Institutional Presentation Q1’21 · 2021. 5. 18. · Unique personal banking relationships with...
Transcript of Institutional Presentation Q1’21 · 2021. 5. 18. · Unique personal banking relationships with...
Strategic and Financial Analysis. Financial Division
Institutional PresentationQ1’21
2
Index
1
Our business model and
strategy
32 4 5
Group structure and businesses
Q1'21 results & activity
Key takeaways Links to Grupo Santander public materials
1. Our business model and strategy
4
Santander, a leading financial groupThe Santander Way remains unchanged,
continuing to deliver for all our stakeholders Q1’21 Highlights
Simple Personal Fair
Total assets (EUR billion) 1,563
Customer loans (EUR billion excluding reverse repos) 924
Customer deposits + mutual funds (EUR billion excluding repos) 1,007
Branches 10,817
Q1’21 Net operating income (pre-provision profit) (EUR million) 6,272
Q1’21 Underlying attributable profit (EUR million) 2,138
Q1’21 Attributable profit (EUR million) 1,608
Market capitalization (EUR billion; 31-03-21) 50
People (headcount) 190,175
Customers (millions) >148
Shareholders (millions) 3.9
Communities in 2019-2020 (million people financially empowered) 4.9
5
FairPersonal
Our corporate culture: Santander Way
OUR PURPOSE
OUR AIM
OUR HOW
To help people and businesses prosper
To become the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities
Simple
Everything we do should be
We continue to do business in a more responsible and sustainable way
6
Santander business model
SCALE
CUSTOMER FOCUS
DIVERSIFICATION
Local scale and leadership. Worldwide reach through our global businesses and PagoNxt
Unique personal banking relationships strengthen customer loyalty
Our geographic and business diversification makes us more resilient under adverse circumstances
Our business model is based on three pillars
1
2
3
7Market share data: as at Dec-20 and Argentina, USA and SCF latest available. Spain includes Santander España (public criteria) + Openbank + Hub Madrid + SCF España, and Other Resident sectors inDeposits. The UK: includes London Branch. Poland: including SCF business in Poland. The US: in all states where Santander Bank operates. Brazil: deposits including debenture, LCA (agribusiness notes),LCI (real estate credit notes), financial bills (letras financeiras) and COE (certificates of structured operations)
Local scale and leadership. Worldwide reach through our global businesses and PagoNxt
Secondary segments
Santander Corporate & Investment Banking
Wealth Management & Insurance
We maintain leadership positions Enabling greater collaboration across the Group to generate higher revenue and efficiencies
Market shares
Scale1
Top 3auto
finance18%
Loans
18%Deposits
18%Loans
15%Deposits
9%Loans
7%Deposits
12%Loans
11%Deposits
3%Loans
2%Deposits
13%Loans
13%Deposits
Top 7 in retail auto lending
10%Loans
10%Deposits
11%Loans
11%Deposits
19%Loans
17%Deposits
Digital Consumer
Bank
8
Customer focus
(1) NPS = Net Promoter Score. Customer Satisfaction internal benchmark of active customers audited by Stiga / Deloitte. Data as of H2’20
The trust and loyalty of our customers are the most important
assets for Santander
Top 3 in NPS1 in 6 countries
Customer satisfaction is essential to build loyalty
2
Spain 9%
UK 16%
Portugal 2%
Poland 4%
US 3%
Mexico 13%
Brazil 33%
Chile 3%
Argentina 3%
Digital Consumer Bank 13%
Others 1%
Customers by market, Mar-21
Over 148 million customers
9
Customer focus
Unique personal banking relationships with over 100,000 people talking to our customers every day in our branches and other customer support services
2
23.4 mn (+9%) Loyal/activecustomers
33%
Note: data as of Mar-21 and year-on-year changes(1) Excluding Chinese banks and Sberbank of Russia
Individuals
21.4 mn (+9%)
Companies
2.0 mn (+10%)
Loyal customers Collaborative spaces and increased digital capabilities
Santander Smart and Ágil branches
The largest branch network in the international banking world1
Branches: >10,000
Available anytime, anywhere, anyhow
Customer support services
10
Customer focus
Note: data as of Q1’21 and year-on-year changes(1) Every physical or legal person, that, being part of a commercial bank, has logged in its personal area of internet banking or mobile phone or both in the last 30 days(2) Percentage of new contracts executed through digital channels(3) Private accesses. Logins of bank’s customers on Santander internet banking or apps. ATM accesses by mobile are not included(4) Customer interaction through mobile or internet banking which resulted in a change of balance. ATM transactions are not included
Digital adoption has accelerated resulting in increased mobile customer base and digital sales penetration
Digital technologyboosting financial access
Traditional bankingBranches, ATMs, retail agents, …
Digital bankingInternet, mobiles, tablets,
smartphones and smartwatches…
Guaranteeing access for all segments
Sparsely populated communities
Most vulnerable groups
Low-income communities
University students
2
44.2 mn(+15%)
Digital sales2
as % of total sales
50%# Accesses3
(online & mobile)
Digital customers1
+18% YoY +27% YoY
# Transactions4
(monetary & voluntary)
37.3 mn(+21%)
Mobile customers
11(1) As a % of operating areas, excluding Corporate Centre (2) As a percentage of operating areasNote: customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
Geographic diversification with a good balance between mature and developing markets
Contribution to Q1’21 underlying attributable profit1
Customer loans Customer funds
Higher exposure in Europe, greater opportunity to grow in the Americas
Mar-21 Group’s contribution2 by primary segments
Diversification3
Europe, 60%
North America,
13%
South America,
14%
Digital Consumer Bank, 13% Europe,
67%
North America,
13%
South America,
15%
Digital Consumer Bank, 5%
Well-balanced profit distribution
Europe, 31%
North America,
29%
South America,
29%
Digital Consumer Bank, 11%
12
Diversification
Note: customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
Business diversification among customer segments (individuals, SMEs, corporates and large corporates)
3
Other individuals, 9%
Home mortgages, 35%
Consumer, 16%SMEs, 11%
Corporates, 13%
SCIB, 13%
Other, 3%
Loans
Customer funds by business, Mar-21Customer loans by business, Mar-21
Individuals demand deposits, 42%
Individuals time deposits, 6%
Individuals mutual funds, 12%
Consumer, 4%
