Banco Santander S.A. — Investor Presentation 2023

Feb 2, 2023

2 February 2023

Earnings presentation: Supplementary information —

2022

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 accounting periods.

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.

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 2021 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 1 March 2022, as updated by the Form 6-K filed with the SEC on 8 April 2022 in order to reflect our new organizational and reporting structure, as well as the section "Alternative performance measures" of the annex to the Banco Santander, S.A. (Santander) Q4 2022 Financial Report, published as Inside Information on 2 February 2023. These documents are available on Santander's website (www.santander.com). Underlying measures, which are included in this presentation, are non-IFRS measures.

The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the 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, save as expressly indicated under 'Auditors' review', 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 announces 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. However, risks, uncertainties and other important factors may lead to developments and results to differ materially from those anticipated, expected, projected or assumed in forward-looking statements.

Important information

The following important factors (and others described elsewhere 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: (1) general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the war in Ukraine or the COVID-19 pandemic in the global economy) in areas where we have significant operations or investments; (2) climate-related conditions, regulations, targets and weather events; (3) exposure to various market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices); (4) potential losses from early loan repayment, collateral depreciation or counterparty risk; (5) political instability in Spain, the UK, other European countries, Latin America and the US; (6) legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in view of the UK´s exit from the European Union and increased regulation prompted by financial crises; (7) acquisition integration challenges arising from deviating management's resources and attention from other strategic opportunities and operational matters; and (8) 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; and (9) changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrades for the entire group or core subsidiaries.

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, including, but not limited to developing standards that may change in the future; plans, projections, 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' energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives.

Forward-looking statements are 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.

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.

Appendix

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Glossary

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-22	Sep-22	Sep-22
Spain2	148%	185%	118%
K2 U	157%	166%	132%
Portugal	133%	149%	126%
Poland	167%	159%	144%
U S	125%	133%	110%
Mexico	171%	157%	111%
Brazil	127%	139%	114%
Chile	202%	201%	120%
Argentina	236%	206%	173%
SCF	241%	168%	111%
Group	152%	170%	121%

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

(1) Provisional data.

(2) Spain: Parent bank, UK: Ring-fenced bank.

(3) 12 month average, provisional data.

FY'22 Earnings presentation v250123pm

Additional opportunities from rebuilding ALCO portfolios from current exposure, especially in euros

Conservative and decentralized liquidity and funding model

Spain² UK DCB Chile USA Other

(1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes Banco Santander, S.A. and Santander International Products PLC.

Note: preference shares also includes other AT1 instruments.

Issuances against 2022 funding plan

€ bn, Dec-22
	Hybrids		Senior SNP +		Covered Bonds		TOTAL
	Plan	Issued	Plan	Issued	Plan Issued		Plan	Issued
Banco Santander S A	3 3 5 -	1 1 8	9 10 -	2 17 5	-	3 4	12 13 5 -	22 8
,
SCF	-	-	6 5 -	1 5	0 0 5 -	-	6 5 5 -	1 5
U K	-	-	3 4 -	4 7	0 0 5 75 -	4 8	3 4 5 75 -	9 5
SHUSA	-	-	2 2 5 -	3 5	-	-	2 2 5 -	3 5
TOTAL	3 3 5 -	1 1 8	19 22 5 -	2 27 3	0 1 25 5 -	8 2	22 27 25 5 -	37 3

Execution of 2022 funding plan

The Financial Plan is mainly focused on covering TLAC/MREL requirements to: continue building up TLAC/MREL buffers.

Banco Santander, S.A.'s 2022 funding plan contemplates the following:

pre-finance senior non-preferred / senior preferred transactions which lose TLAC/MREL eligibility due to entering in the <1 year window.

cover the increase in estimated RWAs which are the base of both requirements.

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 €1.8bn of sub debt issued in Q4'21 as pre-funding for 2022.

(2) Includes €2.1bn of senior non-preferred issued Q4'21 as pre-funding for 2022.

2023 funding plan and 2023 YTD issuances

2023 funding plan
-------------------	--	--

€ bn, Jan-23

	Hybrids		Senior SNP +		Covered	Bonds	TOTAL
	Plan Issued		Plan Issued		Plan Issued		Plan	Issued
Banco Santander S A ,	0 1 5 5 -	-	9 10 -	8 5	6 -7	3 5	15 17 -	9 3
U K	-	-	3 -4	1 2	5-6	1 7	8 10 -	2 9
SCF	-	-	2 -4	-	-	-	2 -4	-
SHUSA	-	-	1 2 -	-	-	-	1 2 -	-
TOTAL	0 1 5 5 -	-	15 20 -	0 7	11 13 -	2 5	26 33 -	12 2

Continue fulfilling the 1.5% AT1 and 2% T2 buffers subject to RWA growth.

Banco Santander, S.A.'s 2023 funding plan contemplates the following:

• 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 quarter of the year, having issued EUR 9.3 billion (55% of the funding plan), particularly focused on liquidity issuances.

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

* 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-22.

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

Note: Figures applying the IFRS 9 transitional arrangements.

(1) TLAC RWAs are €293bn and leverage exposure is €829bn. MREL RWAs are €381bn and leverage exposure is €890bn.

(2) MREL Requirement based on RWAs from Jan-24: 30.32% + Combined Buffer Requirement (CBR).

Appendix

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Glossary

Yield on loans (%)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22
Europe	2	2	1	1	2	2	2	2
	06	02	98	99	08	23	44	86
Spain	1	1	1	1	1	1	1	2
	84	78	68	69	73	78	98	48
United Kingdom	2 27	2 25	2 27	2 23	2 23	2 30	2 43	2 67
Portugal	1	1	1	1	1	1	1	2
	52	47	44	41	42	45	64	33
Poland	2	2	2	3	4	6	7	7
	90	91	93	31	64	21	28	64
America North	7 71	7 59	7 48	7 38	7 37	7 63	8 14	8 75
US	6	6	6	6	6	6	6	7
	91	76	59	41	29	40	90	35
Mexico	10	10	10	10	10	11	11	12
	11	03	08	23	47	07	81	80
America South	9 92	10 00	10 52	12 42	12 90	14 67	14 53	13 86
Brazil	11	11	12	13	14	14	14	14
	37	63	20	25	36	89	81	90
Chile	6	6	6	10	9	14	13	11
	87	63	93	61	99	25	16	47
Argentina	22	21	21	23	24	28	34	37
	03	97	63	33	39	80	39	44
Digital	3	3	3	3	4	4	4	4
Consumer	98	94	93	88	02	00	02	28
Bank

Cost of deposits (%)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22
Europe	0	0	0	0	0	0	0	0
	11	08	07	07	08	14	25	53
Spain	0	0	0	0	0	0	0	0
	05	05	05	05	05	05	09	22
United Kingdom	0 21	0 14	0 11	0 10	0 12	0 21	0 35	0 79
Portugal	0	0	0	0	0	0	0	0
	02	01	01	01	00	00	06	05
Poland	0	0	0	0	0	0	1	1
	06	04	02	04	16	49	00	58
America North	0 65	0 61	0 65	0 67	0 73	0 88	1 22	1 87
US	0	0	0	0	0	0	0	1
	17	12	11	08	09	21	51	07
Mexico	1	1	2	2	2	2	3	3
	87	87	03	21	39	58	08	91
America South	1 79	2 14	2 78	3 91	5 20	6 54	8 09	8 15
Brazil	1	2	3	4	6	7	8	8
	46	14	06	57	15	22	52	60
Chile	0	0	0	1	1	2	4	4
	35	31	41	05	60	91	13	55
Argentina	11	11	12	12	13	17	22	28
	48	92	13	05	62	65	86	10
Digital	0	0	0	0	0	0	0	0
Consumer	30	26	21	21	22	26	39	71
Bank

Appendix

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Glossary

Stage coverage

		Exposure ¹								Coverage
	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22	Jun-22	Sep-22	Dec-22		Mar-21	Jun-21	Sep-21	Dec-21	Mar-22	Jun-22	Sep-22	Dec-22
Stage 1	885	904	912	929	967		998 1,030 1,004			0.5%	0.5%	0.5%	0.5%	0.5%	0.5%	0.5%	0.4%
Stage 2	70	70	67	71	68	66	70	69		8.1%	8.2%	8.6%	7.7%	8.0%	8.5%	7.7%	7.7%
Stage 3	32	33	33	33	36	34	36	35		42.5%	42.2%	43.0%	41.3%	41.0%	40.1%	41.0%	40.8%

1) Exposure subject to impairment in EUR bn.

NPL ratio (%)

	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22	Jun-22	Sep-22	Dec-22
Europe	3	3	3	3	3	2	2	2
	26	30	15	12	01	63	58	37
Spain	98	16	86	72	4	3	3	3
	4	5	4	4	47	83	69	27
United Kingdom	1 35	1 30	1 27	1 43	1 42	1 17	1 16	1 21
Portugal	3	3	3	3	3	3	3	2
	84	71	44	44	42	33	03	99
Poland	82	58	34	3	3	3	3	3
	4	4	4	61	50	45	63	80
North America	2 39	2 28	2 56	2 42	2 83	2 71	2 79	3 03
US	2	2	2	2	2	2	2	3
	11	00	36	33	75	64	92	25
Mexico	3	3	3	2	3	2	2	2
	21	10	14	73	09	95	34	32
South America	4 30	4 36	4 38	4 50	05 5	39 5	54 5	6 20
Brazil	42	4	72	88	68	6	6	7
	4	55	4	4	5	34	63	57
Chile	4	4	36	43	70	70	63	99
	74	57	4	4	4	4	4	4
Argentina	2	3	3	3	3	2	2	2
	32	34	85	61	21	48	13	08
Digital	2	2	2	2	2	2	2	2
Consumer	23	18	15	13	27	22	20	06
Bank
TOTAL GROUP	3 20	3 22	3 18	3 16	3 26	3 05	3 08	3 08

Total coverage ratio (%)

	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22	Jun-22	Sep-22	Dec-22
Europe	50	48	51	49	49	50	49	51
	0	4	1	4	1	2	7	8
Spain	48	45	49	51	50	49	49	51
	0	7	6	4	4	4	3	0
United Kingdom	40 5	37 4	36 6	25 8	26 1	32 9	32 4	33 8
Portugal	69	73	75	71	72	74	76	79
	2	0	5	7	8	3	3	3
Poland	70	72	74	73	78	76	74	74
	3	4	6	9	5	0	8	0
America North	153 4	152 3	139 3	134 9	110 5	111 4	102 7	93 3
US	183	185	161	150	122	121	102	90
	2	7	5	3	2	0	8	3
Mexico	95	90	90	95	79	84	102	106
	6	6	1	0	5	1	7	6
America South	98 4	98 1	98 8	98 3	92 2	86 9	84 7	76 0
Brazil	116	112	111	111	101	92	89	79
	5	3	8	2	1	3	2	5
Chile	63	63	64	63	60	60	60	56
	4	9	1	3	7	4	3	3
Argentina	232	167	149	153	161	171	179	180
	4	6	3	8	7	1	0	4
Digital	111	111	112	107	99	97	95	92
Consumer	4	9	8	8	4	4	6	8
Bank
TOTAL GROUP	74 0	72 9	74 0	71 3	69 5	70 6	69 7	67 5

Credit impaired loans and loan-loss allowances. Breakdown by operating areas. December 2022

Credit impaired loans Loan-loss allowances

Other Europe, 0.0%

Cost of risk (%)

	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22	Jun-22	Sep-22	Dec-22
Europe	0	0	0	0	0	0	0	0
	51	49	48	39	37	37	36	39
Spain	0	0	0	0	0	0	0	0
	79	91	97	92	88	79	71	61
United Kingdom	0 21	0 09	0 01	(0 09)	(0 08)	(0 02)	0 02	0 12
Portugal	0	0	0	0	0	(0	(0	0
	38	41	35	09	03	05)	12)	04
Poland	1	0	0	0	0	0	1	1
	02	88	82	67	65	95	07	43
America North	2 34	1 67	1 46	0 93	0 93	1 09	1 12	1 49
US	2	1	1	0	0	0	0	1
	12	34	06	43	49	78	87	35
Mexico	3	2	2	2	2	2	1	1
	00	74	69	44	22	05	86	95
America South	2 81	2 51	2 52	2 60	2 73	2 97	3 11	3 32
Brazil	3	3	3	3	3	4	4	4
	79	51	60	73	94	26	46	79
Chile	1	1	0	0	0	0	0	0
	33	07	89	85	83	89	87	93
Argentina	4	3	3	3	3	3	2	2
	55	94	51	01	31	07	88	91
Digital	0	0	0	0	0	0	0	0
Consumer	69	64	57	46	44	44	43	45
Bank
TOTAL GROUP	1 08	0 94	0 90	0 77	0 77	0 83	0 86	0 99

