Banco Santander S.A. — Earnings Release 2023

Jan 31, 2024

31 January 2024

Earnings presentation: Supplementary information

2023

—

Important information

Non-IFRS and alternative performance measures

This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as 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, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between periods. APMs we use are presented unless otherwise specified on a constant FX basis, which is computed by adjusting comparative period reported data for the effects of foreign currency translation differences, which distort period-on-period comparisons. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For further details on APMs and Non-IFRS Measures, including their 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 2022 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 1 March 2023 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultadossemestrales-y-anuales-suministrada-a-la-sec/2023/sec-2022-annual-20-f-2022-en.pdf), as well as the section "Alternative performance measures" of Banco Santander, S.A. (Santander) Q4 2023 Financial Report, published on 31 January 2024 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results). Underlying measures, which are included in this document, 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 businesses included 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.

Non-financial information

This presentation contains, in addition to financial information, non-financial information (NFI), including environmental, social and governance-related metrics, statements, goals, commitments and opinions.

NFI is included to comply with Spanish Act 11/2018 on non-financial information and diversity and to provide a broader view of our impact. NFI is not audited nor reviewed by an external auditor. NFI is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which are materially different from those applicable to financial information and are in many cases emerging and evolving. NFI is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. NFI is thus subject to significant measurement uncertainties, may not be comparable to NFI of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. NFI is for informational purposes only and without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.

Forward-looking statements

Santander hereby warns that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RoRAC", "RoRWA", "TNAV", "target", "goal", "objective", "estimate", "future", "commitment", "commit", "focus", "pledge" and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI.

Important information

While these forward-looking statements represent our judgement and future expectations concerning our business developments and results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements.

In particular, forward looking statements are based on current expectations and future estimates about Santander's and third-parties' operations and businesses and address matters that are uncertain to varying degrees and may change, including, but not limited to (a) expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander's and third-parties' (including governments and other public actors) energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; (b) Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions, which may be affected by conflicting interests such as energy security; (c) changes in operations or investments under existing or future environmental laws and regulations; (d) changes in rules and regulations, regulatory requirements and internal policies, including those related to climate-related initiatives ; (e) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and (f) the uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations.

In addition, the important factors described in this presentation and other risk factors, uncertainties or contingencies detailed in our most recent Form 20-F and subsequent 6-Ks filed with, or furnished to, the SEC, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume.

Forward-looking statements are therefore aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Santander does not accept any liability in connection with forward-looking statements except where such liability cannot be limited under overriding provisions of applicable law.

Not a securities offer

This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this presentation should be taken as a profit and loss forecast.

Third Party Information

In this presentation, Santander relies on and refers to certain information and statistics obtained from publicly-available information and third-party sources, which it believes to be reliable. Neither Santander nor its directors, officers and employees have independently verified the accuracy or completeness of any such publicly-available and third-party information, make any representation or warranty as to the quality, fitness for a particular purpose, non-infringement, accuracy or completeness of such information or undertake any obligation to update such information after the date of this presentation. In no event shall Santander be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, such publicly-available and third-party information contained herein. Any sources of publicly-available information and third-party information referred or contained herein retain all rights with respect to such information and use of such information herein shall not be deemed to grant a license to any third party.

Supplementary information

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 January 2024)

Glossary

Santander's capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements

• The minimum CET1 to be maintained by the Group is 9.26%
• As of Dec-23, the distance to the MDA is 269bps³ and the CET1 management buffer is 304bps

5

* The phased-in ratio includes the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Capital Requirements Regulation (CRR2) and subsequent modifications introduced by Regulation 2020/873 of the European Union. Total phased-in capital ratios include the transitory treatment according to chapter 4, title 1, part 10 of the CRR2.

** Fully-loaded CRR and fully-loaded IFRS 9. (1) Estimated countercyclical buffer as of Dec-23.

(2) According to a recent resolution from Banco de España, our D-SIB buffer will increase from 1% to 1.25% from 1 January 2024 following a change in methodology. Institutions must hold capital at the consolidated level for the higher of the G-SIB and D-SIB requirements. As at year end 2023, Santander applies a 1% CET1 surcharge, globally (G-SIB) and locally (D-SIB), as they are both set at 1%. Additionally, the ECB revised Banco Santander, S.A.'s P2R requirement establishing a minimum of 1.74% applicable from 1 January 2024.

(3) MDA trigger = 3.04% - 0.35% = 2.69% (35bps of AT1 shortfall is covered with CET1).

Diversified bond portfolio represents just 7% of total assets

Conservative and decentralized liquidity and funding model

• Covered bonds include the first ECA covered bond which was executed in market in Q1'23 (€0.5bn by Banco Santander, S.A)

• Other includes issuances in Brazil, Mexico, Poland and Portugal

Spain UK DCB Chile US Other

(1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations.

(2) Includes €12.5bn of Banco Santander, S.A., €1.2bn of Santander International Product PLC.

(3) €0.175 bn (net between €2.261bn of issuances executed in Nov-23 and the early redemption of XS1692931121 and XS1951093894 for a total of €2.086bn).

2023 issuances against funding plan

Execution of 2023 funding plan
€ bn, Dec-23	Hybrids		SNP +	Senior	Covered	Bonds	TOTAL
	Plan	Issued	Plan Issued		Plan	Issued	Plan	Issued
Banco Santander S A ,	0 1 5 5 -	1 3 5	9 10 -	2 15 7	6 7 -	0 4	15 18 5 5 -	23 2
3 U K	-	-	3 4 -	2 1	5 6 -	2 1	8 10 -	2 4
SCF	-	-	2 4 -	4 4	-	-	2 -4	4 4
SHUSA	-	-	1 2 -	2 3	-	-	1 2 -	2 3
TOTAL	0 1 5 5 -	3 5	15 20 -	24 5	11 13 -	6 1	26 34 5 5 -	34 1
Banco Santander, S.A.'s 2023 funding plan contemplates	  		Continue fulfilling the 1.5% AT1 and 2.4% T2 buffers subject to RWA growth MREL & TLAC ratios above regulatory requirements				Liquidity position remains solid, with LCR and NFSR above minimum requirements and ample liquidity buffers

Frontloading of issuances in the first half of the year, particularly focused on liquidity issuances.

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) Includes:

the following:

• a) AT1: €0.175 bn (net between €2.261bn of issuances executed in Nov-23 and the early redemption of XS1692931121 and XS1951093894 for a total of €2.086bn).
• b) Tier 2: €0.75bn as part of the 2023 funding plan.
• c) Tier 2: €2.56bn issued as prefunding for the 2024 funding plan.
• (2) Includes: €3.25bn Senior Non-Preferred and €3.4bn Senior Preferred issued in 2023, as prefunding for the 2024 funding plan.
• (3) Santander UK's funding plan lower than originally forecast due to lower balance sheet size, and consequently a smaller commercial gap.

2024 funding plan

2024 funding plan
€ bn, Jan-24	Hybrids		SNP + Senior			Covered Bonds	TOTAL
	Plan	Issued	Plan	Issued	Plan	Issued	Plan	Issued
Banco Santander, S.A	4 - 5	1 3.8	16 - 18	2 11.6	0 - 1	-	20 - 24	15.4
UK	-	-	1 - 2	-	5 - 6	1.5	6 - 8	1.5
SCF	-	-	3 - 5	2.0	-	-	3 - 5	2.0
SHUSA	-	-	2 - 3	0.9	-	-	2 - 3	0.9
TOTAL	4 - 5	3.8	22 - 28	14.5	5 - 7	1.5	31 - 40	19.8

Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements

Banco Santander, S.A.'s 2024 funding plan contemplates the following:

• Continue fulfilling the 1.5% AT1 and 2.4% T2 buffers subject to RWA growth
• MREL & TLAC ratios above regulatory requirements
• Liquidity position remains solid, with LCR and NFSR above minimum requirements and ample liquidity buffers
• Frontloading of issuances in the first half of the year, particularly focused on regulatory issuances

Note: Other secured issuances (for example ABS, RMBS, etc.) are not considered in the table above. (1) Includes: €2.56bn in Tier 2 debt issued in 2023 as prefunding for the 2024 funding plan. (2) Includes €3.25bn Senior Non-Preferred and €3.4bn Senior Preferred issued in 2023, as prefunding for the 2024 funding plan.

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

Note: Figures applying the IFRS 9 transitional arrangements. Provisional data.

(1) TLAC RWAs are €316bn and leverage exposure (LE) is €906bn. MREL RWAs are €421bn and leverage exposure is €968bn.

(2) MREL Requirement based on RWAs from Jan-24: 29.81% + Combined Buffer Requirement (CBR).

Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios

	Liquidity Coverage Ratio (LCR)		Net Stable Funding Ratio (NSFR)
	1 Dec-23	Sep-23	Sep-23
2 Spain	159%	163%	116%
2 UK	159%	153%	134%
Portugal	150%	139%	118%
Poland	221%	207%	155%
U S	138%	136%	115%
Mexico	171%	171%	130%
Brazil	154%	146%	112%
Chile	207%	193%	114%
Argentina	226%	192%	160%
SCF	357%	377%	111%
Group	166%	164%	122%

Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data.

(2) UK: Ring-fenced bank; Spain: Banco Santander, S.A. standalone.

Supplementary information

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 January 2024)

Glossary

Yield on loans (%)

	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23
Europe	2	2	2	2	3	3	4	4
	09	23	46	87	45	82	17	37
Spain	1	1	1	2	3	3	4	4
	72	77	96	46	31	80	27	46
United Kingdom	2 25	2 33	2 46	2 71	2 94	3 16	3 38	3 60
Portugal	1	1	1	2	3	4	4	00
	46	48	69	37	33	03	63	5
Poland	4	6	28	64	8	8	8	8
	64	22	7	7	26	42	49	24
America North	32 7	62 7	8 13	8 75	9 46	10 08	10 20	10 28
US	6	6	6	35	88	8	8	8
	25	39	89	7	7	44	49	59
Mexico	10	11	11	12	13	14	14	14
	42	07	81	80	72	25	30	35
America South	12 91	14 72	14 60	13 94	14 04	14 15	13 34	14 26
Brazil	14	14	14	14	15	15	15	14
	36	89	83	90	16	13	17	91
Chile	10	14	13	11	9	10	68	10
	04	44	35	70	84	12	7	68
Argentina	24	28	34	37	40	43	48	56
	39	80	39	44	29	03	60	01
DCB Europe	4 02	4 00	4 02	4 28	4 72	4 99	23 5	46 5

Cost of deposits (%)

	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23
Europe	0	0	0	0	0	1	1	1
	08	14	25	53	81	03	24	46
Spain	0	0	09	0	0	0	90	1
	05	05	0	22	53	72	0	00
United Kingdom	0 12	0 21	0 35	0 79	1 10	1 37	1 64	2 02
Portugal	0	0	0	0	0	0	0	0
	01	02	02	04	14	26	38	62
Poland	0	0	1	1	1	1	1	1
	16	49	00	58	75	89	91	66
North America	0 74	0 93	1 35	2 10	2 98	3 41	3 75	3 91
US	0	0	0	1	2	2	2	3
	10	28	70	40	10	40	82	06
Mexico	2	2	3	3	98	5	5	58
	39	58	08	91	4	44	55	5
South America	21 5	6 57	8 13	8 20	9 10	9 23	9 15	8 33
Brazil	6	19	8	8	8	8	9	8
	12	7	49	60	99	87	07	13
Chile	1	3	39	79	82	15	92	4
	70	12	4	4	4	5	4	74
Argentina	13	17	22	28	29	36	43	46
	62	65	86	10	55	13	24	36
DCB Europe	0 22	0 26	0 39	0 71	1 05	1 38	1 71	2 02

Supplementary information

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 January 2024)

Glossary

Stage coverage

		¹ Exposure												Coverage
	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23		Mar-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23
Stage 1	967	998	1 030 ,	1 004 ,	1 005 ,	1 011 ,	1 002 ,	1 000 ,		0 5%	0 5%	0 5%	0 4%	0 4%	0 4%	0 4%	0 4%
Stage 2	68	66	70	69	72	75	77	80		8 0%	8 5%	7 7%	7 7%	7 4%	7 2%	7 0%	6 4%
Stage 3	36	34	36	35	34	35	36	36		41 0%	40 1%	41 0%	40 8%	40 1%	41 0%	40 4%	40 6%

1) Exposure subject to impairment in EUR bn.

NPL ratio (%)

	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23
Europe	3	2	2	2	2	2	2	2
	01	63	58	37	35	35	32	32
Spain	4	3	3	3	3	3	3	3
	47	83	69	27	19	11	06	06
United Kingdom	1 42	1 17	1 16	1 21	1 27	1 32	1 42	1 42
Portugal	3	3	3	2	3	3	2	2
	42	33	03	99	05	09	48	59
Poland	3	3	3	3	3	3	3	3
	50	45	63	80	66	74	63	55
North America	2 83	2 71	2 79	3 03	2 95	3 23	3 83	4 09
US	2	2	2	3	3	3	24	4
	75	64	92	25	13	46	4	57
Mexico	3	2	2	2	2	2	2	2
	09	95	34	32	39	60	72	82
South America	05 5	39 5	54 5	6 20	99 5	88 5	71 5	72 5
Brazil	68	6	6	7	34	00	6	6
	5	34	63	57	7	7	71	56
Chile	70	70	63	99	4	95	90	01
	4	4	4	4	75	4	4	5
Argentina	3	2	2	2	2	1	1	1
	21	48	13	08	08	92	91	99
DCB Europe	2 27	2 22	2 20	2 06	2 05	2 04	2 08	2 12
TOTAL GROUP	3 26	3 05	3 08	3 08	3 05	3 07	3 13	3 14

NPL coverage ratio (%)

	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23
Europe	49	50	49	51	51	51	51	49
	1	2	7	8	0	1	1	3
Spain	50	49	49	51	49	50	51	49
	4	4	3	0	9	7	2	1
United Kingdom	26 1	32 9	32 4	33 8	33 1	32 0	31 9	30 3
Portugal	72	3	76	79	80	81	84	82
	8	74	3	3	3	8	6	7
Poland	78	76	8	0	2	0	76	73
	5	0	74	74	75	74	5	3
North America	110 5	111 4	102 7	93 3	94 9	90 0	78 8	73 8
US	122	121	102	90	91	85	73	67
	2	0	8	3	5	6	1	7
Mexico	79	84	102	106	108	106	102	100
	5	1	7	6	5	3	7	0
South America	92 2	86 9	84 7	76 0	76 3	8 77	78 0	78 4
Brazil	101	92	89	79	79	82	83	84
	1	3	2	5	5	7	0	7
Chile	60	60	60	56	59	56	6	52
	7	4	3	3	2	2	55	7
Argentina	161	171	179	180	169	163	158	165
	7	1	0	4	4	1	3	7
DCB Europe	99 4	97 4	95 6	92 8	93 5	94 5	92 2	88 0
TOTAL GROUP	69 5	70 6	69 7	67 5	67 9	68 4	67 5	65 9

Credit impaired loans and loan-loss allowances. Breakdown by operating areas. December 2023

Credit impaired loans Loan-loss allowances

Cost of risk (%)

	Mar-22	Jun-22	Sep-22	Dec-22	Mar-23	Jun-23	Sep-23	Dec-23
Europe	0	0	0	0	0	0	0	0
	37	37	36	39	42	42	44	44
Spain	0	0	0	0	0	0	0	0
	88	79	71	61	62	62	62	62
United Kingdom	(0 08)	(0 02)	0 02	0 12	0 12	0 11	0 12	0 10
Portugal	0	(0	(0	0	0	0	0	0
	03	05)	12)	04	06	10	17	20
Poland	0	0	1	1	1	1	1	2
	65	95	07	43	71	87	98	08
North America	0 93	1 09	1 12	1 49	1 62	1 70	1 91	2 05
US	49	0	0	1	1	1	1	92
	0	78	87	35	52	57	77	1
Mexico	2	2	1	95	98	2	2	2
	22	05	86	1	1	13	34	43
South America	2 73	2 97	3 11	3 32	3 39	3 32	3 30	3 36
Brazil	3	4	4	4	4	4	4	4
	94	26	46	79	84	74	67	77
Chile	0	89	0	93	95	0	0	0
	83	0	87	0	0	88	87	80
Argentina	3	3	2	2	2	3	4	6
	31	07	88	91	97	46	09	64
DCB Europe	0 44	0 44	0 43	0 45	0 48	0 54	0 60	0 62
TOTAL GROUP	0 77	0 83	0 86	0 99	1 05	1 08	1 13	1 18

Supplementary information

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 January 2024)

Glossary

GRUPO SANTANDER (EUR mn)

Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Change / Q4'23 Q3'23	2022	2023	Change / 2023 2022
interest income Net	8 855 ,	9 554 ,	10 051 ,	10 159 ,	10 185 ,	10 735 ,	11 219 ,	11 122 ,	-0 9%	38 619 ,	43 261 ,	+12 0%
Net fee income	2 812 ,	3 040 ,	3 015 ,	2 923 ,	3 043 ,	3 060 ,	3 119 ,	2 835 ,	-9 1%	11 790 ,	12 057 ,	+2 3%
(losses) Gains financial transactions and other on	638	221	443	443	707	504	523	595	+13 8%	1 745 ,	2 329 ,	+33 5%
Total revenue	12 305 ,	12 815 ,	13 509 ,	13 525 ,	13 935 ,	14 299 ,	14 861 ,	14 552 ,	-2 1%	52 154 ,	57 647 ,	+10 5%
Operating expenses	(5 535) ,	(5 900) ,	(6 160) ,	(6 308) ,	(6 145) ,	(6 334) ,	(6 482) ,	(6 464) ,	-0 3%	(23 903) ,	(25 425) ,	+6 4%
operating income Net	6 770 ,	6 915 ,	349 7 ,	217 7 ,	790 7 ,	965 7 ,	8 379 ,	8 088 ,	-3 5%	28 251 ,	32 222 ,	+14 1%
Net loan-loss provisions	(2 101) ,	(2 634) ,	(2 756) ,	(3 018) ,	(2 873) ,	(2 898) ,	(3 266) ,	(3 421) ,	+4 7%	(10 509) ,	(12 458) ,	+18 5%
(losses) Other gains and provisions	(498)	(537)	(747)	(710)	(822)	(833)	(666)	(745)	+11 9%	(2 492) ,	(3 066) ,	+23 0%
Profit before tax	4 171 ,	3 744 ,	3 846 ,	3 489 ,	4 095 ,	4 234 ,	4 447 ,	3 922 ,	-11 8%	15 250 ,	16 698 ,	+9 5%
Consolidated profit	2 869 ,	2 672 ,	2 682 ,	2 541 ,	2 865 ,	2 970 ,	3 176 ,	3 198 ,	+0 7%	10 764 ,	12 209 ,	+13 4%
Attributable profit	2 543 ,	2 351 ,	2 422 ,	2 289 ,	2 571 ,	2 670 ,	2 902 ,	2 933 ,	+1 1%	9 605 ,	11 076 ,	+15 3%

GRUPO SANTANDER (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	8 930 ,	9 150 ,	9 435 ,	9 855 ,	9 916 ,	10 351 ,	10 891 ,	12 103 ,	+11 1%	37 369 ,	43 261 ,	+15 8%
Net fee income	2 830 ,	2 923 ,	2 856 ,	2 875 ,	2 982 ,	2 964 ,	3 028 ,	3 083 ,	+1 8%	11 483 ,	12 057 ,	+5 0%
(losses) Gains financial transactions and other on	703	311	590	498	832	649	628	221	-64 9%	2 102 ,	2 329 ,	+10 8%
Total revenue	12 462 ,	12 384 ,	12 881 ,	13 227 ,	13 729 ,	13 964 ,	14 548 ,	15 406 ,	9% +5	50 954 ,	647 57 ,	+13 1%
Operating expenses	(5 516) ,	(5 667) ,	(5 820) ,	(6 189) ,	(6 018) ,	(6 163) ,	(6 344) ,	(6 900) ,	+8 8%	(23 193) ,	(25 425) ,	+9 6%
operating income Net	6 946 ,	6 717 ,	061 7 ,	038 7 ,	711 7 ,	800 7 ,	8 204 ,	8 507 ,	+3 7%	27 761 ,	32 222 ,	+16 1%
Net loan-loss provisions	(2 181) ,	(2 599) ,	(2 692) ,	(2 991) ,	(2 883) ,	(2 868) ,	(3 223) ,	(3 484) ,	+8 1%	(10 463) ,	(12 458) ,	+19 1%
(losses) Other gains and provisions	(478)	(476)	(691)	(651)	(810)	(785)	(670)	(800)	+19 3%	(2 296) ,	(3 066) ,	+33 5%
Profit before tax	4 286 ,	3 642 ,	3 678 ,	3 396 ,	4 018 ,	4 147 ,	4 310 ,	4 223 ,	-2 0%	15 002 ,	16 698 ,	+11 3%
Consolidated profit	2 939 ,	2 591 ,	2 573 ,	2 478 ,	2 799 ,	2 893 ,	3 091 ,	3 426 ,	+10 8%	10 580 ,	12 209 ,	+15 4%
Attributable profit	2 605 ,	2 270 ,	2 311 ,	2 221 ,	2 502 ,	2 596 ,	2 818 ,	3 160 ,	+12 1%	9 407 ,	11 076 ,	+17 7%

Europe (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	2 839 ,	2 981 ,	3 179 ,	3 567 ,	3 597 ,	3 968 ,	222 4 ,	123 4 ,	-2 4%	12 565 ,	15 910 ,	+26 6%
Net fee income	1 154 ,	1 162 ,	1 125 ,	1 051 ,	1 168 ,	1 076 ,	1 084 ,	1 071 ,	-1 2%	4 493 ,	4 399 ,	-2 1%
(losses) Gains financial transactions and other on	312	134	388	139	406	249	458	17	-96 3%	972	1 130 ,	+16 3%
Total revenue	4 305 ,	4 276 ,	4 692 ,	4 757 ,	5 171 ,	5 293 ,	5 765 ,	5 211 ,	-9 6%	18 030 ,	21 439 ,	+18 9%
Operating expenses	(2 060) ,	(2 104) ,	(2 132) ,	(2 227) ,	(2 167) ,	(2 215) ,	(2 291) ,	(2 357) ,	+2 9%	(8 523) ,	(9 030) ,	+5 9%
operating income Net	2 245 ,	2 172 ,	2 559 ,	2 530 ,	3 004 ,	3 078 ,	3 474 ,	2 854 ,	-17 9%	9 507 ,	12 409 ,	+30 5%
Net loan-loss provisions	(515)	(631)	(614)	(636)	(642)	(646)	(662)	(582)	-12 0%	(2 396) ,	(2 533) ,	+5 7%
(losses) Other gains and provisions	(236)	(342)	(562)	(488)	(516)	(389)	(361)	(415)	+15 0%	(1 629) ,	(1 681) ,	+3 2%
Profit before tax	1 494 ,	1 199 ,	1 384 ,	1 405 ,	1 846 ,	2 042 ,	2 451 ,	1 856 ,	-24 3%	5 482 ,	8 195 ,	+49 5%
Consolidated profit	1 073 ,	867	1 011 ,	1 038 ,	1 269 ,	1 428 ,	1 753 ,	1 374 ,	-21 6%	3 989 ,	5 824 ,	+46 0%
Attributable profit	1 018 ,	821	998	973	1 189 ,	1 347 ,	1 640 ,	1 306 ,	-20 4%	3 810 ,	482 5 ,	+43 9%

Europe (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2 802 ,	2 961 ,	3 177 ,	3 585 ,	3 638 ,	3 969 ,	4 202 ,	4 101 ,	-2 4%	12 526 ,	15 910 ,	+27 0%
fee income Net	1 154 ,	1 162 ,	1 128 ,	1 055 ,	1 175 ,	1 076 ,	1 082 ,	1 066 ,	-1 4%	498 4 ,	399 4 ,	-2 2%
(losses) Gains financial transactions and other on	312	132	386	138	405	249	459	17	-96 4%	969	1 130 ,	+16 7%
Total revenue	4 268 ,	4 255 ,	4 691 ,	4 778 ,	218 5 ,	294 5 ,	743 5 ,	184 5 ,	-9 7%	17 993 ,	21 439 ,	+19 2%
Operating expenses	(2 039) ,	(2 090) ,	(2 126) ,	(2 231) ,	(2 184) ,	(2 216) ,	(2 281) ,	(2 349) ,	+3 0%	(8 486) ,	(9 030) ,	+6 4%
operating income Net	2 229 ,	2 165 ,	2 566 ,	2 547 ,	3 034 ,	3 078 ,	3 462 ,	2 835 ,	-18 1%	9 506 ,	12 409 ,	+30 5%
provisions Net loan-loss	(514)	(633)	(616)	(642)	(649)	(647)	(659)	(578)	-12 4%	(2 404) ,	(2 533) ,	4% +5
(losses) Other gains and provisions	(234)	(341)	(572)	(488)	(519)	(389)	(360)	(413)	+14 9%	(1 636) ,	(1 681) ,	+2 8%
Profit before tax	1 481 ,	1 191 ,	1 378 ,	1 417 ,	1 866 ,	2 042 ,	2 443 ,	1 844 ,	-24 5%	466 5 ,	8 195 ,	+49 9%
Consolidated profit	1 062 ,	862	1 006 ,	1 046 ,	1 284 ,	1 428 ,	1 747 ,	1 365 ,	-21 9%	3 977 ,	5 824 ,	+46 4%
Attributable profit	1 006 ,	814	992	979	1 201 ,	1 347 ,	1 635 ,	1 300 ,	-20 5%	3 792 ,	5 482 ,	+44 6%

Spain (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	998	1 017 ,	1 119 ,	1 405 ,	1 460 ,	1 701 ,	1 741 ,	1 738 ,	-0 2%	4 539 ,	6 641 ,	+46 3%
Net fee income	745	730	697	646	752	661	635	652	+2 7%	2 818 ,	2 699 ,	-4 2%
(losses) Gains financial transactions and other on	278	169	306	125	335	204	302	(48)	—	877	792	-9 6%
Total revenue	2 021 ,	1 916 ,	2 121 ,	2 175 ,	2 547 ,	2 566 ,	2 678 ,	2 341 ,	-12 6%	8 233 ,	10 132 ,	+23 1%
Operating expenses	(972)	(971)	(997)	(1 057) ,	(1 014) ,	(1 025) ,	(1 088) ,	(1 100) ,	+1 2%	(3 998) ,	(4 227) ,	7% +5
operating income Net	1 049 ,	945	1 124 ,	1 118 ,	1 533 ,	1 540 ,	1 591 ,	1 241 ,	-22 0%	4 236 ,	5 905 ,	+39 4%
Net loan-loss provisions	(391)	(416)	(421)	(390)	(415)	(389)	(377)	(342)	-9 1%	(1 618) ,	(1 522) ,	9% -5
(losses) gains provisions Other and	(139)	(144)	(110)	(147)	(379)	(212)	(201)	(191)	-4 9%	(539)	(984)	+82 4%
Profit before tax	519	385	593	581	739	940	1 013 ,	707	-30 2%	2 079 ,	3 399 ,	+63 5%
Consolidated profit	365	287	452	456	466	666	722	516	-28 5%	1 560 ,	2 371 ,	+51 9%
Attributable profit	365	287	452	456	466	666	722	516	-28 5%	1 560 ,	2 371 ,	+51 9%

United Kingdom (EUR mn)

								Change			Change
Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
1 192 ,	1 227 ,	1 277 ,	1 297 ,	1 283 ,	1 300 ,	1 344 ,	1 225 ,	-8 9%	4 992 ,	152 5 ,	+3 2%
92	110	93	95	83	84	97	74	-23 3%	390	338	-13 3%
7	6	28	(4)	2	6	45	(19)	—	36	34	-5 0%
1 291 ,	1 342 ,	1 397 ,	1 388 ,	1 368 ,	1 391 ,	1 486 ,	1 280 ,	-13 9%	418 5 ,	525 5 ,	+2 0%
(672)	(677)	(660)	(677)	(674)	(689)	(684)	(698)	+2 1%	(2 685) ,	(2 745) ,	+2 2%
620	666	738	710	694	702	803	581	-27 6%	2 733 ,	2 779 ,	+1 7%
(51)	(74)	(109)	(82)	(59)	(44)	(126)	(18)	-85 6%	(316)	(247)	-21 7%
(66)	(99)	(88)	(264)	(92)	(73)	(92)	(168)	+81 9%	(517)	(425)	-17 9%
503	492	540	365	542	585	585	396	-32 3%	1 900 ,	2 107 ,	+10 9%
375	361	402	257	395	423	425	301	-29 1%	1 395 ,	1 545 ,	+10 8%
375	361	402	257	395	423	425	301	-29 1%	1 395 ,	1 545 ,	+10 8%

United Kingdom (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	1 147 ,	1 196 ,	1 256 ,	1 296 ,	1 303 ,	1 300 ,	1 329 ,	1 221 ,	-8 1%	4 894 ,	152 5 ,	3% +5
Net fee income	89	107	92	95	84	84	96	74	-22 8%	382	338	-11 5%
(losses) Gains financial transactions and other on	7	6	27	(4)	2	6	45	(20)	—	35	34	-3 1%
Total revenue	1 242 ,	1 309 ,	1 375 ,	1 387 ,	1 389 ,	1 391 ,	1 470 ,	1 275 ,	-13 3%	312 5 ,	525 5 ,	0% +4
Operating expenses	(646)	(660)	(649)	(677)	(685)	(689)	(675)	(696)	+3 0%	(2 633) ,	(2 745) ,	+4 3%
Net operating income	596	649	725	709	705	701	794	579	-27 1%	2 679 ,	2 779 ,	+3 7%
Net loan-loss provisions	(49)	(72)	(107)	(81)	(60)	(44)	(125)	(18)	-85 7%	(310)	(247)	-20 1%
(losses) Other gains and provisions	(63)	(97)	(87)	(260)	(94)	(73)	(91)	(167)	+83 6%	(507)	(425)	-16 3%
Profit before tax	483	480	531	368	551	585	578	394	-31 8%	1 863 ,	2 107 ,	+13 1%
Consolidated profit	361	352	396	259	401	423	420	300	-28 6%	1 367 ,	1 545 ,	+13 0%
Attributable profit	361	352	396	259	401	423	420	300	-28 6%	1 367 ,	1 545 ,	+13 0%

United Kingdom (GBP mn)

								Change			Change
Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
997	1 040 ,	1 092 ,	1 127 ,	1 133 ,	1 130 ,	1 156 ,	1 061 ,	-8 1%	4 256 ,	4 480 ,	3% +5
77	93	80	82	73	73	83	64	-22 8%	332	294	-11 5%
6	5	24	(4)	2	5	39	(17)	—	31	30	-3 1%
1 080 ,	1 138 ,	1 195 ,	1 206 ,	1 208 ,	1 209 ,	1 278 ,	1 109 ,	-13 3%	619 4 ,	804 4 ,	0% +4
(562)	(574)	(565)	(589)	(595)	(599)	(587)	(605)	+3 0%	(2 289) ,	(2 387) ,	+4 3%
518	564	631	617	613	610	691	504	-27 1%	2 330 ,	2 417 ,	+3 7%
(43)	(63)	(93)	(71)	(52)	(38)	(109)	(16)	-85 7%	(269)	(215)	-20 1%
(55)	(84)	(76)	(226)	(82)	(63)	(79)	(145)	+83 6%	(441)	(369)	-16 3%
420	418	462	320	479	509	503	343	-31 8%	1 620 ,	1 833 ,	+13 1%
314	306	344	225	349	368	365	261	-28 6%	1 189 ,	1 343 ,	+13 0%
314	306	344	225	349	368	365	261	-28 6%	1 189 ,	1 343 ,	+13 0%

Portugal (EUR mn)

								Change			Change
Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
170	171	175	231	261	314	439	451	+2 7%	747	1 465 ,	+96 2%
122	123	121	118	124	111	117	111	-5 1%	484	464	-4 2%
41	(13)	23	13	20	(6)	18	21	+18 9%	64	54	-16 4%
333	281	320	362	405	419	575	584	+1 6%	1 295 ,	1 982 ,	+53 1%
(125)	(125)	(125)	(126)	(132)	(132)	(137)	(141)	+3 0%	(502)	(542)	+8 1%
207	155	194	237	273	286	438	443	+1 2%	793	1 440 ,	+81 6%
(8)	(3)	2	(8)	(14)	(20)	(25)	(18)	-25 6%	(17)	(77)	+353 6%
15	(40)	1	23	1	(42)	(7)	(1)	-82 8%	(1)	(49)	—
215	112	196	252	261	223	406	423	2% +4	775	1 314 ,	+69 4%
148	78	136	174	180	142	284	293	+3 2%	536	898	+67 8%
148	77	135	174	180	142	283	292	+3 2%	534	896	+67 9%

