Note: In 2024 for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, see section 8. 'Alternative performance measures' of this chapter.
Additionally, in line with the changes published in the Q1 2024 quarterly report, balance sheet series include adjustments to some of the 2023 metrics published in the Annual report 2023 in Retail & Commercial Banking, Digital Consumer Bank, CIB and Wealth Management & Insurance to better reflect our five global businesses’ perimeters according to our new operating model; these adjustments do not affect business volumes metrics at the Group level.
Primary segments
| RETAIL & COMMERCIAL BANKING |
|---|
| EUR million |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 27,942 | | 25,550 | 9.4 | 11.0 |
|---|
| Net fee income | 4,681 | | 4,497 | 4.1 | 7.3 |
|---|
| Gains (losses) on financial transactions ᴬ | 812 | | 854 | (4.9) | (4.0) |
|---|
| Other operating income | (974) | | (1,146) | (15.1) | (14.3) |
|---|
| Total income | 32,461 | | 29,754 | 9.1 | 11.0 |
|---|
| Administrative expenses and amortizations | (12,877) | | (12,825) | 0.4 | 2.5 |
|---|
| Net operating income | 19,584 | | 16,930 | 15.7 | 17.4 |
|---|
| Net loan-loss provisions | (5,845) | | (6,540) | (10.6) | (7.3) |
|---|
| Other gains (losses) and provisions | (2,865) | | (2,401) | 19.4 | 20.7 |
|---|
| Profit before tax | 10,874 | | 7,989 | 36.1 | 35.9 |
|---|
| Tax on profit | (3,091) | | (1,927) | 60.4 | 57.4 |
|---|
| Profit from continuing operations | 7,783 | | 6,062 | 28.4 | 28.9 |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 7,783 | | 6,062 | 28.4 | 28.9 |
|---|
| Non-controlling interests | (520) | | (403) | 29.0 | 29.1 |
|---|
| Profit attributable to the parent | 7,263 | | 5,659 | 28.3 | 28.8 |
|---|
| Balance sheet and activity metrics |
|---|
| Loans and advances to customers | 608,945 | | 618,113 | (1.5) | (0.9) |
|---|
| Customer deposits | 661,152 | | 666,578 | (0.8) | 0.3 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers ᴮ | 609,490 | | 618,773 | (1.5) | (0.7) |
|---|
| Customer funds | 747,567 | | 725,971 | 3.0 | 4.4 |
|---|
| Customer deposits C | 649,619 | | 638,169 | 1.8 | 2.6 |
|---|
| Mutual funds | 97,948 | | 87,802 | 11.6 | 18.8 |
|---|
| Risk-weighted Assets | 290,922 | | 293,430 | (0.9) | |
|---|
| Ratios (%) and customers |
|---|
| RoTE ᴰ | 18.9 | | 15.1 | 3.7 | |
|---|
| Efficiency ratio | 39.7 | | 43.1 | (3.4) | |
|---|
| NPL ratio | 3.18 | | 3.21 | (0.03) | |
|---|
| NPL coverage ratio | 58.4 | | 61.4 | (3.0) | |
|---|
| Number of total customers (thousands) | 147,140 | | 138,821 | 6.0 | |
|---|
| Number of active customers (thousands) | 79,079 | | 75,130 | 5.3 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
| D. Allocated according to RWA consumption. |
|---|
Annual report 2024462
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| DIGITAL CONSUMER BANK |
|---|
| EUR million |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 10,777 | | 10,221 | 5.4 | 6.1 |
|---|
| Net fee income | 1,508 | | 1,229 | 22.7 | 23.8 |
|---|
| Gains (losses) on financial transactions ᴬ | (4) | | 116 | — | — |
|---|
| Other operating income | 635 | | 730 | (13.0) | (13.3) |
|---|
| Total income | 12,916 | | 12,296 | 5.0 | 5.7 |
|---|
| Administrative expenses and amortizations | (5,183) | | (5,263) | (1.5) | (1.2) |
|---|
| Net operating income | 7,733 | | 7,033 | 10.0 | 10.9 |
|---|
| Net loan-loss provisions | (4,562) | | (4,106) | 11.1 | 12.4 |
|---|
| Other gains (losses) and provisions | (939) | | (250) | 276.0 | 283.0 |
|---|
| Profit before tax | 2,232 | | 2,677 | (16.6) | (16.4) |
|---|
| Tax on profit | (295) | | (426) | (30.9) | (30.8) |
|---|
| Profit from continuing operations | 1,938 | | 2,251 | (13.9) | (13.6) |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 1,938 | | 2,251 | (13.9) | (13.6) |
|---|
| Non-controlling interests | (275) | | (350) | (21.3) | (21.1) |
|---|
| Profit attributable to the parent | 1,663 | | 1,901 | (12.5) | (12.3) |
|---|
| Balance sheet and activity metrics |
|---|
| Loans and advances to customers | 207,104 | | 199,158 | 4.0 | 3.4 |
|---|
| Customer deposits | 128,975 | | 115,446 | 11.7 | 9.2 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers ᴮ | 215,160 | | 206,649 | 4.1 | 3.6 |
|---|
| Customer funds | 137,122 | | 120,996 | 13.3 | 10.8 |
|---|
| Customer deposits C | 128,933 | | 114,334 | 12.8 | 10.3 |
|---|
| Mutual funds | 8,189 | | 6,662 | 22.9 | 19.4 |
|---|
| Risk-weighted Assets | 152,399 | | 154,396 | (1.3) | |
|---|
| Ratios (%) and customers |
|---|
| RoTE ᴰ | 9.8 | | 11.5 | (1.8) | |
|---|
| Efficiency ratio | 40.1 | | 42.8 | (2.7) | |
|---|
| NPL ratio | 5.07 | | 4.75 | 0.33 | |
|---|
| NPL coverage ratio | 73.6 | | 76.5 | (2.9) | |
|---|
| Number of total customers (thousands) | 25,041 | | 25,413 | (1.5) | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
| D. Allocated according to RWA consumption. |
|---|
Annual report 2024463
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| CORPORATE & INVESTMENT BANKING |
|---|
| EUR million |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 4,020 | | 3,594 | 11.9 | 14.8 |
|---|
| Net fee income | 2,548 | | 2,131 | 19.6 | 21.4 |
|---|
| Gains (losses) on financial transactions ᴬ | 1,619 | | 1,795 | (9.9) | (6.7) |
|---|
| Other operating income | 156 | | 7 | — | — |
|---|
| Total income | 8,343 | | 7,527 | 10.8 | 13.6 |
|---|
| Administrative expenses and amortizations | (3,807) | | (3,387) | 12.4 | 13.8 |
|---|
| Net operating income | 4,537 | | 4,140 | 9.6 | 13.4 |
|---|
| Net loan-loss provisions | (174) | | (165) | 5.7 | 7.3 |
|---|
| Other gains (losses) and provisions | (353) | | (181) | 95.3 | 100.1 |
|---|
| Profit before tax | 4,009 | | 3,795 | 5.7 | 9.5 |
|---|
| Tax on profit | (1,065) | | (1,137) | (6.3) | (2.2) |
|---|
