Q1'22 Financial Update

Widening jaws reflected in 7.3 pp efficiency ratio enhancement and double-digit net operating income growth Net operating income (GBP mn) 476 560 518 485 Q1'22 Q1'21 YoY (%) QoQ (%) 391 Total income 1,080 960 12.5 3.9 Operating Expenses (562) (569) -1.3 1.3 Net operating income 518 391 32.6 7.0 Efficiency ratio 52.0% 59.3% -729 bps Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Santander 18 +

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