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Santander’s earnings are anchored by net interest income, with a substantial non-interest stream adding diversification. The multi-year history shows expanding income and profits after the 2020 loss, while credit provisions and transaction-related items contribute to earnings volatility.
The latest quarter continued income growth, but reported profit moved differently from underlying profit as acquisition-related charges affected the comparison. The Poland disposal also makes trailing reported earnings less representative of recurring operations, without indicating a clear change in the underlying spread-led model.
Whether income growth excluding acquisitions continues to cover credit provisions and integration costs.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 31.1B | 34.3B | 34.3B | 35.3B | 32B | 33.4B | 38.6B | 43.3B | 43.8B | 42.3B | |
| 55.2B | 56B | 54.3B | 56.8B | 45.7B | 46.5B | 71.4B | 105.3B | 109B | 101.7B | |
| 24.1B | 21.7B | 20B | 21.5B | 13.7B | 13.1B | 32.8B | 62B | 65.2B | 59.4B | |
| 20.9B | 21.8B | 23B | 24.6B | 21.4B | 20.8B | 23.5B | 22.1B | 22.5B | 23.7B | |
| 52B | 56.1B | 57.3B | 59.9B | 53.4B | 54.1B | 62.1B | 65.4B | 66.2B | 66.1B | |
| (9.6B) | (9.2B) | (9B) | (9.3B) | (12.4B) | (7.4B) | (10.9B) | (12.9B) | (12.1B) | (12.5B) | |
| (31.7B) | (34.8B) | (34.1B) | (38B) | (43.1B) | (32.2B) | (36B) | (36B) | (36.8B) | (34.9B) | |
| 10.8B | 12.1B | 14.2B | 12.5B | (2.1B) | 14.5B | 15.3B | 16.5B | 17.3B | 18.7B | |
| (3.3B) | (3.9B) | (4.9B) | (4.4B) | (5.6B) | (4.9B) | (4.5B) | (4.3B) | (4.8B) | (4.7B) | |
| 7.5B | 8.2B | 9.3B | 8.1B | (7.7B) | 9.7B | 10.8B | 12.2B | 12.5B | 14B | |
| (1.3B) | (1.6B) | (1.5B) | (1.6B) | (1.1B) | (1.5B) | (1.2B) | (1.1B) | (1.2B) | (1.4B) | |
| 6.2B | 6.6B | 7.8B | 6.5B | (8.8B) | 8.1B | 9.6B | 11.1B | 12.6B | 14.1B | |
| 0.40 | 0.41 | 0.46 | 0.38 | (0.51) | 0.47 | 0.57 | 0.68 | 0.80 | 0.94 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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