Poland (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	407	486	530	552	586	623	662	673	+1 6%	1 976 ,	2 543 ,	+28 7%
Net fee income	138	130	135	125	145	144	148	153	+3 3%	528	589	+11 6%
(losses) Gains financial transactions and other on	(35)	(37)	24	18	(2)	13	25	13	-49 0%	(30)	49	—
Total revenue	511	579	690	695	729	780	835	838	+0 4%	2 474 ,	3 182 ,	+28 6%
Operating expenses	(166)	(173)	(171)	(182)	(197)	(207)	(217)	(240)	+10 7%	(692)	(862)	+24 6%
operating income Net	345	406	519	512	531	573	617	598	-3 2%	1 782 ,	2 320 ,	+30 1%
Net loan-loss provisions	(64)	(138)	(88)	(150)	(151)	(191)	(132)	(199)	+51 0%	(440)	(674)	+53 2%
(losses) Other gains and provisions	(46)	(60)	(363)	(85)	(44)	(61)	(60)	(88)	+46 4%	(553)	(253)	2% -54
Profit before tax	236	208	68	277	336	321	425	310	-27 0%	789	1 392 ,	+76 4%
Consolidated profit	167	142	33	200	247	236	319	213	-33 2%	542	1 015 ,	+87 3%
Attributable profit	112	95	22	134	167	155	208	145	-30 3%	364	674	+85 3%

Poland (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	415	498	553	573	608	624	657	655	-0 3%	2 039 ,	2 543 ,	+24 7%
fee income Net	140	133	141	130	150	144	147	149	+1 4%	545	589	+8 1%
(losses) Gains financial transactions and other on	(35)	(38)	24	18	(2)	14	25	12	-50 6%	(31)	49	—
Total revenue	520	593	718	722	756	781	828	816	-1 5%	2 553 ,	3 182 ,	+24 6%
Operating expenses	(169)	(177)	(178)	(190)	(205)	(207)	(215)	(235)	+8 9%	(714)	(862)	+20 7%
Net operating income	351	416	540	532	551	574	613	581	-5 2%	1 839 ,	2 320 ,	+26 1%
provisions Net loan-loss	(65)	(141)	(92)	(156)	(157)	(192)	(130)	(195)	+49 8%	(454)	(674)	+48 5%
(losses) Other gains and provisions	(46)	(62)	(374)	(89)	(46)	(61)	(60)	(86)	+44 8%	(571)	(253)	-55 6%
Profit before tax	240	213	74	287	348	320	423	300	-29 1%	814	1 392 ,	+71 0%
Consolidated profit	170	146	36	208	257	236	317	205	-35 3%	559	1 015 ,	+81 5%
Attributable profit	114	97	24	139	173	154	207	140	-32 4%	375	674	+79 6%

Poland (PLN mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	1 881 ,	2 261 ,	2 510 ,	2 602 ,	2 759 ,	2 830 ,	2 980 ,	2 972 ,	-0 3%	9 254 ,	11 541 ,	+24 7%
Net fee income	637	605	641	591	682	653	665	675	+1 4%	2 474 ,	2 675 ,	+8 1%
(losses) Gains financial transactions and other on	(160)	(172)	109	82	(9)	62	114	56	-50 6%	(140)	224	—
Total revenue	2 359 ,	2 693 ,	3 260 ,	3 275 ,	3 432 ,	3 545 ,	3 760 ,	3 703 ,	-1 5%	11 588 ,	14 440 ,	+24 6%
Operating expenses	(766)	(805)	(810)	(861)	(930)	(941)	(978)	(1 065) ,	+8 9%	(3 241) ,	(3 913) ,	+20 7%
operating income Net	1 593 ,	1 889 ,	2 451 ,	2 415 ,	2 502 ,	2 604 ,	2 782 ,	2 638 ,	-5 2%	8 347 ,	10 527 ,	+26 1%
Net loan-loss provisions	(294)	(641)	(417)	(708)	(713)	(871)	(591)	(885)	+49 8%	(2 060) ,	(3 059) ,	+48 5%
(losses) Other gains and provisions	(211)	(279)	(1 698) ,	(403)	(208)	(279)	(271)	(392)	8% +44	(2 592) ,	(1 150) ,	6% -55
Profit before tax	1 088 ,	968	335	1 304 ,	1 581 ,	1 454 ,	1 920 ,	1 362 ,	-29 1%	3 695 ,	6 318 ,	+71 0%
Consolidated profit	771	662	164	942	1 165 ,	1 070 ,	1 440 ,	932	-35 3%	2 539 ,	4 607 ,	+81 5%
Attributable profit	518	442	110	632	785	700	938	634	-32 4%	1 702 ,	3 057 ,	+79 6%

Other Europe (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	72	80	77	83	7	30	36	36	+1 2%	312	109	-65 0%
Net fee income	56	69	79	68	65	75	87	81	-7 3%	273	309	+13 2%
(losses) Gains financial transactions and other on	21	9	7	(13)	50	32	68	51	-25 5%	25	201	—
Total revenue	149	158	164	138	122	137	191	168	-12 2%	609	618	+1 6%
Operating expenses	(125)	(158)	(179)	(185)	(150)	(161)	(166)	(177)	+6 9%	(646)	(653)	+1 1%
operating income Net	24	1	(15)	(47)	(28)	(24)	26	(9)	—	(38)	(35)	-6 5%
Net loan-loss provisions	(1)	(1)	3	(7)	(3)	(2)	(3)	(4)	+64 3%	(6)	(12)	+112 3%
(losses) Other gains and provisions	(1)	1	(2)	(15)	(1)	(1)	(1)	33	—	(18)	30	—
Profit before tax	22	1	(15)	(70)	(32)	(27)	22	20	-11 4%	(61)	(17)	-71 5%
Consolidated profit	17	(0)	(11)	(49)	(20)	(38)	4	50	—	(43)	(5)	-89 1%
Attributable profit	17	1	(13)	(48)	(19)	(38)	3	52	—	(42)	(3)	-93 7%

Other Europe (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	74	79	74	80	6	30	36	36	-0 3%	307	109	-64 4%
Net fee income	57	69	77	66	65	75	87	81	7% -7	269	309	+14 7%
(losses) Gains financial transactions and other on	21	9	6	(14)	50	32	68	51	-25 8%	23	201	—
Total revenue	152	157	157	132	121	138	192	167	-12 7%	599	618	+3 2%
Operating expenses	(127)	(157)	(175)	(181)	(149)	(162)	(166)	(177)	5% +6	(640)	(653)	1% +2
operating income Net	26	0	(18)	(49)	(28)	(24)	26	(9)	—	(41)	(35)	-14 4%
loan-loss provisions Net	(1)	(1)	3	(7)	(3)	(2)	(3)	(4)	+64 7%	(6)	(12)	+112 2%
(losses) Other gains and provisions	(1)	1	(2)	(15)	(1)	(1)	(1)	33	—	(18)	30	—
Profit before tax	23	0	(17)	(71)	(33)	(27)	22	19	-13 1%	(64)	(17)	-72 8%
Consolidated profit	18	(0)	(13)	(50)	(21)	(38)	4	50	—	(46)	(5)	6% -89
Attributable profit	18	0	(14)	(49)	(19)	(38)	3	51	—	(45)	(3)	-94 0%

North America (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2 131 ,	2 352 ,	2 619 ,	2 603 ,	2 448 ,	2 483 ,	2 602 ,	2 626 ,	+0 9%	9 705 ,	10 159 ,	+4 7%
Net fee income	443	494	513	508	521	555	560	555	-0 9%	1 958 ,	2 192 ,	+11 9%
(losses) Gains financial transactions and other on	220	140	108	184	172	237	228	185	-18 9%	653	823	+26 0%
Total revenue	2 795 ,	2 986 ,	3 240 ,	3 295 ,	3 141 ,	3 276 ,	3 391 ,	3 366 ,	-0 7%	12 316 ,	13 174 ,	0% +7
Operating expenses	(1 260) ,	(1 432) ,	(1 546) ,	(1 632) ,	(1 500) ,	(1 560) ,	(1 648) ,	(1 758) ,	+6 7%	(5 871) ,	(6 465) ,	+10 1%
Net operating income	1 535 ,	1 554 ,	1 694 ,	1 663 ,	1 641 ,	1 716 ,	1 743 ,	1 608 ,	7% -7	6 445 ,	6 708 ,	+4 1%
Net loan-loss provisions	(439)	(524)	(703)	(872)	(808)	(722)	(1 077) ,	(1 126) ,	+4 5%	(2 538) ,	(3 733) ,	+47 1%
(losses) Other gains and provisions	(46)	(19)	(46)	(7)	(19)	(69)	(37)	(14)	-61 7%	(118)	(138)	+17 4%
Profit before tax	1 050 ,	1 011 ,	945	784	815	925	629	469	5% -25	3 790 ,	2 837 ,	1% -25
Consolidated profit	815	782	706	619	640	719	555	454	-18 2%	2 921 ,	2 369 ,	-18 9%
Attributable profit	806	772	693	607	627	719	554	454	-18 0%	2 878 ,	2 354 ,	-18 2%

North America (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2 335 ,	2 429 ,	2 571 ,	2 568 ,	2 481 ,	2 497 ,	2 578 ,	2 603 ,	+1 0%	9 902 ,	10 159 ,	+2 6%
fee income Net	499	524	518	513	534	558	550	549	-0 2%	2 054 ,	2 192 ,	+6 7%
(losses) Gains financial transactions and other on	226	133	91	175	170	240	228	184	-19 4%	625	823	+31 7%
Total revenue	3 060 ,	3 086 ,	3 180 ,	3 256 ,	3 186 ,	3 296 ,	3 356 ,	3 336 ,	-0 6%	12 581 ,	13 174 ,	+4 7%
Operating expenses	(1 377) ,	(1 478) ,	(1 517) ,	(1 614) ,	(1 517) ,	(1 570) ,	(1 634) ,	(1 744) ,	+6 7%	(5 985) ,	(6 465) ,	+8 0%
operating income Net	1 683 ,	1 608 ,	1 663 ,	1 642 ,	1 669 ,	1 726 ,	1 722 ,	1 592 ,	-7 6%	6 596 ,	6 708 ,	+1 7%
provisions Net loan-loss	(485)	(541)	(688)	(857)	(815)	(728)	(1 072) ,	(1 119) ,	3% +4	(2 571) ,	(3 733) ,	2% +45
(losses) Other gains and provisions	(52)	(22)	(48)	(5)	(19)	(69)	(36)	(14)	-62 3%	(127)	(138)	+9 0%
Profit before tax	1 146 ,	1 045 ,	927	780	835	930	613	459	-25 1%	3 899 ,	2 837 ,	-27 2%
Consolidated profit	888	807	691	615	654	723	544	447	-17 9%	3 001 ,	2 369 ,	-21 1%
Attributable profit	878	796	677	602	641	723	543	447	-17 6%	2 953 ,	2 354 ,	-20 3%

United States (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	1 378 ,	1 499 ,	1 669 ,	1 594 ,	1 465 ,	1 436 ,	1 414 ,	1 428 ,	+1 0%	6 140 ,	5 742 ,	-6 5%
Net fee income	197	198	194	183	190	200	189	187	-1 3%	771	766	-0 6%
(losses) Gains financial transactions and other on	236	157	139	180	173	161	215	152	-29 5%	713	701	7% -1
Total revenue	1 811 ,	1 854 ,	2 001 ,	1 957 ,	1 827 ,	1 797 ,	1 818 ,	1 767 ,	-2 8%	7 623 ,	7 209 ,	-5 4%
Operating expenses	(798)	(883)	(953)	(964)	(912)	(887)	(915)	(964)	4% +5	(3 599) ,	(3 679) ,	+2 2%
operating income Net	1 013 ,	970	1 048 ,	993	915	910	903	802	-11 2%	4 025 ,	3 531 ,	-12 3%
Net loan-loss provisions	(256)	(338)	(513)	(637)	(567)	(438)	(764)	(824)	9% +7	(1 744) ,	(2 593) ,	+48 7%
(losses) gains provisions Other and	(19)	7	(5)	(3)	(2)	(55)	(21)	4	—	(20)	(74)	+278 1%
Profit before tax	738	640	530	354	346	417	119	(18)	—	2 261 ,	863	-61 8%
Consolidated profit	583	507	399	294	300	367	198	67	-66 2%	1 784 ,	932	7% -47
Attributable profit	583	507	399	294	300	367	198	67	-66 2%	1 784 ,	932	-47 7%

United States (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	1 430 ,	1 477 ,	1 557 ,	1 505 ,	1 454 ,	1 445 ,	1 423 ,	1 421 ,	-0 2%	5 970 ,	5 742 ,	-3 8%
Net fee income	204	194	179	172	188	202	191	186	-2 4%	750	766	+2 2%
(losses) Gains financial transactions and other on	245	153	125	170	171	162	216	151	-30 3%	693	701	+1 1%
Total revenue	1 880 ,	1 824 ,	1 861 ,	1 847 ,	1 813 ,	1 808 ,	1 830 ,	1 758 ,	-4 0%	7 412 ,	7 209 ,	-2 7%
Operating expenses	(828)	(871)	(888)	(911)	(905)	(892)	(921)	(960)	+4 2%	(3 499) ,	(3 679) ,	1% +5
operating income Net	1 051 ,	953	973	936	908	916	909	798	2% -12	3 913 ,	3 531 ,	8% -9
Net loan-loss provisions	(265)	(335)	(487)	(608)	(563)	(441)	(767)	(821)	+7 0%	(1 695) ,	(2 593) ,	+52 9%
(losses) Other gains and provisions	(20)	8	(5)	(2)	(2)	(55)	(21)	4	—	(19)	(74)	+288 9%
Profit before tax	766	626	481	325	343	419	120	(19)	—	2 199 ,	863	-60 7%
Consolidated profit	605	496	361	272	298	369	200	65	-67 2%	1 734 ,	932	-46 3%
Attributable profit	605	496	361	272	298	369	200	65	-67 2%	1 734 ,	932	-46 3%

United States (USD mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	1 546 ,	1 597 ,	1 684 ,	1 627 ,	1 572 ,	1 562 ,	1 538 ,	1 536 ,	-0 2%	6 453 ,	6 208 ,	-3 8%
Net fee income	221	210	193	186	203	218	206	201	-2 4%	811	828	+2 2%
(losses) Gains financial transactions and other on	265	165	135	183	185	175	234	163	-30 3%	749	757	+1 1%
Total revenue	2 032 ,	1 972 ,	2 012 ,	1 997 ,	1 960 ,	1 955 ,	1 978 ,	1 900 ,	-4 0%	8 013 ,	7 794 ,	-2 7%
Operating expenses	(895)	(942)	(960)	(985)	(979)	(965)	(996)	(1 038) ,	+4 2%	(3 783) ,	(3 977) ,	+5 1%
operating income Net	1 137 ,	1 030 ,	1 052 ,	1 012 ,	981	990	983	862	-12 2%	231 4 ,	3 817 ,	-9 8%
Net loan-loss provisions	(287)	(362)	(527)	(658)	(609)	(477)	(829)	(888)	+7 0%	(1 833) ,	(2 803) ,	+52 9%
(losses) Other gains and provisions	(22)	9	(5)	(2)	(2)	(60)	(23)	4	—	(21)	(80)	+288 9%
Profit before tax	828	677	520	351	371	453	130	(21)	—	2 377 ,	933	-60 7%
Consolidated profit	654	536	390	294	322	399	216	71	-67 2%	1 875 ,	1 008 ,	-46 3%
Attributable profit	654	536	390	294	322	399	216	71	-67 2%	1 875 ,	1 008 ,	-46 3%

Mexico (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	753	853	950	1 009 ,	983	1 045 ,	1 186 ,	1 195 ,	+0 8%	3 565 ,	4 408 ,	+23 7%
Net fee income	245	283	303	309	320	344	356	355	-0 3%	1 140 ,	1 374 ,	+20 5%
(losses) Gains financial transactions and other on	(17)	(22)	(37)	(7)	(2)	74	13	31	+129 7%	(82)	117	—
Total revenue	982	1 115 ,	1 216 ,	1 311 ,	1 300 ,	1 463 ,	1 555 ,	1 581 ,	+1 6%	623 4 ,	899 5 ,	+27 6%
Operating expenses	(432)	(498)	(537)	(609)	(540)	(623)	(681)	(743)	+9 0%	(2 076) ,	(2 588) ,	+24 7%
Net operating income	549	617	679	702	760	840	874	838	-4 1%	2 547 ,	3 311 ,	+30 0%
Net loan-loss provisions	(183)	(184)	(188)	(233)	(239)	(284)	(312)	(301)	-3 3%	(788)	(1 135) ,	+44 1%
(losses) Other gains and provisions	(26)	(26)	(38)	(3)	(17)	(13)	(16)	(12)	-23 0%	(94)	(57)	-39 1%
Profit before tax	340	407	452	466	504	543	546	525	0% -4	1 665 ,	2 119 ,	+27 2%
Consolidated profit	257	308	340	352	373	402	404	398	-1 5%	1 257 ,	1 577 ,	+25 4%
Attributable profit	249	297	328	339	359	401	403	397	-1 5%	1 213 ,	1 560 ,	+28 6%

