conditions in key markets.
- In Brazil, the cost of risk increased to 4.1% due to some single-name exposures, although it is expected to stabilize.
- The bank's performance in the UK showed a competitive deposit market, which could pressure margins despite efficiency improvements.
Good morning, everyone and thank you for joining us for Q1 2026 results presentation. Today's presentation will follow the usual structure. First Hector will talk about our results with a special focus on the performance of our global businesses in the context of our new strategic cycle. Then Jose will give a deep dive on our financials and then Hector will close the presentation with his final remarks before opening up for Q&A.
Before we start, let me remind you that this is the first quarter that we are presenting our results after the disposal of Santander Polska and using the new group reporting structure we announced in February. As a result, all underlying metrics exclude impacts from Poland, both in 2025 and 2026, to make the accounts compatible.
Now Hector, the floor is yours.
Thanks, Raul. And good morning, everyone. Q1 was another excellent quarter for Santander,
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