Santander Business Strategy and Financial Inclusion

Results LLPs fell by 31% YoY, with improving asset quality. The NPL ratio and the cost of credit continued to decline Net LLPs (EUR mn) 46 Loan loss provisions 41 9M'21 9M'20 YoY (%) QoQ (%) 34 35 33 Net Operating Income 610 529 +15.3 +98.6 LLPs -101 -147 -30.8 -6.1 Net Operaring Income after LLPs 509 383 +32.9 +169.6 NPE ratio 2.3% 2.8% -0.5pp -0.2pp NPE coverage ratio 83.4% 69.2% +14.1pp +4.2pp Cost of Credit (1) 0.33% 0.38% -0.1pp -0.0pp 3Q20 4Q20 1Q21 2Q21 3Q21 Santander (1) Cost of credit based on 12 month loan-loss provisions divided by average customer loans. 17

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