Q1'22 Financial Update

Concluding remarks Financial System ▸ The UK economy has faced a range of challenges over the last two years from Brexit, and most significantly, the covid-19 crisis. Attention has now switched to the high rates of inflation seen globally, exacerbated by the conflict in Ukraine that has triggered a sharp increase in commodity prices Despite a positive start to 2022, growth has started to lose momentum with the economy growing by 0.1% in February. The outlook remains uncertain, with inflation hitting record levels and real disposable income under pressure Strategy & Business We have a well-established market position: 14 mn active customers, 450 branches, 3rd largest retail mortgage provider and 5th largest commercial lender Enhanced digital capability attracted a further > 108 k digital customers during the quarter 75% of our refinanced mortgages were retained online, 90% of current account openings and 99% of credit card openings were made through digital channels 001 Results Strong commercial dynamics supported by mortgage market momentum is reflected in higher revenue and interest rate hike ▸ Our efficiency plans were able to offset higher inflation and franchise control investments, delivering an enhanced efficiency ratio + Widening jaws boosted net operating income (+33% YoY), while risk management led to a normalization in the cost of credit after releases last year ‣ Underlying attributable profit was up 26%, mainly boosted by strong operating performance Santander 22

View entire presentation