Q1'22 Financial Update

Cost of credit remains low, with Q1'22 charge reflecting the risks of higher cost of living + Net LLPs (GBP mn) Q1'22 Q1'21 YoY (%) QoQ (%) Net operating income 518 391 32.6 7.0 Loan-loss provisions (43) (16) 169.7 43 16 1 Net operating income after provisions 475 375 26.8 -25.4 NPL ratio -75 Cost of credit -0.08% 1.42% 1.35% 0.21% 7 bps -1 bp -29 bps 1 bp Coverage ratio 26% 40% -14.3 pp 0.4 pp -153 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Santander (1) Cost of credit based on 12-month loan-loss provisions divided by average customer loans. 19

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