Mexico (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	904	952	1 014 ,	1 063 ,	1 027 ,	1 050 ,	1 153 ,	1 179 ,	+2 3%	3 932 ,	4 408 ,	+12 1%
fee income Net	294	316	322	324	334	346	344	350	+1 5%	1 257 ,	1 374 ,	+9 3%
(losses) Gains financial transactions and other on	(20)	(24)	(40)	(6)	(2)	76	12	30	+151 8%	(91)	117	—
Total revenue	1 178 ,	1 244 ,	1 295 ,	1 381 ,	1 359 ,	1 472 ,	1 509 ,	1 560 ,	+3 3%	099 5 ,	899 5 ,	+15 7%
Operating expenses	(519)	(556)	(572)	(643)	(565)	(627)	(662)	(734)	+10 8%	(2 290) ,	(2 588) ,	+13 0%
Net operating income	660	689	723	738	794	845	847	826	-2 5%	2 809 ,	3 311 ,	+17 9%
provisions Net loan-loss	(220)	(205)	(199)	(246)	(250)	(286)	(303)	(297)	-1 9%	(869)	(1 135) ,	+30 6%
(losses) Other gains and provisions	(32)	(29)	(41)	(1)	(17)	(13)	(15)	(12)	-22 0%	(103)	(57)	-44 7%
Profit before tax	408	455	482	491	527	546	529	517	-2 3%	1 836 ,	2 119 ,	+15 4%
Consolidated profit	309	344	363	371	390	404	391	392	+0 4%	1 387 ,	1 577 ,	+13 7%
Attributable profit	299	332	350	357	375	403	390	391	+0 3%	1 338 ,	1 560 ,	+16 6%

Mexico (MXN mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	17 319 ,	18 241 ,	19 417 ,	20 360 ,	19 669 ,	20 110 ,	22 081 ,	22 597 ,	+2 3%	75 338 ,	84 457 ,	+12 1%
Net fee income	5 641 ,	6 061 ,	6 170 ,	6 210 ,	6 400 ,	6 619 ,	6 599 ,	6 700 ,	+1 5%	24 083 ,	26 318 ,	+9 3%
(losses) Gains financial transactions and other on	(384)	(466)	(771)	(116)	(39)	1 462 ,	231	581	+151 8%	(1 737) ,	2 235 ,	—
Total revenue	22 576 ,	23 836 ,	24 817 ,	26 453 ,	26 030 ,	28 192 ,	28 911 ,	29 877 ,	+3 3%	97 683 ,	113 009 ,	+15 7%
Operating expenses	(9 939) ,	(10 646) ,	(10 967) ,	(12 313) ,	(10 819) ,	(12 009) ,	(12 687) ,	(14 059) ,	+10 8%	(43 866) ,	(49 574) ,	+13 0%
operating income Net	12 638 ,	13 190 ,	13 850 ,	14 140 ,	15 211 ,	16 182 ,	16 224 ,	15 818 ,	-2 5%	53 817 ,	63 435 ,	+17 9%
Net loan-loss provisions	(4 212) ,	(3 919) ,	(3 815) ,	(4 709) ,	(4 786) ,	(5 472) ,	(5 804) ,	(5 692) ,	-1 9%	(16 655) ,	(21 754) ,	+30 6%
(losses) Other gains and provisions	(606)	(559)	(793)	(23)	(332)	(246)	(290)	(226)	-22 0%	(1 980) ,	(1 094) ,	7% -44
Profit before tax	7 820 ,	8 712 ,	9 242 ,	9 408 ,	10 093 ,	10 464 ,	10 131 ,	9 900 ,	-2 3%	35 182 ,	40 588 ,	+15 4%
Consolidated profit	921 5 ,	6 591 ,	6 962 ,	098 7 ,	465 7 ,	747 7 ,	488 7 ,	516 7 ,	+0 4%	26 572 ,	30 215 ,	+13 7%
Attributable profit	5 724 ,	6 362 ,	6 709 ,	6 841 ,	7 184 ,	7 729 ,	7 475 ,	7 496 ,	+0 3%	25 636 ,	29 884 ,	+16 6%

Other North America (EUR mn)

Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Change / Q4'23 Q3'23	2022	2023	Change / 2023 2022
Net interest income	0	(0)	(0)	0	0	3	2	3	+39 5%	0	8	—
Net fee income	1	13	17	16	12	11	15	13	-11 0%	47	52	+10 0%
(losses) Gains financial transactions and other on	1	4	6	11	1	2	(0)	3	—	23	6	-75 0%
Total revenue	2	17	23	28	14	16	17	19	+12 7%	70	66	-6 1%
Operating expenses	(30)	(51)	(56)	(59)	(47)	(50)	(51)	(51)	-0 4%	(196)	(199)	+1 3%
operating income Net	(28)	(34)	(33)	(32)	(33)	(34)	(34)	(32)	-6 9%	(126)	(133)	+5 4%
Net loan-loss provisions	0	(1)	(2)	(3)	(2)	(1)	(2)	(0)	-79 7%	(6)	(5)	-15 2%
(losses) gains provisions Other and	(0)	(0)	(2)	(2)	(0)	(1)	(0)	(6)	—	(5)	(7)	+52 0%
Profit before tax	(28)	(36)	(37)	(36)	(35)	(36)	(36)	(38)	+5 3%	(137)	(145)	+6 1%
Consolidated profit	(26)	(33)	(34)	(27)	(33)	(50)	(47)	(11)	-76 7%	(120)	(140)	+16 8%
Attributable profit	(26)	(32)	(34)	(27)	(32)	(49)	(47)	(10)	-79 4%	(119)	(138)	+16 0%

Other North America (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	0	(0)	(0)	0	0	3	2	3	+39 5%	0	8	—
Net fee income	1	13	17	16	12	11	15	13	-11 0%	47	52	+10 0%
(losses) Gains financial transactions and other on	1	4	6	11	1	2	(0)	3	—	23	6	-75 0%
Total revenue	2	17	23	28	14	16	17	19	7% +12	70	66	1% -6
Operating expenses	(30)	(51)	(56)	(59)	(47)	(50)	(51)	(51)	-0 4%	(196)	(199)	+1 4%
operating income Net	(28)	(34)	(33)	(32)	(33)	(34)	(34)	(32)	-6 9%	(126)	(133)	5% +5
Net loan-loss provisions	0	(1)	(2)	(3)	(2)	(1)	(2)	(0)	-79 7%	(6)	(5)	-15 2%
(losses) Other gains and provisions	(0)	(0)	(2)	(2)	(0)	(1)	(0)	(6)	—	(5)	(7)	+52 5%
Profit before tax	(28)	(36)	(37)	(36)	(35)	(36)	(36)	(38)	+5 3%	(137)	(145)	+6 1%
Consolidated profit	(26)	(33)	(34)	(27)	(33)	(50)	(47)	(11)	-76 9%	(120)	(140)	+16 8%
Attributable profit	(26)	(32)	(34)	(27)	(32)	(49)	(47)	(10)	-79 5%	(119)	(138)	+16 1%

South America (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	3 037 ,	3 390 ,	3 411 ,	3 141 ,	3 163 ,	3 314 ,	3 356 ,	3 206 ,	-4 5%	12 979 ,	13 040 ,	+0 5%
Net fee income	1 013 ,	1 162 ,	1 174 ,	1 165 ,	1 166 ,	1 229 ,	1 264 ,	1 025 ,	-18 9%	4 515 ,	4 684 ,	+3 7%
(losses) Gains financial transactions and other on	145	185	95	106	75	91	(17)	98	—	531	247	5% -53
Total revenue	4 195 ,	4 738 ,	4 680 ,	4 412 ,	4 404 ,	4 634 ,	4 604 ,	4 329 ,	-6 0%	18 025 ,	17 971 ,	-0 3%
Operating expenses	(1 484) ,	(1 669) ,	(1 782) ,	(1 740) ,	(1 723) ,	(1 810) ,	(1 798) ,	(1 589) ,	-11 6%	(6 675) ,	(6 920) ,	+3 7%
operating income Net	2 711 ,	3 069 ,	2 898 ,	2 672 ,	2 680 ,	2 823 ,	2 806 ,	2 741 ,	-2 3%	11 350 ,	11 050 ,	-2 6%
Net loan-loss provisions	(999)	(1 335) ,	(1 300) ,	(1 408) ,	(1 232) ,	(1 309) ,	(1 301) ,	(1 560) ,	+19 9%	(5 041) ,	(5 401) ,	1% +7
(losses) gains provisions Other and	(151)	(130)	(107)	(156)	(201)	(386)	(214)	(239)	+11 4%	(544)	(1 041) ,	+91 1%
Profit before tax	1 561 ,	1 604 ,	1 491 ,	1 108 ,	1 247 ,	1 128 ,	1 291 ,	942	-27 1%	5 764 ,	4 608 ,	-20 1%
Consolidated profit	1 052 ,	1 215 ,	1 082 ,	865	898	800	956	834	-12 7%	215 4 ,	3 487 ,	-17 3%
Attributable profit	900	1 046 ,	938	774	790	668	871	709	-18 6%	3 658 ,	3 038 ,	-16 9%

South America (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2 967 ,	2 948 ,	2 862 ,	2 864 ,	2 821 ,	2 913 ,	3 074 ,	4 232 ,	+37 7%	11 642 ,	13 040 ,	+12 0%
income Net fee	974	1 017 ,	1 008 ,	1 110 ,	1 085 ,	1 130 ,	1 185 ,	1 283 ,	+8 3%	4 109 ,	4 684 ,	+14 0%
(losses) Gains financial transactions and other on	206	282	261	171	202	230	89	(274)	—	920	247	-73 1%
Total revenue	147 4 ,	248 4 ,	131 4 ,	145 4 ,	109 4 ,	273 4 ,	348 4 ,	241 5 ,	+20 6%	16 671 ,	17 971 ,	8% +7
Operating expenses	(1 381) ,	(1 416) ,	(1 491) ,	(1 640) ,	(1 564) ,	(1 627) ,	(1 683) ,	(2 046) ,	+21 6%	(5 929) ,	(6 920) ,	+16 7%
Net operating income	2 766 ,	2 832 ,	2 639 ,	2 505 ,	2 545 ,	2 646 ,	2 664 ,	3 195 ,	+19 9%	10 742 ,	11 050 ,	+2 9%
Net loan-loss provisions	(1 037) ,	(1 284) ,	(1 251) ,	(1 389) ,	(1 229) ,	(1 271) ,	(1 266) ,	(1 635) ,	+29 1%	(4 962) ,	(5 401) ,	+8 9%
(losses) Other gains and provisions	(128)	(67)	(39)	(98)	(185)	(340)	(220)	(296)	+34 8%	(333)	(1 041) ,	+212 9%
Profit before tax	1 600 ,	1 480 ,	1 350 ,	1 018 ,	1 131 ,	1 036 ,	1 178 ,	1 263 ,	2% +7	448 5 ,	608 4 ,	-15 4%
Consolidated profit	1 064 ,	1 118 ,	997	805	803	718	889	1 077 ,	+21 1%	3 984 ,	3 487 ,	-12 5%
Attributable profit	906	952	853	713	696	590	804	949	+18 1%	3 423 ,	3 038 ,	-11 2%

Brazil (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2 143 ,	2 279 ,	2 251 ,	2 229 ,	2 105 ,	2 180 ,	2 327 ,	2 504 ,	6% +7	8 901 ,	9 116 ,	+2 4%
Net fee income	743	857	812	884	817	858	902	885	-1 8%	3 296 ,	3 462 ,	+5 0%
(losses) Gains financial transactions and other on	133	238	215	127	135	185	107	98	-7 9%	714	526	-26 3%
Total revenue	3 019 ,	3 374 ,	3 278 ,	3 240 ,	3 057 ,	3 224 ,	3 336 ,	3 487 ,	5% +4	12 910 ,	13 104 ,	+1 5%
Operating expenses	(930)	(1 022) ,	(1 058) ,	(1 171) ,	(1 080) ,	(1 127) ,	(1 138) ,	(1 184) ,	+4 0%	(4 180) ,	(4 529) ,	+8 3%
Net operating income	2 089 ,	2 352 ,	2 220 ,	2 069 ,	1 977 ,	2 096 ,	2 197 ,	2 303 ,	+4 8%	8 730 ,	8 574 ,	-1 8%
Net loan-loss provisions	(852)	(1 163) ,	(1 150) ,	(1 252) ,	(1 034) ,	(1 129) ,	(1 121) ,	(1 417) ,	+26 5%	(4 417) ,	(4 701) ,	+6 4%
(losses) Other gains and provisions	(114)	(43)	(23)	(79)	(178)	(323)	(223)	(239)	+7 0%	(259)	(963)	+272 0%
Profit before tax	1 123 ,	1 146 ,	1 047 ,	738	765	645	854	648	-24 2%	055 4 ,	2 911 ,	-28 2%
Consolidated profit	700	819	738	565	517	413	663	543	-18 0%	2 822 ,	2 135 ,	-24 3%
Attributable profit	627	737	662	517	469	354	603	494	-18 1%	2 544 ,	1 921 ,	-24 5%

Brazil (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	2 321 ,	2 207 ,	2 197 ,	2 215 ,	2 174 ,	2 176 ,	2 291 ,	2 475 ,	+8 0%	8 940 ,	9 116 ,	+2 0%
Net fee income	805	834	792	879	843	857	888	874	-1 5%	3 310 ,	3 462 ,	+4 6%
(losses) Gains financial transactions and other on	145	236	211	125	139	186	104	97	0% -7	717	526	-26 6%
Total revenue	3 270 ,	3 277 ,	3 200 ,	3 219 ,	3 156 ,	3 219 ,	3 282 ,	3 446 ,	0% +5	12 967 ,	13 104 ,	1% +1
Operating expenses	(1 007) ,	(991)	(1 035) ,	(1 165) ,	(1 115) ,	(1 125) ,	(1 119) ,	(1 170) ,	+4 5%	(4 198) ,	(4 529) ,	+7 9%
operating income Net	2 263 ,	2 285 ,	2 165 ,	2 054 ,	2 041 ,	2 094 ,	2 163 ,	2 277 ,	2% +5	8 768 ,	8 574 ,	-2 2%
Net loan-loss provisions	(923)	(1 141) ,	(1 127) ,	(1 246) ,	(1 067) ,	(1 128) ,	(1 102) ,	(1 403) ,	+27 3%	(4 436) ,	(4 701) ,	+6 0%
(losses) Other gains and provisions	(123)	(37)	(20)	(79)	(184)	(324)	(219)	(236)	8% +7	(260)	(963)	+270 4%
Profit before tax	1 217 ,	1 107 ,	1 018 ,	730	790	641	842	638	-24 3%	4 072 ,	2 911 ,	-28 5%
Consolidated profit	759	797	720	559	533	410	656	536	-18 2%	2 835 ,	2 135 ,	-24 7%
Attributable profit	680	718	645	512	484	351	597	488	-18 2%	2 555 ,	1 921 ,	-24 8%

Brazil (BRL mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	12 527 ,	11 912 ,	11 859 ,	11 953 ,	11 731 ,	11 745 ,	12 364 ,	13 359 ,	+8 0%	48 250 ,	49 200 ,	+2 0%
Net fee income	4 342 ,	4 501 ,	4 275 ,	4 746 ,	4 550 ,	4 625 ,	4 791 ,	4 719 ,	-1 5%	17 864 ,	18 685 ,	+4 6%
(losses) Gains financial transactions and other on	780	1 272 ,	1 139 ,	677	752	1 004 ,	561	521	-7 0%	3 868 ,	2 838 ,	-26 6%
Total revenue	17 650 ,	17 685 ,	17 272 ,	17 376 ,	17 034 ,	17 373 ,	17 716 ,	18 599 ,	+5 0%	69 983 ,	70 722 ,	+1 1%
Operating expenses	(5 435) ,	(5 350) ,	(5 585) ,	(6 289) ,	(6 018) ,	(6 074) ,	(6 041) ,	(6 312) ,	5% +4	(22 659) ,	(24 445) ,	9% +7
operating income Net	12 215 ,	12 335 ,	11 687 ,	11 086 ,	11 017 ,	11 299 ,	11 675 ,	12 287 ,	+5 2%	47 323 ,	46 277 ,	-2 2%
Net loan-loss provisions	(4 980) ,	(6 157) ,	(6 082) ,	(6 723) ,	(5 760) ,	(6 089) ,	(5 948) ,	(7 572) ,	+27 3%	(23 942) ,	(25 370) ,	+6 0%
(losses) Other gains and provisions	(666)	(201)	(111)	(425)	(992)	(1 751) ,	(1 181) ,	(1 272) ,	+7 8%	(1 403) ,	(5 196) ,	+270 4%
Profit before tax	6 569 ,	5 976 ,	5 495 ,	3 939 ,	4 264 ,	3 459 ,	4 546 ,	3 442 ,	-24 3%	21 979 ,	15 712 ,	-28 5%
Consolidated profit	094 4 ,	301 4 ,	3 884 ,	3 020 ,	2 878 ,	2 213 ,	3 538 ,	2 895 ,	-18 2%	15 299 ,	11 524 ,	-24 7%
Attributable profit	3 668 ,	3 876 ,	3 483 ,	2 764 ,	2 614 ,	1 894 ,	3 223 ,	2 635 ,	-18 2%	13 791 ,	10 366 ,	-24 8%