SMEs, 11%
Corporates, 14%
SCIB, 11%
Customer funds
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The strength of our model drives resilient results
Pre-provision profit, EUR bn
(1) Source: Bloomberg, with GAAP criteria. Standard deviation of the quarterly EPS starting from the first available data since Jan-99
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
18
23 24 24 24
2023 24 23
25 26 2624
3.03% 3.28% 3.26% 3.25% 3.06% 2.94% 3.04% 2.90% 2.83% 2.97% 2.89% 2.80% 2.49%
1.02%1.36% 1.40% 1.65%2.44% 1.69%
1.43% 1.25%1.18% 1.07% 1.00% 1.00% 1.28%
Cost of credit
Pre-provision profit / loans
Recurring pre-provision profit with the lowest earnings per share volatility
EPS volatility calculated using quarterly data from Jan-99 to Q4’201
668% 330%
118%
104%
84% 82%75%
43% 41% 37%
12%
US IT CH CH FR FR US US NL US
2. Group structure and businesses
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New organizational structure towards the Santander of Tomorrow
Santander Wealth Management & Insurance
Communication, Corporate
Marketing and Research
UniversitiesComplianceAudit CostsTechnology
& Operations
General Secretariat2
Financial Control /
Accounting
FinanceStrategy,
Corporate Dev.& Financial Planning
Exec. Chairman´s Office &
Responsible Banking
Santander Corporate & Investment Banking
Secondary segments
Group functions and Corporate Centre activities
Risk
Primary segments
North America
South America
Other Europe
Europe
One Santander (Europe, North America and South America). New operating model leveraging our global scale to deliver a better customer experience, supported by common culture and higher degrees of commonality, technology being one
Digital Consumer Bank: our vision is to become the largest digital consumer bank in the world
Global businesses (SCIB and WM&I) to enhance our local scale with global reach and collaboration
PagoNxt: innovative payments solutions for both Santander and non-Santander clients
The Corporate Centre and other functions servicing the whole Group
Group organizational and management structure
Human Resources
Digital Consumer Bank1
(1) Combining Santander Consumer Finance and Openbank
(2) Includes Legal, Governance, Tax and Security & Intelligence
16
Primary segments
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▪ Transform how we manage our mass-market business, simplifying our value proposition and improving customer experience, through the creation of Regional Business Owners
▪ Leverage our global businesses (SCIB and WM&I) and the connection with PagoNxtto accelerate profitable growth in the region
▪ Accelerate our digital agenda, with a common mobile experience across the region
▪ Deliver a significant share of the EUR 1 billion additional cost savings commitment for the next two years, transforming our operating model.
▪ Excel in risk management, maintaining and reinforcing our balance sheet strength
Q1’21 Highlights
Branches 4,108
Employees 67,189
Loyal customers (mn) 10.1
Digital Customers (mn) 15.6
Customer loans (EUR bn) 558
Customer funds (EUR bn) 675
Underlying attributable profit (EUR mn) 826
Underlying RoTE 9%
“Accelerating our business transformation in One Europe to achieve
superior growth with a more efficient operating model.”
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/europe
EUROPE
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“The commitment to and collaboration with our customers
demonstrates the full potential of Santander España”
Spain
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-espana
▪ Continue to develop our distribution, operational and organizational model to reduce costs and accelerate our digital transformation
▪ Boost revenue by focusing on developing the corporate segment and improving offer for individuals and customer experience. Also, strengthen our leadership position in Private Banking and CIB
▪ Adapt the risk management model and policies, strengthening the recovery management model and mitigating operational risks
▪ Optimize capital use, focusing on value-added segments and higher profitability products
Q1’21 Highlights
Branches 2,604
Employees 25,470
Loyal customers (mn) 2.7
Digital Customers (mn) 5.3
Customer loans (EUR bn) 197
Customer funds (EUR bn) 322
Underlying attributable profit (EUR mn) 243
Underlying RoTE 6%
19
“Santander UK creates value by serving more than 14 million active
customers with tailored financial products and services”
UK
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-uk
▪ Deliver growth through customer loyalty and outstanding customer experience
▪ Simplify and digitalize the business to improve efficiency and returns
▪ Engage, motivate and develop a talented and diverse team
▪ Be a responsible and sustainable business
Q1’21 Highlights
Branches 564
Employees 21,581
Loyal customers (mn) 4.4
Digital Customers (mn) 6.4
Customer loans (EUR bn) 244
Customer funds (EUR bn) 235
Underlying attributable profit (EUR mn) 294
Underlying RoTE 9%
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“A strategy focused on customer experience and digital
solutions for a sustained and profitable growth”
Portugal
▪ Further the digital and commercial transformation, to make it simpler, more agile and closer to customers
▪ Grow organically in terms of profitable market share, improving our lending leadership position and leveraging our position in the Corporate and SME segments
▪ Improve efficiency backed by our digital capabilities to better serve our customers
▪ Maintain an appropriate risk policy to maintain a low cost of credit, whilst maintaining a strong capital and liquidity position
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-portugal
Q1’21 Highlights
Branches 438
Employees 6,245
Loyal customers (k) 816
Digital Customers (k) 970
Customer loans (EUR bn) 39
Customer funds (EUR bn) 44
Underlying attributable profit (EUR mn) 161
Underlying RoTE 16%
21
“One of the largest and most innovative financial institutions
in Poland, maintaining its position of the best traditional,
private and investment bank in the country”
Poland
▪ Simplify the structure, based on the One Purpose - One Process approach of One Santander
▪ Improve customer satisfaction to be among the Top 3 in NPS
▪ Increase profitability through effective net interest income management, higher fee income and cost control
▪ Strengthen our employees' skills to support the transformation of Santander Polska
