Banco Santander S.A. — Earnings Release 2020

Oct 27, 2020

27 October 2020

9M'20 Earnings Presentation

All. Together. Now.

Important information

Non-IFRS and alternative performance measures

In addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, this presentation contains certain financial measures that constitute alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). The financial measures contained in this presentation that qualify as APMs and non-IFRS measures have been calculated using the financial information from Santander Group but are not defined or detailed in the applicable financial reporting framework and have neither been audited nor reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period, as these measures exclude items outside the ordinary course performance of our business, which are grouped in the "management adjustment" line and are further detailed in Section 3.2. of the Economic and Financial Review in our Directors' Report included in our Annual Report on Form 20-F for the year ended 31 December 2019. While we believe that these APMs and non-IFRS measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, other companies, including companies in our industry, may calculate or use such measures differently, which reduces their usefulness as comparative measures. For further details of the APMs and Non-IFRS Measures used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on 6 March 2020, as well as the section "Alternative performance measures" of the annex to the Banco Santander, S.A. ("Santander") Q3 2020 Financial Report, published as Inside Information on 27 October 2020. These documents are available on Santander's website (www.santander.com). Underlying measures, which are included in this presentation, are non-IFRS measures.

The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries

Forward-looking statements

Santander cautions that this presentation contains statements that constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RoRAC", "RoRWA", "TNAV", "target", "goal", "objective", "estimate", "future" and similar expressions. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance and our shareholder remuneration policy. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. The following important factors, in addition to those discussed elsewhere in this presentation, could affect our future results and could cause outcomes to differ materially from those anticipated in any forward-looking statement: (1) general economic or industry conditions in areas in which we have significant business activities or investments, including a worsening of the economic environment, increasing in the volatility of the capital markets, inflation or deflation, changes in demographics, consumer spending, investment or saving habits, and the effects of the COVID-19 pandemic in the global economy; (2) exposure to various types of market risks, principally including interest rate risk, foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmark indices; (3) potential losses associated with prepayment of our loan and investment portfolio, declines in the value of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain, the UK, other European countries, Latin America and the US; (5) changes in laws, regulations or taxes, including changes in regulatory capital and liquidity requirements, including as a result of the UK exiting the European Union and increased regulation in light of the global financial crisis; (6) our ability to integrate successfully our acquisitions and the challenges inherent in diverting management's focus and resources from other strategic opportunities and from operational matters while we integrate these acquisitions; and (7) changes in our ability to access liquidity and funding on acceptable terms, including as a result of changes in our credit spreads or a downgrade in our credit ratings or those of our more significant subsidiaries.

Important information

Numerous factors could affect the future results of Santander and could result in those results deviating materially from those anticipated in the forward-looking statements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

No offer

The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever.

Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000.

Historical performance is not indicative of future results

Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior period. Nothing in this presentation should be construed as a profit forecast.

Third Party Information

In particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, Santander assumes no liability for any discrepancy.

1

Group performance

Business areas review

Key takeaways

3

Appendix

Highlights

Growth	 Signs of recovery in activity in some markets and segments (mortgage and consumer new business lending increasing from minimums in April to pre-COVID levels in September; SMEs and corporates continued towards pre-COVID levels)  Stock continued to grow YoY: +5% in loans, +9% in deposits  Digital adoption accelerating even faster: 44% of sales through our digital channels in 9M (vs. 36% in 2019), more than 41 million digital customers (+14% YoY) of which more than 34 million use mobile banking (+21% YoY)
Profitability	 Q3'20 underlying attributable profit of EUR 1,750 mn (+18% QoQ), driven by strong revenue growth (+7%), cost control and lower LLPs. All regions delivered a strong quarter  9M'20 underlying attributable profit of EUR 3,658 mn. Net operating income grew by 3% YoY driven by resilientrevenue and cost efficiencies ahead of schedule
Strength	 EUR 75 bn (66%) of Santander's total loans under moratoria already expired, with just 2% in stage 3  New cost of credit guidance of c.1.3% for FY2020 compared with the previous 1.4-1.5% guidance  CET1 reached 12%1 (+14 bps vs. Q2'20) due to 40 bps of organic and reflects 13 bps of dividend2 generation accrual in Q3  The board has proposed to the AGM (27 October) a fully-paid capital increase to distribute new shares equivalent to EUR 0.10 per share, as well as a EUR 0.10 per share to be paid in cash to shareholders in 20212
Improved quarterly trends in business activity and results despite ongoing uncertainties

Resilient 9M net operating income (ex-FX), with strong earnings recovery in Q3 …

				% change
EUR mn	9M'20	9M'19	Euros	Constant
				Euros
Net interest income	23,975	26,442	-9	0
Net fee income	7,559	8,818	-14	-5
Customer revenue	31,534	35,260	-11	-1
Trading and other income	2,071	1,642	26	28
Total income	33,605	36,902	-9	0
Operating expenses	-15,726	-17,309	-9	-2
Net operating income	17,879	19,593	-9	3
Loan-loss provisions	-9,562	-6,748	42	58
Other results	-1,301	-1,422	-9	0
Underlying PBT	7,016	11,423	-39	-30
Underlying attributable profit	3,658	6,180	-41	-33
Net capital gains and provisions1	-12,706	-2,448	419	411
Attributable profit	-9,048	3,732	—	—

(1) Details on page 36 of the appendix.

… supported by 7% growth in revenue, controlled costs and lower LLPs …

QoQ evolution in core P&L lines

5,580 5,775 6,087 5,998 5,818 5,716 6,345 Q1'19 Q2 Q3 Q4 Q1'20 Q2 Q3 Constant EUR mn Net operating income +4% vs.Q3'19 +11% vs.Q2'20

… with all the regions delivering a strong performance

P&L	% Q2'20	% Q3'19
NII	6.2	1.3
Net fee income	6.0	-10.9
Operating expenses	1.1	-6.0
Net operating income	27.4	2.1
LLPs	9.3	95.7
Underlying att. profit	49.7	-26.1

Europe North America South America

P&L	% Q2'20	% Q3'19
NII	4 2	1 0
Net fee income	5 5	1 3
Operating expenses	2 7	0 -5
Net operating income	4 0	1 2
LLPs	-25 9	-15 3
Underlying . profit att	34 1	28 0

Underlying . profit att	15 1	-2 5
LLPs	-21 8	20 9
operating income Net	-0 3	2 6
Operating expenses	4 6	3 6
Net fee income	14 8	-5 2
NII	2 6	2 0
P&L	% Q2'20	% Q3'19

Note: changes in constant euros

Strong quarterly organic capital generation. Continuing dividend accrual

(1) Accrual for payment to shareholders of EUR 0.10 per share, to be made in 2021 with a charge to share premium reserves, subject to the approval of the general shareholders' meeting (27 October), in compliance with certain conditions, regulatory approvals and guidance. (2) Includes: +8 bps SC USA share buyback, +4 bps Puerto Rico disposal, -3 bps Sixt acquisition

Data applying the IFRS 9 transitional arrangements

Recovery of KPIs in Q3

(1) Statutory RoTE 2019 11.4%, H1'20 1.7% and 9M'20 3.3%.

Notes: The averages for the 9M RoTE denominators are calculated on the basis of 10 months from December to September.

For periods of less than a year, and in the event of non-recurring results existing, the profit used to calculate the statutory RoTE is the annualised underlying attributable profit (excluding non-recurring results), to which are added non-recurring results without annualising them.

10

Group Performance

Group business activity

New lending in Q3 similar pre-COVID levels

Average daily new lending¹

Constant EUR mn

Government backed schemes

• Strong recovery in mortgage lending, particularly in the UK
• New consumer lending in line with pre-COVID levels
• SME & Corporate new lending more normalised, following sharp increases in the early stages of the crisis

Rebound in mortgage and consumer lending volumes

New Mortgage lending¹

(daily average, constant EUR mn)

New Consumer lending¹

(daily average, constant EUR mn)

Europe N. America S. America

Note: Geographic regions are calculated as the sum of the largest markets (1) Contracts which have been paid in the reporting period which are reflected in stock of loans

SME and corporate lending, which was supported by government guarantees, continue towards pre-crisis levels

Europe N. America S. America Gov. backed

New SME and Corporates lending¹

(daily average, constant EUR mn)

CIB change stock of loans

(L&A to customers excluding reverse repos, constant EUR billion)

Note: Geographic regions are calculated as the sum of the largest markets (1) Contracts which have been paid in the reporting period which are reflected in stock of loans Digital sales represented 44% of total in 9M. Increasing digital adoption (mobile customers +5.9 mn YoY)

(1) Every physical or legal person, that, being part of a commercial bank, has logged in its personal area of internet banking or mobile phone or both in the last 30 days (2) Percentage of new contracts executed through digital channels during the period (3) Private accesses. Logins of bank's customers on Santander internet banking or apps. ATM accesses by mobile are not included

(4) Customer interaction through mobile or internet banking which resulted in a change of balance. ATM transactions are not included

Group Performance

Group P&L details

Strong quarterly recovery of NII and fees…

NII from recurring business increased 3% YoY from higher lending and deposits volumes

• Negative regulatory impacts (Brazil and Poland) and increased liquidity buffers
• Q3 NII recovery in almost all the geographies

Net fee income - breakdown by global business
As % of total Group1			9M'20 vs. 9M'19	Q3'20 vs. Q2'20
		Retail Banking	-11%	+18%
15%		WM&I	+1%	+4%
31%	54%	SCIB	+12%	-8%
		Total Group	-5%	+9%

Recovery across products in Q3

• PoS and Card turnover (+60% and +45% vs Apr-20; +13% and +8% vs Sep-19)
• SAM AuM (+2% vs. Sep-19), Private Banking fees (+9% vs. 9M'19)
• SCIB YoY increase (GDF² , Global Markets). Strong Q3, compared with an extraordinary high Q2

… and cost efficiencies well ahead of schedule

Accelerating cost reduction in most markets

Achieved c. EUR 500 mn in efficiencies in Europe in 9M'20 (above the FY2020 target)

Expected cost of credit for FY2020 improved to c.1.3% vs 1.4-1.5% previously

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months (2) Considering annualised YTD provisions, cost of credit would be: 1.46% in H1'20 and 1.33% in 9M'20

Note: Exposure and coverage ratio by stage in appendix, page 64

66% of loans subject to moratoria have expired, with 2% in Stage 3

	Total			Expired % as	Expired
EUR bn 30-Sep-20 ,	moratoria	% loan book	o/w: expired	of Total	% Stage 1	% Stage 2	% Stage 3
Total Group	114	13%	75	66%	82%	16%	2%
Mortgages	69	23%	45	65%	86%	13%	2%
Consumer	21	9%	18	84%	79%	17%	4%
SMEs & Corporates	24	7%	12	51%	74%	25%	1%

Europe	73	11%	47	65%	84%	14%	2%
America North	23	19%	18	80%	76%	21%	3%
America South	18	16%	9	51%	87%	11%	2%

Over 60% of the active loans under moratoria are mortgages

Main units

Active moratoria as of 30 September 20, EUR bn

▪ UK, Portugal, Spain and Chile represent 77% of active moratoria and 82% is secured

Index

1

Group performance

Business areas review

Key takeaways Appendix

Our geographical and business diversification continues to add value

9M'20 (vs. 9M'19)	Customer loans (EUR bn)	Customer funds (EUR bn)	Net operating income (EUR mn)	Underlying att. profit (EUR mn)	Contribution to Group's Underlying profit
Europe	648 +3%	682 +4%	6,927 -6%	2,022 -44%	39%
North	123	117	4,882	1,061	20%
America	+6%	+15%	+1%	-12%
South	114	146	7,333	2,119	41%
America	+17%	+21%	+6%	-10%
Global businesses	113	105	2,584	1,493	Enhancing our
SCIB	+12%	+23%	+38%	+30%	local scale with
WM&I	16 +5%	150 +5%	888 +4%	622 0%	global reach

YoY changes in constant euros

Underlying profit contribution excludes Corporate Centre (EUR -1,455 mn) and Santander Global Platform. South America's weight includes Uruguay & Andean Region (EUR 153 mn)

Europe main markets

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	33	+2 pp
Digital customers (mn)	5.1	+10%
NPL ratio (%)	5.98	-125 bps
Cost of credit (%)	0.80	+39 bps
Efficiency ratio (%)	53.1	-36 bps
RoTE (%)	4.2	-6.4 pp

VOLUMES¹

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	1 034 ,	11 1	2 890 ,	-3 2
Net fee income	562	1 5	1 740 ,	-6 5
Total income	1 800 ,	15 3	5 150 ,	-9 6
Operating expenses	-893	-0 4	-2 734 ,	-10 2
operating income Net	907	36 4	2 417 ,	-8 9
LLPs	-449	43 6	-1 390 ,	104 4
PBT	346	8 45	696	0 -57
Underlying . profit att	246	53 1	497	-58 1
(*) EUR mn

Q3 recovery boosted by NII and fee income

9M earnings impacted mainly by lower non-customer revenue and higher LLPs partially offset by strong cost reduction (-10%)

No signs of asset quality deterioration. Reinforced provisions coverage

KEY DATA	9M'20	% 9M'19
Active customers (mn)	18.1	-6%
NPL ratio (%)	2.50	+25 bps
Cost of credit (%)	0.84	+46 bps
Efficiency ratio (%)	42.4	-131 bps
RoTE (%)	11.8	-3.7 pp