Chile (EUR mn)

								Change			Change
Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
483	554	402	332	371	356	241	415	+72 4%	1 772 ,	1 383 ,	-22 0%
112	110	120	127	153	163	133	122	-8 0%	468	572	+22 2%
55	43	55	56	82	103	91	54	-40 2%	209	331	+58 5%
650	707	577	515	606	623	465	591	+27 3%	2 449 ,	2 285 ,	-6 7%
(234)	(255)	(248)	(244)	(254)	(266)	(251)	(249)	-0 9%	(981)	(1 020) ,	+4 0%
416	452	329	271	352	356	214	343	+60 2%	1 468 ,	1 265 ,	-13 8%
(95)	(110)	(85)	(108)	(117)	(86)	(84)	(78)	-7 0%	(399)	(365)	-8 5%
1	(19)	(0)	9	10	16	9	16	+64 9%	(8)	51	—
322	323	244	172	245	286	140	281	+100 7%	1 062 ,	951	-10 4%
267	292	227	169	212	252	111	241	+117 6%	956	816	-14 7%
188	204	160	126	150	180	87	165	+90 3%	677	582	-14 1%

Chile (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	483	550	415	343	356	343	251	433	+72 9%	1 792 ,	1 383 ,	-22 9%
fee income Net	112	109	123	130	147	157	137	131	3% -4	473	572	+20 8%
(losses) Gains financial transactions and other on	55	42	57	57	79	99	93	60	-35 8%	211	331	+56 7%
Total revenue	650	702	595	531	582	599	481	624	+29 9%	2 477 ,	2 285 ,	7% -7
Operating expenses	(234)	(253)	(255)	(250)	(244)	(256)	(256)	(263)	+2 7%	(992)	(1 020) ,	+2 8%
Net operating income	416	449	340	280	338	343	224	361	+60 9%	1 485 ,	1 265 ,	-14 8%
provisions Net loan-loss	(95)	(110)	(88)	(111)	(113)	(83)	(86)	(83)	-3 2%	(403)	(365)	-9 5%
(losses) Other gains and provisions	1	(18)	(0)	9	10	15	10	16	+66 2%	(8)	51	—
Profit before tax	322	321	252	179	235	275	148	294	+98 6%	1 074 ,	951	-11 4%
Consolidated profit	267	290	234	175	203	243	118	252	+113 7%	967	816	-15 6%
Attributable profit	188	202	165	130	144	173	92	173	+88 7%	685	582	-15 1%

Chile (CLP mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	437 644 ,	498 964 ,	376 457 ,	311 342 ,	322 790 ,	310 631 ,	227 113 ,	392 690 ,	+72 9%	1 624 407 , ,	1 253 223 , ,	-22 9%
income Net fee	101 410 ,	98 614 ,	111 094 ,	117 979 ,	133 249 ,	142 289 ,	124 044 ,	118 714 ,	-4 3%	429 097 ,	518 296 ,	+20 8%
(losses) Gains financial transactions and other on	49 773 ,	38 455 ,	51 362 ,	51 664 ,	71 478 ,	89 691 ,	84 396 ,	54 175 ,	-35 8%	191 254 ,	299 740 ,	+56 7%
Total revenue	588 826 ,	636 034 ,	538 913 ,	480 985 ,	527 517 ,	542 610 ,	435 553 ,	565 580 ,	+29 9%	2 244 757 , ,	2 071 259 , ,	7% -7
Operating expenses	(212 156) ,	(229 397) ,	(230 813) ,	(226 805) ,	(221 276) ,	(232 073) ,	(232 331) ,	(238 680) ,	+2 7%	(899 171) ,	(924 361) ,	+2 8%
Net operating income	376 671 ,	406 636 ,	308 100 ,	254 180 ,	306 241 ,	310 537 ,	203 221 ,	326 900 ,	+60 9%	1 345 587 , ,	1 146 899 , ,	-14 8%
provisions Net loan-loss	(85 876) ,	(99 311) ,	(79 579) ,	(100 650) ,	(102 184) ,	(74 922) ,	(78 072) ,	(75 536) ,	-3 2%	(365 416) ,	(330 714) ,	-9 5%
(losses) Other gains and provisions	1 288 ,	(16 704) ,	(254)	8 572 ,	8 714 ,	13 820 ,	8 873 ,	14 742 ,	+66 2%	(7 097) ,	46 150 ,	—
Profit before tax	292 083 ,	290 621 ,	228 267 ,	162 103 ,	212 771 ,	249 435 ,	134 022 ,	266 106 ,	+98 6%	973 074 ,	862 334 ,	-11 4%
Consolidated profit	242 277 ,	262 963 ,	212 199 ,	159 001 ,	184 239 ,	220 033 ,	106 903 ,	228 425 ,	+113 7%	876 441 ,	739 600 ,	-15 6%
Attributable profit	169 969 ,	183 357 ,	149 468 ,	118 008 ,	130 735 ,	156 673 ,	83 065 ,	156 770 ,	+88 7%	620 801 ,	527 244 ,	-15 1%

Argentina (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	300	432	616	431	532	606	629	112	-82 2%	1 778 ,	1 879 ,	+5 7%
Net fee income	121	143	182	97	137	145	164	(50)	—	542	396	-26 9%
(losses) Gains financial transactions and other on	(57)	(117)	(205)	(108)	(168)	(223)	(251)	(90)	-64 2%	(487)	(731)	+50 1%
Total revenue	364	458	592	420	501	528	543	(27)	—	1 833 ,	1 544 ,	-15 8%
Operating expenses	(217)	(260)	(333)	(178)	(250)	(272)	(260)	6	—	(987)	(775)	5% -21
operating income Net	147	198	259	242	251	256	283	(21)	—	846	769	-9 1%
loan-loss provisions Net	(39)	(33)	(34)	(26)	(43)	(54)	(47)	(7)	-85 4%	(132)	(150)	+13 6%
(losses) Other gains and provisions	(38)	(67)	(81)	(84)	(30)	(74)	(1)	(10)	—	(270)	(114)	-57 7%
Profit before tax	71	97	144	132	179	129	236	(39)	—	443	505	+13 8%
Consolidated profit	60	86	88	91	140	113	155	(19)	—	325	388	4% +19
Attributable profit	59	86	88	91	139	113	154	(20)	—	324	386	+19 0%

Argentina (Constant EUR mn)

Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Change / Q4'23 Q3'23	2022	2023	Change / 2023 2022
Net interest income	41	66	111	158	135	221	376	1 147 ,	+205 1%	376	1 879 ,	+399 4%
fee income Net	17	22	33	43	35	54	96	211	+118 8%	115	396	+245 2%
(losses) Gains financial transactions and other on	(8)	(18)	(36)	(42)	(43)	(80)	(143)	(465)	+224 4%	(103)	(731)	—
Total revenue	50	70	108	159	127	195	329	893	+171 4%	388	1 544 ,	+298 1%
Operating expenses	(30)	(40)	(61)	(78)	(63)	(100)	(160)	(451)	+181 5%	(209)	(775)	+271 0%
Net operating income	20	30	47	81	64	95	169	442	+161 8%	179	769	+329 7%
provisions Net loan-loss	(5)	(5)	(7)	(11)	(11)	(19)	(29)	(91)	+211 3%	(28)	(150)	+436 9%
(losses) Other gains and provisions	(5)	(10)	(15)	(27)	(8)	(25)	(11)	(71)	—	(57)	(114)	+99 8%
Profit before tax	10	15	26	43	45	51	129	280	+117 1%	94	505	+437 9%
Consolidated profit	8	13	17	31	35	44	90	219	+144 8%	69	388	+464 1%
Attributable profit	8	13	16	31	35	44	89	218	+143 6%	69	386	+462 3%

Argentina (ARS mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q4'23 / Q3'23	2022	2023	2023 / 2022
Net interest income	36,978	58,765	99,007	141,515	120,749	197,821	335,842	1,024,801	+205.1%	336,265	1,679,213	+399.4%
Net fee income	14,875	19,625	29,856	38,139	31,111	47,835	86,223	188,633	+118.8%	102,494	353,802	+245.2%
Gains (losses) on financial transactions and other	(6,999)	(15,773)	(32,048)	(37,240)	(38,103)	(71,228)	(128,081)	(415,488)	+224.4%	(92,060)	(652,901)	—
Total revenue	44,854	62,616	96,815	142,414	113,757	174,428	293,983	797,945	+171.4%	346,699	1,380,113	+298.1%
Operating expenses	(26,714)	(35,664)	(54,603)	(69,729)	(56,701)	(89,315)	(143,275)	(403,358)	+181.5%	(186,709)	(692,649)	+271.0%
Net operating income	18,140	26,952	42,213	72,685	57,056	85,113	150,709	394,587	+161.8%	159,990	687,464	+329.7%
Net loan-loss provisions	(4,791)	(4,601)	(5,922)	(9,665)	(9,694)	(17,326)	(26,039)	(81,056)	+211.3%	(24,980)	(134,114)	+436.9%
Other gains (losses) and provisions	(4,654)	(9,093)	(13,151)	(24,241)	(6,806)	(22,205)	(9,553)	(63,609)	—	(51,139)	(102,174)	+99.8%
Profit before tax	8,695	13,258	23,139	38,779	40,555	45,582	115,117	249,923	+117.1%	83,871	451,177	+437.9%
Consolidated profit	7,352	11,724	14,774	27,675	31,692	39,094	80,117	196,132	+144.8%	61,525	347,034	+464.1%
Attributable profit	7,326	11,698	14,743	27,588	31,627	38,982	79,848	194,539	+143.6%	61,355	344,996	+462.3%

Other South America (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	111	125	142	150	154	172	160	176	+10 1%	527	662	+25 6%
income Net fee	38	52	62	58	59	62	65	67	+2 7%	210	254	+21 2%
(losses) Gains financial transactions and other on	13	22	29	31	26	25	36	35	-1 7%	95	121	+27 1%
Total revenue	162	199	233	238	239	259	261	278	+6 6%	832	1 038 ,	+24 6%
Operating expenses	(104)	(132)	(144)	(147)	(139)	(145)	(149)	(163)	+8 8%	(527)	(596)	+13 2%
Net operating income	59	67	89	91	100	114	111	116	+3 8%	306	441	+44 3%
Net loan-loss provisions	(13)	(28)	(30)	(22)	(38)	(40)	(50)	(58)	+17 6%	(94)	(186)	+98 4%
(losses) Other gains and provisions	(1)	(1)	(3)	(2)	(3)	(6)	(0)	(6)	—	(7)	(15)	+95 0%
Profit before tax	45	37	56	66	59	68	62	52	-15 9%	205	241	+17 7%
Consolidated profit	25	18	28	40	30	21	28	69	+150 7%	111	148	+33 3%
Attributable profit	25	19	28	40	31	22	27	70	+161 2%	112	150	+33 9%

Other South America (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	122	125	138	148	156	173	157	177	+12 7%	534	662	+24 1%
Net fee income	41	52	60	57	60	63	64	67	+4 5%	211	254	+20 2%
(losses) Gains financial transactions and other on	14	22	29	30	27	25	35	34	-1 1%	95	121	+27 7%
Total revenue	178	199	228	236	243	261	256	278	8% +8	840	1 038 ,	5% +23
Operating expenses	(110)	(132)	(141)	(146)	(141)	(146)	(147)	(162)	+10 2%	(529)	(596)	+12 7%
operating income Net	67	67	87	89	102	115	109	116	+6 8%	310	441	+42 1%
Net loan-loss provisions	(15)	(29)	(29)	(22)	(38)	(40)	(49)	(58)	+19 4%	(95)	(186)	+96 1%
(losses) Other gains and provisions	(1)	(1)	(3)	(2)	(3)	(6)	(0)	(6)	—	(8)	(15)	+92 8%
Profit before tax	51	37	54	66	60	69	60	52	-12 6%	208	241	+15 7%
Consolidated profit	30	18	26	39	31	22	26	69	+165 0%	113	148	+30 4%
Attributable profit	30	19	26	40	32	22	25	70	+176 4%	115	150	+31 0%

Digital Consumer Bank Europe (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	1 020 ,	1 012 ,	1 000 ,	990	1 029 ,	1 011 ,	1 069 ,	1 083 ,	+1 3%	4 022 ,	4 193 ,	+4 3%
fee income Net	206	219	204	215	191	203	210	192	-8 8%	843	796	6% -5
(losses) Gains financial transactions and other on	86	30	111	177	123	101	132	158	+19 6%	404	514	+27 0%
Total revenue	1 312 ,	1 261 ,	1 315 ,	1 382 ,	1 343 ,	1 315 ,	1 411 ,	1 433 ,	+1 5%	269 5 ,	502 5 ,	+4 4%
Operating expenses	(645)	(603)	(605)	(609)	(659)	(655)	(652)	(652)	-0 1%	(2 462) ,	(2 618) ,	+6 4%
operating income Net	667	658	709	773	684	660	759	781	+3 0%	2 807 ,	2 884 ,	+2 7%
provisions Net loan-loss	(148)	(139)	(142)	(115)	(193)	(222)	(225)	(152)	-32 5%	(544)	(792)	+45 7%
(losses) Other gains and provisions	(17)	(11)	4	(3)	(43)	43	(25)	(47)	+91 6%	(27)	(72)	+169 9%
Profit before tax	502	508	572	655	447	481	509	582	+14 3%	2 237 ,	2 019 ,	-9 7%
Consolidated profit	391	385	426	485	337	364	376	449	+19 7%	1 687 ,	1 526 ,	-9 5%
Attributable profit	282	290	336	400	244	277	302	376	+24 7%	1 308 ,	1 199 ,	-8 4%

Digital Consumer Bank Europe (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	997	992	982	980	1 027 ,	1 014 ,	1 068 ,	1 084 ,	+1 5%	3 952 ,	193 4 ,	+6 1%
Net fee income	205	218	203	214	191	203	210	192	-8 8%	841	796	-5 3%
(losses) Gains financial transactions and other on	85	32	111	176	123	101	132	158	+19 8%	404	514	+27 1%
Total revenue	1 288 ,	1 242 ,	1 297 ,	1 370 ,	1 341 ,	1 318 ,	1 410 ,	1 434 ,	7% +1	5 196 ,	5 502 ,	9% +5
Operating expenses	(632)	(591)	(594)	(605)	(658)	(656)	(652)	(652)	+0 0%	(2 422) ,	(2 618) ,	+8 1%
operating income Net	655	651	703	765	683	662	758	781	+3 1%	2 774 ,	2 884 ,	+3 9%
Net loan-loss provisions	(143)	(137)	(139)	(116)	(192)	(224)	(225)	(152)	-32 5%	(536)	(792)	+47 8%
(losses) Other gains and provisions	(16)	(11)	3	(3)	(44)	42	(24)	(47)	+91 7%	(27)	(72)	+167 0%
Profit before tax	496	502	567	646	447	481	509	583	+14 6%	2 211 ,	2 019 ,	-8 7%
Consolidated profit	386	381	422	477	336	365	375	450	+19 9%	1 667 ,	1 526 ,	-8 4%
Attributable profit	278	285	332	393	243	278	301	377	+25 1%	1 288 ,	1 199 ,	-6 9%

