Santander Financial Results

Cost of risk remained low, absorbing higher provisions related to macro update. Improved NPL and coverage ratios Net LLPs (£ mn) + 2022 2021 YoY (%) QoQ (%) Net operating income 2,330 1,911 21.9 -2.2 93 71 Loan-loss provisions (269) 211 -23.8 63 43 Net operating income after provisions 2,061 2,122 -2.9 1.6 NPL ratio Cost of risk -153 Coverage ratio 1.21% 1.43% -23bps 0.12% -0.09% 21bps 34% 26% 8.0pp 5bps 10bps 1.3pp Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Santander (1) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months. 18

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