Underlying . profit att	284	9 6	761	-22 1
PBT	489	4 5	1 337 ,	-20 6
LLPs	-211	14 4	-712	120 4
Net operating income	712	13 2	1 995 ,	2 1
Operating expenses	-483	2 6	-1 467 ,	-3 4
Total income	1 196 ,	8 7	3 462 ,	-0 3
Net fee income	205	29 1	551	-11 8
NII	945	-0 8	2 871 ,	1 1
P&L*	Q3'20	% Q2'20	9M'20	% 9M'19

(*) EUR mn and % change in constant euros

Most markets showed strong signs of business recovery in the quarter

This greater activity is reflected profit growth in Q3, particularly in fee income

9M profit decreased YoY due to higher COVID related provisions. Net operating income up YoY driven by strong NII and cost savings

VOLUMES¹

39

Europe main markets

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	31	-
Digital customers (mn)	6.2	+7%
NPL ratio (%)	1.30	+22 bps
Cost of credit (%)	0.27	+19 bps
Efficiency ratio (%)	63.1	+257 bps
RoTE (%)	3.1	-4.4 pp

VOLUMES¹

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	976	14 1	2 745 ,	-2 7
Net fee income	117	23 2	407	-36 3
Total income	1 117 ,	16 0	3 193 ,	-8 8
Operating expenses	-646	0 5	-2 016 ,	9 -4
operating income Net	471	47 6	1 178 ,	-14 8
LLPs	-189	-18 9	-619	295 4
PBT	246	208 9	444	-59 9
Underlying . profit att	179	229 5	318	-61 5

(*) EUR mn and % change in constant euros

Volume growth boosted by mortgages and corporates

Strong Q3 revenue growth in addition to flat costs and lower LLPs

Profit down YoY mainly due to COVID-related provisions and regulatory changes (overdrafts), partially offset by lower costs

South America main market

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	22	+1 pp
Digital customers (mn)	15.2	+13%
NPL ratio (%)	4.64	-69 bps
Cost of credit (%)	4.58	+73 bps
Efficiency ratio (%)	31.8	-61 bps
RoTE (%)	18.4	-3.3 pp

VOLUMES¹

Underlying	550	21	1	-11
. profit		2	545	3
att			,
PBT	1	22	2	-10
	092	5	973	7
	,		,
LLPs	-569	-24 8	-2 478 ,	43 9
operating	1	1	677	4
income	729	8	5	4
Net	,		,
Operating expenses	-805	2 9	-2 644 ,	1 5
Total income	2 534 ,	2 2	8 322 ,	3 5
fee	664	13	2	-1
income		3	148	8
Net			,
NII	1	3	5	0
	756	2	840	0
	,		,
P&L*	Q3'20	% Q2'20	9M'20	% 9M'19

(*) EUR mn and % change in constant euros

Double-digit YoY volume growth, with controlled credit quality

Strong Q3 profit recovery boosted by higher productivity and lower LLPs

9M net operating income growth driven by total income and efficiency improvement, reaching 31.8%

RoTE remained high at 18%

North America

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	22	+4 pp
1 Digital customers (k)	997	+5%
NPL ratio (%)	1.85	-33 bps
Cost of credit (%)	3.08	-1 bp
Efficiency ratio (%)	41.5	-100 bps
2 RoTE (%)	7.1	-3.1 pp

VOLUMES³

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	1 406 ,	4 5	297 4 ,	-0 5
Net fee income	218	7 7	682	-4 7
Total income	1 830 ,	7 9	5 559 ,	-2 6
Operating expenses	-722	-1 0	-2 307 ,	-4 9
operating income Net	1 108 ,	14 6	3 252 ,	-0 9
LLPs	-572	-25 4	-2 376 ,	21 0
PBT	515	225 5	820	-29 2
Underlying . profit att	259	78 5	470	-24 0

(*) EUR mn and % change in constant euros

Solid YoY growth, both in loans and customer funds, boosted by corporate demand and incentive programmes

Q3 profit growth boosted lower cost of funding, cost management and lower cost of credit

9M profit down YoY due to COVID-19 LLPs and lower interest rates

In Q3, SHUSA increased its ownership of SC USA to 80.25% and completed the sale of its retail franchise in Puerto Rico

(1) Excluding Puerto Rico disposal impact. Considering it, -1% YoY

(2) RoTE adjusted for excess capital. Otherwise 4%

(3) Constant euros. Customer loans excluding reverse repos. Customer deposits excluding repos. In Q3, disposal of Puerto Rico impact of: EUR 2.2 bn in loans and EUR 3.5 bn in deposits

KEY DATA 9M'19	9M'20	% 9M'19
Loyal / active customers (%)	37	+5 pp
Digital customers (mn)	4.7	+24%
NPL ratio (%)	2.33	+3 bps
Cost of credit (%)	2.97	+42 bps
Efficiency ratio (%)	41.0	-68 bps
RoTE (%)	15.1	-5.1 pp

VOLUMES¹

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	669	3 6	2 118 ,	1 7
Net fee income	189	3 2	584	3 8
Total income	848	-4 8	2 760 ,	5 4
Operating expenses	-375	10 3	-1 130 ,	3 7
operating income Net	473	-14 0	1 629 ,	6 6
LLPs	-203	-27 2	-767	34 5
PBT	266	0 7	844	-10 8
Underlying . profit att	185	0 5	591	0 8

(*) EUR mn and % change in constant euros

YoY growth in loans (CIB, corporates and mortgages) and deposits (individuals) with strong increase in digital customers

Q3 performance affected by high trading gains in Q2 and increased costs (mainly IT)

9M net operating income boosted by revenue and efficiency gains. Profit impacted by greater LLPs, though RoTE remains high at 15%

P&L*	9M'20	9M'19
NII	-1 029 ,	-919
Gains/Losses FT on	182	-257
Operating expenses	-248	-283
provisions LLPs and other	-430	-214
minority interests Tax and	112	96
Underlying . profit att	-1 455 ,	-1 637 ,

(*) EUR mn

NII impacted by the increased liquidity buffer

Positive impact of FX hedging cost reflected in results from financial transactions

Operating expenses down -12% YoY

Provisions include non-recurring charges for certain holdings whose valuation has been affected by the crisis

Index

1

Group

performance

Key takeaways Appendix

Our quarterly results reinforce the strength of our model

Strong capital position	 CET1 ratio of c.12% including 19 bps of dividend accrual over Q2 and Q3 in order to pay a EUR 0.10 cash per share to be paid in 20211  Expect to maintain c.12% CET1 ratio in Q4
High resiliency of our P&L and robust	 Net operating income was up 3% YoY driven by resilient revenue and cost efficiencies ahead of plan  Q3 underlying attributable profit was up 18% vs Q2'20: – Strong revenue growth (+7% vs Q2'20) showing the highest NII of the last seven quarters and net fee income growth in all our core markets – Cost control and lower LLPs
credit quality	 New cost of credit guidance of c.1.3% for FY'20  Management's focus remains on the execution of plans to: strengthen revenue, reduce costs and minimise LLP impacts in the coming quarters

We expect underlying profit of EUR 5 bn in FY'20 supported by our geographic and business diversification as well as our balance sheet strength

2021 outlook¹

Resilient revenues and accelerating cost reduction	 We expect positive trends in revenue2 : – NII expected to grow as higher lending volumes (mainly the Americas), positive asset repricing and lower funding costs should offset lower rates – CIB and insurance to remain as key growth drivers for fee income  We are in a position to achieve further efficiencies (additional EUR 1 bn savings in Europe in the next 2 years)
Credit quality	 In the current economic scenario, we expect the Group's cost of credit to remain stable or trend downwards in 2021
Strength and profitability	 As we have reached 12% CET1, we will have more management flexibility  Underlying RoTE in 2021 expected to be in line with our cost of equity
Unlocking potential for organic growth going forward	 Our scale creates significant opportunities for organic value creation, which we will realise through three structural changes: – One Santander, starting in Europe – Combining Openbank and SCF – Creating one of the largest payments companies in the world  This will allow us to generate more revenue and additional cost efficiencies, providing a best-in-class customer experience and leveraging market-leading technology
Our business model, our diversification and the structural changes will provide a strong platform to continue to generate value for Santander's shareholders

Index

1

Group performance

Business areas review

Key takeaways Appendix

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Net capital gains and provisions

9M'19
Capital gains Prisma (Argentina)	+130
Restructuring costs Spain: -600 • UK: -104 • Poland: -20 •	-724
Property sales (Corporate Centre)	-180
PPI1 (UK)	-183
UK goodwill (Corporate Centre)	-1,491
Group total	-2,448

9M'20
Goodwill impairment UK: -6,101 • US: -2,330 • Poland: -1,192 • SCF (Nordics and others): -477 •	-10,100
Deferred tax assets	-2,500
Restructuring costs + Others UK: -33 • SCF: -28 • Poland: -5 • Other: -40 •	-106
Group total	-12,706

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Europe

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	36	+1 pp
Digital customers (mn)	14.9	+9%
NPL ratio (%)	3.13	-34 bps
Cost of credit (%)	0.53	+28 bps
Efficiency ratio (%)	52.9	0 bp
RoTE (%)	5.6	-4.4 pp

The creation of One Europe will allow us to accelerate business transformation in order to provide the best customer service

Loans up YoY with broad-based growth in all countries, mainly in Spain (loans with ICO guarantee), the UK (mortgages) and CIB

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	3	6	10	-2
	549	2	336	4
	,		,
income	1	6	3	-9
Net	162	0	575	0
fee	,		,
Total income	155 5 ,	12 9	14 706 ,	8 -5
Operating expenses	-2 542 ,	1 1	779 -7 ,	9 -5
Net	2	27	6	-5
operating	613	4	927	7
income	,		,
LLPs	-956	9 3	-3 168 ,	138 0
PBT	1	44	3	-41
	461	0	208	2
	,		,
Underlying	947	49	2	-44
. profit		7	022	0
att			,

(*) EUR mn and % change in constant euros

Q3 profit up 50% mainly due to the recovery of customer revenue, cost control and SRF contribution in Q2

9M profit down due to higher LLPs based on the expected deterioration arising from COVID-19

We have already reached our FY2020 cost savings target

North America

Mexico and the US

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	35	+5 pp
Digital customers (mn)	5.7	+19%
NPL ratio (%)	1.96	-25 bps
Cost of credit (%)	3.07	+14 bps
Efficiency ratio (%)	41.3	-89 bps
1 RoTE (%)	10.1	-3.6 pp

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	2 075 ,	4 2	6 415 ,	0 2
fee income Net	406	5 5	1 267 ,	-1 0
Total income	2 678 ,	3 4	8 319 ,	-0 1
Operating expenses	-1 097 ,	2 7	-3 438 ,	-2 3
operating income Net	1 581 ,	0 4	4 882 ,	1 5
LLPs	-775	-25 9	-3 144 ,	24 0
PBT	781	82 3	1 664 ,	-20 9
Underlying . profit att	444	34 1	1 061 ,	-11 9

(*) EUR mn and % change in constant euros

Growth in loans and customer funds boosted by corporate demand

Strong profit increase in Q3 boosted by higher customer revenue and lower LLPs in both countries

Net operating income slightly up YoY with efficiency improvement, whilst profit affected by LLP increase

Joint technology programmes between the two countries

Increasing coordination and cooperation between

Continued development of the USMX trade corridor

(SCIB: +29%; Commercial: +30%)

South America

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	26	-
Digital customers (mn)	19.8	+15%
NPL ratio (%)	4.40	-41 bps
Cost of credit (%)	3.50	+60 bps
Efficiency ratio (%)	35.3	-41 bps
RoTE (%)	17.3	-3.5 pp

(*) EUR mn and % change in constant euros

Continued focus on profitable growth, supported by operational efficiency and risks and cost control

Activity levels still affected by the pandemic, although volumes and transactionality gradually recovering month by month

Overall double-digit growth in loans and deposits

Positive performance in Q3 boosted by positive trend in NII, net fee income and LLPs

9M net operating income growth backed by higher NII and efficiency improvement

YoY profit decrease due to COVID-19 impact on LLPs

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Retail Banking

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	7	3	22	-0
	148	6	173	9
	,		,
fee	1	14	5	-9
income	671	6	189	8
Net	,		,
Total income	9 226 ,	6 7	28 056 ,	-3 5
Operating expenses	-4 058 ,	2 4	-12 669 ,	-2 8
operating	5	12	15	-4
income	168	1	388	0
Net	,		,
LLPs	-2	-8	-9	54
	463	8	198	1
	,		,
PBT	2	45	5	-40
	438	4	368	5
	,		,
Underlying	1	37	2	-43
. profit	322	7	938	9
att	,		,

+5% YoY

Loyal

customers

(*) EUR mn and % change in constant euros

Activity

EUR bn and % change YoY in constant euros

Our priority was to ensure the necessary financial support for our stakeholders

Focus on accelerating our digital transformation, through a multi-channel strategy

SCIB Corporate & Investment Banking

(Constant EUR mn)

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	788	14 7	2 172 ,	18 9
Net fee income	361	-8 4	1 172 ,	11 8
Total income	1 397 ,	2 4	4 123 ,	20 0
Operating expenses	-496	0 7	-1 539 ,	-1 9
operating income Net	901	3 4	2 584 ,	38 3
LLPs	-41	-82 1	-290	830 0
PBT	839	36 4	2 230 ,	25 3
Underlying . profit att	565	35 8	1 493 ,	30 4

(*) EUR mn and % change in constant euros

Total income

In Q3, as some economies began to slightly recover, contingency funding needs started to fall

In the quarter, profit boosted by NII (larger volumes) and provisions (COVID-19 related charges in Q2). Lower fees and trading gains (both especially high in Q2)

9M profit was 30% higher, backed by double-digit growth in the majority of businesses.