Corporate Centre (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	(172)	(181)	(157)	(142)	(52)	(42)	(30)	83	—	(652)	(41)	-93 8%
Net fee income	(3)	2	(2)	(16)	(3)	(3)	1	(8)	—	(19)	(13)	-30 8%
(losses) Gains financial transactions and other on	(126)	(267)	(259)	(163)	(69)	(172)	(279)	136	—	(815)	(385)	-52 8%
Total revenue	(301)	(446)	(418)	(322)	(124)	(218)	(308)	212	—	(1 487) ,	(439)	-70 5%
Operating expenses	(87)	(92)	(93)	(100)	(95)	(95)	(94)	(108)	+15 4%	(372)	(391)	2% +5
operating income Net	(388)	(538)	(511)	(422)	(219)	(312)	(402)	104	—	(1 858) ,	(829)	-55 4%
Net loan-loss provisions	(1)	(4)	2	13	3	1	(1)	(1)	+36 6%	9	2	3% -77
(losses) gains provisions Other and	(48)	(34)	(35)	(56)	(44)	(30)	(30)	(30)	+0 1%	(173)	(134)	-22 7%
Profit before tax	(437)	(577)	(544)	(465)	(260)	(341)	(433)	73	—	(2 022) ,	(961)	-52 5%
Consolidated profit	(462)	(577)	(543)	(466)	(279)	(341)	(464)	87	—	(2 049) ,	(998)	-51 3%
Attributable profit	(462)	(577)	(543)	(466)	(279)	(341)	(464)	87	—	(2 049) ,	(998)	-51 3%

Retail Banking (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	8 112 ,	8 635 ,	9 058 ,	9 050 ,	8 977 ,	9 524 ,	9 822 ,	9 662 ,	-1 6%	34 855 ,	37 985 ,	+9 0%
Net fee income	1 807 ,	1 982 ,	1 968 ,	1 896 ,	1 901 ,	1 965 ,	2 013 ,	1 783 ,	-11 4%	7 654 ,	7 661 ,	+0 1%
(losses) Gains financial transactions and other on	184	(45)	(18)	45	(98)	(282)	36	(48)	—	166	(392)	—
Total revenue	10 103 ,	10 572 ,	11 008 ,	10 991 ,	10 779 ,	11 206 ,	11 871 ,	11 397 ,	-4 0%	42 674 ,	45 254 ,	+6 0%
Operating expenses	(4 392) ,	(4 621) ,	(4 764) ,	(4 775) ,	(4 755) ,	(4 891) ,	(4 990) ,	(4 760) ,	-4 6%	(18 552) ,	(19 396) ,	+4 6%
operating income Net	711 5 ,	952 5 ,	6 244 ,	6 216 ,	6 024 ,	6 315 ,	6 881 ,	6 637 ,	-3 5%	24 123 ,	25 858 ,	2% +7
Net loan-loss provisions	(2 113) ,	(2 624) ,	(2 726) ,	(2 748) ,	(2 898) ,	(2 877) ,	(3 303) ,	(3 216) ,	-2 7%	(10 212) ,	(12 295) ,	+20 4%
(losses) Other gains and provisions	(418)	(454)	(671)	(584)	(717)	(755)	(532)	(688)	+29 4%	(2 126) ,	(2 691) ,	+26 6%
Profit before tax	3 180 ,	2 873 ,	2 847 ,	2 884 ,	2 409 ,	2 683 ,	3 046 ,	2 734 ,	-10 3%	11 785 ,	10 872 ,	-7 8%
Consolidated profit	2 321 ,	2 208 ,	2 107 ,	2 199 ,	1 763 ,	1 938 ,	2 335 ,	2 250 ,	-3 7%	8 835 ,	8 286 ,	-6 2%
Attributable profit	2 064 ,	1 954 ,	1 917 ,	1 998 ,	1 552 ,	1 718 ,	2 128 ,	2 039 ,	2% -4	933 7 ,	436 7 ,	-6 3%

Retail Banking (Constant EUR mn)

								Change			Change
Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
8	8	8	8	8	9	9	10	+8	33	37	+11
207	325	588	819	797	231	585	372	2%	939	985	9%
,	,	,	,	,	,	,	,		,	,
1	1	1	1	1	1	1	1	+0	417	661	+3
808	895	854	860	856	899	946	960	7%	7	7	3%
,	,	,	,	,	,	,	,		,	,
244	49	124	94	20	(137)	146	(422)	—	511	(392)	—
10	10	10	10	10	10	11	11	+2	41	45	+8
259	269	566	772	673	994	677	911	0%	866	254	1%
,	,	,	,	,	,	,	,		,	,
(4	(4	(4	(4	(4	(4	(4	(5	+5	(17	(19	+8
359)	415)	475)	690)	650)	747)	873)	126)	2%	939)	396)	1%
,	,	,	,	,	,	,	,		,	,
5	5	6	6	6	6	6	6	-0	23	25	+8
900	855	092	082	023	247	803	785	3%	928	858	1%
,	,	,	,	,	,	,	,		,	,
(2	(2	(2	(2	(2	(2	(3	(3	+0	(10	(12	+20
191)	590)	667)	721)	910)	846)	261)	278)	5%	170)	295)	9%
,	,	,	,	,	,	,	,		,	,
(397)	(392)	(615)	(527)	(705)	(710)	(535)	(740)	+38 2%	(1 932) ,	(2 691) ,	+39 3%
3	2	2	2	2	2	3	2	-8	11	10	-8
311	872	809	834	408	691	007	767	0%	826	872	1%
,	,	,	,	,	,	,	,		,	,
2	2	2	2	1	1	2	2	-3	8	8	-7
417	217	104	167	765	948	324	250	2%	905	286	0%
,	,	,	,	,	,	,	,		,	,
2	1	1	1	1	1	2	2	-3	7	7	-7
153	963	913	963	551	730	116	040	6%	993	436	0%
,	,	,	,	,	,	,	,		,	,

Corporate & Investment Banking (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	783	929	916	919	838	774	950	923	-2 9%	3 548 ,	3 485 ,	-1 8%
Net fee income	529	500	489	464	619	554	531	486	-8 6%	1 981 ,	2 190 ,	+10 5%
(losses) Gains financial transactions and other on	456	406	567	420	749	819	645	409	-36 6%	1 849 ,	2 622 ,	+41 8%
Total revenue	1 768 ,	1 835 ,	1 973 ,	1 803 ,	2 206 ,	2 147 ,	2 126 ,	1 817 ,	-14 5%	7 378 ,	8 296 ,	+12 5%
Operating expenses	(618)	(673)	(755)	(856)	(738)	(772)	(864)	(1 017) ,	+17 7%	(2 902) ,	(3 391) ,	+16 8%
operating income Net	1 149 ,	1 162 ,	1 218 ,	946	1 468 ,	1 375 ,	1 262 ,	800	-36 6%	4 476 ,	4 905 ,	+9 6%
Net loan-loss provisions	15	11	(10)	(265)	28	(31)	49	(208)	—	(249)	(162)	-35 0%
(losses) Other gains provisions and	(23)	(35)	(22)	(50)	(36)	(25)	(94)	(19)	-79 5%	(130)	(174)	+34 0%
Profit before tax	1 141 ,	1 138 ,	1 186 ,	631	1 460 ,	1 320 ,	1 217 ,	573	-52 9%	4 097 ,	4 570 ,	+11 5%
Consolidated profit	817	821	871	489	1 041 ,	961	853	434	-49 1%	2 999 ,	3 290 ,	+9 7%
Attributable profit	765	772	822	457	976	899	804	398	-50 6%	2 817 ,	3 078 ,	+9 3%

Corporate & Investment Banking (Constant EUR mn)

								Change			Change
Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
764	842	781	854	753	689	865	1 178 ,	+36 1%	3 241 ,	3 485 ,	+7 5%
529	479	462	458	608	537	519	525	+1 2%	1 928 ,	2 190 ,	+13 6%
455	394	568	426	754	817	641	411	-35 9%	1 843 ,	2 622 ,	+42 3%
1 748 ,	1 715 ,	1 810 ,	1 738 ,	2 115 ,	2 042 ,	2 025 ,	2 114 ,	+4 4%	012 7 ,	8 296 ,	+18 3%
(621)	(651)	(716)	(829)	(720)	(751)	(848)	(1 072) ,	+26 4%	(2 818) ,	(3 391) ,	+20 4%
1 127 ,	1 064 ,	1 094 ,	908	1 395 ,	1 291 ,	1 177 ,	1 042 ,	-11 5%	4 194 ,	4 905 ,	+17 0%
14	12	(4)	(265)	30	(32)	49	(208)	—	(244)	(162)	-33 7%
(24)	(35)	(22)	(49)	(36)	(23)	(94)	(21)	-77 4%	(130)	(174)	+33 9%
1 117 ,	1 040 ,	1 068 ,	595	1 389 ,	1 236 ,	1 132 ,	812	-28 2%	3 820 ,	4 570 ,	+19 6%
785	732	772	462	976	881	791	641	-18 9%	2 751 ,	3 290 ,	+19 6%
733	683	723	429	911	821	742	604	-18 6%	2 566 ,	3 078 ,	+19 9%

Wealth Management & Insurance (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	131	167	227	322	413	456	454	416	-8 4%	847	1 739 ,	+105 4%
Net fee income	322	333	328	309	309	317	319	321	+0 7%	1 293 ,	1 265 ,	-2 1%
(losses) Gains financial transactions and other on	121	118	134	123	108	114	102	67	-33 7%	495	391	-21 0%
Total revenue	573	619	689	754	830	887	874	804	-8 0%	2 635 ,	3 396 ,	+28 9%
Operating expenses	(248)	(257)	(267)	(281)	(278)	(283)	(284)	(311)	+9 3%	(1 054) ,	(1 156) ,	+9 7%
operating income Net	325	361	422	473	551	604	590	494	-16 4%	1 581 ,	2 240 ,	+41 6%
Net loan-loss provisions	1	(7)	(9)	2	1	15	0	5	—	(14)	21	—
(losses) Other gains and provisions	(8)	(12)	(6)	(10)	(23)	(12)	(5)	15	—	(36)	(26)	-28 6%
Profit before tax	317	343	406	465	529	607	585	513	-12 3%	1 531 ,	2 235 ,	+46 0%
Consolidated profit	245	268	311	357	396	462	446	404	-9 2%	1 182 ,	1 707 ,	+44 4%
Attributable profit	230	252	294	342	377	442	432	386	-10 6%	1 119 ,	1 637 ,	+46 3%

Wealth Management & Insurance (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	129	160	217	314	408	450	448	432	-3 5%	820	1 739 ,	+112 1%
Net fee income	324	323	311	301	299	305	311	351	+12 8%	1 259 ,	1 265 ,	+0 5%
(losses) Gains financial transactions and other on	126	126	138	124	110	114	102	65	-36 4%	513	391	-23 9%
Total revenue	579	609	666	738	818	870	861	848	-1 5%	2 593 ,	3 396 ,	+31 0%
Operating expenses	(252)	(253)	(258)	(274)	(275)	(279)	(282)	(320)	+13 4%	(1 036) ,	(1 156) ,	+11 6%
operating income Net	327	357	409	465	542	590	579	528	-8 8%	1 557 ,	2 240 ,	+43 9%
Net loan-loss provisions	1	(8)	(9)	2	1	15	0	5	—	(14)	21	—
(losses) Other gains and provisions	(8)	(12)	(6)	(10)	(23)	(12)	(5)	14	—	(36)	(26)	-28 0%
Profit before tax	319	338	393	457	521	594	574	547	-4 7%	1 507 ,	2 235 ,	+48 3%
Consolidated profit	247	266	302	352	390	452	435	430	-1 1%	1 167 ,	1 707 ,	+46 2%
Attributable profit	232	250	286	336	371	432	421	412	3% -2	1 103 ,	1 637 ,	4% +48

PagoNxt(EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2	3	6	11	9	22	24	38	+57 9%	22	93	+325 2%
fee income Net	157	222	231	270	218	228	255	253	-1 0%	881	954	+8 3%
(losses) Gains financial transactions and other on	3	11	19	18	16	27	19	30	+54 1%	50	93	+83 8%
Total revenue	162	236	257	299	244	277	298	320	4% +7	953	1 140 ,	+19 6%
Operating expenses	(190)	(258)	(281)	(296)	(278)	(295)	(251)	(268)	+6 7%	(1 024) ,	(1 091) ,	+6 6%
operating income Net	(28)	(22)	(24)	3	(34)	(18)	48	53	+11 0%	(71)	49	—
provisions Net loan-loss	(3)	(9)	(13)	(20)	(6)	(6)	(10)	(1)	-87 4%	(44)	(24)	6% -45
(losses) Other gains and provisions	(1)	(3)	(12)	(10)	(2)	(10)	(6)	(23)	+265 0%	(26)	(42)	+62 3%
Profit before tax	(31)	(33)	(49)	(27)	(43)	(34)	31	29	5% -7	(141)	(17)	-88 1%
Consolidated profit	(53)	(48)	(64)	(39)	(57)	(48)	6	23	+285 0%	(203)	(76)	-62 7%
Attributable profit	(54)	(50)	(69)	(42)	(55)	(48)	3	24	—	(215)	(77)	-64 0%

PagoNxt(Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2	3	6	11	10	22	24	38	+58 9%	22	93	+320 8%
fee income Net	172	223	231	273	222	227	251	254	+1 1%	898	954	+6 3%
(losses) Gains financial transactions and other on	4	10	19	17	16	27	19	31	+61 9%	50	93	+83 9%
Total revenue	177	236	256	301	248	276	294	323	+9 7%	970	1 140 ,	+17 5%
Operating expenses	(198)	(256)	(279)	(296)	(278)	(292)	(247)	(274)	+10 9%	(1 030) ,	(1 091) ,	+6 0%
operating income Net	(20)	(20)	(23)	4	(30)	(16)	47	48	+3 3%	(59)	49	—
provisions Net loan-loss	(3)	(9)	(13)	(20)	(6)	(6)	(10)	(1)	-87 7%	(45)	(24)	8% -45
(losses) Other gains and provisions	(1)	(3)	(13)	(9)	(2)	(10)	(6)	(23)	+269 6%	(25)	(42)	+66 1%
Profit before tax	(24)	(31)	(48)	(25)	(39)	(32)	30	24	-20 3%	(129)	(17)	-87 0%
Consolidated profit	(48)	(46)	(63)	(37)	(54)	(46)	6	18	+178 2%	(194)	(76)	-60 9%
Attributable profit	(50)	(48)	(67)	(41)	(52)	(46)	3	18	—	(206)	(77)	-62 5%

Supplementary information

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Quarterly income statements and business volumes of the new primary segments

(under the new definitions applicable from 1 January 2024)

Glossary

Retail & Commercial Banking (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	4 974 ,	5 399 ,	5 839 ,	5 880 ,	5 973 ,	6 512 ,	6 747 ,	6 318 ,	-6 4%	22 093 ,	25 550 ,	+15 6%
Net fee income	1 130 ,	1 211 ,	1 226 ,	1 105 ,	1 074 ,	1 212 ,	1 196 ,	1 015 ,	-15 1%	4 672 ,	4 497 ,	-3 8%
(losses) Gains financial transactions and other on	259	235	41	(306)	210	(62)	(78)	(362)	+362 0%	229	(293)	—
Total revenue	6 364 ,	6 846 ,	105 7 ,	6 679 ,	257 7 ,	662 7 ,	865 7 ,	6 971 ,	-11 4%	26 994 ,	29 754 ,	+10 2%
Operating expenses	(2 790) ,	(3 018) ,	(3 101) ,	(3 151) ,	(3 111) ,	(3 263) ,	(3 361) ,	(3 089) ,	-8 1%	(12 059) ,	(12 825) ,	+6 3%
Net operating income	3 574 ,	3 828 ,	4 004 ,	3 529 ,	4 146 ,	4 398 ,	4 504 ,	3 881 ,	-13 8%	14 935 ,	16 930 ,	+13 4%
Net loan-loss provisions	(1 246) ,	(1 607) ,	(1 540) ,	(1 495) ,	(1 512) ,	(1 599) ,	(1 698) ,	(1 730) ,	+1 9%	(5 887) ,	(6 540) ,	+11 1%
(losses) Other gains and provisions	(369)	(417)	(645)	(518)	(566)	(702)	(513)	(619)	+20 7%	(1 950) ,	(2 401) ,	+23 1%
Profit before tax	1 959 ,	1 804 ,	1 819 ,	1 516 ,	2 068 ,	2 097 ,	2 292 ,	1 532 ,	-33 2%	7 099 ,	7 989 ,	+12 5%
Consolidated profit	1 436 ,	1 402 ,	1 366 ,	1 220 ,	1 526 ,	1 458 ,	1 743 ,	1 335 ,	-23 4%	423 5 ,	6 062 ,	+11 8%
Attributable profit	1 316 ,	1 281 ,	1 279 ,	1 141 ,	1 432 ,	1 358 ,	1 629 ,	1 240 ,	-23 9%	5 017 ,	5 659 ,	+12 8%
Business volumes
Gross loans and advances to customers	628 977 ,	631 091 ,	638 623 ,	629 478 ,	628 233 ,	633 631 ,	625 558 ,	618 773 ,	-1 1%	629 478 ,	618 773 ,	-1 7%
Customer funds	697 130 ,	680 940 ,	681 037 ,	689 330 ,	686 464 ,	699 432 ,	707 567 ,	712 433 ,	+0 7%	689 330 ,	712 433 ,	+3 4%
Customer deposits	604 253 ,	592 183 ,	590 754 ,	598 110 ,	592 493 ,	609 113 ,	609 063 ,	621 598 ,	+2 1%	598 110 ,	621 598 ,	+3 9%
Mutual funds	92 877 ,	88 757 ,	90 283 ,	91 220 ,	93 972 ,	90 320 ,	98 504 ,	90 835 ,	-7 8%	91 220 ,	90 835 ,	-0 4%