Strategic priorities
(1) RoTE adjusted for excess capital. Otherwise 3%
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-polska
Q1’21 Highlights
Branches 490
Employees 10,306
Loyal customers (mn) 2.1
Digital Customers (mn) 2.8
Customer loans (EUR bn) 29
Customer funds (EUR bn) 41
Underlying attributable profit (EUR mn) 21
Underlying RoTE¹ 5%
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NORTH AMERICA
▪ Boost the execution of our regional collaboration strategy, increasing our common value proposition and profitability, while we continue to leverage our global presence
▪ Consolidate regional IT under a single leadership
▪ Continue to reduce duplications in the operating model, platform and architecture
▪ Optimize expenses, in part through third party cost optimization
▪ Continue to boost our remittance service to drive new customer acquisition
Q1’21 Highlights
Branches 1,947
Employees 39,727
Loyal customers (mn) 4.0
Digital Customers (mn) 6.3
Customer loans (EUR bn) 123
Customer funds (EUR bn) 127
Underlying attributable profit (EUR mn) 773
Underlying RoTE¹ 22%
Strategic priorities
“We provide a full range of financial services with particular
focus on Retail, Private and Corporate Banking”
(1) RoTE adjusted for excess capital. Otherwise 14%
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/north-america
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“Santander US combines a strong depositary base in
the Northeast with its nationwide auto finance,
wealth management and corporate banking capabilities”
United States
▪ Execute digital and branch transformation initiatives to improve customer experience and the profitability of the Consumer Banking Business
▪ Continue leveraging the capabilities of the auto finance business and interconnectivity of CIB and Wealth Management
▪ Adapt business strategy to mitigate revenue impact from lower rates
▪ Manage costs to improve efficiency
Q1’21 Highlights
Branches 571
Employees 15,991
Loyal customers (k) 380
Digital Customers (k) 1,044
Customer loans (EUR bn) 91
Customer funds (EUR bn) 86
Underlying attributable profit (EUR mn) 616
Underlying RoTE¹ 30%
Strategic priorities
(1) Underlying RoTE adjusted for excess capital. Otherwise 16%Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual fundsMore information on https://www.santander.com/en/about-us/where-we-are/santander-us
24
“Santander México, one of the leading financial group in the country,
focused on commercial transformation and innovation”
Mexico
▪ To become the leading bank in terms of customer experience, leveraging new tools and process improvement
▪ Maintain strong growth rates in loyal customers, as well as increase presence in high-potential businesses
▪ Strengthen our corporate business to maintain our position as market leaders in value-added products
▪ Accelerate technological transformation and digitalization, by increasing our capabilities to improve the operating model, IT performance and information security
Q1’21 Highlights
Branches 1,376
Employees 23,280
Loyal customers (mn) 3.7
Digital Customers (mn) 5.1
Customer loans (EUR bn) 31
Customer funds (EUR bn) 42
Underlying attributable profit (EUR mn) 182
Underlying RoTE 13%
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-mexico
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“We remain focused on expanding, sharing positive experiences
from each country and delivering profitable growth”
SOUTH AMERICA
▪ Accelerate profitable growth, with a strategy that seeks to boost connectivity across South America through regional projects
▪ Continue to progress in digital transformation through the development of digital platforms and a more efficient model
▪ Maintain the strong growth of loyal and digital customers
▪ Conduct strict risk controls regarding the impact of covid-19
Q1’21 Highlights
Branches 4,441
Employees 65,692
Loyal customers (mn) 9.1
Digital Customers (mn) 21.6
Customer loans (EUR bn) 120
Customer funds (EUR bn) 150
Underlying attributable profit (EUR mn) 773
Underlying RoTE 19%
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/south-america
26
“The best way to grow in a profitable, recurring and sustainable
manner is by providing high quality services”
Brazil
▪ Anticipate trends through our capacity to capture business opportunities in different scenarios
▪ Increase customer base maximizing transactionality across our new businesses, while we improve and redefine the banking experience
▪ Grow the high credit quality portfolio through the expansion of core business and the consolidation of new businesses
▪ Improve operational efficiency, enhancing the high productivity culture, whilst maintaining profitability levels by adapting and innovating rapidly
Q1’21 Highlights
Branches 3,591
Employees 43,384
Loyal customers (mn) 6.6
Digital Customers (mn) 16.6
Customer loans (EUR bn) 67
Customer funds (EUR bn) 94
Underlying attributable profit (EUR mn) 562
Underlying RoTE 21%
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-brasil
27
“We are the leading bank in the country and we always
have the customer at the centre of our strategy”
Chile
▪ Maintaining our leadership position in local banking in an increasingly dynamic economic environment
▪ Continuing to progress in our technological developments in order to improve efficiency
▪ Expanding our digital platforms such as Life and Superdigital, improving our customer service indicators, and increasing loyal and digital customer base
Q1’21 Highlights
Branches 335
Employees 10,769
Loyal customers (k) 780
Digital Customers (k) 1,723
Customer loans (EUR bn) 42
Customer funds (EUR bn) 40
Underlying attributable profit (EUR mn) 153
Underlying RoTE 17%
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-chile
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“Towards a more digital and agile model,
with customer-centric decisions”
Argentina
▪ Increasing our customer base and loyalty, and ensuring the best customer service
▪ Further developing new businesses
▪ Continuing our process of efficiency and simplification through digital transformation
▪ Boosting profitable growth, focusing on the transactional business and optimizing the use of capital
Q1’21 Highlights
Branches 408
Employees 9,070
Loyal customers (mn) 1.6
Digital Customers (mn) 2.7
Customer loans (EUR bn) 5
Customer funds (EUR bn) 9
Underlying attributable profit (EUR mn) 45
