Banco Santander SA banner

Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 22, 2026
AI Summary
Q2 2026

Record half: Santander said Q2 was another record quarter, with quarterly profit of EUR 3.8 billion and H1 '26 the best half ever, helped by strong revenue growth and a larger customer base of 182 million.

Guidance intact: Management said the group remains on track to deliver more than EUR 14.1 billion of profit in 2026, excluding M&A, and reiterated confidence in its longer-term targets.

TSB impact: TSB was consolidated for only two months, but management said the acquisition is progressing to plan and should bring at least EUR 400 million of synergies, with roughly EUR 250 million of remaining restructuring charges still to come.

Strong core trends: Revenue rose 6%, NII rose 6%, fees rose 7%, and costs fell, driving a 3 percentage point improvement in efficiency and underlying RoTE of 15.6%.

Credit watch: Loan-loss provisions were hurt by Argentina and some single-name cases, but management said excluding Argentina credit quality was broadly stable and they do not see underlying portfolio deterioration.

Capital strength: CET1 ended at 14% even after the TSB impact, and the bank received ECB approval for a new buyback of up to EUR 1.8 billion against '26 results.

Positive outlook: Management said Spain, Mexico, Brazil, the U.K. and the U.S. all showed strong strategic momentum, with ONE Transformation, deposits and cross-selling continuing to improve profitability.

Key Financials
Quarterly profit
EUR 3.8 billion
Revenue
up 6%
NII
up 6%
Fees
up 7%
Underlying profit
up 14%
Efficiency ratio
42.8%
Underlying RoTE
15.6%
CET1 ratio
14%
TNAV plus dividend per share
up 19%
Underlying earnings per share
up 20%
Cost of risk
1.15%
TSB synergies
at least EUR 400 million
TSB restructuring charges
EUR 250 million
Share buybacks
up to EUR 1.8 billion
Operating revenue
up 11%
Spain NII
up 7.7%
Spain efficiency ratio
33.6%
Brazil cost of risk
around 4.14%
Brazil RoTE
15%
U.S. profit before tax
15% growth
U.S. cost of risk
1.47%
U.K. structural hedge
GBP 118 billion
Webster RoTE
17%
Payments transactions
around 15 billion
Ebury revenue
up 17%
Ebury EBITDA margin
33%
Ebury profit
fourfold
Rule of 40
about 50%
Earnings Call Recording

Other Earnings Calls