(1) Constant euros. Customer loans excluding reverse repos. Customer deposits excluding repos

Wealth Management & Insurance

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	104	1 5	340	-15 8
Net fee income	290	6 2	888	8 3
Total income	498	9 5	1 566 ,	1 9
Operating expenses	-215	0 2	-679	-0 7
operating income Net	283	10 7	888	0 4
LLPs	-10	96 1	-22	--
PBT	269	8 7	858	1 1
Underlying . profit att	195	7 8	622	0 1

(*) EUR mn and % change in constant euros

Total contribution to Group's profit¹ EUR 1,582 mn (-2% YoY)

Total fees³ Weight of Total Group 31% EUR 2,330 mn (+1% YoY)

Private Banking Collaboration Volumes EUR 6,740 mn (+36% YoY)

Profit resilience YTD: sound revenues and flat costs. Q3 reflecting the gradual recovery in activity since the months of strongest impact from the health crisis in the first half of the year

In Private Banking, continued good activity levels and business growth, despite the markets situation and the reduction of interest rates

In SAM, volumes recovering (up +2% YoY), both by market movement and by positive net sales since May

In Insurance, production affected by lower activity derived from the crisis, mainly in Europe, but protection non-related fees up 6% YoY

Note: Total assets marketed and/or managed

(1) Profit after tax + fees generated by asset management and insurance transferred to the commercial network

(2) Total adjusted for funds from private banking customers managed by SAM. 2019 figures included the pro forma of the asset management Popular's joint venture

(3) Including fees generated by asset management and insurance transferred to the commercial network

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

other markets

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	47	+2 pp
Digital customers (k)	903	+17%
NPL ratio (%)	4.25	-65 bps
Cost of credit (%)	0.42	+42 bps
Efficiency ratio (%)	45.1	+32 bps
RoTE (%)	8.5	-3.7 pp

VOLUMES¹

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	193	-2 4	592	-7 9
Net fee income	94	4 6	285	-2 5
Total income	312	-1 7	979	-6 1
Operating expenses	-146	0 7	-442	-5 4
operating income Net	166	-3 6	538	-6 6
LLPs	-47	95 3	-152	--
PBT	120	-9 4	350	-37 2
Underlying . profit att	83	-9 2	243	-36 9
(*) EUR mn

Strong increase in digital customers with higher digital sales penetration

New lending market share above 20% in mortgages and at 17% in corporates

Profit decrease mainly due to COVID-19 impacts on revenue and LLPs

40

Europe other markets

KEY DATA	9M'20	% 9M'19
/ (%) Loyal active customers	54	+1 pp
(k) Digital customers	2 704 ,	+10%
(%) NPL ratio	4 58	+23 bps
(%) Cost of credit	0 99	+28 bps
(%) Efficiency ratio	41 8	+18 bps
1 (%) RoTE	10 9	-7 4 pp

VOLUMES²

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	246	-3 5	794	-5 5
Net fee income	112	6 7	332	-2 2
Total income	394	3 1	1 136 ,	-7 2
Operating expenses	-161	10 6	-475	-6 8
operating income Net	233	-1 5	661	-7 5
LLPs	-65	-27 2	-249	54 2
PBT	136	28 2	303	-34 4
Underlying . profit att	68	34 2	142	-40 5

(*) EUR mn and % change in constant euros

Strong customer deposit growth, driven by SMEs and corporates

Profit up in Q3 driven by lower LLPs (mainly individuals) and increased net fee income

9M profit down impacted by COVID-19 LLPs, interest rate cuts and higher BFG contribution. Costs fell due to efficiency projects

South America other markets

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	44	-3 pp
Digital customers (k)	1,489	+23%
NPL ratio (%)	4.76	+28 bps
Cost of credit (%)	1.59	+53 bps
Efficiency ratio (%)	40.8	-47 bps
RoTE (%)	11.0	-6.9 pp

VOLUMES¹

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	420	-0 2	1 293 ,	7 8
income Net fee	74	0 4	240	-7 0
Total income	532	-8 0	1 669 ,	2 6
Operating expenses	-223	-1 4	-681	1 5
operating income Net	310	-12 1	988	3 5
LLPs	-154	-15 1	-500	86 3
PBT	169	-0 5	500	-31 6
Underlying . profit att	86	0 7	269	-33 5

(*) EUR mn and % change in constant euros

Record checking account openings driving improved funding mix (demand deposits +47% YoY). Increased lending to corporates

Q3 performance affected by NII (lower inflation) and trading gains (exceptionally high in Q2)

9M net operating income growth boosted by higher NII (larger volumes and lower cost of funds) and efficiency improvement Profit down YoY impacted by higher LLPs related to COVID-19

South America other markets

KEY DATA	9M'20	% 9M'19
Loyal / active customers (%)	43	-4 pp
Digital customers (k)	2,690	+24%
NPL ratio (%)	2.88	-76 bps
Cost of credit (%)	5.54	+68 bps
Efficiency ratio (%)	54.5	-328 bps
RoTE (%)	29.2	+10.4 pp

VOLUMES¹

P&L*	Q3'20	% Q2'20	9M'20	% 9M'19
NII	218	7 9	721	48 9
Net fee income	70	48 3	202	-12 3
Total income	274	12 9	902	34 4
Operating expenses	-152	24 3	-491	26 8
operating income Net	122	1 4	411	44 9
LLPs	-46	4 0	-178	38 9
PBT	59	-4 3	185	51 0
Underlying . profit att	52	6 -7	161	137 9

(*) EUR mn and % change in constant euros

Consumer finance and Getnet launched in Q3, Openbank license approved.

Double-digit YoY volume growth, maintaining high liquidity in both pesos and USD

Strong revenue in Q3 though profit affected by higher costs (annual salary review)

9M profit and RoTE increase due to NII and efficiency improvement

Underlying attributable profit

Double-digit volume growth in all countries, both in loans and customer funds

Strong profit growth in Uruguay and Peru boosted by higher revenue and efficiency improvement. Colombia evolution impacted by Project finance extraordinary revenue in Q3'19

Note: Underlying attributable profit in constant EUR mn and underlying RoTE

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Santander has a highly liquid balance sheet with a large contribution from customer deposits and diversified MLT wholesale debt instruments

	Liquidity Coverage Ratio (LCR)		Net Stable Funding Ratio (NSFR)
	1 Sep-20	Dec-19	Jun-20
Spain2	186%	143%	115%
SCF	496%	248%	113%
UK2	154%	145%	125%
Portugal	131%	134%	121%
Poland	178%	149%	145%
US	129%	133%	117%
Mexico	196%	133%	135%
Brazil	154%	122%	116%
Chile	150%	143%	113%
Argentina	199%	196%	197%
Group	171%	147%	117%

Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances)

(1) Provisional data

(2) LCR and NSFR: Spain: Parent bank, UK: Ring-fenced bank

(3) 12 month average, provisional

In the year to date, the Group has issued EUR 27 bn¹ of MLT debt and is able to cover its very manageable maturity profile

(1) Data include public issuances from all units with period-average exchange rates. Excludes securitisations (2) Other public market issuances in Mexico, Brazil, Chile and Poland

We actively manage interest rate risk and our ALCO portfolios to optimise results while maintaining an appropriate risk profile

Net interest income sensitivity to a +/-100 bp parallel shift EUR mn, Aug-20

Positive interest rate sensitivity in Europe ALCO portfolios reflect our geographic diversification

Distribution of ALCO portfolios by country %, Sep-20

Issuances YTD against funding plan

Issuances YTD against funding plan
EUR bn, Sep-20		Covered Bonds + Senior		Senior Non-Preferred	Hybrids			TOTAL
	Plan	Issued	Plan	Issued	Plan	Issued	Plan	Issued
Santander S.A	4-5	3.0	7-8	6.9	1-2	1.5 1	12-15	11.4
SCF	6-8	3.7	-	0.0	-	0.0	6-8	3.7
UK	6-8	4.8	2-3	1.6	-	0.0	8-11	6.5
SHUSA	-	-	1-2	1.3	-	0.0	1-2	1.3
TOTAL	16-21	11.5	10-13	9.9	1-2	1.5	27-36	2 22.9

o Frontloading of issuances in the first half of the year, having issued EUR 22 billion, particularly focused on TLAC eligible issuances. Further EUR 1 bn issued in Q3 (mainly Santander UK)

• o Santander S.A. completed a subordinated tier 2 issuance in October: EUR 1 bn, 10 year, coupon of 1.625%
• o Through the issuances YTD and access to central bank facilities, many countries have now largely covered their funding needs forthe year and future liquidity needs will be assessed depending on market conditions
• o Liquidity position remains solid, with LCR above minimum requirements and ample liquidity buffers in all of our units

Note: Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements. Other secured issuances (for example ABS, RMBS, etc.) are not considered in the table above

1. Issuance of EUR 1.5 bn AT1 (4.375%) in January 2020, replacing the EUR 1.5 billion AT1 (5.481%) that was called in March, therefore not within the scope of funding plan

2. EUR 23 billion refers to the four entities given in the table. See slide 53 for full Group figures

Regulatory changes in Q1 and increased capital levels, increased the Group's CET1 management buffer to 312 bps

Note: Data calculated using the IFRS 9 transitional arrangements (1) Estimated Countercyclical buffer (2) CET1 management buffer = CET ratio – CET1 requirement

TLAC ratios for the Resolution Group headed by Banco Santander, S.A.

TLAC Ratio

EUR mn

	Dec-19	Mar-20	Jun-20	(e) Sep-20
Own Funds	91 294 ,	91 550 ,	86 335 ,	86 191 ,
(CET1) of which: Common Equity Tier 1 capital	75 683 ,	75 821 ,	70 746 ,	70 829 ,
(AT1) of which: Additional Tier 1 capital	7 742 ,	7 829 ,	7 794 ,	7 740 ,
(T2) of which: Tier 2 capital	7 869 ,	7 900 ,	7 796 ,	7 621 ,
Eligible Liabilities	24 138 ,	26 271 ,	30 998 ,	30 624 ,
Subordinated instruments	673	685	767	860
Non preferred senior debt	16 473 ,	18 452 ,	23 336 ,	22 912 ,
senior equivalent instruments Preferred debt and	6 992 ,	7 134 ,	6 894 ,	6 852 ,
TLAC BEFORE DEDUCTIONS	115 431 ,	117 821 ,	117 333 ,	116 815 ,
Deductions	62 405 ,	61 567 ,	53 652 ,	53 120 ,
TLAC AFTER DEDUCTIONS	53 026 ,	56 254 ,	63 681 ,	63 694 ,
(RWAs) Risk Weighted Assets	279 680 ,	285 354 ,	275 774 ,	274 085 ,
(% RWAs) TLAC RATIO	19 0%	19 7%	23 1%	23 2%
(LE) Leverage Exposure	672 721 ,	699 813 ,	735 543 ,	634 940 ,
(% LE) TLAC RATIO	7 9%	8 0%	8 7%	10 0%

• TLAC ratio at 30-Sep-20 increased by 15 bps to 23.2%¹ (compared with the expected requirement of 19.52% at year-end)
• Between June and September, leverage exposure dropped by EUR 100 bn, due to the waiver of CRR II for Central Bank exposures and the reduction of the balance sheet
• Between March and June, CET1 and deductions were mainly down due to the impairment on the value of equity stakes and tax credits. Instruments increased due to SNP debt issuances (EUR 5 bn)

(1) Including the 2.5% of the allowance of article 72b paragraph 3

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Yield on loans (%)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20
EUROPE	2.77	2.75	2.70	2.68	2.66	2.47	2.40
Spain	2.05	2.08	2.02	2.02	1.99	1.86	1.82
Santander Consumer Finance	4.51	4.48	4.41	4.26	4.27	4.17	4.08
United Kingdom	2.72	2.67	2.63	2.59	2.52	2.37	2.35
Portugal	1.79	1.76	1.71	1.64	1.63	1.56	1.57
Poland	4.14	4.15	4.17	4.17	4.04	3.34	2.95
NORTH AMERICA	9.81	9.71	9.45	9.20	8.95	7.86	7.97
US	8.70	8.52	8.27	7.95	7.77	6.93	7.13
Mexico	12.74	12.82	12.67	12.64	12.25	11.00	10.74
SOUTH AMERICA	12.61	13.43	12.30	12.27	11.71	9.90	8.91
Brazil	15.86	15.88	15.32	14.49	13.58	12.12	11.47
Chile	6.02	8.48	6.86	7.39	7.35	5.74	4.75
Argentina	24.22	23.99	23.95	26.26	23.74	20.05	18.37