Underlying RoTE 20%
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/santander-argentina
29
Underlying att. profit (EUR mn) 26
Underlying RoTE 22%
“Activity focused on corporates, the country’s large companies and
the Group’s global customers (SCIB)”
Peru
“Focus on corporate and SCIB, and new alliances in auto finance”
ColombiaUruguay
“Santander Uruguay is the country’s leading privately-owned bank”
Q1’21 Highlights
Underlying att. profit (EUR mn) 12
Underlying RoTE 20%
Q1’21 Highlights
Underlying att. profit (EUR mn) 5
Underlying RoTE 14%
Q1’21 Highlights
Strategic priorities Strategic priorities Strategic priorities
▪ Continue to invest in technology and process automation to further improve efficiency, accelerate digitalization and continue to increase our presence and market share
▪ Increasing Corporate Finance's activity and expanding our auto and consumer finance entity by widening our product range, improving distribution channels and diversifying funding sources while maintaining customer satisfaction
▪ Implementing different regional initiatives such as Cockpit and Pioneer, in line with the strategy of One Santander, and launch of Prospera and Superdigital
30
“Europe’s consumer finance leader: solid business model,
geographic diversification and leading market shares in
auto/mobility finance and in personal finance/e-commerce”
Digital Consumer Bank
Branches 321
Employees 15,830
Active customers (mn) 19.3
Points of sale (k) >130
Customer loans (EUR bn) 116
Customer funds (EUR bn) 54
Underlying attributable profit (EUR mn) 291
Underlying RoTE 12%
▪ Auto: strengthen our auto financing leadership position, reinforce the leasing business and develop subscription services across our footprint. We will also develop digital online channels for the future and serve customers
▪ Consumer Non-Auto: gain market share in consumer financing solutions leveraging our position in offline to grow in ecommerce, checkout lending and BuyNowPayLater
▪ Retail: improve digital capabilities to increase customer loyalty among our customer base, boosting digital banking activity
▪ Cost reduction and simplification: accelerate digitalization to transform the business and improve efficiency. Main drivers: organizational simplification, streamlining IT and redefinition of our distribution model and increased process automatization
Q1’21 Highlights
Strategic priorities
Note: Customer loans: Gross loans excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds
More information on https://www.santander.com/en/about-us/where-we-are/digital-consumer-bank
31
Secondary segments
32
Strategic prioritiesQ1’21 Highlights
“Santander CIB supports corporate and institutional customers,
offering tailored services and value-added wholesale products suited
to their complexity and sophistication”
Santander Corporate & Investment Banking
▪ Expanding our content and product offerings to continue to become our clients' strategic advisors, while accelerating the digitalization of our businesses
▪ Developing a powerful ESG platform to support our customers in their transition towards more sustainable business models
▪ Creating a pan-European platform with the aim of becoming the benchmark wholesale bank in the regionand offering a more differentiated service to our clients
▪ Accelerating business growth in the US under a robust control environment by exploring new business opportunities
▪ Consolidate our leadership position in South America, further strengthening our franchises in Peru and Colombia
Total income (EUR mn) 1,655
Collaboration revenue +4.7% YoY
Underlying RoRWA 3.0%
Underlying attributable profit (EUR mn) 704
Total income breakdown by business Total income YoY
growth by region
Global Transaction
Banking27%
Global Debt Financing
26%
Global Markets
43%
Other4%
+61%
+5%
+41%
Recent Awards receivedLeaders in League Tables
Structured
FinanceDebt Capital
MarketsEquity Capital
Markets
Green GlobalSource: Dealogic
More information on https://www.santander.com/en/about-us/where-we-are/santander-corporate---investment-banking
33
Total assets under management1 EUR 370 bn
Total fees generated as % of the Group’s total fees2 31%
Private Banking customers (k) >200
Private banking collaboration volume +35% YoY
Underlying RoRWA 6.9%
Underlying attributable profit (EUR mn) 197
Private banking net new money (EUR bn) 3.3
Total contribution to Group’s profit3 (EUR mn) 523
Strategic prioritiesQ1’21 Highlights
“We strive to be the best wealth manager in Europe and the Americas”
Santander Wealth Management & Insurance
(1) Total assets marketed and/or managed. Private Banking + SAM excluding AUM of Private Banking customers managed by SAM(2) Including fees generated by asset management and insurance transferred to the commercial network (3) Profit after tax + net fee income generated by this business More information on https://www.santander.com/en/about-us/where-we-are/wealth-management-insurance
▪ Strengthen the global
platform and complete the
product offering
▪ Increase investments in
digital tools and channels
▪ Enhance our global Private
Wealth proposition
▪ Become the best local
partner for our distribution
networks
▪ Build a competitive edge on
our flagship and global
products, and boost our
institutional capabilities
▪ Develop digital platforms
for fund distribution in all
markets
▪ Complete all the end-to-end
digital journeys for our
products
▪ Streamline the customer
experience based on our
customer knowledge
▪ Become a leader in SME
and Auto insurance
Environmental, Social and Governance product range
Retirement proposition
34
“Innovative payments solutions for both Santander and non-Santander clients“
More information on slide 53 and https://www.santander.com/en/about-us/where-we-are/PagoNxt
Q1’21 Highlights
Merchant Solutions
Active merchants (k) 1,125; +14% YoY
Total payments volume (EUR bn) 22.5 bn; +26% YoY
Trade Solutions
Ebury active clients (k) >15
One Trade active clients 4,119
Consumer Solutions – Superdigital in Brazil
Active users (k) 570; +16% YoY
Transaction volume (EUR mn) 72; +30% YoY
• One-stop shop providing payment solutions to merchants, SMEs & corporates and consumers
• Targeting Santander’s existing ecosystem and open market
• Technology-focused to deliver differentiated user experiences
• Strategic, close partner of Group’s local banks
• Levering on: Scale, Efficiency and Global reach