| Profit from continuing operations | 2,944 | | 2,658 | 10.8 | 14.4 |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 2,944 | | 2,658 | 10.8 | 14.4 |
|---|
| Non-controlling interests | (204) | | (219) | (6.5) | (1.1) |
|---|
| Profit attributable to the parent | 2,740 | | 2,440 | 12.3 | 15.8 |
|---|
| Balance sheet and activity metrics |
|---|
| Loans and advances to customers | 184,923 | | 168,960 | 9.4 | 9.4 |
|---|
| Customer deposits | 202,355 | | 203,713 | (0.7) | 1.0 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers ᴮ | 136,818 | | 137,578 | (0.6) | 0.2 |
|---|
| Customer funds | 152,450 | | 169,839 | (10.2) | (7.0) |
|---|
| Customer deposits C | 136,672 | | 155,274 | (12.0) | (9.7) |
|---|
| Mutual funds | 15,777 | | 14,565 | 8.3 | 26.2 |
|---|
| Risk-weighted Assets | 122,274 | | 114,849 | 6.5 | |
|---|
| Ratios (%) |
|---|
| RoTE ᴰ | 18.1 | | 17.5 | 0.5 | |
|---|
| Efficiency ratio | 45.6 | | 45.0 | 0.6 | |
|---|
| NPL ratio | 0.86 | | 1.36 | (0.50) | |
|---|
| NPL coverage ratio | 39.3 | | 41.2 | (2.0) | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
| D. Allocated according to RWA consumption. |
|---|
Annual report 2024464
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| WEALTH MANAGEMENT & INSURANCE |
|---|
| EUR million |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 1,627 | | 1,513 | 7.6 | 8.2 |
|---|
| Net fee income | 1,489 | | 1,262 | 18.0 | 19.2 |
|---|
| Gains (losses) on financial transactions ᴬ | 213 | | 170 | 25.7 | 27.3 |
|---|
| Other operating income | 332 | | 266 | 24.7 | 32.0 |
|---|
| Total income | 3,661 | | 3,210 | 14.0 | 15.4 |
|---|
| Administrative expenses and amortizations | (1,313) | | (1,216) | 8.0 | 9.2 |
|---|
| Net operating income | 2,348 | | 1,994 | 17.7 | 19.3 |
|---|
| Net loan-loss provisions | (41) | | 17 | — | — |
|---|
| Other gains (losses) and provisions | (48) | | (18) | 170.8 | 170.3 |
|---|
| Profit before tax | 2,259 | | 1,994 | 13.3 | 14.8 |
|---|
| Tax on profit | (531) | | (454) | 16.9 | 18.1 |
|---|
| Profit from continuing operations | 1,728 | | 1,540 | 12.2 | 13.8 |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 1,728 | | 1,540 | 12.2 | 13.8 |
|---|
| Non-controlling interests | (79) | | (73) | 7.9 | 11.6 |
|---|
| Profit attributable to the parent | 1,650 | | 1,467 | 12.5 | 13.9 |
|---|
| Balance sheet and activity metrics |
|---|
| Loans and advances to customers | 24,479 | | 22,509 | 8.8 | 7.7 |
|---|
| Customer deposits | 60,986 | | 58,507 | 4.2 | 3.9 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers ᴮ | 24,611 | | 22,603 | 8.9 | 7.9 |
|---|
| Customer funds | 171,866 | | 157,142 | 9.4 | 11.6 |
|---|
| Customer deposits C | 60,058 | | 57,643 | 4.2 | 3.7 |
|---|
| Mutual funds | 111,807 | | 99,499 | 12.4 | 16.4 |
|---|
| Risk-weighted Assets | 11,559 | | 18,418 | (37.2) | |
|---|
| Assets under management | 498,289 | | 459,544 | 8.4 | 12.7 |
|---|
| Gross written premiums | 11,526 | | 12,598 | (11.8) | (8.5) |
|---|
| Ratios (%) and customers |
|---|
| RoTE ᴰ | 78.7 | | 72.2 | 6.5 | |
|---|
| Efficiency ratio | 35.9 | | 37.9 | (2.0) | |
|---|
| NPL ratio | 0.67 | | 1.40 | (0.73) | |
|---|
| NPL coverage ratio | 80.3 | | 29.3 | 51.0 | |
|---|
| Number of Private Banking customers (thousands) | 299 | | 263 | 13.7 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
| D. Allocated according to RWA consumption. |
|---|
Annual report 2024465
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| PAYMENTS |
|---|
| EUR million |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 2,609 | | 2,424 | 7.6 | 12.9 |
|---|
| Net fee income | 2,793 | | 2,952 | (5.4) | (1.5) |
|---|
| Gains (losses) on financial transactions ᴬ | 41 | | 1 | — | — |
|---|
| Other operating income | 61 | | (79) | — | — |
|---|
| Total income | 5,505 | | 5,298 | 3.9 | 8.6 |
|---|
| Administrative expenses and amortizations | (2,475) | | (2,344) | 5.6 | 8.0 |
|---|
| Net operating income | 3,030 | | 2,954 | 2.6 | 9.0 |
|---|
| Net loan-loss provisions | (1,714) | | (1,666) | 2.9 | 8.2 |
|---|
| Other gains (losses) and provisions | (347) | | (84) | 314.3 | 320.1 |
|---|
| Profit before tax | 969 | | 1,205 | (19.6) | (12.9) |
|---|
| Tax on profit | (464) | | (509) | (8.8) | (2.2) |
|---|
| Profit from continuing operations | 505 | | 696 | (27.4) | (20.8) |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 505 | | 696 | (27.4) | (20.8) |
|---|
| Non-controlling interests | (92) | | (89) | 3.4 | 12.0 |
|---|
| Profit attributable to the parent | 413 | | 607 | (31.9) | (25.7) |
|---|
| Balance sheet and activity metrics |
|---|
| Loans and advances to customers | 22,840 | | 22,045 | 3.6 | 15.0 |
|---|
| Customer deposits | 1,038 | | 1,418 | (26.8) | (26.8) |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers ᴮ | 24,614 | | 23,709 | 3.8 | 15.3 |
|---|
| Customer funds | 1,038 | | 1,418 | (26.8) | (26.8) |
|---|
| Customer deposits C | 1,038 | | 1,418 | (26.8) | (26.8) |
|---|
| Mutual funds | — | | — | — | — |
|---|
| Risk-weighted Assets | 20,346 | | 20,963 | (2.9) | |
|---|
| Ratios (%) |
|---|
| RoTE ᴰ | 15.6 | | 24.9 | (9.4) | |
|---|
| NPL ratio | 5.14 | | 5.02 | 0.12 | |
|---|
| NPL coverage ratio | 140.1 | | 139.8 | 0.3 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
| D. Allocated according to RWA consumption. |
|---|
Annual report 2024466
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| PAGONXT |
|---|
| EUR million |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 132 | | 93 | 41.0 | 48.3 |
|---|
| Net fee income | 958 | | 954 | 0.5 | 5.2 |
|---|
| Gains (losses) on financial transactions ᴬ | 0 | | (10) | (97.5) | (97.4) |
|---|
| Other operating income | 150 | | 102 | 46.5 | 48.3 |
|---|
| Total income | 1,240 | | 1,140 | 8.7 | 13.6 |
|---|
| Administrative expenses and amortizations | (1,160) | | (1,091) | 6.3 | 8.8 |
|---|
| Net operating income | 80 | | 49 | 62.7 | 210.4 |