Appendix

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Glossary

GRUPO SANTANDER (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
interest income Net	7 956 ,	8 240 ,	8 458 ,	8 716 ,	8 855 ,	9 554 ,	10 051 ,	10 159 ,	+1 1%	33 370 ,	38 619 ,	+15 7%
Net fee income	2 548 ,	2 621 ,	2 641 ,	2 692 ,	2 812 ,	3 040 ,	3 015 ,	2 923 ,	-3 1%	10 502 ,	11 790 ,	+12 3%
(losses) Gains financial transactions and other on	886	444	832	370	638	221	443	443	+0 0%	2 532 ,	1 745 ,	-31 1%
Total revenue	11 390 ,	11 305 ,	11 931 ,	11 778 ,	12 305 ,	12 815 ,	13 509 ,	13 525 ,	+0 1%	46 404 ,	52 154 ,	+12 4%
Operating expenses	(5 118) ,	(5 259) ,	(5 401) ,	(5 637) ,	(5 535) ,	(5 900) ,	(6 160) ,	(6 308) ,	+2 4%	(21 415) ,	(23 903) ,	+11 6%
operating income Net	6 272 ,	6 046 ,	6 530 ,	6 141 ,	6 770 ,	6 915 ,	7 349 ,	7 217 ,	-1 8%	24 989 ,	28 251 ,	+13 1%
Net loan-loss provisions	(1 992) ,	(1 761) ,	(2 220) ,	(1 463) ,	(2 101) ,	(2 634) ,	(2 756) ,	(3 018) ,	+9 5%	(7 436) ,	(10 509) ,	+41 3%
(losses) Other gains provisions and	(467)	(470)	(506)	(850)	(498)	(537)	(747)	(710)	0% -5	(2 293) ,	(2 492) ,	+8 7%
Underlying profit before tax	3 813 ,	3 815 ,	3 804 ,	3 828 ,	4 171 ,	3 744 ,	3 846 ,	3 489 ,	-9 3%	15 260 ,	15 250 ,	-0 1%
Underlying consolidated profit	2 489 ,	2 481 ,	2 551 ,	2 663 ,	2 869 ,	2 672 ,	2 682 ,	2 541 ,	3% -5	10 184 ,	10 764 ,	7% +5
Underlying attributable profit	2 138 ,	2 067 ,	2 174 ,	2 275 ,	2 543 ,	2 351 ,	2 422 ,	2 289 ,	-5 5%	8 654 ,	9 605 ,	+11 0%
Net capital gains and provisions*	(530)	—	—	—	—	—	—	—	—	(530)	—	-100 0%
Attributable profit	1 608 ,	2 067 ,	2 174 ,	2 275 ,	2 543 ,	2 351 ,	2 422 ,	2 289 ,	5% -5	8 124 ,	9 605 ,	+18 2%

GRUPO SANTANDER (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	8 566 ,	8 770 ,	8 904 ,	9 178 ,	9 052 ,	9 358 ,	9 808 ,	10 400 ,	+6 0%	35 417 ,	38 619 ,	+9 0%
Net fee income	2 726 ,	2 770 ,	2 741 ,	2 808 ,	2 864 ,	2 975 ,	2 949 ,	3 002 ,	+1 8%	11 045 ,	11 790 ,	+6 7%
(losses) Gains financial transactions and other on	967	508	894	405	684	251	463	348	-24 8%	2 774 ,	1 745 ,	-37 1%
Total revenue	12 258 ,	12 048 ,	12 539 ,	12 391 ,	12 599 ,	12 585 ,	13 220 ,	13 750 ,	+4 0%	49 236 ,	52 154 ,	+5 9%
Operating expenses	(5 387) ,	(5 501) ,	(5 604) ,	(5 844) ,	(5 614) ,	(5 800) ,	(6 032) ,	(6 457) ,	0% +7	(22 336) ,	(23 903) ,	0% +7
operating income Net	6 871 ,	6 547 ,	6 935 ,	6 547 ,	6 985 ,	6 784 ,	7 188 ,	7 293 ,	+1 5%	26 900 ,	28 251 ,	+5 0%
Net loan-loss provisions	(2 162) ,	(1 890) ,	(2 376) ,	(1 583) ,	(2 186) ,	(2 601) ,	(2 707) ,	(3 014) ,	+11 3%	(8 011) ,	(10 509) ,	+31 2%
(losses) Other gains provisions and	(473)	(459)	(509)	(864)	(495)	(510)	(731)	(755)	+3 3%	(2 305) ,	(2 492) ,	+8 1%
Underlying profit before tax	4 236 ,	4 199 ,	4 049 ,	4 100 ,	4 304 ,	3 673 ,	3 750 ,	3 524 ,	-6 0%	16 584 ,	15 250 ,	-8 0%
Underlying consolidated profit	2 749 ,	2 728 ,	2 712 ,	2 835 ,	2 957 ,	2 622 ,	2 616 ,	2 568 ,	-1 8%	11 024 ,	10 764 ,	-2 4%
Underlying attributable profit	2 368 ,	2 283 ,	2 312 ,	2 423 ,	2 627 ,	2 305 ,	2 357 ,	2 315 ,	-1 8%	9 386 ,	9 605 ,	+2 3%
Net capital gains and provisions*	(537)	2	1	1	—	—	0	(0)	—	(532)	—	-100 0%
Attributable profit	1 831 ,	2 285 ,	2 314 ,	2 424 ,	2 627 ,	2 305 ,	2 357 ,	2 315 ,	8% -1	8 854 ,	9 605 ,	5% +8

Europe (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	2 551 ,	2 656 ,	2 650 ,	2 717 ,	2 839 ,	2 981 ,	3 179 ,	3 567 ,	+12 2%	10 574 ,	12 565 ,	+18 8%
income Net fee	1 072 ,	1 086 ,	1 080 ,	1 107 ,	1 154 ,	1 162 ,	1 125 ,	1 051 ,	-6 6%	4 344 ,	4 493 ,	+3 4%
(losses) Gains financial transactions and other on	432	107	385	93	312	134	388	139	-64 3%	1 016 ,	972	-4 4%
Total revenue	055 4 ,	3 848 ,	114 4 ,	3 917 ,	305 4 ,	276 4 ,	692 4 ,	4 757 ,	+1 4%	15 934 ,	18 030 ,	+13 2%
Operating expenses	(2 072) ,	(2 071) ,	(2 049) ,	(2 126) ,	(2 060) ,	(2 104) ,	(2 132) ,	(2 227) ,	+4 5%	(8 319) ,	(8 523) ,	+2 5%
Net operating income	1 983 ,	1 777 ,	2 065 ,	1 790 ,	2 245 ,	2 172 ,	2 559 ,	2 530 ,	-1 2%	615 7 ,	9 507 ,	+24 8%
provisions Net loan-loss	(596)	(606)	(675)	(416)	(515)	(631)	(614)	(636)	+3 7%	(2 293) ,	(2 396) ,	+4 5%
(losses) Other gains and provisions	(249)	(346)	(257)	(436)	(236)	(342)	(562)	(488)	-13 2%	(1 288) ,	(1 629) ,	+26 4%
Underlying profit before tax	1 138 ,	825	1 133 ,	938	1 494 ,	1 199 ,	1 384 ,	1 405 ,	+1 6%	034 4 ,	482 5 ,	+35 9%
Underlying consolidated profit	771	561	842	647	1 073 ,	867	1 011 ,	1 038 ,	+2 6%	2 820 ,	3 989 ,	+41 5%
Underlying attributable profit	769	542	809	629	1 018 ,	821	998	973	-2 5%	2 750 ,	3 810 ,	+38 6%

Europe (Constant EUR mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
2 572 ,	2 665 ,	2 653 ,	2 709 ,	2 813 ,	2 971 ,	3 187 ,	3 594 ,	+12 8%	10 599 ,	12 565 ,	+18 5%
1 075 ,	1 087 ,	1 080 ,	1 107 ,	1 152 ,	1 161 ,	1 126 ,	1 053 ,	-6 5%	4 349 ,	4 493 ,	+3 3%
435	106	385	93	313	134	386	138	-64 2%	1 019 ,	972	-4 6%
4 083 ,	3 858 ,	4 118 ,	3 908 ,	4 279 ,	4 265 ,	4 699 ,	4 786 ,	+1 8%	15 967 ,	18 030 ,	+12 9%
(2 090) ,	(2 080) ,	(2 052) ,	(2 125) ,	(2 049) ,	(2 100) ,	(2 135) ,	(2 240) ,	+4 9%	(8 347) ,	(8 523) ,	+2 1%
1 993 ,	1 778 ,	2 065 ,	1 784 ,	2 231 ,	2 166 ,	2 565 ,	2 546 ,	-0 7%	620 7 ,	9 507 ,	+24 8%
(594)	(603)	(674)	(414)	(513)	(630)	(615)	(639)	+3 9%	(2 286) ,	(2 396) ,	+4 8%
(248)	(343)	(256)	(436)	(234)	(341)	(562)	(491)	-12 7%	(1 283) ,	(1 629) ,	+27 0%
1 151 ,	832	1 135 ,	934	1 484 ,	1 195 ,	1 387 ,	1 416 ,	+2 1%	4 051 ,	5 482 ,	+35 3%
781	566	843	643	1 065 ,	865	1 014 ,	1 045 ,	+3 1%	2 834 ,	3 989 ,	+40 8%
779	548	812	626	1 011 ,	819	1 000 ,	981	-2 0%	2 765 ,	3 810 ,	+37 8%

Spain (EUR mn)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Change / Q4'22 Q3'22	2021	2022	Change / 2022 2021
Net interest income	1 074 ,	1 065 ,	998	1 028 ,	998	1 017 ,	1 119 ,	1 405 ,	+25 5%	4 166 ,	4 539 ,	+9 0%
income Net fee	684	693	679	732	745	730	697	646	-7 3%	2 789 ,	2 818 ,	+1 0%
(losses) Gains financial transactions and other on	310	74	331	78	278	169	306	125	-59 2%	794	877	+10 5%
Total revenue	2 068 ,	1 833 ,	2 009 ,	1 839 ,	2 021 ,	1 916 ,	2 121 ,	2 175 ,	+2 5%	748 7 ,	8 233 ,	+6 3%
Operating expenses	(1 016) ,	(1 011) ,	(984)	(1 040) ,	(972)	(971)	(997)	(1 057) ,	+6 0%	(4 052) ,	(3 998) ,	-1 3%
Net operating income	1 052 ,	822	1 024 ,	798	1 049 ,	945	1 124 ,	1 118 ,	-0 6%	3 696 ,	4 236 ,	+14 6%
provisions Net loan-loss	(472)	(612)	(603)	(633)	(391)	(416)	(421)	(390)	-7 5%	(2 320) ,	(1 618) ,	-30 3%
(losses) Other gains and provisions	(131)	(147)	(161)	(74)	(139)	(144)	(110)	(147)	+33 9%	(514)	(539)	+4 9%
Underlying profit before tax	449	63	260	91	519	385	593	581	-2 0%	863	2 079 ,	+140 9%
Underlying consolidated profit	302	48	203	74	365	287	452	456	+1 0%	627	1 560 ,	+149 0%
Underlying attributable profit	302	49	203	73	365	287	452	456	+1 0%	627	1 560 ,	+148 9%