Retail & Commercial Banking (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	5 019 ,	5 191 ,	5 547 ,	5 736 ,	5 832 ,	6 259 ,	6 521 ,	6 939 ,	+6 4%	21 494 ,	25 550 ,	+18 9%
Net fee income	1 123 ,	1 147 ,	1 145 ,	1 088 ,	1 033 ,	1 160 ,	1 153 ,	1 151 ,	-0 1%	4 503 ,	4 497 ,	-0 1%
(losses) Gains financial transactions and other on	298	283	136	(258)	293	42	1	(628)	—	459	(293)	—
Total revenue	6 440 ,	6 621 ,	6 828 ,	6 566 ,	158 7 ,	461 7 ,	674 7 ,	462 7 ,	-2 8%	26 455 ,	29 754 ,	+12 5%
Operating expenses	(2 752) ,	(2 860) ,	(2 900) ,	(3 113) ,	(3 026) ,	(3 136) ,	(3 258) ,	(3 404) ,	+4 5%	(11 625) ,	(12 825) ,	+10 3%
Net operating income	3 689 ,	3 760 ,	3 928 ,	3 453 ,	4 132 ,	4 324 ,	4 415 ,	4 059 ,	-8 1%	14 830 ,	16 930 ,	+14 2%
Net loan-loss provisions	(1 291) ,	(1 585) ,	(1 521) ,	(1 488) ,	(1 527) ,	(1 580) ,	(1 672) ,	(1 762) ,	+5 4%	(5 885) ,	(6 540) ,	+11 1%
(losses) Other gains and provisions	(353)	(362)	(596)	(486)	(552)	(659)	(519)	(671)	+29 4%	(1 797) ,	(2 401) ,	+33 6%
Profit before tax	2 045 ,	1 813 ,	1 811 ,	1 479 ,	2 053 ,	2 085 ,	2 225 ,	1 626 ,	-26 9%	7 149 ,	7 989 ,	+11 8%
Consolidated profit	1 495 ,	1 419 ,	1 376 ,	1 191 ,	1 514 ,	1 448 ,	1 703 ,	1 396 ,	-18 1%	481 5 ,	6 062 ,	+10 6%
Attributable profit	1 369 ,	1 299 ,	1 289 ,	1 111 ,	1 418 ,	1 350 ,	1 589 ,	1 302 ,	-18 1%	5 067 ,	5 659 ,	+11 7%
Business volumes
Gross loans and advances to customers	622 911 ,	632 499 ,	638 698 ,	638 047 ,	629 475 ,	624 224 ,	621 938 ,	618 773 ,	-0 5%	638 047 ,	618 773 ,	-3 0%
Customer funds	690 366 ,	680 504 ,	679 562 ,	696 669 ,	686 630 ,	688 038 ,	702 460 ,	712 433 ,	+1 4%	696 669 ,	712 433 ,	+2 3%
Customer deposits	597 814 ,	591 837 ,	591 583 ,	604 899 ,	593 388 ,	599 742 ,	605 826 ,	621 598 ,	+2 6%	604 899 ,	621 598 ,	+2 8%
Mutual funds	92 552 ,	88 667 ,	87 979 ,	91 770 ,	93 242 ,	88 295 ,	96 633 ,	90 835 ,	-6 0%	91 770 ,	90 835 ,	-1 0%

Digital Consumer Bank (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2 463 ,	2 495 ,	2 593 ,	2 570 ,	2 546 ,	2 477 ,	2 600 ,	2 598 ,	-0 1%	10 121 ,	10 221 ,	+1 0%
Net fee income	297	321	317	334	288	295	316	330	+4 3%	1 269 ,	1 229 ,	-3 1%
(losses) Gains financial transactions and other on	284	154	239	324	227	193	199	228	+14 3%	1 001 ,	846	-15 5%
Total revenue	3 043 ,	2 970 ,	3 149 ,	3 228 ,	3 061 ,	2 965 ,	3 115 ,	3 155 ,	+1 3%	12 391 ,	12 296 ,	-0 8%
Operating expenses	(1 287) ,	(1 275) ,	(1 319) ,	(1 316) ,	(1 317) ,	(1 291) ,	(1 284) ,	(1 371) ,	+6 8%	(5 197) ,	(5 263) ,	+1 3%
operating income Net	1 757 ,	1 695 ,	1 830 ,	1 912 ,	1 744 ,	1 675 ,	1 831 ,	1 784 ,	-2 6%	7 194 ,	7 033 ,	-2 2%
Net loan-loss provisions	(616)	(755)	(832)	(1 019) ,	(916)	(887)	(1 177) ,	(1 126) ,	-4 3%	(3 222) ,	(4 106) ,	+27 4%
(losses) Other gains and provisions	(45)	(22)	(9)	(16)	(71)	(39)	(78)	(60)	-23 0%	(91)	(250)	+173 0%
Profit before tax	1 095 ,	918	989	877	756	748	576	597	+3 7%	3 880 ,	2 677 ,	-31 0%
Consolidated profit	833	727	750	690	587	635	489	540	+10 3%	3 000 ,	2 251 ,	-25 0%
Attributable profit	720	612	688	590	488	539	417	457	+9 7%	2 610 ,	1 901 ,	-27 2%
Business volumes
Gross loans and advances to customers	183 675 ,	190 786 ,	197 986 ,	196 878 ,	197 828 ,	200 157 ,	205 681 ,	206 649 ,	+0 5%	196 878 ,	206 649 ,	+5 0%
Customer funds	103 439 ,	105 872 ,	107 628 ,	106 027 ,	107 998 ,	109 016 ,	115 587 ,	117 963 ,	+2 1%	106 027 ,	117 963 ,	+11 3%
Customer deposits	101 055 ,	103 662 ,	105 407 ,	102 946 ,	104 754 ,	105 554 ,	112 187 ,	114 334 ,	+1 9%	102 946 ,	114 334 ,	+11 1%
Mutual funds	2 384 ,	2 210 ,	2 222 ,	3 081 ,	3 244 ,	3 461 ,	3 400 ,	3 629 ,	+6 7%	3 081 ,	3 629 ,	+17 8%

Digital Consumer Bank (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	2 489 ,	2 433 ,	2 465 ,	2 488 ,	2 518 ,	2 456 ,	2 584 ,	2 663 ,	+3 0%	9 876 ,	10 221 ,	+3 5%
Net fee income	301	319	311	329	289	296	313	331	+5 5%	1 260 ,	1 229 ,	-2 5%
(losses) Gains financial transactions and other on	307	164	240	314	240	209	215	182	-15 3%	1 025 ,	846	-17 4%
Total revenue	3 098 ,	2 916 ,	3 015 ,	3 131 ,	3 046 ,	2 962 ,	3 113 ,	3 175 ,	+2 0%	12 161 ,	12 296 ,	+1 1%
Operating expenses	(1 300) ,	(1 250) ,	(1 259) ,	(1 276) ,	(1 312) ,	(1 293) ,	(1 284) ,	(1 375) ,	1% +7	(5 085) ,	(5 263) ,	+3 5%
operating income Net	1 798 ,	1 666 ,	1 756 ,	1 855 ,	1 735 ,	1 669 ,	1 829 ,	1 801 ,	-1 5%	7 075 ,	7 033 ,	-0 6%
Net loan-loss provisions	(634)	(742)	(796)	(992)	(908)	(885)	(1 174) ,	(1 139) ,	-2 9%	(3 165) ,	(4 106) ,	+29 8%
(losses) Other gains and provisions	(45)	(20)	(8)	(13)	(72)	(40)	(78)	(60)	-23 3%	(87)	(250)	+187 0%
Profit before tax	1 119 ,	904	951	850	754	744	577	602	+4 2%	3 824 ,	2 677 ,	-30 0%
Consolidated profit	852	717	724	669	586	632	492	541	+10 0%	2 962 ,	2 251 ,	-24 0%
Attributable profit	739	603	663	569	486	536	420	459	+9 2%	2 573 ,	1 901 ,	-26 1%
Business volumes
Gross loans and advances to customers	181 841 ,	186 983 ,	190 587 ,	195 267 ,	197 761 ,	199 631 ,	203 252 ,	206 649 ,	+1 7%	195 267 ,	206 649 ,	+5 8%
Customer funds	102 808 ,	102 949 ,	102 119 ,	104 259 ,	107 532 ,	108 834 ,	113 854 ,	117 963 ,	+3 6%	104 259 ,	117 963 ,	+13 1%
Customer deposits	100 424 ,	100 739 ,	99 898 ,	101 178 ,	104 288 ,	105 372 ,	110 453 ,	114 334 ,	+3 5%	101 178 ,	114 334 ,	+13 0%
Mutual funds	2 384 ,	2 210 ,	2 222 ,	3 081 ,	3 244 ,	3 461 ,	3 400 ,	3 629 ,	+6 7%	3 081 ,	3 629 ,	+17 8%

Corporate & Investment Banking (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	917	1 067 ,	914	918	801	784	845	1 164 ,	+37 7%	3 816 ,	3 594 ,	8% -5
Net fee income	519	487	475	441	606	536	517	471	-8 9%	1 922 ,	2 131 ,	+10 8%
(losses) Gains financial transactions and other on	124	21	328	493	259	443	615	485	-21 1%	965	1 802 ,	+86 7%
Total revenue	1 559 ,	1 575 ,	1 717 ,	1 852 ,	1 667 ,	1 763 ,	1 977 ,	2 120 ,	+7 2%	6 703 ,	7 527 ,	+12 3%
Operating expenses	(619)	(670)	(759)	(852)	(741)	(771)	(865)	(1 010) ,	+16 8%	(2 901) ,	(3 387) ,	+16 7%
operating income Net	940	905	958	1 000 ,	925	992	1 112 ,	1 111 ,	-0 2%	3 802 ,	4 140 ,	+8 9%
provisions Net loan-loss	13	11	(10)	(271)	24	(31)	49	(206)	—	(257)	(165)	-35 8%
(losses) Other gains and provisions	(24)	(38)	(33)	(71)	(104)	(28)	(28)	(21)	-23 1%	(166)	(181)	+8 9%
Profit before tax	929	878	915	658	845	934	1 133 ,	883	-22 1%	3 379 ,	3 795 ,	+12 3%
Consolidated profit	654	628	664	479	571	667	794	626	-21 1%	2 424 ,	2 658 ,	+9 6%
Attributable profit	601	585	595	452	506	603	744	587	-21 1%	2 233 ,	2 440 ,	+9 2%
Business volumes
Gross loans and advances to customers	136 514 ,	142 473 ,	152 488 ,	142 646 ,	139 562 ,	136 918 ,	134 027 ,	137 578 ,	+2 6%	142 646 ,	137 578 ,	-3 6%
Customer funds	137 884 ,	155 213 ,	182 322 ,	196 021 ,	182 682 ,	179 008 ,	191 960 ,	186 410 ,	-2 9%	196 021 ,	186 410 ,	-4 9%
Customer deposits	128 193 ,	145 417 ,	172 333 ,	186 678 ,	171 300 ,	167 651 ,	178 426 ,	171 845 ,	-3 7%	186 678 ,	171 845 ,	-7 9%
Mutual funds	9 691 ,	9 797 ,	9 989 ,	9 343 ,	11 382 ,	11 357 ,	13 534 ,	14 565 ,	+7 6%	9 343 ,	14 565 ,	+55 9%

Corporate & Investment Banking (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	931	993	800	882	752	725	806	1 311 ,	+62 8%	3 606 ,	3 594 ,	-0 3%
Net fee income	517	467	449	435	595	520	506	510	+0 8%	1 867 ,	2 131 ,	+14 1%
(losses) Gains financial transactions and other on	105	19	340	502	262	441	606	493	-18 6%	966	1 802 ,	+86 7%
Total revenue	1 553 ,	1 479 ,	1 588 ,	1 819 ,	1 610 ,	1 686 ,	1 917 ,	2 315 ,	+20 7%	6 438 ,	7 527 ,	+16 9%
Operating expenses	(621)	(648)	(720)	(825)	(723)	(750)	(849)	(1 064) ,	+25 4%	(2 815) ,	(3 387) ,	+20 3%
operating income Net	931	830	868	994	886	936	1 068 ,	1 250 ,	+17 0%	3 624 ,	4 140 ,	+14 3%
provisions Net loan-loss	12	12	(5)	(271)	25	(32)	49	(207)	—	(252)	(165)	-34 5%
(losses) Other gains and provisions	(22)	(34)	(28)	(60)	(105)	(25)	(27)	(23)	-12 6%	(144)	(181)	+25 8%
Profit before tax	922	808	835	663	806	879	1 090 ,	1 020 ,	-6 4%	3 228 ,	3 795 ,	+17 6%
Consolidated profit	639	564	599	489	535	615	766	743	-3 0%	2 292 ,	2 658 ,	+16 0%
Attributable profit	586	522	530	461	470	552	716	702	-1 8%	2 099 ,	2 440 ,	+16 2%
Business volumes
Gross loans and advances to customers	136 398 ,	140 699 ,	147 421 ,	142 158 ,	138 578 ,	134 564 ,	131 231 ,	137 578 ,	+4 8%	142 158 ,	137 578 ,	-3 2%
Customer funds	134 497 ,	150 447 ,	172 097 ,	192 800 ,	178 355 ,	173 928 ,	186 157 ,	186 410 ,	+0 1%	192 800 ,	186 410 ,	-3 3%
Customer deposits	125 980 ,	141 526 ,	163 592 ,	184 333 ,	168 187 ,	163 868 ,	173 932 ,	171 845 ,	-1 2%	184 333 ,	171 845 ,	-6 8%
funds Mutual	8 517 ,	8 921 ,	8 505 ,	8 467 ,	10 168 ,	10 060 ,	12 226 ,	14 565 ,	+19 1%	8 467 ,	14 565 ,	+72 0%

Wealth Management & Insurance (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	137	174	235	337	334	392	409	377	-7 8%	883	1 513 ,	+71 4%
Net fee income	322	334	329	309	308	317	318	319	+0 3%	1 293 ,	1 262 ,	-2 4%
(losses) Gains financial transactions and other on	130	116	140	116	116	121	110	88	-20 0%	502	436	-13 2%
Total revenue	589	623	704	762	758	830	838	784	-6 3%	2 678 ,	3 210 ,	+19 9%
Operating expenses	(261)	(269)	(281)	(293)	(291)	(293)	(297)	(335)	+12 7%	(1 104) ,	(1 216) ,	+10 2%
Net operating income	328	354	422	469	467	538	540	449	-16 8%	1 574 ,	1 994 ,	+26 7%
Net loan-loss provisions	0	(7)	(14)	(0)	1	14	(3)	5	—	(21)	17	—
(losses) Other gains and provisions	(9)	(11)	(6)	(11)	(24)	(11)	0	17	—	(37)	(18)	-52 5%
Profit before tax	320	336	402	459	444	541	537	471	-12 3%	1 516 ,	1 994 ,	+31 5%
Consolidated profit	247	263	307	352	335	415	412	378	-8 1%	1 170 ,	1 540 ,	+31 6%
Attributable profit	232	246	289	334	316	395	397	359	-9 8%	1 101 ,	1 467 ,	+33 3%
Business volumes
Gross loans and advances to customers	21 578 ,	22 516 ,	23 275 ,	22 247 ,	21 925 ,	22 556 ,	22 662 ,	22 603 ,	-0 3%	22 247 ,	22 603 ,	+1 6%
Customer funds	140 594 ,	139 108 ,	141 074 ,	137 423 ,	139 282 ,	144 880 ,	143 025 ,	157 142 ,	+9 9%	137 423 ,	157 142 ,	+14 3%
Customer deposits	606 54 ,	56 099 ,	712 57 ,	014 57 ,	242 57 ,	56 617 ,	663 54 ,	643 57 ,	5% +5	014 57 ,	643 57 ,	+1 1%
Mutual funds	85 988 ,	83 009 ,	83 362 ,	80 409 ,	82 040 ,	88 263 ,	88 362 ,	99 499 ,	+12 6%	80 409 ,	99 499 ,	+23 7%