|---|
| Net loan-loss provisions | (16) | | (24) | (32.5) | (30.9) |
|---|
| Other gains (losses) and provisions | (296) | | (42) | 611.6 | 639.1 |
|---|
| Profit before tax | (233) | | (17) | — | 513.0 |
|---|
| Tax on profit | (57) | | (59) | (4.0) | 8.9 |
|---|
| Profit from continuing operations | (290) | | (76) | 281.8 | 221.4 |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | (290) | | (76) | 281.8 | 221.4 |
|---|
| Non-controlling interests | (9) | | (1) | 571.7 | — |
|---|
| Profit attributable to the parent | (299) | | (77) | 287.1 | 228.8 |
|---|
| Balance sheet and activity metrics |
|---|
| Loans and advances to customers | 1,066 | | 1,167 | (8.7) | 6.1 |
|---|
| Customer deposits | 1,038 | | 1,418 | (26.8) | (26.8) |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers ᴮ | 1,087 | | 1,196 | (9.1) | 5.2 |
|---|
| Customer funds | 1,038 | | 1,418 | (26.8) | (26.8) |
|---|
| Customer deposits C | 1,038 | | 1,418 | (26.8) | (26.8) |
|---|
| Mutual funds | — | | — | — | — |
|---|
| Risk-weighted Assets | 4,671 | | 5,428 | (13.9) | |
|---|
| Total transactions (Getnet, million) | 9,837 | | 9,413 | 4.5 | |
|---|
| Total payments volume (Getnet) | 221,787 | | 196,342 | 7.9 | 13.0 |
|---|
| Ratios (%) |
|---|
| EBITDA margin | 27.5 | | 24.8 | 2.7 | |
|---|
| Efficiency ratio | 93.6 | | 95.7 | (2.1) | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024467
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| CARDS |
|---|
| EUR million |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 2,478 | | 2,331 | 6.3 | 11.4 |
|---|
| Net fee income | 1,835 | | 1,998 | (8.2) | (4.7) |
|---|
| Gains (losses) on financial transactions ᴬ | 41 | | 10 | 309.2 | 358.5 |
|---|
| Other operating income | (89) | | (181) | (50.7) | (49.9) |
|---|
| Total income | 4,265 | | 4,158 | 2.6 | 7.2 |
|---|
| Administrative expenses and amortizations | (1,315) | | (1,253) | 5.0 | 7.3 |
|---|
| Net operating income | 2,950 | | 2,905 | 1.5 | 7.1 |
|---|
| Net loan-loss provisions | (1,698) | | (1,642) | 3.4 | 8.8 |
|---|
| Other gains (losses) and provisions | (50) | | (42) | 19.2 | 18.2 |
|---|
| Profit before tax | 1,202 | | 1,222 | (1.6) | 4.5 |
|---|
| Tax on profit | (407) | | (450) | (9.5) | (3.5) |
|---|
| Profit from continuing operations | 795 | | 772 | 3.0 | 9.1 |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 795 | | 772 | 3.0 | 9.1 |
|---|
| Non-controlling interests | (83) | | (88) | (5.7) | 1.6 |
|---|
| Profit attributable to the parent | 712 | | 684 | 4.1 | 10.1 |
|---|
| Balance sheet and activity metrics |
|---|
| Loans and advances to customers | 21,774 | | 20,877 | 4.3 | 15.4 |
|---|
| Customer deposits | — | | — | — | — |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers ᴮ | 23,526 | | 22,513 | 4.5 | 15.8 |
|---|
| Customer funds | — | | — | — | — |
|---|
| Customer deposits C | — | | — | — | — |
|---|
| Mutual funds | — | | — | — | — |
|---|
| Risk-weighted Assets | 15,675 | | 15,535 | 0.9 | |
|---|
| Number of total cards (millions) | 100 | | 97 | 3,6 | |
|---|
| Ratios (%) |
|---|
| RoTE ᴰ | 32.6 | | 35.5 | (2.9) | |
|---|
| Efficiency ratio | 30.8 | | 30.1 | 0.7 | |
|---|
| NPL ratio | 5.25 | | 5.11 | 0.14 | |
|---|
| NPL coverage ratio | 141.9 | | 142.1 | (0.3) | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
| D. Allocated according to RWA consumption. |
|---|
Annual report 2024468
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| Secondary segments |
|---|
| EUR million |
|---|
| Europe · Spain |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | | 2024 | 2023% | |
|---|
| Net interest income | 16,720 | | 15,910 | 5.1 | | 3.3 | | 7,256 | | 6,641 | | 9.3 |
|---|
| Net fee income | 4,659 | | 4,399 | 5.9 | | 4.9 | | 2,867 | | 2,699 | | 6.2 |
|---|
| Gains (losses) on financial transactions A | 1,357 | | 1,033 | 31.3 | | 30.7 | | 1,100 | | 688 | | 59.9 |
|---|
| Other operating income | 774 | | 97 | 699.8 | | 706.4 | | 751 | | 105 | | 616.5 |
|---|
| Total income | 23,510 | | 21,439 | 9.7 | | 8.0 | | 11,974 | | 10,132 | | 18.2 |
|---|
| Administrative expenses and amortizations | (9,407) | | (9,030) | 4.2 | | 2.8 | | (4,271) | | (4,227) | | 1.0 |
|---|
| Net operating income | 14,102 | | 12,409 | 13.6 | | 11.8 | | 7,703 | | 5,905 | | 30.4 |
|---|
| Net loan-loss provisions | (1,862) | | (2,533) | (26.5) | | (27.7) | | (1,259) | | (1,522) | | (17.3) |
|---|
| Other gains (losses) and provisions | (2,111) | | (1,681) | 25.6 | | 23.7 | | (1,003) | | (984) | | 2.0 |
|---|
| Profit before tax | 10,129 | | 8,195 | 23.6 | | 21.6 | | 5,440 | | 3,399 | | 60.1 |
|---|
| Tax on profit | (3,065) | | (2,371) | 29.3 | | 27.3 | | (1,678) | | (1,029) | | 63.1 |
|---|
| Profit from continuing operations | 7,064 | | 5,824 | 21.3 | | 19.3 | | 3,763 | | 2,371 | | 58.7 |
|---|
| Net profit from discontinued operations | — | | — | — | | — | | — | | — | | — |
|---|
| Consolidated profit | 7,064 | | 5,824 | 21.3 | | 19.3 | | 3,763 | | 2,371 | | 58.7 |
|---|
| Non-controlling interests | (420) | | (342) | 22.8 | | 16.5 | | 0 | | 0 | | 106.8 |
|---|
| Profit attributable to the parent | 6,644 | | 5,482 | 21.2 | | 19.5 | | 3,762 | | 2,371 | | 58.7 |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 583,754 | | 570,067 | 2.4 | | 0.2 | | 246,897 | | 239,214 | | 3.2 |
|---|
| Cash, central banks and credit institutions | 172,609 | | 198,451 | (13.0) | | (14.4) | | 99,657 | | 116,317 | | (14.3) |
|---|
| Debt instruments | 150,428 | | 115,428 | 30.3 | | 29.4 | | 94,519 | | 70,072 | | 34.9 |
|---|
| Other financial assets | 52,118 | | 44,538 | 17.0 | | 16.8 | | 48,132 | | 40,926 | | 17.6 |
|---|
| Other asset accounts | 25,243 | | 26,860 | (6.0) | | (7.0) | | 17,521 | | 17,075 | | 2.6 |
|---|
| Total assets | 984,151 | | 955,344 | 3.0 | | 1.2 | | 506,725 | | 483,603 | | 4.8 |
|---|