United Kingdom (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	989	1 088 ,	1 156 ,	1 151 ,	1 192 ,	1 227 ,	1 277 ,	1 297 ,	+1 6%	4 383 ,	4 992 ,	+13 9%
Net fee income	120	117	114	82	92	110	93	95	+1 9%	434	390	-10 1%
(losses) Gains financial transactions and other on	(10)	(6)	21	(7)	7	6	28	(4)	—	(2)	36	—
Total revenue	1 099 ,	1 199 ,	1 291 ,	1 226 ,	1 291 ,	1 342 ,	1 397 ,	1 388 ,	-0 7%	4 815 ,	5 418 ,	+12 5%
Operating expenses	(652)	(648)	(638)	(655)	(672)	(677)	(660)	(677)	+2 7%	(2 592) ,	(2 685) ,	+3 6%
operating income Net	447	551	653	571	620	666	738	710	-3 7%	2 223 ,	2 733 ,	+22 9%
Net loan-loss provisions	(18)	86	(1)	178	(51)	(74)	(109)	(82)	-25 3%	245	(316)	—
(losses) gains provisions Other and	(31)	(63)	(39)	(187)	(66)	(99)	(88)	(264)	+198 7%	(319)	(517)	+62 0%
Underlying profit before tax	398	575	613	563	503	492	540	365	-32 5%	2 149 ,	1 900 ,	-11 6%
Underlying consolidated profit	286	391	443	417	375	361	402	257	-36 2%	1 537 ,	1 395 ,	-9 2%
Underlying attributable profit	286	391	443	417	375	361	402	257	-36 2%	1 537 ,	1 395 ,	-9 2%

United Kingdom (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	1 013 ,	1 100 ,	1 160 ,	1 145 ,	1 170 ,	1 220 ,	1 281 ,	1 322 ,	+3 2%	4 419 ,	4 992 ,	+13 0%
fee income Net	123	119	114	81	90	109	94	97	+3 4%	437	390	-10 8%
(losses) Gains financial transactions and other on	(10)	(6)	21	(7)	7	6	28	(4)	—	(2)	36	—
Total revenue	1 126 ,	1 213 ,	1 296 ,	1 219 ,	1 267 ,	1 335 ,	1 402 ,	1 414 ,	+0 9%	4 854 ,	418 5 ,	+11 6%
Operating expenses	(668)	(655)	(639)	(651)	(659)	(673)	(662)	(691)	+4 3%	(2 613) ,	(2 685) ,	+2 8%
operating income Net	458	558	657	568	608	662	740	724	-2 2%	2 242 ,	2 733 ,	+21 9%
provisions Net loan-loss	(19)	88	(2)	179	(50)	(73)	(109)	(83)	-23 8%	247	(316)	—
(losses) Other gains and provisions	(32)	(63)	(39)	(188)	(65)	(99)	(89)	(266)	+199 6%	(322)	(517)	+60 7%
Underlying profit before tax	408	583	616	560	493	490	542	375	-30 8%	2 167 ,	1 900 ,	-12 3%
Underlying consolidated profit	293	396	446	415	368	359	403	264	-34 6%	1 549 ,	1 395 ,	-10 0%
Underlying attributable profit	293	396	446	415	368	359	403	264	-34 6%	1 549 ,	1 395 ,	-10 0%

United Kingdom (GBP mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	864	938	989	976	997	1 040 ,	1 092 ,	1 127 ,	+3 2%	3 768 ,	4 256 ,	+13 0%
Net fee income	105	101	97	69	77	93	80	82	+3 4%	373	332	-10 8%
(losses) Gains financial transactions and other on	(8)	(5)	18	(6)	6	5	24	(4)	—	(2)	31	—
Total revenue	960	1 034 ,	1 105 ,	1 039 ,	1 080 ,	1 138 ,	1 195 ,	1 206 ,	+0 9%	4 138 ,	4 619 ,	+11 6%
Operating expenses	(569)	(558)	(545)	(555)	(562)	(574)	(565)	(589)	+4 3%	(2 227) ,	(2 289) ,	+2 8%
operating income Net	391	476	560	485	518	564	631	617	-2 2%	1 911 ,	2 330 ,	+21 9%
loan-loss provisions Net	(16)	75	(1)	153	(43)	(63)	(93)	(71)	-23 8%	211	(269)	—
(losses) Other gains and provisions	(27)	(54)	(33)	(160)	(55)	(84)	(76)	(226)	+199 6%	(275)	(441)	+60 7%
Underlying profit before tax	348	497	525	477	420	418	462	320	-30 8%	1 847 ,	1 620 ,	-12 3%
Underlying consolidated profit	249	338	380	354	314	306	344	225	-34 6%	1 321 ,	1 189 ,	-10 0%
Underlying attributable profit	249	338	380	354	314	306	344	225	-34 6%	1 321 ,	1 189 ,	-10 0%

Portugal (EUR mn)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Change / Q4'22 Q3'22	2021	2022	Change / 2022 2021
Net interest income	185	184	178	174	170	171	175	231	+31 7%	722	747	+3 4%
Net fee income	99	110	115	116	122	123	121	118	-2 6%	441	484	+9 8%
(losses) Gains financial transactions and other on	135	1	12	2	41	(13)	23	13	-42 5%	150	64	-57 2%
Total revenue	420	296	305	292	333	281	320	362	+13 4%	1 313 ,	1 295 ,	-1 3%
Operating expenses	(146)	(143)	(140)	(134)	(125)	(125)	(125)	(126)	+0 2%	(563)	(502)	-10 9%
Net operating income	274	153	165	159	207	155	194	237	+21 9%	750	793	8% +5
Net loan-loss provisions	(35)	(35)	(25)	57	(8)	(3)	2	(8)	—	(38)	(17)	-55 0%
(losses) Other gains and provisions	(13)	(11)	(2)	(1)	15	(40)	1	23	—	(26)	(1)	-97 0%
Underlying profit before tax	226	107	138	215	215	112	196	252	1% +28	685	775	1% +13
Underlying consolidated profit	156	73	95	139	148	78	136	174	+28 4%	463	536	+15 7%
Underlying attributable profit	156	73	95	138	148	77	135	174	+28 5%	462	534	+15 7%

Poland (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
interest income Net	233	242	244	302	407	486	530	552	+4 0%	1 020 ,	1 976 ,	+93 7%
Net fee income	127	126	133	132	138	130	135	125	-7 4%	518	528	+2 0%
(losses) Gains financial transactions and other on	(10)	41	21	26	(35)	(37)	24	18	-26 4%	79	(30)	—
Total revenue	349	410	398	460	511	579	690	695	+0 7%	1 617 ,	2 474 ,	+53 0%
Operating expenses	(158)	(163)	(162)	(179)	(166)	(173)	(171)	(182)	+6 8%	(663)	(692)	+4 5%
operating income Net	191	247	236	281	345	406	519	512	-1 3%	955	1 782 ,	+86 7%
Net loan-loss provisions	(68)	(45)	(47)	(39)	(64)	(138)	(88)	(150)	+71 3%	(200)	(440)	+120 1%
(losses) Other gains provisions and	(72)	(126)	(56)	(150)	(46)	(60)	(363)	(85)	-76 6%	(404)	(553)	+37 0%
Underlying profit before tax	51	76	133	91	236	208	68	277	+305 4%	351	789	+125 0%
Underlying consolidated profit	20	44	97	48	167	142	33	200	—	210	542	+158 8%
Underlying attributable profit	15	29	65	31	112	95	22	134	—	140	364	+159 2%

Poland (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	226	234	237	297	402	483	536	556	+3 7%	994	1 976 ,	+98 7%
fee income Net	123	122	129	130	136	129	137	126	7% -7	505	528	6% +4
(losses) Gains financial transactions and other on	(10)	40	21	26	(34)	(37)	23	18	-25 0%	77	(30)	—
Total revenue	339	397	388	453	504	575	696	699	+0 5%	1 576 ,	2 474 ,	0% +57
Operating expenses	(153)	(158)	(158)	(177)	(164)	(172)	(173)	(184)	+6 3%	(646)	(692)	+7 2%
operating income Net	186	239	230	276	340	403	523	516	-1 5%	930	1 782 ,	+91 6%
loan-loss provisions Net	(66)	(44)	(46)	(39)	(63)	(137)	(89)	(151)	+69 7%	(195)	(440)	+125 8%
(losses) Other gains and provisions	(70)	(122)	(54)	(147)	(45)	(60)	(363)	(86)	-76 3%	(394)	(553)	+40 6%
Underlying profit before tax	49	73	129	90	232	207	72	278	+289 0%	342	789	+130 9%
Underlying consolidated profit	20	43	95	47	165	141	35	201	+472 8%	204	542	+165 5%
Underlying attributable profit	15	28	64	30	111	94	23	135	+475 7%	137	364	+165 9%

Poland (PLN mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
1 057 ,	1 098 ,	1 112 ,	1 389 ,	1 881 ,	2 261 ,	2 510 ,	2 602 ,	+3 7%	4 657 ,	9 254 ,	+98 7%
576	573	606	610	637	605	641	591	7% -7	2 365 ,	2 474 ,	6% +4
(46)	187	98	121	(160)	(172)	109	82	-25 0%	359	(140)	—
1 587 ,	1 857 ,	1 815 ,	2 121 ,	2 359 ,	2 693 ,	3 260 ,	3 275 ,	+0 5%	381 7 ,	11 588 ,	0% +57
(718)	(739)	(739)	(827)	(766)	(805)	(810)	(861)	+6 3%	(3 024) ,	(3 241) ,	+7 2%
869	1 118 ,	1 076 ,	1 293 ,	1 593 ,	1 889 ,	2 451 ,	2 415 ,	-1 5%	4 357 ,	8 347 ,	+91 6%
(309)	(205)	(216)	(182)	(294)	(641)	(417)	(708)	+69 7%	(912)	(2 060) ,	+125 8%
(329)	(570)	(255)	(690)	(211)	(279)	(1 698) ,	(403)	-76 3%	(1 844) ,	(2 592) ,	+40 6%
231	343	605	421	1 088 ,	968	335	1 304 ,	+289 0%	1 601 ,	3 695 ,	+130 9%
93	199	444	220	771	662	164	942	+472 8%	956	2 539 ,	+165 5%
70	130	298	143	518	442	110	632	+475 7%	640	1 702 ,	+165 9%

Other Europe (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
interest income Net	71	76	75	61	72	80	77	83	0% +7	282	312	+10 3%
Net fee income	41	38	39	44	56	69	79	68	-14 9%	163	273	+67 6%
(losses) Gains financial transactions and other on	6	(3)	(1)	(6)	21	9	7	(13)	—	(4)	25	—
Total revenue	119	111	113	99	149	158	164	138	-16 1%	441	609	+37 9%
Operating expenses	(101)	(106)	(125)	(118)	(125)	(158)	(179)	(185)	+2 9%	(450)	(646)	+43 6%
operating income Net	18	5	(13)	(19)	24	1	(15)	(47)	+205 4%	(9)	(38)	+329 9%
Net loan-loss provisions	(3)	(1)	1	21	(1)	(1)	3	(7)	—	19	(6)	—
(losses) Other gains and provisions	(2)	1	0	(24)	(1)	1	(2)	(15)	—	(25)	(18)	-27 7%
Underlying profit before tax	13	5	(11)	(22)	22	1	(15)	(70)	+374 0%	(15)	(61)	+322 3%
Underlying consolidated profit	7	4	3	(30)	17	(0)	(11)	(49)	+339 5%	(16)	(43)	+176 9%
Underlying attributable profit	10	1	3	(31)	17	1	(13)	(48)	+277 4%	(16)	(42)	+164 2%

Other Europe (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
interest income Net	74	81	79	64	75	80	75	81	+7 8%	298	312	+4 5%
Net fee income	46	42	42	47	58	70	78	67	-14 5%	177	273	+54 1%
(losses) Gains financial transactions and other on	10	(3)	0	(6)	22	9	7	(13)	—	1	25	—
Total revenue	130	120	121	105	155	159	160	135	-15 8%	476	609	+27 8%
Operating expenses	(107)	(113)	(131)	(123)	(128)	(158)	(177)	(183)	+3 4%	(474)	(646)	+36 4%
operating income Net	23	7	(10)	(18)	26	1	(17)	(48)	+188 0%	2	(38)	—
Net loan-loss provisions	(3)	(1)	2	21	(1)	(1)	3	(7)	—	19	(6)	—
(losses) Other gains provisions and	(2)	1	0	(26)	(1)	1	(2)	(15)	—	(27)	(18)	-32 7%
Underlying profit before tax	18	7	(8)	(22)	24	1	(16)	(71)	+343 1%	(5)	(61)	—
Underlying consolidated profit	11	6	5	(31)	19	0	(12)	(50)	+310 6%	(9)	(43)	+375 4%
Underlying attributable profit	14	3	5	(31)	19	1	(14)	(48)	+255 9%	(10)	(42)	+346 4%