Wealth Management & Insurance (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	135	168	226	330	331	387	404	391	-3 2%	859	1 513 ,	+76 0%
Net fee income	324	323	311	301	299	305	310	348	+12 4%	1 259 ,	1 262 ,	+0 2%
(losses) Gains financial transactions and other on	136	124	145	117	118	122	110	86	-22 4%	522	436	-16 5%
Total revenue	596	615	682	748	747	813	825	825	+0 1%	2 641 ,	3 210 ,	+21 6%
Operating expenses	(265)	(265)	(272)	(286)	(288)	(289)	(295)	(344)	+16 6%	(1 088) ,	(1 216) ,	+11 8%
operating income Net	330	351	410	462	459	525	529	481	-9 1%	1 553 ,	1 994 ,	+28 4%
Net loan-loss provisions	0	(8)	(14)	(0)	1	15	(3)	5	—	(21)	17	—
(losses) Other gains and provisions	(8)	(11)	(6)	(10)	(24)	(11)	1	17	—	(36)	(18)	-51 0%
Profit before tax	322	332	390	452	436	528	527	502	-4 6%	1 496 ,	1 994 ,	+33 2%
Consolidated profit	250	262	300	347	330	405	402	402	-0 0%	1 159 ,	1 540 ,	+32 8%
Attributable profit	233	244	282	329	311	385	388	382	-1 5%	1 089 ,	1 467 ,	+34 8%
Business volumes
Gross loans and advances to customers	21 563 ,	22 144 ,	22 345 ,	22 115 ,	21 792 ,	22 318 ,	22 307 ,	22 603 ,	+1 3%	22 115 ,	22 603 ,	+2 2%
Customer funds	139 649 ,	138 555 ,	138 870 ,	137 803 ,	138 389 ,	142 216 ,	141 180 ,	157 142 ,	+11 3%	137 803 ,	157 142 ,	+14 0%
Customer deposits	54 149 ,	55 389 ,	56 665 ,	56 852 ,	56 942 ,	55 799 ,	54 158 ,	57 643 ,	+6 4%	56 852 ,	57 643 ,	+1 4%
Mutual funds	85 500 ,	83 166 ,	82 205 ,	80 951 ,	81 447 ,	86 417 ,	87 022 ,	99 499 ,	+14 3%	80 951 ,	99 499 ,	+22 9%

Payments (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	537	599	627	596	582	611	649	582	-10 3%	2 359 ,	2 424 ,	+2 8%
Net fee income	548	684	670	750	770	703	772	708	-8 2%	2 653 ,	2 952 ,	+11 3%
(losses) Gains financial transactions and other on	(34)	(36)	(45)	(22)	(36)	(17)	(44)	19	—	(137)	(78)	-43 1%
Total revenue	1 051 ,	1 247 ,	1 252 ,	1 325 ,	1 316 ,	1 297 ,	1 376 ,	1 309 ,	-4 9%	4 874 ,	5 298 ,	+8 7%
Operating expenses	(492)	(576)	(606)	(596)	(589)	(623)	(581)	(550)	4% -5	(2 271) ,	(2 344) ,	+3 2%
operating income Net	559	671	646	728	726	674	795	759	-4 5%	2 604 ,	2 954 ,	+13 5%
Net loan-loss provisions	(252)	(271)	(363)	(246)	(471)	(397)	(435)	(363)	-16 7%	(1 132) ,	(1 666) ,	+47 2%
(losses) Other gains and provisions	(3)	(15)	(18)	(38)	(14)	(21)	(18)	(31)	+75 2%	(74)	(84)	+13 5%
Profit before tax	304	385	265	444	241	256	342	365	+6 9%	1 398 ,	1 205 ,	-13 8%
Consolidated profit	161	230	138	266	124	137	202	233	+15 2%	795	696	-12 5%
Attributable profit	137	204	114	238	107	116	179	204	+13 6%	693	607	-12 4%
Business volumes
Gross loans and advances to customers	20 785 ,	21 395 ,	21 978 ,	22 161 ,	22 091 ,	23 307 ,	23 524 ,	23 709 ,	+0 8%	22 161 ,	23 709 ,	+7 0%
Customer funds	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
Customer deposits	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
Mutual funds	—	—	—	—	—	—	—	—	—	—	—	—

Payments (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	527	546	554	560	536	566	607	716	+17 9%	2 187 ,	2 424 ,	+10 8%
Net fee income	567	665	642	739	769	687	746	750	+0 7%	2 612 ,	2 952 ,	+13 0%
(losses) Gains financial transactions and other on	(18)	(11)	(11)	(14)	(12)	7	(24)	(49)	+99 9%	(54)	(78)	+44 3%
Total revenue	1 077 ,	1 199 ,	1 185 ,	1 285 ,	1 293 ,	1 260 ,	1 328 ,	1 417 ,	+6 7%	4 746 ,	298 5 ,	+11 6%
Operating expenses	(492)	(551)	(576)	(590)	(574)	(600)	(564)	(605)	+7 2%	(2 209) ,	(2 344) ,	+6 1%
Net operating income	585	648	609	695	719	660	764	812	+6 3%	2 537 ,	2 954 ,	+16 5%
Net loan-loss provisions	(268)	(272)	(358)	(253)	(476)	(387)	(423)	(380)	-10 0%	(1 150) ,	(1 666) ,	+44 8%
(losses) Other gains and provisions	(2)	(14)	(17)	(25)	(13)	(20)	(18)	(32)	+82 9%	(59)	(84)	+41 3%
Profit before tax	315	362	234	417	229	252	324	400	+23 5%	1 327 ,	1 205 ,	-9 2%
Consolidated profit	166	206	116	246	112	134	192	257	+33 8%	734	696	2% -5
Attributable profit	141	180	91	218	95	113	170	228	+34 3%	629	607	-3 6%
Business volumes
Gross loans and advances to customers	19 450 ,	20 334 ,	20 447 ,	21 740 ,	21 207 ,	21 789 ,	22 383 ,	23 709 ,	9% +5	21 740 ,	23 709 ,	+9 1%
Customer funds	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
Customer deposits	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
Mutual funds	—	—	—	—	—	—	—	—	—	—	—	—

PagoNxt (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	2	3	7	10	9	22	24	38	8% +57	22	93	+325 2%
Net fee income	157	222	231	271	218	228	255	253	-1 0%	881	954	+8 3%
(losses) Gains financial transactions and other on	2	9	18	22	16	27	19	30	+56 5%	50	93	+83 8%
Total revenue	161	234	256	303	244	277	298	321	+7 5%	953	1 140 ,	+19 6%
Operating expenses	(190)	(257)	(280)	(297)	(278)	(295)	(251)	(268)	+6 9%	(1 024) ,	(1 091) ,	+6 6%
operating income Net	(29)	(24)	(23)	6	(34)	(18)	48	53	+10 9%	(70)	49	—
loan-loss provisions Net	(3)	(9)	(13)	(20)	(6)	(6)	(10)	(1)	-87 4%	(44)	(24)	6% -45
(losses) Other gains and provisions	(1)	(3)	(12)	(10)	(2)	(10)	(6)	(23)	+265 0%	(26)	(42)	+62 3%
Profit before tax	(33)	(35)	(49)	(24)	(43)	(34)	31	29	6% -7	(140)	(17)	-88 1%
Consolidated profit	(54)	(50)	(64)	(36)	(57)	(48)	6	23	+285 5%	(203)	(76)	-62 6%
Attributable profit	(55)	(51)	(68)	(39)	(55)	(48)	3	23	—	(214)	(77)	-63 9%
Business volumes
Gross loans and advances to customers	1 064 ,	1 210 ,	1 064 ,	1 260 ,	930	894	1 090 ,	1 196 ,	+9 7%	1 260 ,	1 196 ,	-5 1%
Customer funds	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
Customer deposits	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
Mutual funds	—	—	—	—	—	—	—	—	—	—	—	—

PagoNxt (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
interest income Net	2	3	7	10	10	22	24	38	+58 9%	22	93	+320 8%
Net fee income	172	223	231	273	222	227	251	254	+1 1%	898	954	+6 3%
(losses) Gains financial transactions and other on	2	8	18	22	16	27	19	31	+63 1%	50	93	+83 9%
Total revenue	176	234	256	305	248	276	294	323	+9 8%	970	1 140 ,	+17 5%
Operating expenses	(198)	(256)	(278)	(297)	(278)	(292)	(247)	(275)	+11 0%	(1 029) ,	(1 091) ,	+6 0%
operating income Net	(22)	(22)	(23)	8	(30)	(16)	47	48	+3 2%	(59)	49	—
loan-loss provisions Net	(3)	(9)	(13)	(20)	(6)	(6)	(10)	(1)	-87 7%	(45)	(24)	8% -45
(losses) Other gains and provisions	(1)	(2)	(13)	(9)	(2)	(10)	(6)	(23)	+269 6%	(25)	(42)	+66 1%
Profit before tax	(26)	(33)	(48)	(21)	(39)	(32)	30	24	-20 4%	(129)	(17)	-87 0%
Consolidated profit	(50)	(48)	(63)	(34)	(54)	(46)	6	17	+177 4%	(194)	(76)	-60 9%
Attributable profit	(51)	(50)	(67)	(37)	(52)	(46)	3	17	—	(205)	(77)	-62 4%
Business volumes
Gross loans and advances to customers	1 086 ,	1 250 ,	1 067 ,	1 335 ,	954	883	1 078 ,	1 196 ,	+11 0%	1 335 ,	1 196 ,	-10 4%
Customer funds	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
Customer deposits	35	550	685	688	603	600	654	1 418 ,	+116 9%	688	1 418 ,	+105 9%
funds Mutual	—	—	—	—	—	—	—	—	—	—	—	—

Cards (EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	535	596	620	586	573	589	625	544	-12 9%	2 337 ,	2 331 ,	-0 3%
Net fee income	391	462	439	480	551	475	517	456	-11 8%	1 772 ,	1 998 ,	+12 8%
(losses) Gains financial transactions and other on	(36)	(45)	(64)	(44)	(52)	(44)	(63)	(11)	-82 4%	(188)	(171)	-9 0%
Total revenue	890	1 013 ,	996	1 022 ,	1 072 ,	1 020 ,	1 078 ,	988	-8 3%	3 921 ,	4 158 ,	+6 0%
Operating expenses	(302)	(319)	(327)	(299)	(312)	(328)	(331)	(282)	-14 6%	(1 247) ,	(1 253) ,	+0 5%
Net operating income	588	695	669	723	760	692	747	706	5% -5	2 674 ,	2 905 ,	+8 7%
Net loan-loss provisions	(249)	(262)	(350)	(226)	(465)	(391)	(425)	(361)	-15 0%	(1 087) ,	(1 642) ,	+51 0%
(losses) Other gains and provisions	(2)	(13)	(5)	(28)	(11)	(11)	(11)	(8)	-28 4%	(48)	(42)	-12 6%
Profit before tax	337	420	314	468	284	290	311	337	+8 3%	1 539 ,	1 222 ,	-20 6%
Consolidated profit	215	280	202	302	181	185	196	210	0% +7	998	772	-22 7%
Attributable profit	192	255	182	277	162	164	177	181	+2 2%	907	684	-24 6%
Business volumes
Gross loans and advances to customers	19 721 ,	20 185 ,	20 914 ,	20 901 ,	21 161 ,	22 413 ,	22 434 ,	22 513 ,	+0 4%	20 901 ,	22 513 ,	7% +7
Customer funds	—	—	—	—	—	—	—	—	—	—	—	—
Customer deposits	—	—	—	—	—	—	—	—	—	—	—	—
Mutual funds	—	—	—	—	—	—	—	—	—	—	—	—

Cards (Constant EUR mn)

									Change			Change
Underlying income statement	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	/ Q4'23 Q3'23	2022	2023	/ 2023 2022
Net interest income	525	542	547	550	526	544	583	678	+16 2%	2 165 ,	2 331 ,	+7 6%
Net fee income	396	442	411	466	547	460	494	496	+0 4%	1 714 ,	1 998 ,	+16 5%
(losses) Gains financial transactions and other on	(20)	(19)	(29)	(36)	(28)	(20)	(43)	(80)	+83 9%	(105)	(171)	+63 4%
Total revenue	901	965	930	980	1 045 ,	984	1 034 ,	1 094 ,	8% +5	3 775 ,	4 158 ,	+10 1%
Operating expenses	(294)	(295)	(298)	(293)	(296)	(309)	(317)	(330)	+4 2%	(1 180) ,	(1 253) ,	+6 2%
Net operating income	607	670	632	687	749	675	717	764	+6 5%	2 596 ,	2 905 ,	+11 9%
Net loan-loss provisions	(265)	(263)	(345)	(233)	(470)	(381)	(412)	(379)	-8 1%	(1 106) ,	(1 642) ,	+48 5%
(losses) Other gains and provisions	(1)	(12)	(5)	(16)	(11)	(10)	(11)	(9)	-18 0%	(34)	(42)	+23 1%
Profit before tax	341	395	282	438	268	284	293	376	+28 0%	1 456 ,	1 222 ,	-16 1%
Consolidated profit	215	254	178	280	166	180	186	240	+29 0%	928	772	-16 8%
Attributable profit	192	230	159	255	147	159	167	211	+26 2%	835	684	-18 1%
Business volumes
Gross loans and advances to customers	18 364 ,	19 084 ,	19 381 ,	20 406 ,	20 252 ,	20 906 ,	21 306 ,	22 513 ,	7% +5	20 406 ,	22 513 ,	+10 3%
Customer funds	—	—	—	—	—	—	—	—	—	—	—	—
Customer deposits	—	—	—	—	—	—	—	—	—	—	—	—
Mutual funds	—	—	—	—	—	—	—	—	—	—	—	—

Supplementary information

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Quarterly income statements and business volumes of the new primary segments (under the new definitions applicable from 1 January 2024)

Glossary

Glossary - Acronyms

• ❑ ALCO: Assets and Liabilities Committee
• ❑ AT1: Additional Tier 1
• ❑ bn: Billion
• ❑ Bps: basis points
• ❑ CET1: Common equity tier 1
• ❑ CoR: Cost of credit / cost of risk
• ❑ HQLA: High quality liquid asset
• ❑ FL: Fully-loaded
• ❑ FX: Foreign exchange
• ❑ ESG: Environmental, social and governance
• ❑ FY: Full year
• ❑ HTC&S: Held to collect and sell
• ❑ IFRS 9: International Financial Reporting Standard 9, regarding financial instruments
• ❑ LLPs: Loan-loss provisions
• ❑ M/LT: Medium- and long-term
• ❑ mn: million
• ❑ MREL: Minimum requirement for own funds and eligible liabilities
• ❑ NPL: Non-performing loans
• ❑ P&L: Profit and loss
• ❑ Pp: percentage points
• ❑ Repos: Repurchase agreements
• ❑ RoRWA: Return on risk-weighted assets
• ❑ RoTE: Return on tangible equity
• ❑ RWA: Risk-weighted assets
• ❑ ST: Short term
• ❑ T1/T2: Tier 1 / Tier 2
• ❑ TLAC: Total loss-absorbing capacity
• ❑ TNAV: Tangible net asset value
• ❑ YoY: Year-on-Year

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 / total income. Operating expenses defined as general administrative expenses + amortisations

VOLUMES

• ✓ Loans: Gross loans and advances to customers (excl. reverse repos)
• ✓ Customer funds: Customer deposits excluding repos + marketed mutual funds

CREDIT RISK

• ✓ NPL ratio: Credit impaired loans and advances to customers, customer guarantees and customer commitments granted / Total risk. Total risk is defined as: Total loans and advances and guarantees to customers (including credit impaired assets) + contingent liabilities granted that are credit impaired
• ✓ NPL coverage ratio: Total allowances to cover impairment losses on loans and advances to customers, customer guarantees and customer commitments granted / Credit impaired loans and advances to customers, customer guarantees and customer commitments granted
• ✓ Cost of risk: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

CAPITALIZATION

✓ 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

DIGITAL

• ✓ Transactions monetary & voluntary: customer interaction through mobile or internet banking which resulted in a change of balance. ATM transactions are not included
• ✓ Digital sales: percentage of new contracts executed through digital channels during the period. Digital sales as % of total sales

Notes: The averages for the RoTE and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).

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