We are a fintech that combines the most disruptive payment businesses
Always with our customer at the center, we use world-class technology to deliver an innovative and comprehensive payment service for everyone
35
Group functions and Corporate Centre
activities
• Global T&O strategy
• HR strategy
• Risk management and compliance
• Corporate governance and internal control
• Our brand
36
The T&O strategy aims to enable our digital transformation by partnering with businesses and support functions, while managing risks and improving cost efficiency
Global T&O capabilities are key for our commercial and digital transformation
Composed of four main domains that contribute to the digital transformation
Technology
Cybersecurity
Operations
Data
Focused on five technological pillarsto respond to the changing business needs
ATMs
Robust Santander T&O allowing us to continue running the Bank and serving our customers remotely with high standards during the covid-19 crisis
RiskManagement
incl. cybersecurity)
Agile Cloud
CommonArchitecture
systems evolution
Core Deep technology
skills
Data
(
Speed InnovationSecurity
by designCost
Servicequality
Open business
model
Business needs
Operating model oriented to develop global products and digital services,
guaranteeing their quality and security
c. 2,700professionals
37
Focus on employee engagement, leveraging our SPF culture to retain and attract the best talent
of full-time employees in 20201
95%
Employees, Mar-21of women employees in 20201
54%
The SPF culture is based on our 8 corporate behaviours and 4 leadership commitments
Our corporate management evaluation model
50%what we
do 40%how
we do it
10%Risk
Show respect Truly listen Talk straight Keep promises
Support people Embrace change Actively collaborate Bring passion
(1) Last available
Encouraging the team to prosper
Leadingby example
Being openand inclusive
Inspiring and executing transformation
HR strategy: our aim is to be an employer of choice
Covid-19. Our priority is to protect the health and safety of our employees
190,175
38More information on the Group’s Overview of our Corporate Governance presentation. See link to this document on page 59
Risk management and compliance
Our Risk Management & Compliance function is key to making sure we remain a robust, safe and sustainable bank that helps people and businesses prosper
Our strong Risk culture is based on the principle that all employees are risk
managers, supporting long-term business sustainability
Anticipating Risk profile changes & defining strategies to mitigate impacts has been key to maintain our robust position in terms of capital and liquidity
Covid-19Climate change and risk management
Our risk management & control model is a crucial driver of Grupo Santander contribution to sustainable economic growth and the fulfilment of our environmental commitments
A Risk strategy that enhances our risk management & control model across Grupo Santander
Common Risk Principles aligned with regulatory
requirements and inspired by best market practices
3 lines of defence model with a robust risk
committees structure
Clearly defined
management and control processes
Advanced risk management tools to effectively manage and control all risks under a
forward-looking approach
Risk Profile Assessment
Risk appetite &
structure of limits
Scenario Analysis
Risk Reporting Structure
Continuous risks identification and
evaluation to address potential threats
It sets the amounts and types of risks deemed
prudent to assume
To anticipate potential impacts
and take early action
Comprehensive, versatile with deep analysis to facilitate
decision making
We rely on:
39
Diversified and well-balanced shareholder base
Effective engagement with our shareholders
Focus on responsible business practices and attention to all
stakeholders’ interests
Effective board of directors
Board committees
Executive
Audit
Nomination
Remuneration
Risk supervision, regulation and compliance
Innovation and technology
Responsible banking, sustainability and culture
External advisory boardInternational advisory board
More information on the Group’s Overview of our Corporate Governance presentation. See link to this document on page 59
Corporate governance and internal control
11%
33%40%
2011 2015 Mar-21
Non-executive directors (independent)
Executive directors
Non-executive directors (neither proprietary nor independent)
67%20%
13%
Womenon the board
Composition of the board of directors, Mar-21
As a responsible bank, we have a clear and robust governance which is key for guaranteeing a sustainable business model over the long term
40
Corporate governance and internal control
• Compliance
• Audit
• Risk
• Finance
• Financial Control / Accounting
• Others4
Group
Board of Directors
Group Executive Chairman1
Group CEO2
Regional Heads3
Control, management and business functions
(1) First executive (2) Second executive (3) Europe, North America and South America, reporting to Group CEO (4) Technology & Operations, Human Resources, GeneralSecretariat, Marketing, Communications, Strategy, Santander Corporate & Investment Banking, Wealth Management & Insurance, Digital & Innovation and Global Platforms
• Compliance
• Audit
• Risk
• Finance
• Financial Control / Accounting
• Others4
Subsidiary B
Control, management and business functions
CEO / Country Head
Board of Directors
Subsidiary A
A
Group-subsidiary governance model
B
C
Best practices on robust governance are channelled to all subsidiaries
Presence of Grupo Santander in the subsidiaries' Boards of Directors establishing guidelines for board structure, dynamics and effectivenessA
Reporting of the CEO / Country Heads to the Group CEO / Regional Heads and Group Executive CommitteeB
Interaction between the Group’s and the subsidiaries’ control, management and business functionsC
The Group-subsidiary governance modelenhances control and oversight through:
The Group’s Appointment and suitability assessment procedure is a key element of Governance
41
Our brand embeds the essence of the Group's culture and identity
best global bank brand by BrandZ ranking, 2020
Santander is one of the most valued brands in the world
As one of our most important strategic assets, our brand helps us connect with people and businesses, demonstrating our commitment to prosperity and determination to bring it to life in a positive and sustainable manner every day.