North America (EUR mn)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Change / Q4'22 Q3'22	2021	2022	Change / 2022 2021
Net interest income	1 971 ,	1 977 ,	2 037 ,	2 086 ,	2 131 ,	2 352 ,	2 619 ,	2 603 ,	-0 6%	8 072 ,	9 705 ,	+20 2%
fee income Net	451	410	386	397	443	494	513	508	-1 0%	1 644 ,	1 958 ,	+19 1%
(losses) Gains financial transactions and other on	313	299	322	204	220	140	108	184	+70 4%	1 138 ,	653	-42 6%
Total revenue	2 735 ,	2 686 ,	2 745 ,	2 687 ,	2 795 ,	2 986 ,	3 240 ,	3 295 ,	+1 7%	10 853 ,	12 316 ,	+13 5%
Operating expenses	(1 149) ,	(1 194) ,	(1 275) ,	(1 349) ,	(1 260) ,	(1 432) ,	(1 546) ,	(1 632) ,	+5 5%	(4 967) ,	(5 871) ,	+18 2%
operating income Net	1 587 ,	1 492 ,	1 471 ,	1 337 ,	1 535 ,	1 554 ,	1 694 ,	1 663 ,	-1 8%	5 886 ,	6 445 ,	+9 5%
provisions Net loan-loss	(393)	(195)	(506)	(115)	(439)	(524)	(703)	(872)	+24 0%	(1 210) ,	(2 538) ,	+109 8%
(losses) Other gains and provisions	(20)	8	(38)	(96)	(46)	(19)	(46)	(7)	-85 4%	(145)	(118)	-18 9%
Underlying profit before tax	1 174 ,	1 305 ,	926	1 127 ,	1 050 ,	1 011 ,	945	784	-17 0%	4 531 ,	3 790 ,	-16 4%
Underlying consolidated profit	887	990	749	889	815	782	706	619	-12 3%	3 515 ,	2 921 ,	-16 9%
Underlying attributable profit	750	831	637	741	806	772	693	607	-12 5%	2 960 ,	2 878 ,	-2 8%

North America (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	2 268 ,	2 264 ,	2 280 ,	2 292 ,	2 291 ,	2 382 ,	2 520 ,	2 512 ,	-0 3%	9 105 ,	9 705 ,	+6 6%
Net fee income	519	468	430	436	478	500	493	487	-1 1%	1 853 ,	1 958 ,	7% +5
(losses) Gains financial transactions and other on	359	343	361	217	235	139	99	180	+82 9%	1 281 ,	653	-49 0%
Total revenue	3 146 ,	3 075 ,	3 071 ,	2 946 ,	3 003 ,	3 021 ,	3 112 ,	3 180 ,	+2 2%	12 238 ,	12 316 ,	+0 6%
Operating expenses	(1 317) ,	(1 363) ,	(1 424) ,	(1 482) ,	(1 352) ,	(1 451) ,	(1 488) ,	(1 580) ,	+6 1%	(5 586) ,	(5 871) ,	1% +5
operating income Net	1 829 ,	1 712 ,	1 647 ,	1 464 ,	1 652 ,	1 570 ,	1 623 ,	1 600 ,	-1 4%	6 652 ,	6 445 ,	-3 1%
Net loan-loss provisions	(454)	(222)	(570)	(122)	(472)	(531)	(683)	(851)	+24 6%	(1 368) ,	(2 538) ,	+85 5%
(losses) Other gains and provisions	(23)	9	(41)	(107)	(49)	(19)	(45)	(5)	-89 0%	(162)	(118)	-27 4%
Underlying profit before tax	1 352 ,	1 499 ,	1 036 ,	1 234 ,	1 130 ,	1 021 ,	895	744	-16 9%	5 121 ,	3 790 ,	-26 0%
Underlying consolidated profit	1 022 ,	1 139 ,	839	976	877	789	667	588	-11 9%	3 976 ,	2 921 ,	-26 5%
Underlying attributable profit	866	956	714	814	867	779	655	576	-12 0%	3 350 ,	2 878 ,	-14 1%

United States (EUR mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
1 310 ,	1 300 ,	1 332 ,	1 356 ,	1 378 ,	1 499 ,	1 669 ,	1 594 ,	5% -4	298 5 ,	6 140 ,	+15 9%
241	191	174	176	197	198	194	183	-5 3%	782	771	-1 4%
324	318	316	239	236	157	139	180	+29 4%	1 196 ,	713	-40 4%
1 875 ,	1 809 ,	1 822 ,	1 771 ,	1 811 ,	1 854 ,	2 001 ,	1 957 ,	-2 2%	7 277 ,	7 623 ,	+4 8%
(748)	(783)	(815)	(850)	(798)	(883)	(953)	(964)	+1 1%	(3 197) ,	(3 599) ,	+12 6%
1 127 ,	1 025 ,	1 007 ,	920	1 013 ,	970	1 048 ,	993	3% -5	080 4 ,	025 4 ,	-1 4%
(165)	9	(294)	31	(256)	(338)	(513)	(637)	+24 1%	(419)	(1 744) ,	+316 4%
(15)	15	(6)	(110)	(19)	7	(5)	(3)	-50 9%	(116)	(20)	-83 0%
947	1 049 ,	708	841	738	640	530	354	-33 3%	3 546 ,	2 261 ,	-36 2%
720	799	575	652	583	507	399	294	-26 3%	2 746 ,	1 784 ,	-35 0%
598	655	479	519	583	507	399	294	-26 3%	2 252 ,	1 784 ,	-20 8%

United States (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
interest income Net	1 502 ,	1 491 ,	1 493 ,	1 473 ,	1 471 ,	1 519 ,	1 602 ,	1 548 ,	-3 4%	958 5 ,	6 140 ,	+3 0%
Net fee income	276	220	194	190	210	200	184	177	-3 6%	880	771	-12 3%
(losses) Gains financial transactions and other on	371	365	354	256	252	157	129	174	+35 4%	1 345 ,	713	-47 0%
Total revenue	2 149 ,	2 075 ,	2 041 ,	1 918 ,	1 933 ,	1 876 ,	1 915 ,	1 900 ,	-0 8%	8 183 ,	7 623 ,	-6 8%
Operating expenses	(857)	(899)	(914)	(925)	(852)	(896)	(914)	(937)	+2 6%	(3 595) ,	(3 599) ,	+0 1%
operating income Net	1 292 ,	1 176 ,	1 128 ,	993	1 081 ,	980	1 001 ,	962	-3 8%	588 4 ,	025 4 ,	-12 3%
Net loan-loss provisions	(190)	11	(333)	41	(273)	(344)	(501)	(626)	+24 9%	(471)	(1 744) ,	+270 3%
(losses) Other gains and provisions	(17)	17	(7)	(124)	(21)	8	(5)	(2)	-51 4%	(130)	(20)	-84 9%
Underlying profit before tax	1 085 ,	1 203 ,	788	910	788	644	495	334	-32 5%	3 987 ,	2 261 ,	-43 3%
Underlying consolidated profit	825	916	641	706	623	510	371	279	-24 8%	3 088 ,	1 784 ,	-42 2%
Underlying attributable profit	685	752	534	561	623	510	371	279	-24 8%	2 532 ,	1 784 ,	-29 6%

United States (USD mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	1 578 ,	1 567 ,	1 569 ,	1 548 ,	1 546 ,	1 597 ,	1 684 ,	1 627 ,	-3 4%	6 263 ,	6 453 ,	+3 0%
Net fee income	290	231	204	200	221	210	193	186	-3 6%	925	811	-12 3%
(losses) Gains financial transactions and other on	390	383	372	269	265	165	135	183	+35 4%	1 414 ,	749	-47 0%
Total revenue	2 258 ,	2 181 ,	2 146 ,	2 016 ,	2 032 ,	1 972 ,	2 012 ,	1 997 ,	-0 8%	8 601 ,	8 013 ,	-6 8%
Operating expenses	(901)	(945)	(960)	(973)	(895)	(942)	(960)	(985)	6% +2	(3 778) ,	(3 783) ,	1% +0
operating income Net	1 358 ,	1 236 ,	1 185 ,	1 044 ,	1 137 ,	1 030 ,	1 052 ,	1 012 ,	-3 8%	4 823 ,	4 231 ,	-12 3%
loan-loss provisions Net	(199)	11	(350)	43	(287)	(362)	(527)	(658)	+24 9%	(495)	(1 833) ,	+270 3%
(losses) Other gains and provisions	(18)	18	(7)	(130)	(22)	9	(5)	(2)	-51 4%	(137)	(21)	-84 9%
Underlying profit before tax	1 141 ,	1 265 ,	828	957	828	677	520	351	-32 5%	4 191 ,	2 377 ,	-43 3%
Underlying consolidated profit	867	963	673	742	654	536	390	294	8% -24	3 245 ,	1 875 ,	2% -42
Underlying attributable profit	720	790	561	590	654	536	390	294	-24 8%	2 661 ,	1 875 ,	-29 6%

Mexico (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	661	678	705	730	753	853	950	1 009 ,	+6 2%	2 773 ,	3 565 ,	+28 6%
Net fee income	204	210	203	211	245	283	303	309	+2 0%	828	1 140 ,	+37 7%
(losses) Gains financial transactions and other on	(6)	(16)	5	(30)	(17)	(22)	(37)	(7)	-81 5%	(48)	(82)	+73 0%
Total revenue	858	872	913	910	982	1 115 ,	1 216 ,	1 311 ,	+7 8%	3 553 ,	4 623 ,	+30 1%
Operating expenses	(373)	(379)	(425)	(466)	(432)	(498)	(537)	(609)	3% +13	(1 643) ,	(2 076) ,	4% +26
operating income Net	485	493	488	444	549	617	679	702	+3 4%	1 910 ,	2 547 ,	+33 3%
loan-loss provisions Net	(228)	(204)	(213)	(146)	(183)	(184)	(188)	(233)	+23 6%	(791)	(788)	-0 3%
(losses) Other gains and provisions	(5)	(6)	(1)	(6)	(26)	(26)	(38)	(3)	-93 0%	(19)	(94)	+386 4%
Underlying profit before tax	253	282	274	292	340	407	452	466	+3 2%	1 100 ,	1 665 ,	+51 3%
Underlying consolidated profit	192	217	227	243	257	308	340	352	4% +3	878	1 257 ,	3% +43
Underlying attributable profit	177	200	210	228	249	297	328	339	+3 4%	816	1 213 ,	+48 6%

Mexico (Constant EUR mn)

	Change			Change
Q2'22 Q3'22 Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
863	+4	3	3	+13
919	9%	146	565	3%
964		,	,
287	+0	939	1	+21
292	6%		140	3%
294			,
(22) (36) (6)	-84 9%	(54)	(82)	+52 5%
1 128 1 174 1 252 , , ,	+6 6%	4 032 ,	4 623 ,	+14 7%
(504)	+12	(1	(2	+11
(519)	3%	864)	076)	4%
(583)		,	,
624	+2	2	2	+17
655	1%	168	547	5%
669		,	,
(185) (181) (223)	+23 4%	(897)	(788)	-12 2%
(26) (38) (1)	-97 1%	(22)	(94)	+328 6%
412	+1	1	1	+33
437	8%	249	665	3%
445		,	,
312	+2	996	1	+26
329	0%		257	3%
336			,
301	+2	926	1	+31
317	0%		213	0%
324			,