Cost of deposits (%)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20
EUROPE	0.42	0.42	0.41	0.41	0.39	0.28	0.16
Spain	0.14	0.14	0.13	0.13	0.06	0.04	0.04
Santander Consumer Finance	0.60	0.61	0.60	0.58	0.57	0.53	0.48
United Kingdom	0.67	0.70	0.70	0.69	0.69	0.52	0.29
Portugal	0.14	0.12	0.10	0.10	0.08	0.06	0.05
Poland	0.89	0.89	0.78	0.74	0.65	0.42	0.14
NORTH AMERICA	1.94	1.91	1.99	1.76	1.56	1.14	0.90
US	0.95	0.87	0.96	0.86	0.73	0.39	0.29
Mexico	3.95	4.08	4.14	3.68	3.54	3.21	2.53
SOUTH AMERICA	4.20	4.43	3.82	3.42	3.16	2.09	1.59
Brazil	4.70	4.70	4.55	3.71	3.16	2.30	1.64
Chile	1.62	2.01	1.63	1.47	1.35	0.71	0.34
Argentina	9.93	11.09	10.90	12.29	10.64	7.37	8.70

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

The IMF's GDP growth projections in its October World Economic Outlook report were revised upwards across Santander's main countries

		October WEO	June WEO update Difference
GDP growth	2020 (e)	2021 (e)	2020 (e)	2021 (e)	2020 (e)	2021 (e)
Euro Area	-8.3%	5.2%	-10.2%	6.0%	1.9 pp	-0.8 pp
Spain	-12.8%	7.2%	-12.8%	6.3%	0.0 pp	0.9 pp
Germany	-6.0%	4.2%	-7.8%	5.4%	1.8 pp	-1.2 pp
UK	-9.8%	5.9%	-10.2%	6.3%	0.4 pp	-0.4 pp
USA	-4.3%	3.1%	-8.0%	4.5%	3.7 pp	-1.4 pp
Mexico	-9.0%	3.5%	-10.5%	3.3%	1.5 pp	0.2 pp
Brazil	-5.8%	2.8%	-9.1%	3.6%	3.3 pp	-0.8 pp

Breakdown of moratoria by segment and country: Credit quality of expired moratoria remains solid

	Total			Expired % as	Expired
EUR bn 30-Sep-20 ,	moratoria	% loan book	o/w: expired	of Total	% Stage 1	% Stage 2	% Stage 3
Total Group	114	13%	75	66%	82%	16%	2%
Detail by segments
Mortgages	69	23%	45	65%	86%	13%	2%
Consumer	21	9%	18	84%	79%	17%	4%
SMEs & Corporates	24	7%	12	51%	74%	25%	1%
Detail countries by
UK	44	19%	38	86%	83%	15%	2%
(SBNA SC) USA &	15	19%	13	87%	72%	24%	4%
Spain	9	5%	2	21%	76%	17%	7%
Mexico	8	26%	5	67%	87%	12%	1%
Brazil	7	11%	6	83%	83%	15%	2%
SCF	5	5%	4	83%	90%	9%	1%

Stage coverage

		¹ Exposure				Coverage
	Sep 20 -	20 Jun -	20 Mar -		Sep 20 -	20 Jun -	20 Mar -
Stage 1	862	878	891		0 6%	0 6%	0 6%
Stage 2	60	61	53		8 8%	7% 7	8 2%
Stage 3	31	33	33		43 3%	41 1%	40 8%

NPL ratio (%)

	Mar-19	Jun-19	Sep-19	Dec-19	Mar-20	Jun-20	Sep-20
EUROPE	3.61	3.48	3.47	3.25	3.19	3.24	3.13
Spain	7.29	7.02	7.23	6.94	6.88	6.55	5.98
Santander Consumer Finance	2.33	2.24	2.25	2.30	2.43	2.52	2.50
United Kingdom	1.17	1.13	1.08	1.01	0.96	1.08	1.30
Portugal	5.77	5.00	4.90	4.83	4.56	4.43	4.25
Poland	4.39	4.21	4.35	4.31	4.29	4.57	4.58
NORTH AMERICA	2.33	2.29	2.21	2.20	2.02	1.73	1.96
US	2.41	2.32	2.18	2.20	2.00	1.49	1.85
Mexico	2.12	2.21	2.30	2.19	2.07	2.50	2.33
SOUTH AMERICA	4.83	4.81	4.81	4.86	4.63	4.74	4.40
Brazil	5.26	5.27	5.33	5.32	4.93	5.07	4.64
Chile	4.67	4.52	4.48	4.64	4.63	4.99	4.76
Argentina	3.50	3.79	3.64	3.39	3.97	3.15	2.88
TOTAL GROUP	3.62	3.51	3.47	3.32	3.25	3.26	3.15

Coverage ratio (%)

	Mar-19	Jun-19	Sep-19	Dec-19	Mar-20	Jun-20	Sep-20
EUROPE	49.5	49.9	48.2	49.8	54.1	53.4	55.8
Spain	43.3	42.9	40.6	41.1	44.6	43.3	46.0
Santander Consumer Finance	105.3	105.9	104.2	106.1	109.6	106.1	108.2
United Kingdom	30.9	31.9	34.1	36.5	43.0	46.0	44.5
Portugal	50.7	52.9	51.5	52.8	59.0	60.9	64.3
Poland	67.6	69.7	69.0	66.8	68.1	69.0	70.8
NORTH AMERICA	153.4	150.3	155.6	153.0	170.1	206.5	201.6
US	161.0	158.4	166.6	161.8	181.4	253.1	228.8
Mexico	130.1	126.9	125.2	128.3	133.9	114.9	132.6
SOUTH AMERICA	94.1	93.0	89.7	88.4	92.9	93.0	97.2
Brazil	107.7	105.5	101.1	99.8	108.0	110.2	114.9
Chile	59.7	59.1	57.3	56.0	57.2	54.7	59.7
Argentina	118.6	126.4	134.0	124.0	131.2	165.7	186.3
TOTAL GROUP	67.8	68.1	67.3	67.9	71.3	72.1	76.0

Non-performing loans and loan-loss allowances. Breakdown by operating areas. September 2020

Non-performing loans

Loan-loss allowances

Cost of credit (%)

	Mar-19	Jun-19	Sep-19	Dec-19	Mar-20	Jun-20	Sep-20
EUROPE	0.24	0.24	0.25	0.28	0.40	0.47	0.53
Spain	0.40	0.41	0.41	0.43	0.64	0.68	0.80
Santander Consumer Finance	0.38	0.36	0.38	0.48	0.66	0.78	0.84
United Kingdom	0.07	0.06	0.08	0.10	0.14	0.23	0.27
Portugal	0.03	0.03	0.00	(0.02)	0.23	0.30	0.42
Poland	0.61	0.66	0.71	0.72	0.88	0.96	0.99
NORTH AMERICA	2.97	2.95	2.93	2.76	3.02	3.21	3.07
US	3.11	3.09	3.09	2.85	3.13	3.30	3.08
Mexico	2.62	2.61	2.55	2.49	2.69	2.95	2.97
SOUTH AMERICA	2.89	2.87	2.90	2.92	3.29	3.49	3.50
Brazil	3.88	3.84	3.85	3.93	4.43	4.67	4.58
Chile	1.13	1.10	1.06	1.08	1.25	1.46	1.59
Argentina	4.02	4.33	4.86	5.09	5.48	5.67	5.54
TOTAL GROUP	0.97	0.98	1.00	1.00	1.17	1.26	1.27

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

We continue to do business in a more responsible and sustainable way

Culture	Women		Green finance & Env. footprint
Engagement 86% of employees proud to work for Santander (+1 pp vs 2018)	40% Group Board 23% women in senior leadership positions1 (+2 pp vs. 2018)	Leader	>EUR 22 bn mobilised in Green finance (2019-H1'20)		66% Electricity used from renewable energy sources already surpassing our 2021 commitment (2019-H1'20)
Best Bank in the world	Top 10 companies			EUR 1 bn	EUR 1 bn
for D&I	to work for in 6 geographies			Santander first green bond issuance (Oct-19)	Santander second green bond issuance (June-20)
Communities		Dow Jones index2		Financial inclusion
2.6 mn people helped through our community programmes (2019-H1'20)	110 k scholarships granted (2019-H1'20)			2.8 mn people financially empowered (2019-H1'20)	EUR 225 mn credit to microentrepreneurs (+45% vs. H1`19)3 (H1´20)

Note: 2019 data and YoY changes (2019 vs 2018) unless otherwise indicated. H1'20 data is monitoring data and not audited

(1) Senior positions represent 1% of total workforce (2) Dow Jones Sustainability index 2019

(3) Constant exchange rate

70

Santander Responsible Banking goals

We are building a more Responsible Bank aligned with our commitments

-

*Note: H1 Data is monitoring data not audited (1) According to relevant external indexes in each country (Great Place to Work, Top Employer, Merco, etc.) (2) Senior positions represent 1% of total workforce (3) Calculation of equal pay gap compares employees of the same job, level and function (4) People (unbanked, underbanked or financially vulnerable), who are given access to the financial system, receive tailored finance and increase their knowledge and resilience

through financial education (5) Includes Santander overall contribution to green finance: project finance, syndicated loans, green bonds, capital finance, export finance, advisory, structuring and other products to

71

help our clients in the transition to a low carbon economy. Commitment from 2019 to 2030 is EUR 220 bn (6) In those countries where it is possible to certify renewable sourced electricity for the properties occupied by the Group (7) People supported through Santander Universities initiative (students who will receive a Santander scholarship, will achieve an internship in an SME or participate in entrepreneurship programmes supported by the bank) (8) People helped through our community investment programmes (excluded Santander Universities and financial education initiatives)

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

SANTANDER GROUP (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	8 682 ,	8 954 ,	8 806 ,	8 841 ,	8 487 ,	715 7 ,	773 7 ,	26 442 ,	23 975 ,
fee income Net	2 931 ,	2 932 ,	2 955 ,	2 961 ,	2 853 ,	2 283 ,	2 423 ,	8 818 ,	559 7 ,
(losses) Gains financial transactions and other on	472	465	705	790	474	706	891	1 642 ,	2 071 ,
income Total	12 085 ,	12 351 ,	12 466 ,	12 592 ,	11 814 ,	10 704 ,	11 087 ,	36 902 ,	33 605 ,
Operating expenses	(5 758) ,	(5 829) ,	(5 722) ,	(5 971) ,	(5 577) ,	(5 076) ,	(5 073) ,	(17 309) ,	(15 726) ,
operating income Net	6 327 ,	6 522 ,	6 744 ,	6 621 ,	6 237 ,	5 628 ,	6 014 ,	19 593 ,	17 879 ,
Net loan-loss provisions	(2 172) ,	(2 141) ,	(2 435) ,	(2 573) ,	(3 909) ,	(3 118) ,	(2 535) ,	(6 748) ,	(9 562) ,
(losses) Other gains and provisions	(471)	(486)	(465)	(542)	(372)	(625)	(304)	(1 422) ,	(1 301) ,
Underlying profit before tax	3 684 ,	3 895 ,	3 844 ,	3 506 ,	1 956 ,	1 885 ,	3 175 ,	11 423 ,	016 7 ,
Underlying consolidated profit	2 358 ,	2 542 ,	2 529 ,	2 397 ,	696	1 677 ,	2 047 ,	429 7 ,	420 4 ,
Underlying attributable profit	1 948 ,	2 097 ,	2 135 ,	2 072 ,	377	1 531 ,	1 750 ,	6 180 ,	3 658 ,
capital gains provisions* Net and	(108)	(706)	(1 634) ,	711	(46)	(12 660) ,	—	(2 448) ,	(12 706) ,
Attributable profit	1 840 ,	1 391 ,	501	2 783 ,	331	(11 129) ,	1 750 ,	3 732 ,	(9 048) ,

(*) Including: in Q1'19, capital gains from Prisma, capital losses due to property sales and restructuring costs

in Q2'19, restructuring costs

in Q3,19, restructuring costs, PPI, deterioration of goodwill ascribed to the UK and impact of devaluation of the ARS on the capital gain from Prisma registered in Q1'19

in Q4'19, net capital gains related to the agreement with Crédit Agricole S.A. to integrate the custody businesses, net positive results in Brazil related to DTAs, net capital

losses related to real estate in Spain, restructuring costs, provisions for the ruling on Swiss franc mortgages, provisions related to intangible assets and other and impact of appreciation of the ARS on the capital gains from Prisma registered in Q1'19 in Q1'20, restructuring costs

in Q2'20, adjustment to the valuation of goodwill, adjustment has been made to deferred tax assets of the Spanish consolidated fiscal group and restructuring costs and other

