Banco Santander Q1 2026 Earnings Presentation

Banco Santander reported a strong start to 2026 with a 12% increase in underlying profit to €3.6 billion, driven by a 4% rise in total revenue to €15.1 billion and a 1% decrease in total costs. The bank's efficiency ratio improved by 3.0 percentage points to 42.8%, and the underlying Return on Tangible Equity (RoTE) increased by 0.5 percentage points to 15.2%. The Cost of Risk (CoR) remained stable at 1.14%, while the Common Equity Tier 1 (CET1) ratio strengthened by 1.5 percentage points to 14.4%. These positive results are attributed to the continued progress of the ONE Transformation strategy, a robust balance sheet with strong credit quality, and disciplined capital allocation. The bank also highlighted significant customer growth, with 8 million new customers added year-on-year, contributing to a 6% increase in revenue. Looking ahead, Banco Santander is on track to meet its 2026 targets, with continued focus on profitable growth, efficiency improvements, and shareholder value creation.