H1'23 Highlights
Profit increased in H1'23, supported by customer revenue and efficiency
improvement, with double-digit growth in net operating income
Underlying P&L
€ million
H1'23
H1'22
Current
%
Constant
%
Attributable profit
€ mn
NII
20,920
18,409
14
15
+14%
Net fee income
6,103
5,852
4
LO
5
2,670
2,543
2,571
Other income
1,211
859
41
27
2,422
2,351
2,289
+4%
Total revenue
28,234
25,120
12
13
QoQ
Operating expenses
-12,479
-11,435
9
11
Net operating income
15,755
13,685
15
15
LLPs
-5,771
-4,735
22
21
Q1'22
Q2
Q3
Q4
Q1'23
Q2
Other results*
-1,655
-1,035
60
69
Attributable profit
5,241
4,894
7
7
2,608
2,282
Attributable profit (Constant € mn)
2,330
2,272
2,563
2,678
Santander (*) Including the temporary levy in Spain (-€224mn) in Q1'23.
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