SANTANDER GROUP (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	7 799 ,	8 053 ,	8 093 ,	8 112 ,	7 978 ,	7 823 ,	8 173 ,	23 945 ,	23 975 ,
Net fee income	2 606 ,	2 623 ,	2 711 ,	2 711 ,	2 684 ,	2 332 ,	2 542 ,	940 7 ,	559 7 ,
(losses) Gains financial transactions and other on	461	467	696	760	470	688	913	1 624 ,	2 071 ,
Total income	10 866 ,	11 143 ,	11 500 ,	11 583 ,	11 133 ,	10 843 ,	11 629 ,	33 509 ,	33 605 ,
Operating expenses	(5 286) ,	(5 368) ,	(5 413) ,	(5 585) ,	(5 315) ,	(5 127) ,	(5 284) ,	(16 067) ,	(15 726) ,
operating income Net	5 580 ,	5 775 ,	6 087 ,	5 998 ,	5 818 ,	5 716 ,	6 345 ,	17 442 ,	17 879 ,
Net loan-loss provisions	(1 928) ,	(1 899) ,	(2 229) ,	(2 353) ,	(3 694) ,	(3 159) ,	(2 709) ,	(6 057) ,	(9 562) ,
(losses) Other gains and provisions	(424)	(452)	(421)	(489)	(348)	(635)	(318)	(1 297) ,	(1 301) ,
Underlying profit before tax	3 228 ,	3 423 ,	3 437 ,	3 156 ,	1 775 ,	1 923 ,	3 318 ,	10 089 ,	016 7 ,
Underlying consolidated profit	2 078 ,	2 234 ,	2 271 ,	2 162 ,	577	1 701 ,	2 142 ,	6 583 ,	4 420 ,
Underlying attributable profit	1 709 ,	1 829 ,	1 915 ,	1 865 ,	269	1 553 ,	1 836 ,	453 5 ,	3 658 ,
capital gains provisions* Net and	(177)	(703)	(1 605) ,	559	(45)	(12 660) ,	(1)	(2 486) ,	(12 706) ,
Attributable profit	1 532 ,	1 126 ,	309	2 424 ,	224	(11 107) ,	1 835 ,	2 967 ,	(9 048) ,

(*) Including: in Q1'19, capital gains from Prisma, capital losses due to property sales and restructuring costs

in Q2'19, restructuring costs

in Q3,19, restructuring costs, PPI, deterioration of goodwill ascribed to the UK and impact of devaluation of the ARS on the capital gain from Prisma registered in Q1'19

in Q4'19, net capital gains related to the agreement with Crédit Agricole S.A. to integrate the custody businesses, net positive results in Brazil related to DTAs, net capital

in Q2'20, adjustment to the valuation of goodwill, adjustment has been made to deferred tax assets of the Spanish consolidated fiscal group and restructuring costs and other

EUROPE (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	3 561 ,	3 580 ,	3 530 ,	3 531 ,	3 435 ,	3 352 ,	3 549 ,	10 671 ,	10 336 ,
Net fee income	1 327 ,	1 304 ,	1 310 ,	1 319 ,	1 315 ,	1 098 ,	1 162 ,	3 941 ,	3 575 ,
(losses) Gains financial transactions and other on	337	304	455	443	225	126	444	1 097 ,	795
income Total	5 225 ,	5 188 ,	5 295 ,	5 292 ,	4 974 ,	4 577 ,	5 155 ,	15 709 ,	14 706 ,
Operating expenses	(2 802) ,	(2 789) ,	(2 719) ,	(2 733) ,	(2 712) ,	(2 526) ,	(2 542) ,	(8 310) ,	(7 779) ,
Net operating income	2 423 ,	2 399 ,	2 576 ,	2 559 ,	2 263 ,	2 051 ,	2 613 ,	398 7 ,	6 927 ,
loan-loss provisions Net	(457)	(387)	(497)	(498)	(1 335) ,	(877)	(956)	(1 340) ,	(3 168) ,
(losses) Other gains and provisions	(198)	(231)	(130)	(209)	(195)	(160)	(196)	(560)	(551)
Underlying profit before tax	1 768 ,	1 781 ,	1 949 ,	1 852 ,	733	1 014 ,	1 461 ,	5 498 ,	3 208 ,
Underlying consolidated profit	1 276 ,	1 306 ,	1 418 ,	1 370 ,	515	739	1 055 ,	4 001 ,	2 310 ,
Underlying attributable profit	1 163 ,	1 191 ,	1 286 ,	1 238 ,	443	632	947	3 640 ,	2 022 ,

EUROPE (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	3 524 ,	3 543 ,	3 527 ,	3 483 ,	3 398 ,	3 365 ,	3 573 ,	10 594 ,	10 336 ,
Net fee income	1 320 ,	1 297 ,	1 311 ,	1 308 ,	1 306 ,	1 102 ,	1 167 ,	3 927 ,	3 575 ,
(losses) Gains financial transactions and other on	338	303	455	441	225	125	445	1 095 ,	795
Total income	181 5 ,	142 5 ,	292 5 ,	232 5 ,	930 4 ,	592 4 ,	185 5 ,	15 616 ,	14 706 ,
Operating expenses	(2 780) ,	(2 768) ,	(2 723) ,	(2 704) ,	(2 686) ,	(2 533) ,	(2 561) ,	(8 271) ,	(7 779) ,
operating income Net	2 401 ,	2 375 ,	2 569 ,	2 529 ,	2 244 ,	2 059 ,	2 624 ,	7 344 ,	6 927 ,
Net loan-loss provisions	(451)	(388)	(491)	(491)	(1 326) ,	(880)	(962)	(1 331) ,	(3 168) ,
(losses) Other gains and provisions	(196)	(230)	(130)	(207)	(192)	(162)	(197)	(556)	(551)
Underlying profit before tax	1 754 ,	1 757 ,	1 948 ,	1 831 ,	726	1 017 ,	1 465 ,	5 458 ,	3 208 ,
Underlying consolidated profit	1 266 ,	1 288 ,	1 417 ,	1 353 ,	510	741	1 058 ,	3 971 ,	2 310 ,
Underlying attributable profit	1 153 ,	1 174 ,	1 286 ,	1 223 ,	438	634	950	3 613 ,	2 022 ,

Spain (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	1 009 ,	1 009 ,	967	934	925	931	1 034 ,	2 985 ,	2 890 ,
fee income Net	623	624	614	620	643	535	562	1 861 ,	1 740 ,
(losses) Gains financial transactions and other on	224	216	408	258	220	96	204	849	520
income Total	1 857 ,	1 849 ,	1 989 ,	1 811 ,	1 789 ,	1 562 ,	1 800 ,	5 695 ,	5 150 ,
Operating expenses	(1 025) ,	(1 020) ,	(999)	(977)	(944)	(896)	(893)	(3 043) ,	(2 734) ,
operating income Net	832	829	990	834	844	665	907	2 652 ,	2 417 ,
Net loan-loss provisions	(242)	(228)	(210)	(176)	(628)	(313)	(449)	(680)	(1 390) ,
(losses) Other gains and provisions	(112)	(143)	(100)	(100)	(104)	(115)	(112)	(355)	(331)
Underlying profit before tax	478	458	681	557	112	237	346	1 617 ,	696
Underlying consolidated profit	356	338	491	401	90	160	246	1 184 ,	496
Underlying attributable profit	356	338	491	400	90	161	246	1 185 ,	497

Santander Consumer Finance (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	941	971	977	960	979	947	945	2 888 ,	2 871 ,
Net fee income	214	201	213	195	187	159	205	627	551
(losses) Gains financial transactions and other on	13	(18)	14	30	5	(11)	45	9	40
Total income	1 167 ,	1 154 ,	1 203 ,	1 185 ,	1 171 ,	1 095 ,	1 196 ,	3 525 ,	3 462 ,
Operating expenses	(508)	(527)	(504)	(499)	(514)	(469)	(483)	(1 539) ,	(1 467) ,
operating income Net	659	627	699	686	656	626	712	1 986 ,	1 995 ,
Net loan-loss provisions	(122)	(59)	(147)	(148)	(317)	(184)	(211)	(328)	(712)
(losses) gains provisions Other and	24	(12)	42	(33)	44	23	(13)	54	54
Underlying profit before tax	561	556	594	504	383	466	489	1 711 ,	1 337 ,
Underlying consolidated profit	402	401	420	394	277	333	355	1 223 ,	965
Underlying attributable profit	324	334	338	319	219	258	284	995	761

Santander Consumer Finance (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	924	953	961	949	972	953	945	2 839 ,	2 871 ,
Net fee income	213	200	212	194	186	159	205	625	551
(losses) Gains financial transactions and other on	12	(18)	14	29	6	(11)	46	9	40
income Total	1 149 ,	1 135 ,	1 187 ,	1 173 ,	1 164 ,	1 101 ,	1 197 ,	3 472 ,	3 462 ,
Operating expenses	(501)	(519)	(498)	(495)	(512)	(471)	(484)	(1 518) ,	(1 467) ,
Net operating income	648	616	689	678	653	630	713	1 954 ,	1 995 ,
loan-loss provisions Net	(118)	(63)	(143)	(145)	(316)	(185)	(212)	(323)	(712)
(losses) Other gains and provisions	24	(12)	43	(33)	44	23	(13)	55	54
Underlying profit before tax	555	542	589	500	381	467	489	1 685 ,	1 337 ,
Underlying consolidated profit	397	390	416	390	275	335	355	1 204 ,	965
Underlying attributable profit	320	323	334	315	218	259	284	977	761

United Kingdom (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	975	944	908	961	898	871	976	2 827 ,	2 745 ,
income Net fee	216	207	217	226	193	96	117	640	407
(losses) Gains financial transactions and other on	15	32	(5)	33	6	12	23	41	41
income Total	1 206 ,	1 183 ,	1 119 ,	1 220 ,	1 098 ,	979	1 117 ,	3 508 ,	3 193 ,
Operating expenses	(739)	(703)	(681)	(712)	(714)	(656)	(646)	(2 123) ,	(2 016) ,
operating income Net	467	479	438	508	384	323	471	1 384 ,	1 178 ,
Net loan-loss provisions	(61)	(19)	(77)	(96)	(191)	(239)	(189)	(157)	(619)
(losses) Other gains and provisions	(50)	(25)	(43)	(66)	(74)	(4)	(36)	(118)	(115)
Underlying profit before tax	357	435	318	345	119	80	246	1 110 ,	444
Underlying consolidated profit	260	333	252	255	91	61	184	844	336
Underlying attributable profit	254	327	246	249	84	54	179	828	318

United Kingdom (GBP mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	850	825	820	827	774	773	881	2 496 ,	2 428 ,
fee income Net	189	181	195	194	166	87	107	565	360
(losses) Gains financial transactions and other on	13	28	(4)	29	5	10	21	36	37
income Total	1 052 ,	1 034 ,	1 011 ,	1 050 ,	946	870	1 009 ,	3 097 ,	2 824 ,
Operating expenses	(644)	(615)	(615)	(612)	(615)	(583)	(585)	(1 875) ,	(1 783) ,
Net operating income	407	419	396	437	331	287	424	1 222 ,	1 042 ,
provisions Net loan-loss	(53)	(17)	(68)	(83)	(164)	(211)	(171)	(138)	(547)
(losses) Other gains and provisions	(43)	(22)	(39)	(58)	(64)	(5)	(33)	(104)	(102)
Underlying profit before tax	311	380	288	296	102	71	219	980	392
Underlying consolidated profit	227	291	228	219	78	55	165	745	297
Underlying attributable profit	222	286	223	214	73	49	160	731	281

Portugal (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	216	213	214	213	202	197	193	643	592
Net fee income	98	99	96	98	101	90	94	292	285
(losses) Gains financial transactions and other on	44	42	22	21	47	30	25	108	102
Total income	357	354	331	332	350	317	312	1 043 ,	979
Operating expenses	(157)	(154)	(155)	(156)	(151)	(145)	(146)	(467)	(442)
operating income Net	200	200	176	175	199	172	166	576	538
Net loan-loss provisions	13	(1)	(0)	(4)	(80)	(24)	(47)	12	(152)
(losses) Other gains and provisions	(20)	(13)	2	21	(21)	(16)	1	(30)	(36)
Underlying profit before tax	193	186	178	192	98	132	120	557	350
Underlying consolidated profit	135	126	125	140	68	92	83	386	243
Underlying attributable profit	135	125	125	140	68	92	83	385	243

Poland (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	281	284	298	307	296	251	246	863	794
Net fee income	113	117	119	117	116	104	112	349	332
(losses) Gains financial transactions and other on	(18)	39	24	34	(48)	23	35	46	10
income Total	377	440	442	459	365	377	394	1 258 ,	1 136 ,
Operating expenses	(173)	(176)	(175)	(169)	(172)	(143)	(161)	(524)	(475)
Net operating income	204	263	267	290	193	235	233	734	661
loan-loss provisions Net	(43)	(64)	(59)	(51)	(95)	(89)	(65)	(166)	(249)
(losses) Other gains and provisions	(34)	(34)	(24)	(34)	(36)	(40)	(32)	(92)	(108)
Underlying profit before tax	127	166	183	205	62	105	136	476	303
Underlying consolidated profit	89	130	139	153	32	74	100	358	206
Underlying attributable profit	61	89	95	104	23	51	68	245	142

Poland (PLN mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	1 209 ,	1 216 ,	1 288 ,	1 317 ,	1 279 ,	1 134 ,	1 095 ,	3 713 ,	3 508 ,
fee income Net	488	499	514	504	503	467	498	1 502 ,	1 468 ,
(losses) Gains financial transactions and other on	(76)	168	104	147	(206)	95	156	196	45
income Total	1 622 ,	1 883 ,	1 906 ,	1 968 ,	1 576 ,	1 696 ,	1 749 ,	5 411 ,	5 021 ,
Operating expenses	(745)	(755)	(754)	(726)	(742)	(645)	(714)	(2 254) ,	(2 100) ,
Net operating income	877	1 128 ,	1 152 ,	1 242 ,	834	1 051 ,	1 036 ,	3 157 ,	2 921 ,
provisions Net loan-loss	(186)	(272)	(256)	(217)	(411)	(399)	(291)	(714)	(1 101) ,
(losses) Other gains and provisions	(145)	(146)	(106)	(147)	(155)	(181)	(141)	(397)	(478)
Underlying profit before tax	546	710	791	878	268	470	603	2 046 ,	1 342 ,
Underlying consolidated profit	385	556	600	655	140	329	442	1 540 ,	911
Underlying attributable profit	264	379	409	446	98	225	302	1 052 ,	626