| Customer deposits | 652,312 | | 644,921 | 1.1 | | (0.7) | | 323,425 | | 324,099 | | (0.2) |
|---|
| Central banks and credit institutions | 110,850 | | 104,164 | 6.4 | | 4.5 | | 57,218 | | 44,802 | | 27.7 |
|---|
| Marketable debt securities | 83,036 | | 79,095 | 5.0 | | 2.3 | | 27,385 | | 28,486 | | (3.9) |
|---|
| Other financial liabilities | 66,358 | | 53,361 | 24.4 | | 23.8 | | 59,976 | | 46,532 | | 28.9 |
|---|
| Other liabilities accounts | 28,275 | | 29,633 | (4.6) | | (4.9) | | 21,163 | | 22,264 | | (4.9) |
|---|
| Total liabilities | 940,831 | | 911,173 | 3.3 | | 1.4 | | 489,168 | | 466,184 | | 4.9 |
|---|
| Total equity | 43,320 | | 44,171 | (1.9) | | (3.6) | | 17,557 | | 17,419 | | 0.8 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 554,179 | | 551,722 | 0.4 | | (1.7) | | 225,759 | | 229,803 | | (1.8) |
|---|
| Customer funds | 753,172 | | 725,417 | 3.8 | | 2.1 | | 399,999 | | 386,810 | | 3.4 |
|---|
| Customer deposits C | 627,029 | | 620,299 | 1.1 | | (0.8) | | 306,389 | | 308,745 | | (0.8) |
|---|
| Mutual funds | 126,143 | | 105,118 | 20.0 | | 19.3 | | 93,609 | | 78,065 | | 19.9 |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 16.9 | | 14.5 | 2.4 | | 21.7 | | 14.2 | | 7.5 | |
|---|
| Efficiency ratio | 40.0 | | 42.1 | (2.1) | | 35.7 | | 41.7 | | (6.0) | |
|---|
| NPL ratio | 2.15 | | 2.32 | (0.17) | | 2.68 | | 3.06 | | (0.38) | |
|---|
| NPL coverage ratio | 50.2 | | 49.3 | 0.9 | | 52.6 | | 49.1 | | 3.6 | |
|---|
| Number of employees D | 65,746 | | 67,457 | (2.5) | | 23,980 | | 24,713 | | (3.0) | |
|---|
| Number of branches | 3,022 | | 3,083 | (2.0) | | 1,827 | | 1,874 | | (2.5) | |
|---|
| Number of total customers (thousands) | 46,821 | | 46,293 | 1.1 | | 15,307 | | 15,023 | | 1.9 | |
|---|
| Number of active customers (thousands) | 29,030 | | 28,538 | 1.7 | | 8,842 | | 8,367 | | 5.7 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
| D. 2023 employee data for Spain published in the Annual report 2023 have been modified slightly to better reflect the allocation of CIB employees. |
|---|
Annual report 2024469
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| United Kingdom · Portugal |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | | 2024 | 2023% | |
|---|
| Net interest income | 4,950 | | 5,152 | (3.9) | | (6.5) | | 1,548 | | 1,465 | | 5.7 |
|---|
| Net fee income | 283 | | 338 | (16.2) | | (18.4) | | 467 | | 464 | | 0.8 |
|---|
| Gains (losses) on financial transactions A | (18) | | 29 | — | | — | | 45 | | 33 | | 35.3 |
|---|
| Other operating income | 2 | | 5 | (67.2) | | (68.1) | | 40 | | 21 | | 94.3 |
|---|
| Total income | 5,216 | | 5,525 | (5.6) | | (8.1) | | 2,100 | | 1,982 | | 6.0 |
|---|
| Administrative expenses and amortizations | (2,918) | | (2,745) | 6.3 | | 3.4 | | (548) | | (542) | | 1.0 |
|---|
| Net operating income | 2,299 | | 2,779 | (17.3) | | (19.5) | | 1,553 | | 1,440 | | 7.8 |
|---|
| Net loan-loss provisions | (64) | | (247) | (74.2) | | (74.9) | | (11) | | (77) | | (85.7) |
|---|
| Other gains (losses) and provisions | (441) | | (425) | 3.9 | | 1.1 | | (61) | | (49) | | 24.5 |
|---|
| Profit before tax | 1,794 | | 2,107 | (14.9) | | (17.1) | | 1,481 | | 1,314 | | 12.7 |
|---|
| Tax on profit | (488) | | (563) | (13.3) | | (15.6) | | (478) | | (416) | | 14.9 |
|---|
| Profit from continuing operations | 1,306 | | 1,545 | (15.4) | | (17.7) | | 1,003 | | 898 | | 11.6 |
|---|
| Net profit from discontinued operations | — | | — | — | | — | | — | | — | | — |
|---|
| Consolidated profit | 1,306 | | 1,545 | (15.4) | | (17.7) | | 1,003 | | 898 | | 11.6 |
|---|
| Non-controlling interests | — | | — | — | | — | | (2) | | (2) | | 4.6 |
|---|
| Profit attributable to the parent | 1,306 | | 1,545 | (15.4) | | (17.7) | | 1,001 | | 896 | | 11.7 |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 246,453 | | 245,743 | 0.3 | | (4.1) | | 38,410 | | 36,864 | | 4.2 |
|---|
| Cash, central banks and credit institutions | 54,787 | | 62,387 | (12.2) | | (16.1) | | 3,873 | | 8,084 | | (52.1) |
|---|
| Debt instruments | 15,120 | | 10,234 | 47.7 | | 41.2 | | 15,010 | | 10,991 | | 36.6 |
|---|
| Other financial assets | 390 | | 289 | 35.0 | | 29.1 | | 1,129 | | 1,078 | | 4.7 |
|---|
| Other asset accounts | 3,382 | | 4,363 | (22.5) | | (25.9) | | 1,109 | | 1,279 | | (13.3) |
|---|
| Total assets | 320,132 | | 323,016 | (0.9) | | (5.3) | | 59,530 | | 58,297 | | 2.1 |
|---|
| Customer deposits | 230,408 | | 233,453 | (1.3) | | (5.7) | | 38,304 | | 36,366 | | 5.3 |
|---|
| Central banks and credit institutions | 25,665 | | 28,202 | (9.0) | | (13.0) | | 8,813 | | 9,237 | | (4.6) |
|---|
| Marketable debt securities | 47,933 | | 43,850 | 9.3 | | 4.5 | | 4,973 | | 4,813 | | 3.3 |
|---|
| Other financial liabilities | 2,500 | | 3,434 | (27.2) | | (30.4) | | 339 | | 319 | | 6.3 |
|---|
| Other liabilities accounts | 1,733 | | 1,704 | 1.7 | | (2.8) | | 3,056 | | 3,725 | | (18.0) |
|---|
| Total liabilities | 308,239 | | 310,642 | (0.8) | | (5.2) | | 55,485 | | 54,460 | | 1.9 |
|---|
| Total equity | 11,893 | | 12,373 | (3.9) | | (8.1) | | 4,046 | | 3,837 | | 5.4 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 236,496 | | 235,111 | 0.6 | | (3.9) | | 39,143 | | 37,658 | | 3.9 |
|---|
| Customer funds | 230,479 | | 231,667 | (0.5) | | (4.9) | | 43,186 | | 40,618 | | 6.3 |
|---|
| Customer deposits C | 222,835 | | 224,396 | (0.7) | | (5.1) | | 38,304 | | 36,366 | | 5.3 |
|---|
| Mutual funds | 7,643 | | 7,272 | 5.1 | | 0.5 | | 4,882 | | 4,252 | | 14.8 |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 11.1 | | 13.0 | (1.9) | | 25.4 | | 25.9 | | (0.6) | |
|---|
| Efficiency ratio | 55.9 | | 49.7 | 6.2 | | 26.1 | | 27.3 | | (1.3) | |
|---|
| NPL ratio | 1.33 | | 1.42 | (0.09) | | 2.40 | | 2.59 | | (0.19) | |
|---|
| NPL coverage ratio | 29.3 | | 30.3 | (1.0) | | 79.4 | | 82.7 | | (3.3) | |
|---|