6th
More information: https://brand.santander.com/en
3. Q1'21 results & activity
43
Highlights
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
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
44
• Low interest rates. Brazil started to raise interest rates in Q1’21
• New sizable fiscal stimulus in the US (relaunched Paycheck Protection Program)
• Guarantee programmes extended
• The UK published a roadmap to exit lockdown from March
• Gradual easing of restrictions in the US
• Lockdowns and restrictive measures introduced in other countries
Interest-rates. Monetary policy
Fiscal stimulus programmes
Lockdown / restrictive measures
Vaccination
Activity in Q1’21 recovering at different speeds affected by the operating and financial environment
Group
Different progress by countries:
• The US and the UK lead among major economies
• EU: slow rollout; plan to accelerate in the next few months
• Brazil and Mexico are slowly accelerating
• Negative impact on NII
• This stimulus will lead to activity and revenue recovery, with better credit quality in the US
• Negative impact on revenue and supportcost of credit
• Reduced activity slowed new lending and fee income generation
• Recovery of activity at different speeds
• Positive impact on revenue and cost of credit
45
Group Performance
46
EUR mn Q1'21 Q1'20 Euros Constant euros
NII 7,956 8,487 -6 5
Net fee income 2,548 2,853 -11 0
Trading and other income 886 474 87 95
Total income 11,390 11,814 -4 8
Operating expenses -5,118 -5,577 -8 0
Net operating income 6,272 6,237 1 15
LLPs -1,992 -3,909 -49 -43
Other results -467 -372 26 42
Underlying PBT 3,813 1,956 95 133
Underlying att. profit 2,138 377 467 —
Restructuring charges² -530 -46 — —
Attributable profit 1,608 331 386 998
% change
Q1 underlying profit of EUR 2 billion driven by solid net operating income growth (+15%1 YoY) and lower cost of credit
(1) Changes in constant euros. Contribution as a % of operating areas and excluding the Corporate Centre(2) Net of tax, corresponding mainly to the UK and Portugal
31%
29%
29%
11%
Europe
South America
North America
Q1’21 (vs. Q1’20)
Contribution to Group’s
Underlying profit1
Underlying att. profit1
(EUR mn)
826 +338%
773+41%
773+205%
Digital Consumer Bank
291+25%
47
3,4872,967
2,563 2,6501,992
Q1'20 Q2 Q3 Q4 Q1'21
5,111 4,924 5,071 5,283 5,118
5,454 5,3425,959 5,783
6,272
10,56510,266
11,030 11,06611,390
Net operating
income
Totalincome
Costs
+8%vs. Q4’20
+3%vs. Q4’20
-3%vs. Q4’20
LLPs
-25%vs. Q4’20
Strong performance in revenue, costs and LLPs in the quarter
Note: data in constant euros
192
1,4561,716
1,423
2,138
Q1'20 Q2 Q3 Q4 Q1'21
Underlying attributable profit (EUR mn)
Constant EUR mn
Underlying attributable profit
377 1,531 1,750 1,423 2,138
+50%vs. Q4’20
+50%vs. Q4’20
48
2.1%
7.4%
13.0%
Q1'20 2020 Q1'21
Our strong operating performance resulted in increased profitability and TNAVps…
Notes: The averages for the Q1 RoTE denominators are calculated on the basis of 4 months from December to March and 2020 RoTE denominator is calculated on the basis of 13 months from December to DecemberFor periods of less than a year, and in the event of non-recurring results existing, the profit used to calculate the statutory RoTE is the annualized underlying attributable profit (excluding non-recurring results), to which are added non-recurring results without annualizing them
Statutory RoTE Q1’20: 2.0%, 2020: 1.9% and Q1’21: 12.2%
Underlying RoTE
EUR
Underlying earnings per share TNAV per share
EUR cents
1.4
7.4
11.6
Q1'20 Q4'20 Q1'21
Statutory earnings per share Q1’20: EUR 1.1 cents, Q4’20: EUR 0.8 cents and Q1’21: EUR 8.5 cents
4.21
3.79 3.84
Mar-20 Dec-20 Mar-21
Dividend per share: EUR 2.75 cents
TNAV + dividend
+2% QoQ
49
…and high organic generation which enabled us to maintain our solid capital position
Note: Does not include repurchase of Santander México shares, which is expected to close in Q2 or Q3’21 (1) Includes -15 bps for shareholder remuneration, equivalent to 40% of Q1’21 underlying profit(2) IFRS 9 2021 phase-out included (-6 bps)
CET1 ratio quarterly evolution
12.30-0.13 -0.09 -0.1012.34
+0.28
Dec-20 Organic
generation
(1)
Regulatory &
Models
(2)
Markets & others Restructuring
charges
Mar-21
FL CET1 ratio 11.89 11.89
%
50
Business segments
review
51
Business and profit growth leveraging our geographic diversification
Underlying att. profit (EUR mn)
Net operating income(EUR mn)
2,077 +36%
2,320+12%
1,620+4%
826+338%
773+41%
773+205%
Europe
South America
North America
Q1’21 (vs. Q1’20)
Underlying RoTE
Customer deposits(EUR bn)
576+7%
103+17%
105+9%1
Customerloans
(EUR bn)
558 +2%
120 +10%
123-1%1
Digital Consumer Bank
703+1%
53+7%
116-1%
8%+6.6 pp
291+25%
14%2
+9.0 pp
19%+3.4 pp
12%+2.4 pp
Digital customers
(mn)
15.6 +9%
21.6 +21%
6.3+13%
0.7+26%
Note: YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos(1) Excluding Puerto Rico and Bluestem disposal impact. Otherwise, loans -4% and deposits +5%(2) RoTE adjusted for excess capital in the US: 22%
52
Global businesses
Wealth Management & Insurance
AUM’s up in Private Banking and SAM: EUR 4,700 mn net sales. Total Insurance fees up 5% YoY
Total contribution to Group’s profit up 1% vs. Q1’20 pre-crisis, despite PB being affected by lower interest rates, margin compression in SAM and positive non-recurring income in 2020 in Insurance
EUR 370 bn(+12% YoY)
AUMs
EUR 788 mn31% of Group’s total
Total fees
EUR 523 mn (+1% YoY)
Contribution to Group’s profit
P&L* Q1'21 vs. Q4'20 vs. Q1'20
Total income 502 -8.1 -1.7
Net operating income 281 -14.7 -2.7
Underlying att. profit 197 -17.7 -3.4
(*) EUR mn and % change in constant euros
Remarkable SCIB business growth from all core businesses and geographies
Increase in activity driving strong revenue and underlying profit growth
3.0%
RoRWAUnderlying
EUR 466 mn18% of Group’s total
Total fees
31.8%
Efficiency
Corporate & Investment Banking
P&L* Q1'21 vs. Q4'20 vs. Q1'20
Total income 1,655 29.1 43.9
Net operating income 1,130 49.4 70.6
Underlying att. profit 704 107.9 64.2
(*) EUR mn and % change in constant euros
53
One Trade is our global trade and international payments platform, addressing the needs of SMEs and Corporates with the latest technology
Trade solutions
Innovative payments solutions for both Santander and non-Santander clients
Getnet is our merchant payments global franchise offering in-store and ecommerce acquiring, processing and value-added services
Merchant solutions
(1) Brasil, Mexico, Chile and Argentina(2) Unbanked and underbanked population
PagoNxt Consumer focuses on creating compelling, integrated payment experiences, becoming deeply embedded in consumers’ financial lives