Mexico (MXN mn)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Change / Q4'22 Q3'22	2021	2022	Change / 2022 2021
Net	16	16	16	17	17	18	19	20	+4	66	75	+13
interest	201	346	630	312	319	241	417	360	9%	488	338	3%
income	,	,	,	,	,	,	,	,		,	,
Net	4	077	4	4	641	6	6	6	+0	19	24	+21
fee	995	5	781	998	5	061	170	210	6%	851	083	3%
income	,	,	,	,	,	,	,	,		,	,
(losses) Gains financial transactions and other on	(156)	(399)	134	(717)	(384)	(466)	(771)	(116)	-84 9%	(1 139) ,	(1 737) ,	+52 5%
Total revenue	21 039 ,	21 024 ,	21 544 ,	21 592 ,	22 576 ,	23 836 ,	24 817 ,	26 453 ,	+6 6%	85 200 ,	97 683 ,	+14 7%
Operating expenses	(9 139) ,	(9 140) ,	(10 048) ,	(11 067) ,	(9 939) ,	(10 646) ,	(10 967) ,	(12 313) ,	3% +12	(39 393) ,	(43 866) ,	4% +11
operating	11	11	11	10	12	13	13	14	+2	45	53	+17
income	900	884	497	525	638	190	850	140	1%	806	817	5%
Net	,	,	,	,	,	,	,	,		,	,
loan-loss	(5	(4	(5	(3	(4	(3	(3	(4	+23	(18	(16	-12
provisions	582)	921)	012)	445)	212)	919)	815)	709)	4%	959)	655)	2%
Net	,	,	,	,	,	,	,	,		,	,
(losses) Other gains and provisions	(127)	(151)	(30)	(154)	(606)	(559)	(793)	(23)	-97 1%	(462)	(1 980) ,	+328 6%
Underlying profit before tax	6 192 ,	6 813 ,	6 455 ,	6 926 ,	820 7 ,	8 712 ,	9 242 ,	9 408 ,	+1 8%	26 385 ,	35 182 ,	+33 3%
Underlying	4	5	5	5	5	6	6	7	0%	21	26	3%
consolidated	699	229	354	761	921	591	962	098	+2	043	572	+26
profit	,	,	,	,	,	,	,	,		,	,
Underlying	4	4	4	5	5	6	6	6	+2	19	25	+31
attributable	347	837	972	419	724	362	709	841	0%	575	636	0%
profit	,	,	,	,	,	,	,	,		,	,

Other North America (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	0	0	0	0	0	(0)	(0)	0	—	0	0	-43 5%
Net fee income	7	8	9	10	1	13	17	16	-3 9%	34	47	+40 5%
(losses) Gains financial transactions and other on	(5)	(2)	1	(4)	1	4	6	11	+81 9%	(11)	23	—
Total revenue	2	5	10	5	2	17	23	28	+21 2%	23	70	+201 4%
Operating expenses	(28)	(32)	(35)	(33)	(30)	(51)	(56)	(59)	+6 4%	(127)	(196)	4% +54
operating income Net	(26)	(26)	(25)	(27)	(28)	(34)	(33)	(32)	-3 8%	(104)	(126)	+21 6%
Net loan-loss provisions	(0)	(0)	0	(0)	0	(1)	(2)	(3)	+39 9%	(0)	(6)	—
(losses) Other gains and provisions	(0)	(0)	(31)	21	(0)	(0)	(2)	(2)	-36 9%	(10)	(5)	-55 7%
Underlying profit before tax	(26)	(27)	(55)	(7)	(28)	(36)	(37)	(36)	-3 9%	(114)	(137)	+19 6%
Underlying consolidated profit	(25)	(25)	(52)	(5)	(26)	(33)	(34)	(27)	-19 3%	(108)	(120)	+11 5%
Underlying attributable profit	(25)	(25)	(52)	(6)	(26)	(32)	(34)	(27)	-21 5%	(108)	(119)	+10 1%

Other North America (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	0	0	0	0	0	(0)	(0)	0	—	0	0	-43 5%
Net fee income	7	8	9	10	1	13	17	16	-3 9%	34	47	+40 5%
(losses) Gains financial transactions and other on	(5)	(2)	1	(4)	1	4	6	11	+81 9%	(11)	23	—
Total revenue	2	5	10	5	2	17	23	28	+21 2%	23	70	+201 4%
Operating expenses	(28)	(32)	(35)	(33)	(30)	(51)	(56)	(59)	+6 5%	(127)	(196)	+54 4%
operating income Net	(26)	(26)	(25)	(27)	(28)	(34)	(33)	(32)	-3 8%	(104)	(126)	+21 6%
loan-loss provisions Net	(0)	(0)	0	(0)	0	(1)	(2)	(3)	+39 9%	(0)	(6)	—
(losses) Other gains and provisions	(0)	(0)	(33)	24	(0)	(1)	(2)	(2)	-36 8%	(10)	(5)	-55 7%
Underlying profit before tax	(26)	(27)	(58)	(4)	(28)	(36)	(37)	(36)	-3 8%	(114)	(137)	+19 6%
Underlying consolidated profit	(25)	(25)	(55)	(3)	(26)	(33)	(34)	(27)	-19 2%	(108)	(120)	+11 5%
Underlying attributable profit	(25)	(25)	(55)	(3)	(26)	(32)	(34)	(27)	-21 5%	(108)	(119)	+10 1%

South America (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	2 570 ,	2 756 ,	2 916 ,	3 065 ,	3 037 ,	3 390 ,	3 411 ,	3 141 ,	9% -7	11 307 ,	12 979 ,	+14 8%
Net fee income	842	928	956	995	1 013 ,	1 162 ,	1 174 ,	1 165 ,	-0 8%	3 721 ,	4 515 ,	+21 4%
(losses) Gains financial transactions and other on	122	85	115	(13)	145	185	95	106	+11 5%	309	531	+71 7%
Total revenue	3 535 ,	3 768 ,	3 987 ,	048 4 ,	195 4 ,	738 4 ,	680 4 ,	412 4 ,	7% -5	15 337 ,	18 025 ,	+17 5%
Operating expenses	(1 219) ,	(1 299) ,	(1 398) ,	(1 464) ,	(1 484) ,	(1 669) ,	(1 782) ,	(1 740) ,	-2 4%	(5 380) ,	(6 675) ,	+24 1%
Net operating income	2 316 ,	2 469 ,	2 589 ,	2 583 ,	2 711 ,	3 069 ,	2 898 ,	2 672 ,	8% -7	9 958 ,	11 350 ,	+14 0%
Net loan-loss provisions	(683)	(809)	(892)	(867)	(999)	(1 335) ,	(1 300) ,	(1 408) ,	+8 3%	(3 251) ,	(5 041) ,	+55 1%
(losses) Other gains and provisions	(132)	(55)	(124)	(162)	(151)	(130)	(107)	(156)	+45 1%	(474)	(544)	+14 8%
Underlying profit before tax	1 500 ,	1 605 ,	1 573 ,	1 554 ,	1 561 ,	1 604 ,	1 491 ,	1 108 ,	6% -25	6 232 ,	5 764 ,	5% -7
Underlying consolidated profit	903	1 011 ,	961	998	1 052 ,	1 215 ,	1 082 ,	865	-20 0%	3 873 ,	4 215 ,	+8 8%
Underlying attributable profit	770	868	823	855	900	1 046 ,	938	774	-17 5%	3 317 ,	3 658 ,	+10 3%

South America (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	2 859 ,	2 990 ,	3 113 ,	3 331 ,	3 105 ,	3 176 ,	3 259 ,	3 439 ,	+5 5%	12 293 ,	12 979 ,	+5 6%
Net fee income	948	1 018 ,	1 012 ,	1 073 ,	1 031 ,	1 094 ,	1 128 ,	1 263 ,	+12 0%	4 051 ,	4 515 ,	+11 5%
(losses) Gains financial transactions and other on	153	103	136	9	175	215	126	15	-88 1%	400	531	+32 5%
Total revenue	3 959 ,	4 111 ,	4 261 ,	4 413 ,	4 311 ,	4 485 ,	4 512 ,	4 717 ,	+4 5%	16 745 ,	18 025 ,	+7 6%
Operating expenses	(1 299) ,	(1 365) ,	(1 447) ,	(1 543) ,	(1 485) ,	(1 557) ,	(1 711) ,	(1 922) ,	+12 3%	(5 655) ,	(6 675) ,	+18 0%
operating income Net	2 660 ,	2 746 ,	2 815 ,	2 870 ,	2 826 ,	2 928 ,	2 801 ,	2 795 ,	-0 2%	11 090 ,	11 350 ,	+2 3%
Net loan-loss provisions	(794)	(913)	(985)	(982)	(1 052) ,	(1 297) ,	(1 269) ,	(1 423) ,	+12 1%	(3 674) ,	(5 041) ,	+37 2%
(losses) Other gains and provisions	(139)	(48)	(126)	(165)	(147)	(105)	(93)	(199)	+112 8%	(478)	(544)	+14 0%
Underlying profit before tax	1 727 ,	1 785 ,	1 704 ,	1 723 ,	1 627 ,	1 526 ,	1 438 ,	1 173 ,	-18 4%	6 939 ,	5 764 ,	-16 9%
Underlying consolidated profit	1 014 ,	1 101 ,	1 028 ,	1 089 ,	1 088 ,	1 160 ,	1 052 ,	915	-13 0%	231 4 ,	215 4 ,	-0 4%
Underlying attributable profit	872	951	880	932	930	995	909	823	-9 4%	3 636 ,	3 658 ,	+0 6%

Brazil (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
interest income Net	1 778 ,	1 917 ,	2 081 ,	2 091 ,	2 143 ,	2 279 ,	2 251 ,	2 229 ,	-1 0%	867 7 ,	8 901 ,	+13 1%
Net fee income	632	698	696	701	743	857	812	884	+9 0%	2 728 ,	3 296 ,	+20 8%
(losses) Gains financial transactions and other on	109	64	103	5	133	238	215	127	-41 1%	281	714	+153 9%
Total revenue	2 519 ,	2 680 ,	2 880 ,	2 797 ,	3 019 ,	3 374 ,	3 278 ,	3 240 ,	-1 2%	10 876 ,	12 910 ,	+18 7%
Operating expenses	(723)	(779)	(864)	(870)	(930)	(1 022) ,	(1 058) ,	(1 171) ,	+10 7%	(3 236) ,	(4 180) ,	+29 2%
operating income Net	1 797 ,	1 900 ,	2 017 ,	1 927 ,	2 089 ,	2 352 ,	2 220 ,	2 069 ,	-6 8%	641 7 ,	8 730 ,	+14 3%
Net loan-loss provisions	(549)	(674)	(757)	(735)	(852)	(1 163) ,	(1 150) ,	(1 252) ,	+8 8%	(2 715) ,	(4 417) ,	+62 7%
(losses) Other gains and provisions	(96)	(28)	(89)	(103)	(114)	(43)	(23)	(79)	+245 8%	(316)	(259)	-18 1%
Underlying profit before tax	1 152 ,	1 198 ,	1 170 ,	1 090 ,	1 123 ,	1 146 ,	1 047 ,	738	-29 5%	4 610 ,	4 055 ,	-12 0%
Underlying consolidated profit	623	683	653	624	700	819	738	565	-23 5%	2 583 ,	2 822 ,	+9 3%
Underlying attributable profit	560	617	580	562	627	737	662	517	-21 9%	2 320 ,	2 544 ,	+9 7%

Brazil (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
interest income Net	2 164 ,	2 253 ,	2 368 ,	2 462 ,	2 311 ,	197 2 ,	2 188 ,	2 205 ,	8% +0	9 248 ,	901 8 ,	7% -3
Net fee income	769	821	791	826	801	830	789	876	+11 0%	3 206 ,	3 296 ,	+2 8%
(losses) Gains financial transactions and other on	132	74	117	7	144	235	210	125	-40 6%	330	714	+116 0%
Total revenue	3 066 ,	3 149 ,	3 275 ,	3 295 ,	3 256 ,	3 263 ,	3 186 ,	3 205 ,	+0 6%	12 785 ,	12 910 ,	+1 0%
Operating expenses	(879)	(916)	(983)	(1 025) ,	(1 003) ,	(987)	(1 030) ,	(1 160) ,	+12 6%	(3 803) ,	(4 180) ,	+9 9%
operating income Net	2 186 ,	2 233 ,	2 292 ,	2 270 ,	2 253 ,	2 276 ,	2 156 ,	2 045 ,	1% -5	8 981 ,	8 730 ,	-2 8%
Net loan-loss provisions	(668)	(794)	(864)	(866)	(919)	(1 136) ,	(1 122) ,	(1 240) ,	+10 6%	(3 191) ,	(4 417) ,	+38 4%
(losses) Other gains and provisions	(117)	(32)	(102)	(121)	(123)	(37)	(20)	(78)	+284 2%	(372)	(259)	-30 4%
Underlying profit before tax	1 402 ,	1 407 ,	1 326 ,	1 284 ,	1 212 ,	1 102 ,	1 014 ,	727	-28 3%	5 419 ,	4 055 ,	-25 2%
Underlying consolidated profit	758	803	740	735	755	794	716	557	-22 3%	3 036 ,	2 822 ,	0% -7
Underlying attributable profit	682	726	657	662	677	715	643	510	-20 6%	2 727 ,	2 544 ,	-6 7%