| Number of employees | 20,455 | | 22,280 | (8.2) | | 4,901 | | 4,945 | | (0.9) | |
|---|
| Number of branches | 444 | | 444 | 0.0 | | 374 | | 376 | | (0.5) | |
|---|
| Number of total customers (thousands) | 22,541 | | 22,481 | 0.3 | | 2,989 | | 2,908 | | 2,8 | |
|---|
| Number of active customers (thousands) | 13,646 | | 13,864 | (1.6) | | 1,905 | | 1,838 | | 3,6 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024470
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| Poland · Other Europe |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 2,844 | | 2,543 | 11.8 | | 6.1 | | 121 | 109 | 11.1 | 11.2 |
|---|
| Net fee income | 674 | | 589 | 14.4 | | 8.5 | | 367 | 309 | 19.0 | 19.0 |
|---|
| Gains (losses) on financial transactions A | 57 | | 67 | (14.8) | | (19.1) | | 174 | 217 | (19.9) | (19.9) |
|---|
| Other operating income | (20) | | (17) | 15.0 | | 9.1 | | 2 | (16) | — | — |
|---|
| Total income | 3,555 | | 3,182 | 11.7 | | 6.0 | | 664 | 618 | 7.4 | 7.4 |
|---|
| Administrative expenses and amortizations | (965) | | (862) | 11.9 | | 6.1 | | (706) | (653) | 8.1 | 8.1 |
|---|
| Net operating income | 2,591 | | 2,320 | 11.7 | | 5.9 | | (42) | (35) | 20.8 | 20.5 |
|---|
| Net loan-loss provisions | (511) | | (674) | (24.2) | | (28.0) | | (17) | (12) | 42.6 | 42.6 |
|---|
| Other gains (losses) and provisions | (429) | | (253) | 69.3 | | 60.6 | | (176) | 30 | — | — |
|---|
| Profit before tax | 1,650 | | 1,392 | 18.5 | | 12.4 | | (236) | (17) | — | — |
|---|
| Tax on profit | (431) | | (377) | 14.4 | | 8.5 | | 10 | 13 | (24.2) | (24.3) |
|---|
| Profit from continuing operations | 1,219 | | 1,015 | 20.1 | | 13.9 | | (227) | (5) | — | — |
|---|
| Net profit from discontinued operations | — | | — | — | | — | | — | — | — | — |
|---|
| Consolidated profit | 1,219 | | 1,015 | 20.1 | | 13.9 | | (227) | (5) | — | — |
|---|
| Non-controlling interests | (419) | | (342) | 22.6 | | 16.3 | | 1 | 2 | (32.3) | (32.3) |
|---|
| Profit attributable to the parent | 800 | | 674 | 18.8 | | 12.7 | | (225) | (3) | — | — |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 38,042 | | 33,850 | 12.4 | | 10.6 | | 13,952 | 14,397 | (3.1) | (8.6) |
|---|
| Cash, central banks and credit institutions | 10,283 | | 9,289 | 10.7 | | 9.0 | | 4,009 | 2,374 | 68.9 | 63.0 |
|---|
| Debt instruments | 17,489 | | 15,070 | 16.1 | | 14.2 | | 8,289 | 9,060 | (8.5) | (9.3) |
|---|
| Other financial assets | 493 | | 733 | (32.7) | | (33.8) | | 1,975 | 1,512 | 30.6 | 24.6 |
|---|
| Other asset accounts | 1,961 | | 1,974 | (0.6) | | (2.2) | | 1,270 | 2,170 | (41.5) | (43.0) |
|---|
| Total assets | 68,269 | | 60,916 | 12.1 | | 10.3 | | 29,495 | 29,512 | (0.1) | (3.9) |
|---|
| Customer deposits | 50,331 | | 44,500 | 13.1 | | 11.3 | | 9,843 | 6,503 | 51.4 | 42.3 |
|---|
| Central banks and credit institutions | 5,020 | | 4,623 | 8.6 | | 6.9 | | 14,134 | 17,300 | (18.3) | (20.9) |
|---|
| Marketable debt securities | 2,744 | | 1,945 | 41.1 | | 38.9 | | — | — | — | — |
|---|
| Other financial liabilities | 1,656 | | 1,706 | (3.0) | | (4.5) | | 1,888 | 1,369 | 37.9 | 31.0 |
|---|
| Other liabilities accounts | 1,688 | | 1,687 | 0.0 | | (1.5) | | 635 | 253 | 151.4 | 146.2 |
|---|
| Total liabilities | 61,439 | | 54,462 | 12.8 | | 11.0 | | 26,500 | 25,425 | 4.2 | 0.1 |
|---|
| Total equity | 6,830 | | 6,454 | 5.8 | | 4.2 | | 2,995 | 4,087 | (26.7) | (28.6) |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 38,729 | | 34,729 | 11.5 | | 9.8 | | 14,052 | 14,420 | (2.6) | (8.1) |
|---|
| Customer funds | 56,581 | | 49,371 | 14.6 | | 12.8 | | 22,927 | 16,951 | 35.3 | 30.4 |
|---|
| Customer deposits C | 50,086 | | 44,462 | 12.6 | | 10.9 | | 9,415 | 6,330 | 48.7 | 39.6 |
|---|
| Mutual funds | 6,495 | | 4,909 | 32.3 | | 30.2 | | 13,512 | 10,621 | 27.2 | 24.7 |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 20.2 | | 17.7 | 2.5 | |
|---|
| Efficiency ratio | 27.1 | | 27.1 | 0.0 | |
|---|
| NPL ratio | 3.66 | | 3.55 | 0.11 | |
|---|
| NPL coverage ratio | 61.9 | | 73.3 | (11.4) | |
|---|
| Number of employees | 11,038 | | 10,822 | 2.0 | |
|---|
| Number of branches | 368 | | 381 | (3.4) | |
|---|
| Number of total customers (thousands) | 5,979 | | 5,877 | 1.7 | |
|---|
| Number of active customers (thousands) | 4,632 | | 4,465 | 3.7 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024471
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| DCB Europe |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 4,361 | | 4,193 | 4.0 | 3.8 |
|---|
| Net fee income | 902 | | 796 | 13.4 | 13.1 |
|---|
| Gains (losses) on financial transactions A | (24) | | 117 | — | — |
|---|
| Other operating income | 440 | | 396 | 11.0 | 10.2 |
|---|
| Total income | 5,679 | | 5,502 | 3.2 | 2.9 |
|---|
| Administrative expenses and amortizations | (2,604) | | (2,618) | (0.5) | (0.7) |
|---|
| Net operating income | 3,075 | | 2,884 | 6.6 | 6.2 |
|---|
| Net loan-loss provisions | (1,209) | | (792) | 52.6 | 51.9 |
|---|
| Other gains (losses) and provisions | (735) | | (72) | 914.1 | 867.3 |
|---|
| Profit before tax | 1,131 | | 2,019 | (44.0) | (44.1) |
|---|
| Tax on profit | (255) | | (493) | (48.2) | (48.3) |
|---|
| Profit from continuing operations | 876 | | 1,526 | (42.6) | (42.7) |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 876 | | 1,526 | (42.6) | (42.7) |
|---|
| Non-controlling interests | (234) | | (327) | (28.7) | (28.8) |
|---|
| Profit attributable to the parent | 642 | | 1,199 | (46.5) | (46.5) |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 137,038 | | 132,692 | 3.3 | 3.4 |
|---|
| Cash, central banks and credit institutions | 19,185 | | 18,636 | 2.9 | 3.1 |
|---|
| Debt instruments | 6,310 | | 5,387 | 17.1 | 17.8 |
|---|
| Other financial assets | 128 | | 135 | (5.3) | (5.4) |
|---|
| Other asset accounts | 11,115 | | 9,945 | 11.8 | 11.3 |
|---|
