Santander Group Strategy Update
O Profitability
Significant improvement in profitability in most geographies over
the last 3 years
ROTE
RORWA
2015
2018
1.20%
1.55%
0.93%
1.32%
2018
11.7%
2.01%
2.28%
SCF
2.40%
2.10%
1.79%
2.19%
1.88%
1.46%
1.94%
3.70%
2015
10.0%
2.94%
3.77%
2.17%
2.73%
1.19%
1.04%
Santander
Note: 2015 ROTE figures have been re-stated to reflect the capital increase.
(1) Capital allocated by country.
(2) POS: Points of Sale
Capital discipline in growth:
Inorganic
Organic
2015
2018
c.40% of our
c.90% of our
capital¹ with
capital¹ with
ROTE > COE
ROTE > COE
Value-creating acquisitions (Popular,
Banif Portugal, DB retail and SMEs
Poland, Citi Argentina, SAM minorities,
POS² in Spain) and divestments (All-
funds, Wizink, Prisma, Totalbank,
Quasar, Metrovacesa, Testa)
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