Brazil (BRL mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
11	12	12	13	12	11	11	11	+0	50	48	-3
731	215	834	348	527	912	859	953	8%	129	250	7%
,	,	,	,	,	,	,	,		,	,
4	4	4	4	4	4	4	4	+11	17	17	+2
169	450	285	476	342	501	275	746	0%	381	864	8%
,	,	,	,	,	,	,	,		,	,
718	402	635	35	780	1 272 ,	1 139 ,	677	-40 6%	1 791 ,	3 868 ,	+116 0%
16	17	17	17	17	17	17	17	+0	69	69	+1
618	067	755	859	650	685	272	376	6%	300	983	0%
,	,	,	,	,	,	,	,		,	,
(4	(4	(5	(5	(5	(5	(5	(6	+12	(20	(22	+9
767)	966)	330)	554)	435)	350)	585)	289)	6%	616)	659)	9%
,	,	,	,	,	,	,	,		,	,
11	12	12	12	12	12	11	11	1%	48	47	-2
852	102	425	306	215	335	687	086	-5	684	323	8%
,	,	,	,	,	,	,	,		,	,
(3	(4	(4	(4	(4	(6	(6	(6	+10	(17	(23	+38
619)	302)	683)	693)	980)	157)	082)	723)	6%	297)	942)	4%
,	,	,	,	,	,	,	,		,	,
(633)	(172)	(555)	(655)	(666)	(201)	(111)	(425)	+284 2%	(2 014) ,	(1 403) ,	-30 4%
599	628	187	6	6	976	495	3	-28	29	21	-25
7	7	7	958	569	5	5	939	3%	373	979	2%
,	,	,	,	,	,	,	,		,	,
4	4	4	3	4	4	3	3	-22	16	15	-7
109	350	013	986	094	301	884	020	3%	459	299	0%
,	,	,	,	,	,	,	,		,	,
3	3	3	3	3	3	3	2	-20	14	13	-6
695	935	562	589	668	876	483	764	6%	781	791	7%
,	,	,	,	,	,	,	,		,	,

Chile (EUR mn)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Change / Q4'22 Q3'22	2021	2022	Change / 2022 2021
Net interest income	497	511	467	508	483	554	402	332	-17 5%	1 982 ,	1 772 ,	-10 6%
Net fee income	95	96	104	100	112	110	120	127	+6 1%	394	468	+18 8%
(losses) Gains financial transactions and other on	22	30	12	14	55	43	55	56	+0 4%	79	209	+165 4%
Total revenue	614	637	582	622	650	707	577	515	-10 9%	2 455 ,	2 449 ,	-0 3%
Operating expenses	(236)	(245)	(229)	(233)	(234)	(255)	(248)	(244)	9% -1	(942)	(981)	1% +4
operating income Net	378	392	354	389	416	452	329	271	-17 6%	1 513 ,	1 468 ,	-3 0%
loan-loss provisions Net	(100)	(82)	(84)	(75)	(95)	(110)	(85)	(108)	+27 1%	(341)	(399)	+16 9%
(losses) Other gains and provisions	(1)	5	(5)	(14)	1	(19)	(0)	9	—	(16)	(8)	-50 4%
Underlying profit before tax	277	315	265	300	322	323	244	172	-29 4%	1 156 ,	1 062 ,	-8 2%
Underlying consolidated profit	222	245	206	254	267	292	227	169	4% -25	927	956	2% +3
Underlying attributable profit	152	168	142	174	188	204	160	126	-21 3%	636	677	+6 5%

Chile (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	473	482	465	521	477	544	411	340	-17 3%	1 940 ,	1 772 ,	-8 7%
fee income Net	90	90	103	103	111	108	121	129	+6 2%	386	468	+21 3%
(losses) Gains financial transactions and other on	21	29	12	15	54	42	56	56	+0 6%	77	209	+171 1%
Total revenue	584	600	579	639	642	694	588	525	-10 7%	2 403 ,	2 449 ,	+1 9%
Operating expenses	(224)	(231)	(227)	(239)	(231)	(250)	(252)	(247)	-1 7%	(922)	(981)	+6 4%
operating income Net	360	369	352	399	411	444	336	277	-17 5%	1 481 ,	1 468 ,	-0 9%
loan-loss provisions Net	(95)	(77)	(83)	(78)	(94)	(108)	(87)	(110)	+26 5%	(334)	(399)	+19 5%
(losses) Other gains and provisions	(1)	4	(5)	(13)	1	(18)	(0)	9	—	(15)	(8)	-49 3%
Underlying profit before tax	263	297	264	308	319	317	249	177	-29 0%	1 132 ,	1 062 ,	-6 2%
Underlying consolidated profit	211	231	205	259	264	287	231	173	-25 1%	907	956	+5 4%
Underlying attributable profit	145	159	141	178	185	200	163	129	-21 0%	622	677	+8 8%

Chile (CLP mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	433 496 ,	441 440 ,	425 810 ,	477 726 ,	437 644 ,	498 964 ,	376 457 ,	311 342 ,	-17 3%	1 778 473 , ,	1 624 407 , ,	-8 7%
income Net fee	82 698 ,	82 631 ,	94 239 ,	94 052 ,	101 410 ,	98 614 ,	111 094 ,	117 979 ,	+6 2%	353 619 ,	429 097 ,	+21 3%
(losses) Gains financial transactions and other on	19 479 ,	26 231 ,	11 153 ,	13 672 ,	49 773 ,	38 455 ,	51 362 ,	51 664 ,	+0 6%	70 535 ,	191 254 ,	+171 1%
Total revenue	535 673 ,	550 302 ,	531 201 ,	585 451 ,	588 826 ,	636 034 ,	538 913 ,	480 985 ,	-10 7%	2 202 627 , ,	2 244 757 , ,	+1 9%
Operating expenses	(205 743) ,	(211 816) ,	(208 503) ,	(219 346) ,	(212 156) ,	(229 397) ,	(230 813) ,	(226 805) ,	-1 7%	(845 408) ,	(899 171) ,	+6 4%
Net operating income	329 930 ,	338 486 ,	322 698 ,	366 105 ,	376 671 ,	406 636 ,	308 100 ,	254 180 ,	-17 5%	1 357 219 , ,	1 345 587 , ,	-0 9%
Net loan-loss provisions	(87 495) ,	(70 398) ,	(76 361) ,	(71 581) ,	(85 876) ,	(99 311) ,	(79 579) ,	(100 650) ,	+26 5%	(305 835) ,	(365 416) ,	+19 5%
(losses) Other gains and provisions	(1 155) ,	4 015 ,	(4 609) ,	(12 242) ,	1 288 ,	(16 704) ,	(254)	8 572 ,	—	(13 991) ,	(7 097) ,	-49 3%
Underlying profit before tax	241 279 ,	272 103 ,	241 729 ,	282 282 ,	292 083 ,	290 621 ,	228 267 ,	162 103 ,	-29 0%	1 037 393 , ,	973 074 ,	-6 2%
Underlying consolidated profit	193 299 ,	212 074 ,	188 354 ,	237 659 ,	242 277 ,	262 963 ,	212 199 ,	159 001 ,	-25 1%	831 386 ,	876 441 ,	+5 4%
Underlying attributable profit	132 850 ,	145 483 ,	129 423 ,	162 734 ,	169 969 ,	183 357 ,	149 468 ,	118 008 ,	-21 0%	570 490 ,	620 801 ,	+8 8%

Argentina (EUR mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
203	234	267	361	300	432	616	431	-30 0%	1 065 ,	1 778 ,	+67 0%
74	87	110	149	121	143	182	97	-46 7%	420	542	+28 9%
(16)	(22)	(13)	(47)	(57)	(117)	(205)	(108)	-47 6%	(98)	(487)	+399 2%
261	300	364	463	364	458	592	420	-29 1%	1 388 ,	1 833 ,	+32 1%
(171)	(179)	(204)	(252)	(217)	(260)	(333)	(178)	-46 5%	(805)	(987)	+22 6%
91	121	160	211	147	198	259	242	-6 7%	583	846	2% +45
(14)	(35)	(40)	(52)	(39)	(33)	(34)	(26)	-23 5%	(140)	(132)	-5 9%
(34)	(31)	(29)	(42)	(38)	(67)	(81)	(84)	1% +4	(136)	(270)	+98 7%
42	55	91	117	71	97	144	132	-8 8%	306	443	+44 9%
45	62	72	93	60	86	88	91	+3 1%	272	325	+19 5%
44	62	72	92	59	86	88	91	0% +3	270	324	0% +20

Argentina (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	116	147	164	229	196	311	524	748	+42 9%	655	1 778 ,	+171 5%
fee income Net	42	55	68	94	79	104	158	202	+27 7%	259	542	+109 6%
(losses) Gains financial transactions and other on	(9)	(14)	(8)	(29)	(37)	(83)	(169)	(197)	+16 2%	(60)	(487)	—
Total revenue	149	188	223	293	237	331	512	753	+47 1%	853	1 833 ,	+114 8%
Operating expenses	(97)	(112)	(125)	(160)	(141)	(189)	(289)	(369)	+27 7%	(495)	(987)	+99 4%
operating income Net	52	75	98	133	96	143	223	384	+72 2%	358	846	+136 1%
provisions Net loan-loss	(8)	(21)	(24)	(33)	(25)	(24)	(31)	(51)	+63 2%	(86)	(132)	+53 0%
(losses) Other gains and provisions	(20)	(20)	(18)	(27)	(25)	(48)	(70)	(128)	+84 3%	(84)	(270)	+223 0%
Underlying profit before tax	24	34	56	74	46	70	122	205	+67 6%	188	443	+135 6%
Underlying consolidated profit	26	39	44	59	39	62	78	146	+87 3%	167	325	+94 4%
Underlying attributable profit	25	38	44	59	39	62	78	146	+87 1%	166	324	+95 1%

Argentina (ARS mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	21 907 ,	27 724 ,	30 984 ,	43 242 ,	36 978 ,	58 765 ,	99 007 ,	141 515 ,	+42 9%	123 856 ,	336 265 ,	+171 5%
income Net fee	7 977 ,	10 342 ,	12 802 ,	17 770 ,	14 875 ,	19 625 ,	29 856 ,	38 139 ,	+27 7%	48 891 ,	102 494 ,	+109 6%
(losses) Gains financial transactions and other on	(1 686) ,	(2 575) ,	(1 558) ,	(5 521) ,	(6 999) ,	(15 773) ,	(32 048) ,	(37 240) ,	+16 2%	(11 341) ,	(92 060) ,	—
Total revenue	28 197 ,	35 490 ,	42 227 ,	491 55 ,	854 44 ,	62 616 ,	96 815 ,	142 414 ,	1% +47	161 406 ,	346 699 ,	+114 8%
Operating expenses	(18 420) ,	(21 246) ,	(23 720) ,	(30 259) ,	(26 714) ,	(35 664) ,	(54 603) ,	(69 729) ,	+27 7%	(93 646) ,	(186 709) ,	+99 4%
Net operating income	9 777 ,	14 245 ,	18 507 ,	25 232 ,	18 140 ,	26 952 ,	42 213 ,	72 685 ,	+72 2%	67 761 ,	159 990 ,	+136 1%
Net loan-loss provisions	(1 503) ,	(4 003) ,	(4 603) ,	(6 219) ,	(4 791) ,	(4 601) ,	(5 922) ,	(9 665) ,	+63 2%	(16 328) ,	(24 980) ,	+53 0%
(losses) Other gains and provisions	(3 691) ,	(3 717) ,	(3 358) ,	(5 064) ,	(4 654) ,	(9 093) ,	(13 151) ,	(24 241) ,	+84 3%	(15 831) ,	(51 139) ,	+223 0%
Underlying profit before tax	582 4 ,	6 524 ,	10 546 ,	13 949 ,	8 695 ,	13 258 ,	23 139 ,	38 779 ,	+67 6%	35 602 ,	83 871 ,	+135 6%
Underlying consolidated profit	4 828 ,	7 288 ,	8 383 ,	11 151 ,	7 352 ,	11 724 ,	14 774 ,	27 675 ,	+87 3%	31 650 ,	61 525 ,	+94 4%
Underlying attributable profit	4 798 ,	240 7 ,	8 327 ,	11 075 ,	326 7 ,	11 698 ,	14 743 ,	27 588 ,	+87 1%	31 440 ,	61 355 ,	+95 1%