| Total assets | 173,775 | | 166,796 | 4.2 | 4.3 |
|---|
| Customer deposits | 81,376 | | 69,334 | 17.4 | 17.9 |
|---|
| Central banks and credit institutions | 28,120 | | 31,965 | (12.0) | (12.9) |
|---|
| Marketable debt securities | 43,137 | | 44,605 | (3.3) | (3.1) |
|---|
| Other financial liabilities | 1,918 | | 2,218 | (13.5) | (13.7) |
|---|
| Other liabilities accounts | 5,714 | | 5,233 | 9.2 | 9.5 |
|---|
| Total liabilities | 160,264 | | 153,355 | 4.5 | 4.6 |
|---|
| Total equity | 13,512 | | 13,441 | 0.5 | 0.8 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 139,927 | | 135,202 | 3.5 | 3.6 |
|---|
| Customer funds | 85,876 | | 72,963 | 17.7 | 18.2 |
|---|
| Customer deposits C | 81,376 | | 69,334 | 17.4 | 17.9 |
|---|
| Mutual funds | 4,500 | | 3,629 | 24.0 | 24.0 |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 6.4 | | 12.3 | (5.9) | |
|---|
| Efficiency ratio | 45.9 | | 47.6 | (1.7) | |
|---|
| NPL ratio | 2.50 | | 2.12 | 0.37 | |
|---|
| NPL coverage ratio | 82.5 | | 88.0 | (5.5) | |
|---|
| Number of employees | 16,792 | | 16,795 | 0.0 | |
|---|
| Number of branches | 326 | | 342 | (4.7) | |
|---|
| Number of total customers (thousands) | 19,550 | | 20,193 | (3.2) | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024472
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| North America · United States |
|---|
| Underlying income statement | 2024 | 2023% | | % excl. FX | | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 10,330 | | 10,159 | | 1.7 | 3.0 | | 5,693 | | 5,742 | | (0.9) | (0.8) |
|---|
| Net fee income | 2,594 | | 2,192 | | 18.3 | 20.5 | | 1,152 | | 766 | | 50.3 | 50.4 |
|---|
| Gains (losses) on financial transactions A | 747 | | 505 | | 48.1 | 49.9 | | 371 | | 294 | | 25.8 | 25.9 |
|---|
| Other operating income | 243 | | 318 | | (23.6) | (24.1) | | 365 | | 406 | | (10.1) | (10.1) |
|---|
| Total income | 13,915 | | 13,174 | | 5.6 | 7.0 | | 7,580 | | 7,209 | | 5.1 | 5.2 |
|---|
| Administrative expenses and amortizations | (6,701) | | (6,465) | | 3.6 | 4.9 | | (3,830) | | (3,679) | | 4.1 | 4.2 |
|---|
| Net operating income | 7,214 | | 6,708 | | 7.5 | 9.1 | | 3,750 | | 3,531 | | 6.2 | 6.3 |
|---|
| Net loan-loss provisions | (3,786) | | (3,733) | | 1.4 | 2.4 | | (2,507) | | (2,593) | | (3.3) | (3.3) |
|---|
| Other gains (losses) and provisions | (336) | | (138) | | 143.1 | 146.1 | | (190) | | (74) | | 154.9 | 155.0 |
|---|
| Profit before tax | 3,091 | | 2,837 | | 9.0 | 11.4 | | 1,053 | | 863 | | 22.0 | 22.1 |
|---|
| Tax on profit | (509) | | (468) | | 8.7 | 12.5 | | 56 | | 69 | | (19.1) | (19.1) |
|---|
| Profit from continuing operations | 2,582 | | 2,369 | | 9.0 | 11.2 | | 1,109 | | 932 | | 19.0 | 19.0 |
|---|
| Net profit from discontinued operations | — | | — | | — | — | | — | | — | | — | — |
|---|
| Consolidated profit | 2,582 | | 2,369 | | 9.0 | 11.2 | | 1,109 | | 932 | | 19.0 | 19.0 |
|---|
| Non-controlling interests | (3) | | (15) | | (78.6) | (77.8) | | — | | — | | — | — |
|---|
| Profit attributable to the parent | 2,579 | | 2,354 | | 9.6 | 11.7 | | 1,109 | | 932 | | 19.0 | 19.0 |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 179,941 | | 174,780 | | 3.0 | 1.9 | | 134,856 | | 126,843 | | 6.3 | (0.1) |
|---|
| Cash, central banks and credit institutions | 39,855 | | 35,969 | | 10.8 | 12.4 | | 28,200 | | 21,215 | | 32.9 | 24.9 |
|---|
| Debt instruments | 57,135 | | 50,311 | | 13.6 | 18.8 | | 27,042 | | 22,686 | | 19.2 | 12.0 |
|---|
| Other financial assets | 8,759 | | 10,937 | | (19.9) | (15.0) | | 2,821 | | 4,075 | | (30.8) | (34.9) |
|---|
| Other asset accounts | 22,112 | | 22,829 | | (3.1) | (4.1) | | 16,058 | | 16,307 | | (1.5) | (7.4) |
|---|
| Total assets | 307,801 | | 294,827 | | 4.4 | 4.9 | | 208,978 | | 191,126 | | 9.3 | 2.8 |
|---|
| Customer deposits | 175,586 | | 175,958 | | (0.2) | (0.6) | | 125,403 | | 121,782 | | 3.0 | (3.2) |
|---|
| Central banks and credit institutions | 44,332 | | 34,723 | | 27.7 | 32.1 | | 26,794 | | 17,411 | | 53.9 | 44.7 |
|---|
| Marketable debt securities | 41,414 | | 35,133 | | 17.9 | 15.7 | | 31,783 | | 27,059 | | 17.5 | 10.4 |
|---|
| Other financial liabilities | 14,998 | | 18,606 | | (19.4) | (14.7) | | 5,223 | | 7,276 | | (28.2) | (32.5) |
|---|
| Other liabilities accounts | 6,869 | | 6,764 | | 1.6 | 5.9 | | 3,683 | | 3,119 | | 18.1 | 11.0 |
|---|
| Total liabilities | 283,200 | | 271,183 | | 4.4 | 4.9 | | 192,886 | | 176,646 | | 9.2 | 2.6 |
|---|
| Total equity | 24,601 | | 23,644 | | 4.0 | 5.2 | | 16,091 | | 14,480 | | 11.1 | 4.5 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 162,263 | | 161,401 | | 0.5 | 0.1 | | 117,511 | | 112,671 | | 4.3 | (2.0) |
|---|
| Customer funds | 169,753 | | 171,310 | | (0.9) | (0.1) | | 108,246 | | 108,062 | | 0.2 | (5.8) |
|---|
| Customer deposits C | 135,419 | | 141,863 | | (4.5) | (4.6) | | 93,545 | | 95,697 | | (2.2) | (8.1) |
|---|
| Mutual funds | 34,334 | | 29,447 | | 16.6 | 22.8 | | 14,702 | | 12,364 | | 18.9 | 11.8 |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 11.2 | | 9.8 | | 1.4 | | 7.5 | | 6.1 | | 1.5 | |
|---|
| Efficiency ratio | 48.2 | | 49.1 | | (0.9) | | 50.5 | | 51.0 | | (0.5) | |
|---|
| NPL ratio | 4.22 | | 4.09 | | 0.12 | | 4.72 | | 4.57 | | 0.15 | |
|---|
| NPL coverage ratio | 69.7 | | 73.8 | | (4.2) | | 63.8 | | 67.7 | | (3.9) | |
|---|
| Number of employees | 42,846 | | 45,593 | | (6.0) | | 12,484 | | 13,489 | | (7.5) | |
|---|
| Number of branches | 1,761 | | 1,784 | | (1.3) | | 405 | | 415 | | (2.4) | |
|---|
| Number of total customers (thousands) | 25,762 | | 25,027 | | 2.9 | | 4,474 | | 4,510 | | (0.8) | |
|---|
| Number of active customers (thousands) | 15,178 | | 14,486 | | 4.8 | | 4,308 | | 4,223 | | 2.0 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024473