Other Europe (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	139	159	166	155	134	155	155	465	444
income Net fee	62	56	52	63	74	115	71	171	260
(losses) Gains financial transactions and other on	60	(7)	(8)	68	(6)	(23)	110	45	81
income Total	261	209	211	286	202	246	337	680	785
Operating expenses	(200)	(208)	(205)	(219)	(216)	(217)	(214)	(613)	(647)
operating income Net	61	0	5	66	(14)	29	123	67	138
Net loan-loss provisions	(2)	(16)	(3)	(23)	(23)	(29)	5	(21)	(46)
(losses) Other gains and provisions	(7)	(4)	(7)	4	(4)	(7)	(4)	(18)	(16)
Underlying profit before tax	52	(19)	(5)	48	(41)	(7)	124	28	77
Underlying consolidated profit	33	(21)	(8)	27	(42)	18	86	5	63
Underlying attributable profit	32	(22)	(8)	26	(42)	17	86	2	61

Other Europe (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	139	159	166	155	134	154	156	465	444
Net fee income	62	56	52	63	74	114	72	171	260
(losses) Gains financial transactions and other on	60	(7)	(8)	67	(7)	(23)	111	45	81
Total income	261	209	210	285	201	245	340	680	785
Operating expenses	(200)	(208)	(205)	(219)	(215)	(216)	(216)	(613)	(647)
operating income Net	61	0	5	66	(15)	29	124	67	138
Net loan-loss provisions	(2)	(16)	(3)	(23)	(23)	(29)	5	(21)	(46)
(losses) Other gains and provisions	(7)	(4)	(7)	4	(4)	(7)	(4)	(18)	(16)
Underlying profit before tax	53	(19)	(5)	48	(41)	(7)	125	28	77
Underlying consolidated profit	34	(21)	(8)	26	(42)	18	87	5	63
Underlying attributable profit	32	(22)	(8)	26	(42)	17	87	2	61

NORTH AMERICA (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	2 173 ,	2 230 ,	2 259 ,	2 265 ,	2 261 ,	2 079 ,	2 075 ,	6 661 ,	6 415 ,
Net fee income	439	463	448	427	461	400	406	1 349 ,	1 267 ,
(losses) Gains financial transactions and other on	142	226	277	257	214	228	196	645	638
income Total	2 753 ,	2 918 ,	2 983 ,	2 949 ,	2 936 ,	2 706 ,	2 678 ,	8 655 ,	8 319 ,
Operating expenses	(1 172) ,	(1 214) ,	(1 267) ,	(1 314) ,	(1 224) ,	(1 117) ,	(1 097) ,	(3 654) ,	(3 438) ,
Net operating income	1 581 ,	1 705 ,	1 716 ,	1 634 ,	1 712 ,	1 589 ,	1 581 ,	002 5 ,	4 882 ,
loan-loss provisions Net	(804)	(793)	(1 009) ,	(1 050) ,	(1 246) ,	(1 123) ,	(775)	(2 606) ,	(3 144) ,
(losses) Other gains and provisions	(64)	(31)	(79)	(31)	(14)	(36)	(24)	(174)	(74)
Underlying profit before tax	713	881	628	554	452	430	781	2 222 ,	1 664 ,
Underlying consolidated profit	526	664	481	422	336	371	533	1 671 ,	1 240 ,
Underlying attributable profit	386	503	388	389	280	336	444	1 278 ,	1 061 ,

NORTH AMERICA (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	2 108 ,	139 2 ,	2 153 ,	2 142 ,	2 153 ,	2 087 ,	2 175 ,	6 401 ,	6 415 ,
Net fee income	420	438	421	399	435	405	427	1 279 ,	1 267 ,
(losses) Gains financial transactions and other on	147	226	275	249	211	222	205	648	638
Total income	2 675 ,	2 803 ,	2 849 ,	2 790 ,	2 799 ,	2 714 ,	2 807 ,	8 327 ,	8 319 ,
Operating expenses	(1 140) ,	(1 166) ,	(1 211) ,	(1 247) ,	(1 167) ,	(1 120) ,	(1 150) ,	(3 517) ,	(3 438) ,
operating income Net	1 536 ,	1 636 ,	1 638 ,	1 543 ,	1 632 ,	1 593 ,	1 657 ,	4 810 ,	4 882 ,
Net loan-loss provisions	(791)	(767)	(977)	(1 011) ,	(1 200) ,	(1 116) ,	(827)	(2 534) ,	(3 144) ,
(losses) Other gains and provisions	(64)	(30)	(78)	(31)	(13)	(36)	(26)	(172)	(74)
Underlying profit before tax	682	840	583	500	419	441	804	2 104 ,	1 664 ,
Underlying consolidated profit	501	632	446	380	310	379	551	1 578 ,	1 240 ,
Underlying attributable profit	367	478	360	351	257	343	460	1 205 ,	1 061 ,

United States (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	1 407 ,	1 453 ,	1 460 ,	1 449 ,	1 462 ,	1 429 ,	1 406 ,	320 4 ,	297 4 ,
income Net fee	234	244	238	230	250	215	218	716	682
(losses) Gains financial transactions and other on	174	222	278	215	217	157	206	674	580
income Total	1 815 ,	1 920 ,	1 977 ,	1 894 ,	1 929 ,	1 801 ,	1 830 ,	5 711 ,	5 559 ,
Operating expenses	(775)	(805)	(847)	(869)	(809)	(776)	(722)	(2 427) ,	(2 307) ,
operating income Net	1 039 ,	1 115 ,	1 130 ,	1 025 ,	1 120 ,	1 024 ,	1 108 ,	3 283 ,	3 252 ,
Net loan-loss provisions	(611)	(568)	(786)	(828)	(972)	(832)	(572)	(1 965) ,	(2 376) ,
(losses) Other gains and provisions	(58)	(26)	(76)	(39)	(6)	(30)	(20)	(161)	(56)
Underlying profit before tax	370	521	267	158	141	163	515	1 158 ,	820
Underlying consolidated profit	260	383	196	109	99	170	333	838	602
Underlying attributable profit	181	284	154	98	60	151	259	619	470

United States (USD mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	1 598 ,	1 633 ,	1 623 ,	1 604 ,	1 612 ,	1 573 ,	1 644 ,	4 854 ,	4 829 ,
fee income Net	266	275	264	255	275	237	255	805	767
(losses) Gains financial transactions and other on	197	250	310	238	239	173	240	758	652
income Total	2 061 ,	2 158 ,	2 198 ,	2 096 ,	2 126 ,	1 983 ,	2 139 ,	6 416 ,	6 248 ,
Operating expenses	(881)	(905)	(942)	(963)	(892)	(855)	(846)	(2 727) ,	(2 593) ,
Net operating income	1 180 ,	1 253 ,	1 256 ,	1 134 ,	1 235 ,	1 128 ,	1 292 ,	3 689 ,	3 655 ,
provisions Net loan-loss	(694)	(637)	(876)	(918)	(1 072) ,	(916)	(683)	(2 207) ,	(2 671) ,
(losses) Other gains and provisions	(66)	(29)	(85)	(43)	(7)	(33)	(24)	(180)	(63)
Underlying profit before tax	420	586	295	172	156	180	586	1 301 ,	921
Underlying consolidated profit	295	431	216	118	109	188	381	942	677
Underlying attributable profit	206	319	170	107	66	166	296	696	529

Mexico (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	766	777	798	816	798	650	669	2 341 ,	2 118 ,
Net fee income	204	218	210	197	211	185	189	633	584
(losses) Gains financial transactions and other on	(32)	4	(1)	42	(2)	70	(10)	(29)	58
income Total	939	999	1 007 ,	1 054 ,	1 007 ,	905	848	2 944 ,	2 760 ,
Operating expenses	(397)	(409)	(420)	(445)	(415)	(341)	(375)	(1 226) ,	(1 130) ,
Net operating income	542	590	586	609	592	565	473	1 718 ,	1 629 ,
loan-loss provisions Net	(193)	(225)	(223)	(222)	(273)	(291)	(203)	(642)	(767)
(losses) Other gains and provisions	(6)	(5)	(3)	8	(8)	(6)	(4)	(13)	(18)
Underlying profit before tax	343	360	361	395	311	267	266	1 064 ,	844
Underlying consolidated profit	266	280	286	313	237	201	200	832	638
Underlying attributable profit	205	219	234	291	220	186	185	659	591

Mexico (MXN mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest	16	16	17	17	17	16	17	50	51
income	703	694	231	393	484	706	310	628	500
Net	,	,	,	,	,	,	,	,	,
Net	4	4	4	4	4	4	4	13	14
fee	455	695	535	188	617	719	868	684	203
income	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	(687)	83	(31)	906	(51)	1 658 ,	(194)	(635)	1 413 ,
Total income	20 471 ,	21 471 ,	21 735 ,	22 487 ,	22 049 ,	23 083 ,	21 984 ,	63 676 ,	67 117 ,
Operating expenses	(8 655) ,	(8 786) ,	(9 076) ,	(9 501) ,	(9 088) ,	(8 749) ,	(9 654) ,	(26 517) ,	(27 491) ,
operating	11	12	12	12	12	14	12	37	39
income	816	685	659	987	962	334	330	160	626
Net	,	,	,	,	,	,	,	,	,
Net	(4	(4	(4	(4	(5	(7	(5	(13	(18
loan-loss	211)	850)	813)	725)	985)	336)	339)	874)	660)
provisions	,	,	,	,	,	,	,	,	,
(losses) Other gains and provisions	(120)	(105)	(59)	175	(167)	(166)	(109)	(284)	(442)
Underlying profit before tax	485 7 ,	729 7 ,	787 7 ,	8 437 ,	6 810 ,	6 832 ,	6 881 ,	23 001 ,	20 523 ,
Underlying	5	6	6	6	5	5	5	17	15
consolidated	804	028	167	682	191	149	170	999	511
profit	,	,	,	,	,	,	,	,	,
Underlying	4	4	5	6	4	4	4	14	14
attributable	472	713	059	219	814	761	786	243	361
profit	,	,	,	,	,	,	,	,	,

SOUTH AMERICA (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	3 222 ,	3 425 ,	3 314 ,	3 356 ,	3 065 ,	2 606 ,	2 486 ,	9 960 ,	8 157 ,
Net fee income	1 178 ,	1 178 ,	1 204 ,	1 228 ,	1 074 ,	774	841	3 559 ,	2 688 ,
(losses) Gains financial transactions and other on	88	45	59	130	25	311	150	192	486
income Total	4 487 ,	4 647 ,	4 577 ,	4 714 ,	4 163 ,	3 690 ,	3 477 ,	13 711 ,	11 331 ,
Operating expenses	(1 645) ,	(1 664) ,	(1 586) ,	(1 762) ,	(1 486) ,	(1 275) ,	(1 238) ,	(4 895) ,	(3 998) ,
Net operating income	2 842 ,	2 984 ,	2 991 ,	2 953 ,	2 677 ,	2 416 ,	2 240 ,	8 817 ,	333 7 ,
loan-loss provisions Net	(903)	(956)	(916)	(1 015) ,	(1 325) ,	(1 110) ,	(787)	(2 775) ,	(3 221) ,
(losses) Other gains and provisions	(154)	(151)	(193)	(249)	(142)	(52)	(70)	(499)	(264)
Underlying profit before tax	1 785 ,	1 876 ,	1 882 ,	1 688 ,	1 211 ,	1 254 ,	1 382 ,	5 543 ,	3 847 ,
Underlying consolidated profit	1 093 ,	1 205 ,	1 184 ,	1 107 ,	795	783	837	3 481 ,	2 415 ,
Underlying attributable profit	926	1 035 ,	1 016 ,	947	698	685	736	2 977 ,	2 119 ,

SOUTH AMERICA (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	2 441 ,	2 651 ,	2 710 ,	2 797 ,	2 700 ,	2 693 ,	2 764 ,	7 802 ,	8 157 ,
Net fee income	878	901	986	1 017 ,	939	814	935	2 765 ,	2 688 ,
(losses) Gains financial transactions and other on	72	48	53	111	24	300	162	173	486
Total income	3 390 ,	3 600 ,	3 748 ,	3 924 ,	3 663 ,	3 808 ,	3 860 ,	10 739 ,	11 331 ,
Operating expenses	(1 228) ,	(1 272) ,	(1 329) ,	(1 472) ,	(1 306) ,	(1 315) ,	(1 377) ,	(3 828) ,	(3 998) ,
operating income Net	2 163 ,	2 328 ,	2 420 ,	2 452 ,	2 357 ,	2 492 ,	2 484 ,	6 911 ,	7 333 ,
Net loan-loss provisions	(679)	(739)	(746)	(840)	(1 164) ,	(1 154) ,	(903)	(2 165) ,	(3 221) ,
(losses) gains provisions Other and	(109)	(119)	(151)	(199)	(122)	(60)	(82)	(379)	(264)
Underlying profit before tax	1 375 ,	1 470 ,	1 523 ,	1 413 ,	1 071 ,	1 277 ,	1 499 ,	4 368 ,	3 847 ,
Underlying consolidated profit	849	947	962	930	706	798	910	2 758 ,	2 415 ,
Underlying attributable profit	716	809	824	793	618	698	803	2 349 ,	2 119 ,