Other South America (EUR mn)

									Change		Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	92	93	102	105	111	125	142	150	4% +5	393	527	+34 4%
income Net fee	41	46	45	46	38	52	62	58	-6 6%	179	210	+17 4%
(losses) Gains financial transactions and other on	7	13	13	14	13	22	29	31	+4 9%	47	95	+103 1%
Total revenue	140	152	160	166	162	199	233	238	+2 1%	618	832	+34 7%
Operating expenses	(90)	(96)	(101)	(110)	(104)	(132)	(144)	(147)	+2 7%	(397)	(527)	+32 8%
Net operating income	51	56	59	55	59	67	89	91	+1 3%	221	306	+38 1%
Net loan-loss provisions	(20)	(19)	(11)	(4)	(13)	(28)	(30)	(22)	-25 9%	(55)	(94)	+71 0%
(losses) Other gains and provisions	(1)	(1)	(1)	(4)	(1)	(1)	(3)	(2)	-44 1%	(7)	(7)	+13 2%
Underlying profit before tax	30	37	47	47	45	37	56	66	+18 6%	160	205	+27 8%
Underlying consolidated profit	13	21	29	27	25	18	28	40	+41 6%	91	111	+21 9%
Underlying attributable profit	14	21	29	27	25	19	28	40	+44 9%	91	112	+23 6%

Other South America (Constant EUR mn)

									Change		Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	106	109	117	119	121	124	137	146	+6 6%	451	527	+17 1%
Net fee income	46	52	51	51	41	52	60	57	-5 3%	201	210	+4 5%
(losses) Gains financial transactions and other on	8	14	15	17	14	22	29	31	+6 5%	53	95	+79 5%
Total revenue	160	175	183	187	176	197	226	234	+3 4%	704	832	+18 2%
Operating expenses	(98)	(106)	(111)	(119)	(110)	(131)	(140)	(146)	+3 9%	(434)	(527)	+21 4%
operating income Net	62	69	72	67	66	66	85	88	+2 6%	270	306	+13 1%
Net loan-loss provisions	(23)	(22)	(13)	(6)	(14)	(28)	(29)	(22)	-26 0%	(63)	(94)	+48 7%
(losses) gains provisions Other and	(1)	(1)	(1)	(4)	(1)	(1)	(3)	(2)	0% -45	(7)	(7)	0% +5
Underlying profit before tax	38	46	58	58	51	37	53	64	+21 3%	200	205	+2 2%
Underlying consolidated profit	20	28	38	35	30	17	26	38	+48 4%	121	111	-8 0%
Underlying attributable profit	20	28	38	34	30	18	26	39	+52 0%	120	112	-6 8%

Digital Consumer Bank (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	996	1 015 ,	1 017 ,	1 014 ,	1 020 ,	1 012 ,	1 000 ,	990	-1 0%	4 041 ,	4 022 ,	-0 5%
income Net fee	188	206	222	204	206	219	204	215	+5 3%	821	843	+2 7%
(losses) Gains financial transactions and other on	59	21	71	86	86	30	111	177	+59 4%	237	404	+70 8%
Total revenue	1 244 ,	1 242 ,	1 309 ,	1 304 ,	1 312 ,	1 261 ,	1 315 ,	1 382 ,	1% +5	099 5 ,	269 5 ,	+3 3%
Operating expenses	(600)	(613)	(591)	(600)	(645)	(603)	(605)	(609)	+0 5%	(2 405) ,	(2 462) ,	+2 4%
Net operating income	643	629	718	704	667	658	709	773	+9 0%	2 694 ,	2 807 ,	+4 2%
Net loan-loss provisions	(166)	(142)	(141)	(78)	(148)	(139)	(142)	(115)	-19 3%	(527)	(544)	+3 2%
(losses) Other gains and provisions	(31)	(45)	(43)	(74)	(17)	(11)	4	(3)	—	(194)	(27)	-86 1%
Underlying profit before tax	446	442	534	551	502	508	572	655	+14 6%	1 973 ,	2 237 ,	+13 4%
Underlying consolidated profit	330	329	420	432	391	385	426	485	+13 7%	1 510 ,	1 687 ,	+11 8%
Underlying attributable profit	249	236	324	355	282	290	336	400	+19 3%	1 164 ,	1 308 ,	+12 4%

Digital Consumer Bank (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	999	1 014 ,	1 019 ,	1 010 ,	1 015 ,	1 010 ,	1 000 ,	997	-0 2%	4 043 ,	4 022 ,	-0 5%
Net fee income	188	206	222	204	206	218	204	215	4% +5	820	843	+2 8%
(losses) Gains financial transactions and other on	61	23	72	86	86	30	111	177	+58 7%	241	404	+67 5%
Total revenue	1 249 ,	1 243 ,	1 313 ,	1 301 ,	1 306 ,	1 259 ,	1 315 ,	1 389 ,	+5 6%	5 105 ,	5 269 ,	+3 2%
Operating expenses	(601)	(613)	(592)	(598)	(642)	(601)	(605)	(615)	+1 6%	(2 403) ,	(2 462) ,	+2 4%
operating income Net	647	630	721	703	665	658	710	774	+9 0%	2 702 ,	2 807 ,	+3 9%
Net loan-loss provisions	(166)	(142)	(141)	(78)	(147)	(139)	(142)	(116)	-18 4%	(528)	(544)	+3 1%
(losses) Other gains and provisions	(31)	(44)	(43)	(74)	(17)	(11)	4	(3)	—	(192)	(27)	-86 0%
Underlying profit before tax	450	444	537	552	500	508	573	656	+14 5%	1 983 ,	2 237 ,	+12 8%
Underlying consolidated profit	333	331	422	431	390	386	427	485	+13 7%	1 517 ,	1 687 ,	+11 2%
Underlying attributable profit	253	238	326	354	281	290	336	401	+19 2%	1 171 ,	1 308 ,	+11 7%

Corporate Centre (EUR mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
(133)	(164)	(162)	(165)	(172)	(181)	(157)	(142)	-9 4%	(624)	(652)	+4 6%
(5)	(8)	(2)	(12)	(3)	2	(2)	(16)	—	(28)	(19)	-30 8%
(41)	(67)	(60)	0	(126)	(267)	(259)	(163)	-37 2%	(168)	(815)	+386 0%
(179)	(239)	(224)	(177)	(301)	(446)	(418)	(322)	-23 1%	(819)	(1 487) ,	+81 5%
(79)	(81)	(89)	(97)	(87)	(92)	(93)	(100)	+7 7%	(346)	(372)	+7 5%
(258)	(319)	(314)	(274)	(388)	(538)	(511)	(422)	-17 5%	(1 165) ,	(1 858) ,	+59 5%
(154)	(9)	(6)	13	(1)	(4)	2	13	—	(155)	9	—
(33)	(33)	(43)	(82)	(48)	(34)	(35)	(56)	+61 9%	(190)	(173)	-8 9%
(445)	(361)	(362)	(343)	(437)	(577)	(544)	(465)	-14 6%	(1 510) ,	(2 022) ,	+33 9%
(402)	(409)	(420)	(303)	(462)	(577)	(543)	(466)	-14 3%	(1 534) ,	(2 049) ,	+33 5%
(402)	(410)	(420)	(303)	(462)	(577)	(543)	(466)	-14 3%	(1 535) ,	(2 049) ,	+33 4%

Retail Banking (EUR mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
286	573	770	966	8	8	9	9	+0	30	34	+14
7	7	7	7	094	620	053	113	7%	596	880	0%
,	,	,	,	,	,	,	,		,	,
1	1	1	1	1	1	1	1	-3	7	7	+8
721	768	754	801	816	975	967	891	9%	045	650	6%
,	,	,	,	,	,	,	,		,	,
349	297	438	145	184	(55)	(21)	46	—	1 229 ,	154	-87 4%
9	9	9	9	10	10	10	11	+0	38	42	+9
357	638	962	912	095	541	999	050	5%	869	684	8%
,	,	,	,	,	,	,	,		,	,
(4	(4	(4	(4	(4	(4	(4	(4	-0	(17	(18	+8
137)	229)	309)	429)	399)	626)	775)	767)	2%	103)	568)	6%
,	,	,	,	,	,	,	,		,	,
220	409	654	483	695	915	6	6	+0	21	24	+10
5	5	5	5	5	5	224	282	9%	766	116	8%
,	,	,	,	,	,	,	,		,	,
(1	(1	(2	(1	(2	(2	(2	(2	+0	(7	(10	+44
783)	724)	190)	384)	111)	621)	733)	745)	5%	081)	210)	2%
,	,	,	,	,	,	,	,		,	,
(398)	(454)	(442)	(759)	(425)	(456)	(673)	(581)	-13 7%	(2 052) ,	(2 135) ,	+4 0%
3	3	3	3	3	2	2	2	9%	12	11	8%
039	231	022	340	159	838	818	956	+4	632	772	-6
,	,	,	,	,	,	,	,		,	,
2	2	2	2	2	2	2	2	+8	8	8	+1
034	212	150	338	311	188	086	256	2%	734	841	2%
,	,	,	,	,	,	,	,		,	,
1	1	1	1	2	1	1	2	+8	389	946	5%
728	848	822	991	055	936	899	055	2%	7	7	+7
,	,	,	,	,	,	,	,		,	,

Retail Banking (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	7 861 ,	8 070 ,	8 192 ,	8 411 ,	8 280 ,	8 457 ,	8 853 ,	9 289 ,	+4 9%	32 535 ,	34 880 ,	+7 2%
Net fee income	1 844 ,	1 863 ,	1 817 ,	1 879 ,	1 843 ,	1 928 ,	1 924 ,	1 954 ,	+1 6%	403 7 ,	650 7 ,	+3 3%
(losses) Gains financial transactions and other on	400	363	499	172	219	(19)	2	(47)	—	1 435 ,	154	-89 2%
Total revenue	10 105 ,	10 297 ,	10 509 ,	10 463 ,	10 343 ,	10 366 ,	10 779 ,	11 196 ,	+3 9%	41 373 ,	42 684 ,	+3 2%
Operating expenses	(4 356) ,	(4 426) ,	(4 472) ,	(4 594) ,	(4 456) ,	(4 538) ,	(4 672) ,	(4 901) ,	+4 9%	(17 848) ,	(18 568) ,	+4 0%
operating income Net	5 749 ,	5 870 ,	6 037 ,	5 869 ,	5 887 ,	5 828 ,	6 107 ,	6 295 ,	+3 1%	23 524 ,	24 116 ,	+2 5%
loan-loss provisions Net	(1 953) ,	(1 850) ,	(2 343) ,	(1 505) ,	(2 195) ,	(2 589) ,	(2 684) ,	(2 741) ,	+2 1%	(7 651) ,	(10 210) ,	+33 4%
(losses) Other gains and provisions	(404)	(450)	(444)	(769)	(422)	(429)	(659)	(625)	-5 1%	(2 068) ,	(2 135) ,	+3 2%
Underlying profit before tax	3 392 ,	3 570 ,	3 249 ,	3 594 ,	3 269 ,	2 810 ,	2 764 ,	2 928 ,	9% +5	13 805 ,	11 772 ,	-14 7%
Underlying consolidated profit	2 253 ,	2 431 ,	2 305 ,	2 502 ,	2 389 ,	2 172 ,	2 052 ,	2 227 ,	+8 5%	9 492 ,	8 841 ,	-6 9%
Underlying attributable profit	1 922 ,	2 040 ,	1 957 ,	2 131 ,	2 130 ,	1 924 ,	1 866 ,	2 026 ,	+8 6%	8 050 ,	7 946 ,	-1 3%