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| Mexico · Other North America |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 4,631 | | 4,408 | 5.0 | | 8.1 | | 7 | 8 | (16.7) | (16.7) |
|---|
| Net fee income | 1,385 | | 1,374 | 0.8 | | 3.8 | | 57 | 52 | 10.9 | 10.9 |
|---|
| Gains (losses) on financial transactions A | 396 | | 211 | 88.0 | | 93.5 | | (20) | (1) | — | — |
|---|
| Other operating income | (133) | | (94) | 41.7 | | 45.9 | | 12 | 6 | 86.5 | 86.5 |
|---|
| Total income | 6,278 | | 5,899 | 6.4 | | 9.6 | | 57 | 66 | (13.9) | (13.9) |
|---|
| Administrative expenses and amortizations | (2,665) | | (2,588) | 3.0 | | 6.0 | | (206) | (199) | 3.3 | 3.3 |
|---|
| Net operating income | 3,613 | | 3,311 | 9.1 | | 12.3 | | (149) | (133) | 11.7 | 11.7 |
|---|
| Net loan-loss provisions | (1,277) | | (1,135) | 12.5 | | 15.8 | | (2) | (5) | (54.0) | (54.0) |
|---|
| Other gains (losses) and provisions | (62) | | (57) | 8.1 | | 11.3 | | (85) | (7) | — | — |
|---|
| Profit before tax | 2,274 | | 2,119 | 7.3 | | 10.5 | | (236) | (145) | 62.8 | 62.8 |
|---|
| Tax on profit | (598) | | (541) | 10.5 | | 13.7 | | 34 | 5 | 589.9 | 588.4 |
|---|
| Profit from continuing operations | 1,676 | | 1,577 | 6.3 | | 9.4 | | (202) | (140) | 44.4 | 44.4 |
|---|
| Net profit from discontinued operations | — | | — | — | | — | | — | — | — | — |
|---|
| Consolidated profit | 1,676 | | 1,577 | 6.3 | | 9.4 | | (202) | (140) | 44.4 | 44.4 |
|---|
| Non-controlling interests | (5) | | (17) | (73.0) | | (72.2) | | 1 | 2 | (32.3) | (32.3) |
|---|
| Profit attributable to the parent | 1,671 | | 1,560 | 7.2 | | 10.3 | | (201) | (138) | 45.5 | 45.6 |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 45,054 | | 47,905 | (6.0) | | 8.5 | | 30 | 32 | (6.9) | (6.9) |
|---|
| Cash, central banks and credit institutions | 10,945 | | 14,088 | (22.3) | | (10.4) | | 710 | 666 | 6.5 | 6.5 |
|---|
| Debt instruments | 30,092 | | 27,624 | 8.9 | | 25.6 | | 1 | 2 | (28.9) | (28.9) |
|---|
| Other financial assets | 5,785 | | 6,723 | (14.0) | | (0.8) | | 154 | 139 | 10.5 | 10.5 |
|---|
| Other asset accounts | 5,745 | | 6,156 | (6.7) | | 7.6 | | 308 | 366 | (15.7) | (15.7) |
|---|
| Total assets | 97,621 | | 102,496 | (4.8) | | 9.8 | | 1,203 | 1,205 | (0.2) | (0.2) |
|---|
| Customer deposits | 49,836 | | 53,703 | (7.2) | | 7.0 | | 347 | 473 | (26.8) | (26.8) |
|---|
| Central banks and credit institutions | 17,260 | | 17,047 | 1.3 | | 16.8 | | 277 | 265 | 4.5 | 3.8 |
|---|
| Marketable debt securities | 9,632 | | 8,074 | 19.3 | | 37.6 | | — | — | — | — |
|---|
| Other financial liabilities | 9,640 | | 11,189 | (13.8) | | (0.6) | | 135 | 141 | (4.2) | (4.2) |
|---|
| Other liabilities accounts | 3,115 | | 3,579 | (13.0) | | 0.3 | | 72 | 66 | 9.1 | 9.1 |
|---|
| Total liabilities | 89,483 | | 93,592 | (4.4) | | 10.3 | | 830 | 945 | (12.1) | (12.3) |
|---|
| Total equity | 8,138 | | 8,904 | (8.6) | | 5.4 | | 372 | 259 | 43.6 | 44.6 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 44,715 | | 48,688 | (8.2) | | 5.9 | | 37 | 41 | (11.0) | (11.0) |
|---|
| Customer funds | 61,160 | | 62,775 | (2.6) | | 12.4 | | 347 | 473 | (26.8) | (26.8) |
|---|
| Customer deposits C | 41,528 | | 45,693 | (9.1) | | 4.8 | | 347 | 473 | (26.8) | (26.8) |
|---|
| Mutual funds | 19,632 | | 17,082 | 14.9 | | 32.5 | | — | — | — | — |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 20.0 | | 17.7 | 2.3 | |
|---|
| Efficiency ratio | 42.5 | | 43.9 | (1.4) | |
|---|
| NPL ratio | 2.71 | | 2.82 | (0.11) | |
|---|
| NPL coverage ratio | 100.4 | | 100.0 | 0.4 | |
|---|
| Number of employees | 28,957 | | 30,876 | (6.2) | |
|---|
| Number of branches | 1,356 | | 1,369 | (0.9) | |
|---|
| Number of total customers (thousands) | 21,289 | | 20,517 | 3.8 | |
|---|
| Number of active customers (thousands) | 10,871 | | 10,263 | 5.9 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024474
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| South America · Brazil |
|---|
| Underlying income statement | 2024 | 2023% | | % excl. FX | | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 15,566 | | 13,040 | | 19.4 | 27.3 | | 10,121 | | 9,116 | | 11.0 | 19.5 |
|---|
| Net fee income | 4,864 | | 4,684 | | 3.9 | 11.2 | | 3,414 | | 3,462 | | (1.4) | 6.1 |
|---|
| Gains (losses) on financial transactions A | 601 | | 1,280 | | (53.1) | (50.4) | | (37) | | 483 | | — | — |
|---|
| Other operating income | (1,247) | | (1,033) | | 20.8 | 20.3 | | 39 | | 43 | | (10.3) | (3.4) |
|---|
| Total income | 19,783 | | 17,971 | | 10.1 | 17.9 | | 13,536 | | 13,104 | | 3.3 | 11.2 |
|---|
| Administrative expenses and amortizations | (6,943) | | (6,920) | | 0.3 | 7.1 | | (4,352) | | (4,529) | | (3.9) | 3.4 |
|---|
| Net operating income | 12,841 | | 11,050 | | 16.2 | 24.8 | | 9,184 | | 8,574 | | 7.1 | 15.3 |
|---|
| Net loan-loss provisions | (5,478) | | (5,401) | | 1.4 | 9.0 | | (4,487) | | (4,701) | | (4.5) | 2.7 |
|---|
| Other gains (losses) and provisions | (1,369) | | (1,041) | | 31.6 | 40.1 | | (867) | | (963) | | (9.9) | (3.0) |
|---|
| Profit before tax | 5,993 | | 4,608 | | 30.1 | 39.7 | | 3,830 | | 2,911 | | 31.6 | 41.6 |
|---|
| Tax on profit | (1,617) | | (1,121) | | 44.3 | 54.1 | | (1,165) | | (776) | | 50.1 | 61.6 |
|---|
| Profit from continuing operations | 4,376 | | 3,487 | | 25.5 | 35.1 | | 2,665 | | 2,135 | | 24.8 | 34.4 |
|---|
| Net profit from discontinued operations | — | | — | | — | — | | — | | — | | — | — |
|---|
| Consolidated profit | 4,376 | | 3,487 | | 25.5 | 35.1 | | 2,665 | | 2,135 | | 24.8 | 34.4 |
|---|
| Non-controlling interests | (513) | | (449) | | 14.4 | 26.0 | | (243) | | (215) | | 13.2 | 21.9 |
|---|
| Profit attributable to the parent | 3,863 | | 3,038 | | 27.1 | 36.4 | | 2,422 | | 1,921 | | 26.1 | 35.8 |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 147,559 | | 153,244 | | (3.7) | 9.9 | | 88,620 | | 96,399 | | (8.1) | 10.1 |
|---|
