Banco Santander delivered its strongest first-quarter result on record, reporting attributable profit of €3.4 billion for the three months ended 31 March 2025, a 19% increase year-on-year and a 24% rise in constant-currency terms, flattered by the timing of Spain's temporary banking levy; on a like-for-like basis profit rose 10%. The Spanish banking group said the performance was driven by record net fee income, healthy revenue momentum, and continued improvement in cost efficiency across its extensive global franchise, which spans Europe, North America, and Latin America.
Return on tangible equity reached 15.8%, while earnings per share climbed 26% year-on-year to €0.21. Tangible net asset value per share stood at €5.46, Santander said in a statement published on its website alongside the results for the opening quarter of the year.
FEE INCOME AND REVENUES
Net fee income hit a new high during the quarter, advancing 4% year-on-year. Total revenues rose 5% in constant euros (1% in reported terms) over the same period, and the cost-to-income ratio improved as operating expenses fell 1% under the group's ONE Transformation efficiency programme.
Santander said all of its global businesses (Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance, and Payments) were performing well.
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