Brazil (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	2 459 ,	2 520 ,	2 560 ,	2 534 ,	2 270 ,	1 813 ,	1 756 ,	7 539 ,	5 840 ,
Net fee income	931	924	970	974	869	614	664	2 825 ,	2 148 ,
(losses) Gains financial transactions and other on	21	9	(7)	57	(3)	224	114	23	335
Total income	3 411 ,	3 453 ,	3 522 ,	3 565 ,	3 137 ,	2 651 ,	2 534 ,	10 386 ,	8 322 ,
Operating expenses	(1 125) ,	(1 102) ,	(1 137) ,	(1 242) ,	(1 004) ,	(835)	(805)	(3 364) ,	(2 644) ,
operating income Net	2 286 ,	2 351 ,	2 385 ,	2 323 ,	2 133 ,	1 816 ,	1 729 ,	7 022 ,	5 677 ,
Net loan-loss provisions	(710)	(761)	(753)	(813)	(1 066) ,	(843)	(569)	(2 223) ,	(2 478) ,
(losses) Other gains and provisions	(167)	(153)	(178)	(205)	(127)	(31)	(68)	(498)	(226)
Underlying profit before tax	1 409 ,	1 438 ,	1 454 ,	1 305 ,	940	942	1 092 ,	4 301 ,	2 973 ,
Underlying consolidated profit	816	856	862	777	571	533	611	2 535 ,	1 716 ,
Underlying attributable profit	721	762	767	689	517	478	550	2 249 ,	1 545 ,

Brazil (BRL mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net	10	11	11	11	11	10	11	32	32
interest	516	095	272	534	100	725	066	883	891
income	,	,	,	,	,	,	,	,	,
Net	3	4	4	4	4	3	4	12	12
fee	980	070	271	429	250	679	167	321	096
income	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	91	41	(31)	254	(14)	1 196 ,	703	101	1 885 ,
Total income	14 587 ,	15 206 ,	15 511 ,	16 216 ,	15 336 ,	15 600 ,	15 935 ,	304 45 ,	46 871 ,
Operating expenses	(4 810) ,	(4 857) ,	(5 007) ,	(5 636) ,	(4 907) ,	(4 922) ,	(5 065) ,	(14 674) ,	(14 894) ,
operating	9	10	10	10	10	10	10	30	31
income	777	350	504	580	429	678	871	631	977
Net	,	,	,	,	,	,	,	,	,
Net	(3	(3	(3	(3	(5	(4	(3	(9	(13
loan-loss	037)	347)	314)	690)	214)	990)	752)	698)	957)
provisions	,	,	,	,	,	,	,	,	,
(losses) Other gains and provisions	(716)	(673)	(785)	(928)	(621)	(226)	(428)	(2 174) ,	(1 274) ,
Underlying profit before tax	6 024 ,	6 330 ,	6 405 ,	5 962 ,	4 594 ,	5 462 ,	6 691 ,	18 759 ,	16 746 ,
Underlying	3	3	3	3	2	3	3	11	9
consolidated	491	769	795	546	794	111	760	055	665
profit	,	,	,	,	,	,	,	,	,
Underlying	3	3	3	3	2	2	3	9	8
attributable	082	353	376	147	526	792	386	811	704
profit	,	,	,	,	,	,	,	,	,

Chile (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	440	500	462	464	448	425	420	1 402 ,	293 1 ,
Net fee income	103	97	102	102	92	74	74	302	240
(losses) Gains financial transactions and other on	56	59	82	71	12	85	38	197	136
Total income	600	656	646	638	553	584	532	1 901 ,	1 669 ,
Operating expenses	(255)	(269)	(260)	(246)	(230)	(228)	(223)	(785)	(681)
operating income Net	344	387	386	392	322	356	310	1 117 ,	988
Net loan-loss provisions	(102)	(105)	(106)	(130)	(163)	(183)	(154)	(314)	(500)
(losses) Other gains and provisions	37	(1)	15	12	1	(2)	13	52	12
Underlying profit before tax	279	281	295	274	160	171	169	855	500
Underlying consolidated profit	219	237	234	229	138	129	125	690	393
Underlying attributable profit	148	163	162	157	97	86	86	473	269

Chile (CLP mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	333 439 ,	383 545 ,	363 195 ,	386 260 ,	397 015 ,	384 057 ,	383 394 ,	1 080 180 , ,	1 164 466 , ,
fee income Net	78 010 ,	473 74 ,	80 052 ,	85 052 ,	81 770 ,	67 170 ,	67 421 ,	232 535 ,	216 362 ,
(losses) Gains financial transactions and other on	42 713 ,	45 387 ,	63 719 ,	58 999 ,	10 853 ,	76 629 ,	35 003 ,	151 819 ,	122 484 ,
income Total	454 162 ,	503 405 ,	506 966 ,	530 311 ,	489 638 ,	527 855 ,	485 818 ,	1 464 533 , ,	1 503 312 , ,
Operating expenses	(193 440) ,	(206 641) ,	(204 239) ,	(205 576) ,	(204 237) ,	(205 998) ,	(203 043) ,	(604 321) ,	(613 279) ,
operating income Net	260 722 ,	296 763 ,	302 727 ,	324 735 ,	285 401 ,	321 857 ,	282 775 ,	860 213 ,	890 033 ,
Net loan-loss provisions	(77 584) ,	(80 828) ,	(83 231) ,	(106 535) ,	(144 587) ,	(165 302) ,	(140 381) ,	(241 643) ,	(450 270) ,
(losses) Other gains and provisions	28 393 ,	(417)	11 726 ,	10 140 ,	739	(1 905) ,	11 526 ,	39 702 ,	10 360 ,
Underlying profit before tax	211 531 ,	215 518 ,	231 222 ,	228 340 ,	141 553 ,	154 650 ,	153 920 ,	658 272 ,	450 123 ,
Underlying consolidated profit	165 949 ,	182 169 ,	183 336 ,	190 253 ,	122 619 ,	116 749 ,	114 468 ,	531 454 ,	353 837 ,
Underlying attributable profit	112 355 ,	125 176 ,	126 756 ,	130 587 ,	86 013 ,	77 918 ,	78 454 ,	364 287 ,	242 385 ,

Argentina (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	213	298	180	250	241	261	218	690	721
Net fee income	116	125	88	118	76	56	70	328	202
(losses) Gains financial transactions and other on	2	(33)	(31)	(8)	1	(8)	(14)	(62)	(21)
income Total	331	389	237	359	318	310	274	957	902
Operating expenses	(202)	(229)	(122)	(209)	(186)	(153)	(152)	(553)	(491)
operating income Net	129	161	115	150	132	157	122	404	411
Net loan-loss provisions	(73)	(70)	(39)	(53)	(75)	(57)	(46)	(182)	(178)
(losses) Other gains and provisions	(22)	3	(28)	(54)	(14)	(18)	(17)	(47)	(48)
Underlying profit before tax	34	94	47	43	44	82	59	174	185
Underlying consolidated profit	10	63	24	47	34	75	52	98	162
Underlying attributable profit	10	63	23	47	34	75	52	97	161

Argentina (ARS mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net	10	14	18	19	16	22	24	43	64
interest	117	548	638	924	991	846	646	303	484
income	,	,	,	,	,	,	,	,	,
fee	486	6	8	9	327	132	611	20	18
income	5	131	976	403	5	5	7	593	070
Net	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	102	(1 596) ,	(2 372) ,	(847)	89	(595)	(1 349) ,	(3 866) ,	(1 855) ,
income Total	15 704 ,	19 083 ,	25 243 ,	28 480 ,	22 407 ,	27 384 ,	30 908 ,	60 030 ,	80 699 ,
Operating expenses	(9 602) ,	(11 210) ,	(13 861) ,	(16 583) ,	(13 112) ,	(13 756) ,	(17 093) ,	(34 673) ,	(43 960) ,
operating	6	872	11	11	9	13	13	25	36
income	102	7	382	897	295	628	815	357	738
Net	,	,	,	,	,	,	,	,	,
Net	(3	(3	(4	(4	(5	(5	(5	(11	(15
loan-loss	441)	459)	538)	391)	266)	207)	417)	438)	890)
provisions	,	,	,	,	,	,	,	,	,
(losses) Other gains and provisions	(1 067) ,	131	(2 040) ,	(3 831) ,	(953)	(1 546) ,	(1 821) ,	(2 976) ,	(4 319) ,
Underlying profit before tax	1 594 ,	4 544 ,	4 805 ,	3 674 ,	3 076 ,	6 875 ,	6 578 ,	10 943 ,	16 529 ,
Underlying	497	3	2	3	2	6	807	6	14
consolidated		056	574	636	421	276	5	126	504
profit		,	,	,	,	,	,	,	,
Underlying	490	3	2	3	2	6	5	6	14
attributable		043	519	600	405	234	759	053	399
profit		,	,	,	,	,	,	,	,

Other South America (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	109	108	112	108	106	107	91	329	304
Net fee income	29	32	44	34	37	29	33	104	99
(losses) Gains financial transactions and other on	8	9	16	10	14	9	13	33	36
Total income	146	149	172	153	157	145	137	466	438
Operating expenses	(63)	(64)	(67)	(64)	(66)	(59)	(57)	(193)	(182)
operating income Net	83	85	105	88	91	86	80	273	257
Net loan-loss provisions	(18)	(20)	(18)	(20)	(21)	(27)	(19)	(55)	(66)
(losses) Other gains and provisions	(2)	(1)	(2)	(2)	(2)	(1)	1	(5)	(1)
Underlying profit before tax	63	64	86	66	68	59	62	214	189
Underlying consolidated profit	47	48	64	54	51	46	48	159	144
Underlying attributable profit	47	47	64	54	51	46	48	158	144

Other South America (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	90	93	97	98	99	107	98	280	304
Net fee income	24	27	38	31	34	29	35	89	99
(losses) Gains financial transactions and other on	7	8	14	9	13	10	13	29	36
income Total	121	128	150	138	146	146	146	399	438
Operating expenses	(52)	(55)	(58)	(58)	(62)	(59)	(61)	(164)	(182)
Net operating income	69	74	92	80	85	87	85	234	257
provisions Net loan-loss	(15)	(17)	(15)	(17)	(19)	(27)	(20)	(47)	(66)
(losses) Other gains and provisions	(1)	(1)	(2)	(2)	(2)	(1)	1	(4)	(1)
Underlying profit before tax	53	56	75	60	64	59	66	184	189
Underlying consolidated profit	39	41	56	49	47	46	51	137	144
Underlying attributable profit	39	41	56	49	47	46	51	135	144

SANTANDER GLOBAL PLATFORM primary segment (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	22	23	23	23	31	32	33	69	97
Net fee income	2	1	2	2	13	18	24	4	55
(losses) Gains financial transactions and other on	(5)	(4)	(1)	(7)	1	(6)	(9)	(11)	(14)
Total income	19	20	24	18	45	44	48	63	137
Operating expenses	(41)	(67)	(60)	(72)	(71)	(77)	(114)	(168)	(262)
operating income Net	(22)	(47)	(36)	(54)	(26)	(33)	(66)	(105)	(125)
Net loan-loss provisions	(0)	(0)	(0)	(0)	(0)	(1)	(1)	(1)	(2)
(losses) Other gains and provisions	(1)	(0)	(1)	(4)	(1)	(6)	(1)	(2)	(8)
Underlying profit before tax	(23)	(47)	(37)	(58)	(27)	(40)	(68)	(107)	(135)
Underlying consolidated profit	(11)	(40)	(26)	(43)	(13)	(28)	(48)	(77)	(90)
Underlying attributable profit	(11)	(40)	(26)	(43)	(13)	(28)	(48)	(77)	(89)

CORPORATE CENTRE (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	(296)	(304)	(319)	(333)	(304)	(354)	(371)	(919)	(1 029) ,
income Net fee	(14)	(13)	(9)	(15)	(9)	(6)	(11)	(35)	(26)
(losses) Gains financial transactions and other on	(90)	(106)	(85)	(34)	9	47	110	(281)	166
income Total	(399)	(423)	(413)	(381)	(304)	(313)	(271)	(1 236) ,	(889)
Operating expenses	(97)	(96)	(90)	(89)	(85)	(82)	(82)	(283)	(248)
operating income Net	(497)	(519)	(504)	(471)	(389)	(395)	(353)	(1 519) ,	(1 137) ,
Net loan-loss provisions	(8)	(5)	(14)	(10)	(3)	(8)	(16)	(26)	(27)
(losses) Other gains and provisions	(55)	(72)	(61)	(49)	(20)	(370)	(12)	(188)	(403)
Underlying profit before tax	(559)	(595)	(579)	(529)	(413)	(773)	(381)	(1 733) ,	(1 567) ,
Underlying consolidated profit	(526)	(592)	(529)	(458)	(937)	(188)	(330)	(1 647) ,	(1 455) ,
Underlying attributable profit	(517)	(592)	(529)	(459)	(1 031) ,	(94)	(330)	(1 637) ,	(1 455) ,

