2022 Highlights and ESG Progress
Europe
Loans
€579bn +3%
€643bn +9%
Key data and P&L
Deposits
Mutual Funds
€93bn -13%
Efficiency
47.3% -4.9pp
COR
0.39% Obps
ROTE¹
12.5% +3.2pp
Highlights
Business transformation to deliver accelerated growth, a more
efficient operating model and increased customer satisfaction
Customers, loans and deposits up in most countries
Double-digit profit growth supported by strong NII
performance, cost control and contained COR
Costs decreased 7% in real terms and efficiency improved
5pp, reflecting the structural changes in our operating model
In Q4, NII growth was noteworthy (+13%). Profit affected by
DGF contribution in Spain and the Bank Levy charge and the
settlement agreed with the FCA in the UK
P&L*
NII
Q4'22 % Q3'22
2022
% 2021
% 20212
3,567
12.8
12,565
18.5
18.8
Net fee income
Total revenue
1,051
-6.5
4,493
3.3
3.4
4,757
1.8
18,030
12.9
13.2
Operating expenses
-2,227
4.9 -8,523
2.1
2.5
Net operating income
LLPs
2,530
-0.7
9,507
24.8
24.8
-636
3.9
-2,396
4.8
4.5
Underlying att. profit
973
-2.0
3,810
37.8
38.6
(*) € mn and % change in constant euros.
Santander
Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros).
(1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 9.3%.
(2) % change in current euros.
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