Consumer solutions
Total payments volume
+20-30%
Active merchants
CAGR mid-term (e)
Q1’21
EUR 22.5 bn
+26% YoY
Total payments volume
1,125 k
+14% YoY
Active merchants
• Getnet already available in 4 LatAm countries1 after Q1 launch in Chile
• Getnet, 3rd largest acquirer in LatAm, with higher growing rates inremote payments environment
• Volumes & commercial activity in acquiring recovered pre-covid levels
Q1’21 activity
>15 k
Transaction volume
Q1’21 CAGR mid-term (e)
4,119Active clients
Active clients
Revenue +30-40%
Note: % changes in constant euros
Transaction volumeActive users
EUR 72 mn
+30% YoY
Q1’21 in Brazil
300 mn
TAM (total addressable market)
Underserved2
in LatAm
+100%
570 k
+16% YoY
4. Key takeaways
55
Strong business in Q1’21
Solid P&L
EUR 2.1 bnunderlying
attributable profit
FY2021 restructuring charges recorded
Revenue+8%
Net operatingincome+15%
EUR 1.6 bnattributable profit
Improved efficiency
45% (-227 bps)
Strengthened balance sheet and improved profitability
Loans: +EUR 17 bnDeposits: +EUR 65 bn
CET1 above the target range of 11-12%
CET112.30%
Cost of credit1.08%
RoTE higher than cost of capital
UnderlyingRoTE
13.0%
Note: YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos
56
Near-term outlook
Business environment
2021 outlook by business areas
• We expect activity to increase as vaccination progresses, although at different speeds:
• Starting in the US and the UK in H1’21
• Some remaining pressure in Europe and LatAm with improvement expected in H2’21
• Lower cost of credit expected amid current uncertainty, with uneven performance by segments
• Consumer and individual lending expected to increase strongly across markets, with more normalized transactionalitythat should be reflected in higher-than-normal revenue growth
• No further interest rate cuts expected, already rising (Brazil)
• Europe: slight increase in profitability expected throughout the year, backed by forecasted household activity rebound, margin management, net fee income recovery and savings plan execution
• North America: after Q1 excellent results, underlying profit trends in the US should be better than initially expected (resilient revenue, cost control and lower cost of credit)
• South America: amid the challenging environment, Brazil should deliver continued PBT growth with increased revenue and cost of credit under control. Expected underlying RoTE of c. 20%
• Digital Consumer Bank: once lockdown measures are fully lifted in Europe, we forecast a substantial acceleration in consumer demand, as seen in the US
After the strong start of the year, we reiterate our targets for 2021:improve the efficiency ratio, reduce cost of credit and increase profitability
57
Santander Responsible Banking goalsWe are building a more Responsible Bank aligned with our targets
2018 2021 202520202019
Top 10 company to work for1
Women on the board of directors
Women in senior leadership positions2
Equal pay gap3
Financially empowered people4
Green finance raised and facilitated5 (euros)
Electricity used from renewable energy sources6
Scholarships, internships & entrepreneurs programmes7
People helped through our community programmes8
4
3%
43%
6
40%-60%
30%
~0%
100%
60% 100%
10 mn
120 bn
200 k
4 mn
0%
33
20
Becoming carbon neutral in our own operations
5
2%
2.0 mn
19 bn
50%
69 k
1.6 mn
75%
40%
23%20%
33%
Reduction of unnecessary single use plastic in corporate buildings and branches
From…To….Cumulative
target
33.8 bn
4.9 mn
225 k
4.0 mn
57%
Commitment Achieved
40%
6
23.7%
1.5%
98%
(1) According to relevant external indexes in each country (Great Place to Work, Top Employer, Merco, etc.)(2) Senior positions represent 1% of total workforce(3) Calculation of equal pay gap compares employees of the same job, level and function(4) People (unbanked, underbanked or financially vulnerable), who are given access to the financial system, receive tailored finance and increase their knowledge and resilience
through financial education(5) Includes Santander overall contribution to green finance: project finance, syndicated loans, green bonds, capital finance, export finance, advisory, structuring and other products to
help our clients in the transition to a low carbon economy. Commitment from 2019 to 2030 is EUR 220 bn(6) In those countries where it is possible to certify renewable sourced electricity for the properties occupied by the Group(7) People supported through Santander Universities initiative (students who will receive a Santander scholarship, will achieve an internship in an SME or participate in
entrepreneurship programmes supported by the bank)(8) People helped through our community investment programmes (excluded Santander Universities and financial education initiatives)
5.Links to Grupo Santander public materials
59
For additional information on the Group, please click on the images, icons or flags below
Links to Grupo Santander public materials
www.santander.com Follow us on
Q1’21 financial results Other information
Financial report Earnings presentation
Country presentations
Overview of our Corporate Governance presentation
Series(excel)
Press release CEO’s video (4 minutes)
2020 Annual report
Fixed income presentation
Shareholders report(interactive) Strategic Overview
& Executive Chairman and CEO’s letters
Annual report
USA
Mexico
ArgentinaChile
Portugal
Spain
UK
Poland
Brazil
Digital Consumer
Bank
2020 Online report
60
Important informationNon-IFRS and alternative performance measures
This presentation contains, in addition to the financial information prepared in accordance withInternational Financial Reporting Standards (“IFRS”) and derived from our financial statements,alternative performance measures (“APMs”) as defined in the Guidelines on AlternativePerformance Measures issued by the European Securities and Markets Authority (ESMA) on 5October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). Thesefinancial measures that qualify as APMs and non-IFRS measures have been calculated withinformation from Santander Group; however those financial measures are not defined or detailed inthe applicable financial reporting framework nor have been audited or reviewed by our auditors. Weuse these APMs and non-IFRS measures when planning, monitoring and evaluating ourperformance. We consider these APMs and non-IFRS measures to be useful metrics for ourmanagement and investors to compare operating performance between accounting periods, asthese measures exclude items outside the ordinary course performance of our business, which aregrouped in the “management adjustment” line and are further