RETAIL BANKING (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	8 083 ,	8 323 ,	8 227 ,	8 229 ,	885 7 ,	141 7 ,	148 7 ,	24 633 ,	22 173 ,
fee income Net	2 178 ,	2 134 ,	2 108 ,	2 141 ,	2 024 ,	1 495 ,	1 671 ,	6 420 ,	189 5 ,
(losses) Gains financial transactions and other on	150	201	485	339	63	224	407	836	694
income Total	10 412 ,	10 658 ,	10 819 ,	10 710 ,	9 972 ,	8 859 ,	9 226 ,	31 889 ,	28 056 ,
Operating expenses	(4 694) ,	(4 747) ,	(4 658) ,	(4 827) ,	(4 526) ,	(4 084) ,	(4 058) ,	(14 099) ,	(12 669) ,
operating income Net	718 5 ,	911 5 ,	6 161 ,	882 5 ,	5 445 ,	4 775 ,	168 5 ,	17 790 ,	15 388 ,
Net loan-loss provisions	(2 143) ,	(2 090) ,	(2 428) ,	(2 439) ,	(3 889) ,	(2 846) ,	(2 463) ,	(6 662) ,	(9 198) ,
(losses) Other gains and provisions	(391)	(397)	(377)	(454)	(338)	(218)	(267)	(1 164) ,	(822)
Underlying profit before tax	3 184 ,	3 423 ,	3 357 ,	2 989 ,	1 218 ,	1 711 ,	2 438 ,	9 964 ,	368 5 ,
Underlying consolidated profit	2 119 ,	2 377 ,	2 286 ,	2 122 ,	802	1 175 ,	1 571 ,	6 783 ,	3 548 ,
Underlying attributable profit	1 763 ,	2 000 ,	1 958 ,	1 858 ,	634	982	1 322 ,	5 722 ,	2 938 ,

RETAIL BANKING (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	7 293 ,	7 517 ,	7 564 ,	7 564 ,	7 428 ,	7 242 ,	7 503 ,	22 375 ,	22 173 ,
Net fee income	1 927 ,	1 900 ,	1 927 ,	1 948 ,	1 895 ,	1 535 ,	1 759 ,	5 755 ,	5 189 ,
(losses) Gains financial transactions and other on	196	245	495	345	87	205	402	936	694
Total income	9 416 ,	9 663 ,	9 987 ,	9 857 ,	9 410 ,	8 982 ,	9 664 ,	29 066 ,	28 056 ,
Operating expenses	(4 290) ,	(4 352) ,	(4 393) ,	(4 492) ,	(4 304) ,	(4 133) ,	(4 231) ,	(13 035) ,	(12 669) ,
operating income Net	5 126 ,	5 311 ,	5 594 ,	5 365 ,	5 106 ,	4 848 ,	5 433 ,	16 030 ,	15 388 ,
Net loan-loss provisions	(1 902) ,	(1 851) ,	(2 217) ,	(2 227) ,	(3 675) ,	(2 889) ,	(2 634) ,	(5 969) ,	(9 198) ,
(losses) Other gains and provisions	(345)	(364)	(334)	(404)	(314)	(228)	(280)	(1 043) ,	(822)
Underlying profit before tax	2 879 ,	3 097 ,	3 043 ,	2 734 ,	1 117 ,	1 732 ,	2 519 ,	9 019 ,	5 368 ,
Underlying consolidated profit	1 944 ,	2 170 ,	2 093 ,	1 954 ,	738	1 188 ,	1 622 ,	6 208 ,	3 548 ,
Underlying attributable profit	1 618 ,	1 824 ,	1 793 ,	1 711 ,	576	994	1 368 ,	235 5 ,	2 938 ,

CORPORATE & INVESTMENT BANKING (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	654	700	657	716	671	713	788	2 012 ,	2 172 ,
Net fee income	352	374	421	373	404	406	361	1 147 ,	1 172 ,
(losses) Gains financial transactions and other on	272	217	153	337	225	307	248	642	780
income Total	1 278 ,	1 292 ,	1 232 ,	1 426 ,	1 300 ,	1 426 ,	1 397 ,	3 801 ,	4 123 ,
Operating expenses	(561)	(560)	(552)	(608)	(536)	(507)	(496)	(1 673) ,	(1 539) ,
operating income Net	717	731	679	818	764	919	901	2 128 ,	2 584 ,
loan-loss provisions Net	(10)	(45)	27	(128)	(4)	(245)	(41)	(27)	(290)
(losses) gains provisions Other and	(22)	(16)	(21)	(32)	(15)	(28)	(20)	(59)	(63)
Underlying profit before tax	686	670	685	658	745	646	839	2 042 ,	2 230 ,
Underlying consolidated profit	484	466	486	449	527	467	597	1 436 ,	1 590 ,
Underlying attributable profit	441	419	443	410	491	437	565	1 303 ,	1 493 ,

CORPORATE & INVESTMENT BANKING (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	583	624	621	664	631	718	823	1 828 ,	2 172 ,
fee income Net	320	340	388	349	384	411	377	1 048 ,	1 172 ,
(losses) Gains financial transactions and other on	228	188	145	314	205	305	269	561	780
income Total	1 131 ,	1 152 ,	1 154 ,	1 327 ,	1 219 ,	1 435 ,	1 469 ,	3 437 ,	4 123 ,
Operating expenses	(520)	(521)	(528)	(578)	(513)	(511)	(515)	(1 569) ,	(1 539) ,
operating income Net	611	630	626	748	706	923	954	1 868 ,	2 584 ,
Net loan-loss provisions	(9)	(44)	21	(121)	(4)	(243)	(43)	(31)	(290)
(losses) Other gains and provisions	(20)	(15)	(21)	(30)	(14)	(28)	(21)	(56)	(63)
Underlying profit before tax	582	572	626	598	688	653	890	1 780 ,	2 230 ,
Underlying consolidated profit	412	398	446	408	487	471	632	1 256 ,	1 590 ,
Underlying attributable profit	377	358	409	374	455	440	598	1 145 ,	1 493 ,

WEALTH MANAGEMENT & INSURANCE (EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	141	143	141	146	132	104	104	424	340
fee income Net	273	298	298	330	320	279	290	869	888
(losses) Gains financial transactions and other on	110	121	113	114	134	100	104	343	337
income Total	523	562	551	589	586	482	498	1 637 ,	1 566 ,
Operating expenses	(242)	(236)	(234)	(244)	(244)	(220)	(215)	(711)	(679)
operating income Net	282	327	318	345	342	263	283	926	888
Net loan-loss provisions	7	(1)	(4)	21	(7)	(5)	(10)	2	(22)
(losses) Other gains and provisions	(3)	(1)	(3)	(5)	(1)	(3)	(4)	(7)	(8)
Underlying profit before tax	285	325	310	361	334	255	269	920	858
Underlying consolidated profit	218	249	240	272	252	195	204	707	651
Underlying attributable profit	208	237	227	257	240	186	195	672	622

WEALTH MANAGEMENT & INSURANCE (Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
interest income Net	132	134	138	139	127	104	109	404	340
Net fee income	257	280	283	311	309	281	299	821	888
(losses) Gains financial transactions and other on	100	110	103	103	127	102	108	312	337
Total income	489	524	524	553	563	487	516	1 537 ,	1 566 ,
Operating expenses	(232)	(225)	(226)	(234)	(237)	(221)	(221)	(683)	(679)
operating income Net	257	299	298	319	326	267	295	854	888
Net loan-loss provisions	7	(1)	(4)	21	(7)	(5)	(10)	2	(22)
(losses) Other gains and provisions	(3)	(1)	(3)	(5)	(1)	(3)	(4)	(7)	(8)
Underlying profit before tax	261	297	291	335	318	259	281	848	858
Underlying consolidated profit	199	227	224	251	239	198	214	651	651
Underlying attributable profit	190	217	213	238	229	189	204	621	622

SANTANDER GLOBAL PLATFORM secondary segment(EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	100	92	100	83	103	112	104	292	318
income Net fee	142	139	137	132	115	109	111	417	335
(losses) Gains financial transactions and other on	30	32	40	34	43	29	23	102	94
income Total	271	263	277	249	260	250	238	811	748
Operating expenses	(165)	(191)	(188)	(202)	(186)	(183)	(222)	(543)	(591)
operating income Net	107	72	89	47	74	67	16	268	157
Net loan-loss provisions	(18)	(0)	(16)	(17)	(5)	(14)	(5)	(35)	(24)
(losses) Other gains and provisions	(1)	0	(2)	(2)	2	(6)	(2)	(3)	(5)
Underlying profit before tax	88	72	71	28	71	46	10	231	127
Underlying consolidated profit	63	41	46	13	52	28	5	150	85
Underlying attributable profit	52	33	36	6	43	20	(3)	121	61

SANTANDER GLOBAL PLATFORM secondary segment(Constant EUR mn)

	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	9M'19	9M'20
Net interest income	87	82	90	77	97	113	109	258	318
Net fee income	116	115	121	117	106	111	118	352	335
(losses) Gains financial transactions and other on	27	29	38	33	42	29	23	95	94
income Total	230	226	249	227	244	253	251	705	748
Operating expenses	(146)	(174)	(176)	(190)	(175)	(180)	(235)	(496)	(591)
Net operating income	83	53	73	37	69	73	15	209	157
provisions Net loan-loss	(17)	0	(16)	(16)	(5)	(14)	(5)	(32)	(24)
(losses) Other gains and provisions	(1)	0	(2)	(3)	2	(6)	(1)	(3)	(5)
Underlying profit before tax	66	53	55	18	66	52	9	175	127
Underlying consolidated profit	49	30	37	8	49	33	3	115	85
Underlying attributable profit	40	21	28	1	41	24	(4)	90	61

Appendix

Net capital gains and provisions

Primary segments

Secondary segments

Other countries. Detail

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Glossary - Acronyms

• ❑ AFS: Available for sale
• ❑ AuM: Assets under Management
• ❑ BFG: Deposit Guarantee Fund in Poland
• ❑ bn: Billion
• ❑ CET1: Common equity tier 1
• ❑ C&I: Commercial and Industrial
• ❑ CIB: Corporate & Investment Bank
• ❑ COVID-19: Coronavirus Disease 19
• ❑ DGF: Deposit guarantee fund
• ❑ GDP: Gross domestic product
• ❑ HQLA: High quality liquid asset
• ❑ FL: Fully-loaded
• ❑ FX: Foreign exchange
• ❑ EPS: Earning per share
• ❑ ESG: Environmental, social and governance
• ❑ LTV: Loan to Value
• ❑ LLPs: Loan-loss provisions
• ❑ M/LT: Medium- and long-term
• ❑ mn: million
• ❑ MXN: Mexican Pesos
• ❑ n.a.: Not available
• ❑ NII: Net interest income
• ❑ NIM: Net interest margin
• ❑ n.m.: Not meaningful
• ❑ NPL: Non-performing loans
• ❑ PBT: Profit before tax
• ❑ P&L: Profit and loss
• ❑ PPP: Pre-provision profit
• ❑ QoQ: Quarter-on-Quarter
• ❑ RE: Real Estate
• ❑ Repos: Repurchase agreements
• ❑ ROF: Gains on financial transactions
• ❑ RoRWA: Return on risk-weighted assets
• ❑ RoTE: Return on tangible equity
• ❑ RWA: Risk-weighted assets
• ❑ SBNA: Santander Bank NA
• ❑ SCF: Santander Consumer Finance
• ❑ SC USA: Santander Consumer USA
• ❑ SME: Small and Medium Enterprises
• ❑ SRF: Single Resolution Fund
• ❑ ST: Short term
• ❑ SVR: Standard variable rate
• ❑ TDR: Troubled debt restructuring
• ❑ TLAC: Total loss absorbing capacity
• ❑ TNAV: Tangible net asset value
• ❑ UF: Unidad de fomento (Chile)
• ❑ YoY: Year-on-Year
• ❑ UX: User experience

Glossary - Definitions

PROFITABILITY AND EFFICIENCY

• ✓ RoTE: Return on tangible capital: Group attributable profit / average of: net equity (excluding minority interests) intangible assets (including goodwill)
• ✓ RoRWA: Return on risk-weighted assets: consolidated profit / average risk-weighted assets
• ✓ Efficiency: Operating expenses / gross income. Operating expenses defined as general administrative expenses + amortisations

CREDIT RISK

• ✓ NPL ratio: Non-performing loans and customer advances, customer guarantees and contingent liabilities / total risk. Total risk is defined as: normal and nonperforming balances of customer loans and advances, customer guarantees and contingent liabilities
• ✓ NPL coverage ratio: Provisions to cover losses due to impairment of customer loans and advances, customer guarantees and contingent liabilities / nonperforming balances of customer loans and advances, customer guarantees and contingent liabilities
• ✓ Cost of credit: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

CAPITALISATION

✓ Tangible net asset value per share – TNAVps: Tangible stockholders' equity / number of shares (excluding treasury shares). Tangible stockholders' equity calculated as shareholders equity + accumulated other comprehensive income - intangible assets

Notes: 1) The averages for the RoTE and RoRWA denominators are calculated on the basis of 10 months from December to September.

2) For periods of less than a year, and in the event of non-recurring results existing, the profit used to calculate the RoTE is the annualised underlying attributable profit (excluding non-recurring results), to which are added non-recurring results without annualising them.

3) For periods of less than a year, and in the event of non-recurring results existing, the profit used to calculate the RoRWA is the annualised underlying consolidated result (excluding non-recurring results), to which is added non-recurring results without annualising them.

4) The risk-weighted assets included in the RoRWA denominator are calculated in accordance with the criteria defined by the Capital Requirements Regulation (CRR).

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