Corporate & Investment Banking (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	690	716	729	785	786	928	924	907	-1 9%	2 921 ,	3 544 ,	+21 3%
Net fee income	462	427	433	422	521	506	491	471	-4 1%	1 744 ,	1 988 ,	+14 0%
(losses) Gains financial transactions and other on	466	108	237	144	456	416	571	421	-26 3%	954	1 863 ,	+95 2%
Total revenue	1 618 ,	1 252 ,	1 399 ,	1 351 ,	1 763 ,	1 849 ,	1 985 ,	1 798 ,	-9 4%	5 619 ,	7 395 ,	+31 6%
Operating expenses	(545)	(560)	(595)	(679)	(615)	(673)	(747)	(863)	+15 5%	(2 379) ,	(2 898) ,	+21 8%
operating income Net	1 073 ,	691	804	672	1 148 ,	1 176 ,	1 238 ,	935	-24 5%	3 240 ,	4 497 ,	+38 8%
Net loan-loss provisions	(49)	(20)	(11)	(71)	13	10	(8)	(265)	—	(151)	(251)	+66 0%
(losses) gains provisions Other and	(29)	22	(3)	(7)	(19)	(36)	(22)	(54)	+149 3%	(17)	(131)	—
Underlying profit before tax	995	693	790	594	1 142 ,	1 149 ,	1 208 ,	616	-49 0%	3 071 ,	4 115 ,	+34 0%
Underlying consolidated profit	705	508	579	458	813	824	885	474	-46 4%	2 250 ,	2 996 ,	+33 2%
Underlying attributable profit	670	469	540	433	759	772	833	441	-47 1%	2 113 ,	2 805 ,	+32 7%

Corporate & Investment Banking (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	721	745	748	799	795	897	884	968	+9 4%	3 013 ,	3 544 ,	+17 6%
income Net fee	488	449	445	435	529	496	480	483	+0 7%	1 817 ,	1 988 ,	+9 4%
(losses) Gains financial transactions and other on	492	101	234	145	463	408	570	423	-25 8%	972	1 863 ,	+91 7%
Total revenue	1 702 ,	1 296 ,	1 427 ,	1 378 ,	1 787 ,	1 801 ,	1 934 ,	1 874 ,	-3 1%	803 5 ,	395 7 ,	+27 4%
Operating expenses	(572)	(584)	(615)	(701)	(625)	(665)	(731)	(877)	+20 0%	(2 472) ,	(2 898) ,	+17 3%
Net operating income	1 130 ,	712	812	677	1 162 ,	1 136 ,	1 202 ,	996	-17 1%	3 331 ,	4 497 ,	+35 0%
Net loan-loss provisions	(48)	(22)	(14)	(69)	13	10	(8)	(266)	—	(154)	(251)	+63 0%
(losses) Other gains and provisions	(30)	30	(3)	(11)	(19)	(36)	(21)	(55)	+155 3%	(14)	(131)	—
Underlying profit before tax	1 051 ,	720	795	598	1 156 ,	1 110 ,	1 173 ,	676	-42 4%	3 163 ,	115 4 ,	+30 1%
Underlying consolidated profit	736	522	576	454	817	792	859	529	-38 4%	2 288 ,	2 996 ,	+31 0%
Underlying attributable profit	697	481	535	428	762	740	807	495	-38 6%	2 141 ,	2 805 ,	+31 0%

Wealth Management & Insurance (EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	113	115	122	127	145	184	225	271	+20 5%	476	825	+73 2%
income Net fee	289	306	315	336	321	334	327	308	-5 7%	1 247 ,	1 291 ,	+3 5%
(losses) Gains financial transactions and other on	126	114	209	68	120	118	133	121	-8 6%	516	492	-4 8%
Total revenue	528	535	646	531	587	635	685	701	+2 3%	2 240 ,	2 608 ,	+16 4%
Operating expenses	(223)	(225)	(228)	(238)	(244)	(252)	(263)	(283)	+7 9%	(914)	(1 041) ,	+13 9%
Net operating income	305	310	418	293	343	384	422	417	-1 1%	1 326 ,	1 566 ,	+18 1%
Net loan-loss provisions	(4)	(6)	(10)	(18)	0	(9)	(5)	(1)	-79 8%	(38)	(14)	-62 9%
(losses) Other gains and provisions	(4)	(3)	16	(3)	(5)	(8)	(4)	(9)	+131 4%	6	(26)	—
Underlying profit before tax	298	301	424	272	338	367	414	408	-1 5%	1 294 ,	1 526 ,	+17 9%
Underlying consolidated profit	225	229	317	214	260	286	319	314	-1 4%	985	1 179 ,	+19 7%
Underlying attributable profit	214	219	306	202	245	270	302	301	-0 6%	941	1 118 ,	+18 8%

Wealth Management & Insurance (Constant EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	118	120	125	130	147	182	222	275	+23 9%	492	825	+67 7%
fee income Net	306	322	327	346	327	330	320	314	-1 7%	1 301 ,	1 291 ,	-0 8%
(losses) Gains financial transactions and other on	131	117	212	73	124	119	131	117	-10 7%	533	492	-7 8%
Total revenue	554	559	665	549	598	631	673	706	0% +5	2 326 ,	2 608 ,	+12 1%
Operating expenses	(237)	(239)	(239)	(248)	(250)	(250)	(257)	(284)	+10 3%	(962)	(1 041) ,	+8 2%
operating income Net	318	320	425	301	347	381	416	423	+1 7%	1 364 ,	1 566 ,	+14 8%
provisions Net loan-loss	(4)	(6)	(10)	(19)	0	(9)	(5)	(1)	-78 6%	(39)	(14)	-63 8%
(losses) Other gains and provisions	(4)	(2)	16	(3)	(5)	(8)	(4)	(9)	+135 4%	7	(26)	—
Underlying profit before tax	310	312	431	279	343	363	407	413	+1 3%	1 331 ,	1 526 ,	+14 6%
Underlying consolidated profit	234	238	323	221	264	284	314	318	+1 2%	1 016 ,	1 179 ,	+16 0%
Underlying attributable profit	222	227	312	208	249	268	297	304	+2 1%	970	1 118 ,	+15 3%

PagoNxt(EUR mn)

									Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
Net interest income	(1)	(1)	0	3	2	3	6	11	+67 4%	1	22	—
income Net fee	81	127	140	144	157	222	232	270	+16 3%	493	881	+78 6%
(losses) Gains financial transactions and other on	(14)	(4)	4	14	3	11	19	18	-8 2%	0	50	—
Total revenue	67	123	144	161	162	236	257	298	+15 8%	495	953	+92 7%
Operating expenses	(136)	(162)	(181)	(194)	(190)	(258)	(282)	(295)	+4 6%	(673)	(1 024) ,	+52 2%
Net operating income	(69)	(40)	(36)	(33)	(28)	(22)	(24)	3	—	(178)	(71)	-60 4%
provisions Net loan-loss	(2)	(2)	(2)	(3)	(3)	(9)	(13)	(20)	+57 1%	(10)	(44)	+336 5%
(losses) Other gains and provisions	(2)	(3)	(34)	1	(1)	(3)	(12)	(10)	-22 0%	(38)	(26)	-33 3%
Underlying profit before tax	(73)	(46)	(73)	(35)	(32)	(33)	(50)	(27)	-46 3%	(227)	(141)	-38 0%
Underlying consolidated profit	(72)	(56)	(79)	(44)	(53)	(48)	(64)	(38)	-40 2%	(251)	(203)	-19 0%
Underlying attributable profit	(72)	(56)	(79)	(47)	(54)	(50)	(69)	(42)	-39 0%	(253)	(215)	-15 0%

PagoNxt(Constant EUR mn)

								Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	/ Q4'22 Q3'22	2021	2022	/ 2022 2021
(1)	(1)	(0)	3	2	3	6	11	+68 2%	1	22	—
93	144	154	161	168	219	227	267	+17 5%	552	881	+59 7%
(14)	(3)	5	14	3	11	19	17	-8 8%	2	50	—
78	139	159	179	173	232	253	295	+16 8%	554	953	+72 0%
(144)	(171)	(189)	(204)	(196)	(255)	(279)	(294)	5% +5	(708)	(1 024) ,	5% +44
(66)	(32)	(30)	(26)	(23)	(23)	(26)	1	—	(154)	(71)	-54 2%
(3)	(3)	(3)	(4)	(3)	(9)	(13)	(20)	7% +57	(12)	(44)	+272 8%
(2)	(3)	(35)	1	(1)	(3)	(12)	(10)	-22 5%	(40)	(26)	-35 0%
(71)	(38)	(68)	(29)	(27)	(34)	(51)	(29)	-43 9%	(206)	(141)	-31 6%
(71)	(51)	(76)	(39)	(50)	(48)	(65)	(40)	4% -38	(238)	(203)	5% -14
(71)	(51)	(76)	(42)	(51)	(50)	(70)	(44)	-37 3%	(239)	(215)	-10 3%

Appendix

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Quarterly income statements

Glossary

Glossary - Acronyms

• ❑ ALCO: Assets and Liabilities Committee
• ❑ AT1: Additional Tier 1
• ❑ AuM: Assets under Management
• ❑ BFG: Deposit Guarantee Fund in Poland
• ❑ bn: Billion
• ❑ Bps: basis points
• ❑ CET1: Common equity tier 1
• ❑ CIB: Corporate & Investment Bank
• ❑ CoR: Cost of credit / cost of risk
• ❑ Covid-19: Coronavirus Disease 19
• ❑ DGF: Deposit guarantee fund
• ❑ HQLA: High quality liquid asset
• ❑ FL: Fully-loaded
• ❑ FX: Foreign exchange
• ❑ EPS: Earning per share
• ❑ 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
• ❑ MKS: Market share
• ❑ mn: million
• ❑ MREL: Minimum requirement for eligible liabilities
• ❑ NII: Net interest income
• ❑ NIM: Net interest margin
• ❑ NPL: Non-performing loans
• ❑ NPS: Net promoter score
• ❑ PBT: Profit before tax
• ❑ P&L: Profit and loss
• ❑ PoS: Point of Sale
• ❑ Pp: percentage points
• ❑ PPP: Pre-provision profit
• ❑ QoQ: Quarter-on-Quarter
• ❑ Repos: Repurchase agreements
• ❑ RoRWA: Return on risk-weighted assets
• ❑ RoTE: Return on tangible equity
• ❑ RWA: Risk-weighted assets
• ❑ SAM: Santander Asset Management
• ❑ SBNA: Santander Bank NA
• ❑ SCIB: Santander Corporate & Investment Banking
• ❑ SC USA: Santander Consumer USA
• ❑ SME: Small and Medium Enterprises
• ❑ SRF: Single Resolution Fund
• ❑ ST: Short term
• ❑ T1/T2: Tier 1 / Tier 2
• ❑ TLAC: Total loss absorbing capacity
• ❑ TNAV: Tangible net asset value
• ❑ UX: User experience
• ❑ YoY: Year-on-Year
• ❑ YTD: Year to date
• ❑ WM&I: Wealth Management & Insurance

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
• ✓ Total 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 credit: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

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

• ✓ Digital customers: every physical or legal person, that, being part of a commercial bank, has logged in its personal area of internet banking or mobile phone or both in the last 30 days
• ✓ 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 13 months from December to December.

For periods less than one year, and if there are results in the net capital gains and provisions line, the profit used to calculate RoE and RoTE is the annualized underlying attributable profit to which said results are added without annualizing. For periods less than one year, and if there are results in the net capital gains and provisions line, the profit used to calculate RoA and RoRWA is the annualized underlying consolidated profit, to which said results are added without annualizing.

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).

72

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