detailed in Section 3.2 of theEconomic and Financial Review in our Directors’ Report included in our Annual Report on Form 20-Ffor the year ended 31 December 2020. Nonetheless, these APMs and non-IFRS measures should beconsidered supplemental information to, and are not meant to substitute IFRS measures.Furthermore, companies in our industry and others may calculate or use APMs and non-IFRSmeasures differently, thus making them less useful for comparison purposes. For further details onAPMs and Non-IFRS Measures, including its definition or a reconciliation between any applicablemanagement indicators and the financial data presented in the consolidated financial statementsprepared under IFRS, please see the 2020 Annual Report on Form 20-F filed with the U.S. Securitiesand Exchange Commission on 26 February 2021, as well as the section “Alternative performancemeasures” of the annex to the Banco Santander, S.A. (“Santander”) Q1 2021 Financial Report,published as Inside Information on 28 April 2021. These documents are available on Santander’swebsite (www.santander.com). Underlying measures, which are included in this presentation, arenon-IFRS measures.
The businesses included in each of our geographic segments and the accounting principles underwhich their results are presented here may differ from the included businesses and local applicableaccounting principles of our public subsidiaries in such geographies. Accordingly, the results ofoperations and trends shown for our geographic segments may differ materially from those of suchsubsidiaries.
Forward-looking statements
Santander advises that this presentation contains “forward-looking statements” as per the meaningof the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified bywords like “expect”, “project”, “anticipate”, “should”, “intend”, “probability”, “risk”, “VaR”, “RoRAC”,“RoRWA”, “TNAV”, “target”, “goal”, “objective”, “estimate”, “future” and similar expressions. Foundthroughout this presentation, they include (but are not limited to) statements on our future businessdevelopment, economic performance and shareholder remuneration policy. However, a number ofrisks, uncertainties and other important factors may cause actual developments and results to differmaterially from our expectations. The following important factors, in addition to others discussedelsewhere in this presentation, could affect our future results and could cause materially differentoutcomes from those anticipated in forward-looking statements: (1) general economic or industryconditions of areas where we have significant operations or investments (such as a worse economicenvironment; higher volatility in the capital markets; inflation or deflation; changes indemographics, consumer spending, investment or saving habits; and the effects of the COVID-19pandemic in the global economy); (2) exposure to various market risks (particularly interest rate risk,foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmarkindices); (3) potential losses from early repayments on our loan and investment portfolio, declines invalue of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain,the United Kingdom, other European countries, Latin America and the US (5) changes in legislation,regulations, taxes, including regulatory capital and liquidity requirements, especially in view of theUK exit of the European Union and increased regulation in response to financial crisis; (6) our abilityto integrate successfully our acquisitions and related challenges that result from the inherentdiversion of management’s focus and resources from other strategic opportunities and operationalmatters; and (7) changes in our access to liquidity and funding on acceptable terms, in particular ifresulting from credit spreads shifts or downgrade in credit ratings for the entire group or significantsubsidiaries.
61
Important information
Numerous factors could affect our future results and could cause those results deviating fromthose anticipated in the forward-looking statements. Other unknown or unpredictable factorscould cause actual results to differ materially from those in the forward-looking statements.
Forward-looking statements speak only as of the date of this presentation and are informed bythe knowledge, information and views available on such date. Santander is not required toupdate or revise any forward-looking statements, regardless of new information, future eventsor otherwise.
No offer
The information contained in this presentation is subject to, and must be read in conjunction with,all other publicly available information, including, where relevant any fuller disclosure documentpublished by Santander. Any person at any time acquiring securities must do so only on the basisof such person’s own judgment as to the merits or the suitability of the securities for its purposeand only on such information as is contained in such public information having taken all suchprofessional or other advice as it considers necessary or appropriate in the circumstances and notin reliance on the information contained in this presentation. No investment activity should beundertaken on the basis of the information contained in this presentation. In making thispresentation available Santander gives no advice and makes no recommendation to buy, sell orotherwise deal in shares in Santander or in any other securities or investments whatsoever.
Neither this presentation nor any of the information contained therein constitutes an offer to sellor the solicitation of an offer to buy any securities. No offering of securities shall be made in theUnited States except pursuant to registration under the U.S. Securities Act of 1933, as amended,or an exemption therefrom. Nothing contained in this presentation is intended to constitute aninvitation or inducement to engage in investment activity for the purposes of the prohibition onfinancial promotion in the U.K. Financial Services and Markets Act 2000.
Historical performance is not indicative of future results
Statements about historical performance or accretion must not be construed to indicate thatfuture performance, share price or future (including earnings per share) in any future period willnecessarily match or exceed those of any prior period. Nothing in this presentation should betaken as a profit forecast.
Third Party Information
In particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, Santander assumes no liability for any discrepancy.
Our purpose is to help people and businesses prosper.
Our culture is based on believing that everything we do should be:
Thank you.