Investor Presentaiton
Highlights
oot
Growth
Net operating income up 15% YoY driven by 8% revenue growth (volumes up: +2% loans, +8% deposits) and cost control
Strong digital adoption: 50% of sales through digital channels in Q1'21 (41% in Q1'20) and 44 million digital customers (+15% YoY)
We announced the intention to make a cash offer to repurchase the outstanding shares of Santander México (c. 8.3%), consistent with
the Group's strategy to deploy capital in high growth markets
Profitability
•
•
Q1'21 attributable profit of EUR 1,608 mn after recording EUR 530 mn (net of tax) in expected restructuring charges for FY21
Q1'21 underlying attributable profit of EUR 2,138 mn. Revenue growth (+8%) with flat costs improved our efficiency ratio to 45%.
Additionally, the lowest quarterly LLPs since Q1'20
Increased profitability: underlying RoTE of 13.0% (7.4% FY20); underlying EPS of EUR 11.6 cents (EUR 1.4 cents in Q1'20)
Strength
•
Cost of credit¹ improved to 1.08% vs. 1.28% FY20. Loan-loss reserves stood at EUR 24 bn, with a coverage ratio of 74%
•
•
CET1 ratio of 12.30% with continued organic generation (+28 bps, including -15 bps for shareholder remuneration, equivalent to
40% of Q1'21 underlying profit²)
TNAVps: EUR 3.84 (+2% vs. Q4'20, including the dividend of EUR 2.75 cents per share, already deducted)
Delivered very positive performance in Q1'21
Santander
Note: Changes in constant euros
(1) 12 month rolling. Considering annualized 3M'21 provisions, cost of credit would be 0.84% in Q1'21 (1.62% in Q1'20)
(2) The bank is accruing 40% of the underlying profit for shareholder remuneration, once supervisors allow
43View entire presentation