| Cash, central banks and credit institutions | 60,865 | | 67,410 | | (9.7) | 4.8 | | 46,745 | | 53,618 | | (12.8) | 4.4 |
|---|
| Debt instruments | 58,703 | | 64,352 | | (8.8) | 5.6 | | 45,670 | | 47,325 | | (3.5) | 15.6 |
|---|
| Other financial assets | 25,121 | | 20,796 | | 20.8 | 34.8 | | 10,632 | | 8,161 | | 30.3 | 56.1 |
|---|
| Other asset accounts | 18,970 | | 19,247 | | (1.4) | 14.0 | | 13,844 | | 14,590 | | (5.1) | 13.7 |
|---|
| Total assets | 311,218 | | 325,049 | | (4.3) | 9.9 | | 205,510 | | 220,093 | | (6.6) | 11.9 |
|---|
| Customer deposits | 145,233 | | 155,448 | | (6.6) | 7.6 | | 93,994 | | 110,162 | | (14.7) | 2.2 |
|---|
| Central banks and credit institutions | 44,760 | | 48,898 | | (8.5) | 3.5 | | 30,878 | | 28,333 | | 9.0 | 30.6 |
|---|
| Marketable debt securities | 36,811 | | 39,603 | | (7.1) | 7.5 | | 25,351 | | 27,976 | | (9.4) | 8.6 |
|---|
| Other financial liabilities | 50,177 | | 42,438 | | 18.2 | 36.1 | | 34,215 | | 28,625 | | 19.5 | 43.2 |
|---|
| Other liabilities accounts | 8,808 | | 12,768 | | (31.0) | (21.4) | | 5,582 | | 7,938 | | (29.7) | (15.7) |
|---|
| Total liabilities | 285,790 | | 299,155 | | (4.5) | 9.7 | | 190,020 | | 203,035 | | (6.4) | 12.1 |
|---|
| Total equity | 25,428 | | 25,894 | | (1.8) | 12.2 | | 15,490 | | 17,058 | | (9.2) | 8.8 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 154,323 | | 160,987 | | (4.1) | 9.5 | | 93,785 | | 102,583 | | (8.6) | 9.5 |
|---|
| Customer funds | 201,241 | | 205,675 | | (2.2) | 12.6 | | 129,881 | | 145,044 | | (10.5) | 7.3 |
|---|
| Customer deposits C | 132,496 | | 135,342 | | (2.1) | 12.1 | | 81,378 | | 90,297 | | (9.9) | 8.0 |
|---|
| Mutual funds | 68,745 | | 70,333 | | (2.3) | 13.6 | | 48,503 | | 54,747 | | (11.4) | 6.1 |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 18.7 | | 14.4 | | 4.3 | | 17.5 | | 13.7 | | 3.8 | |
|---|
| Efficiency ratio | 35.1 | | 38.5 | | (3.4) | | 32.1 | | 34.6 | | (2.4) | |
|---|
| NPL ratio | 5.42 | | 5.72 | | (0.30) | | 6.14 | | 6.56 | | (0.42) | |
|---|
| NPL coverage ratio | 76.5 | | 78.4 | | (1.9) | | 82.7 | | 84.7 | | (2.0) | |
|---|
| Number of employees | 79,571 | | 80,997 | | (1.8) | | 56,619 | | 57,775 | | (2.0) | |
|---|
| Number of branches | 2,902 | | 3,309 | | (12.3) | | 2,202 | | 2,580 | | (14.7) | |
|---|
| Number of total customers (thousands) | 80,405 | | 73,028 | | 10.1 | | 69,455 | | 62,804 | | 10.6 | |
|---|
| Number of active customers (thousands) | 40,527 | | 37,517 | | 8.0 | | 33,123 | | 30,460 | | 8.7 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024475
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| Chile · Argentina |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | | 2024 | 2023% | |
|---|
| Net interest income | 1,822 | | 1,383 | 31.8 | | 48.3 | | 2,919 | | 1,879 | | 55.3 |
|---|
| Net fee income | 551 | | 572 | (3.7) | | 8.4 | | 602 | | 396 | | 52.2 |
|---|
| Gains (losses) on financial transactions A | 238 | | 320 | (25.7) | | (16.3) | | 229 | | 341 | | (32.8) |
|---|
| Other operating income | (18) | | 11 | — | | — | | (1,263) | | (1,071) | | 17.9 |
|---|
| Total income | 2,592 | | 2,285 | 13.4 | | 27.7 | | 2,487 | | 1,544 | | 61.1 |
|---|
| Administrative expenses and amortizations | (933) | | (1,020) | (8.5) | | 3.0 | | (1,022) | | (775) | | 31.9 |
|---|
| Net operating income | 1,659 | | 1,265 | 31.1 | | 47.6 | | 1,465 | | 769 | | 90.4 |
|---|
| Net loan-loss provisions | (497) | | (365) | 36.1 | | 53.2 | | (284) | | (150) | | 89.5 |
|---|
| Other gains (losses) and provisions | (51) | | 51 | — | | — | | (353) | | (114) | | 209.1 |
|---|
| Profit before tax | 1,111 | | 951 | 16.7 | | 31.4 | | 827 | | 505 | | 63.8 |
|---|
| Tax on profit | (211) | | (135) | 56.1 | | 75.7 | | (161) | | (117) | | 38.0 |
|---|
| Profit from continuing operations | 899 | | 816 | 10.2 | | 24.1 | | 666 | | 388 | | 71.6 |
|---|
| Net profit from discontinued operations | — | | — | — | | — | | — | | — | | — |
|---|
| Consolidated profit | 899 | | 816 | 10.2 | | 24.1 | | 666 | | 388 | | 71.6 |
|---|
| Non-controlling interests | (271) | | (234) | 15.5 | | 30.0 | | (1) | | (2) | | (43.9) |
|---|
| Profit attributable to the parent | 629 | | 582 | 8.1 | | 21.7 | | 665 | | 386 | | 72.2 |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 40,332 | | 42,616 | (5.4) | | 1.2 | | 7,684 | | 3,767 | | 104.0 |
|---|
| Cash, central banks and credit institutions | 5,759 | | 6,373 | (9.6) | | (3.3) | | 4,901 | | 4,548 | | 7.8 |
|---|
| Debt instruments | 7,993 | | 13,273 | (39.8) | | (35.6) | | 2,654 | | 1,368 | | 94.0 |
|---|
| Other financial assets | 13,554 | | 12,159 | 11.5 | | 19.3 | | 23 | | 11 | | 112.9 |
|---|
| Other asset accounts | 2,796 | | 2,746 | 1.8 | | 8.9 | | 978 | | 776 | | 26.1 |
|---|
| Total assets | 70,434 | | 77,167 | (8.7) | | (2.4) | | 16,240 | | 10,470 | | 55.1 |
|---|
| Customer deposits | 30,181 | | 29,578 | 2.0 | | 9.2 | | 11,293 | | 6,478 | | 74.3 |
|---|
| Central banks and credit institutions | 8,133 | | 14,808 | (45.1) | | (41.2) | | 852 | | 1,271 | | (33.0) |
|---|
| Marketable debt securities | 10,403 | | 10,775 | (3.5) | | 3.3 | | 158 | | 148 | | 6.4 |
|---|
| Other financial liabilities | 14,323 | | 12,624 | 13.5 | | 21.4 | | 968 | | 638 | | 51.6 |
|---|
| Other liabilities accounts | 1,942 | | 3,733 | (48.0) | | (44.3) | | 476 | | 455 | | 4.6 |
|---|
| Total liabilities | 64,983 | | 71,518 | (9.1) | | (2.8) | | 13,746 | | 8,990 | | 52.9 |
|---|
| Total equity | 5,451 | | 5,648 | (3.5) | | 3.2 | | 2,494 | | 1,479 | | 68.6 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 41,405 | | 43,823 | (5.5) | | 1.1 | | 7,938 | | 3,878 | | 104.7 |
|---|
| Customer funds | 43,383 | | 40,098 | 8.2 | | 15.7 | | 17,047 | | 10,288 | | 65.7 |
|---|
| Customer deposits C | 30,060 | | 29,337 | 2.5 | | 9.6 | | 11,293 | | 6,478 | | 74.3 |
|---|
| Mutual funds | 13,324 | | 10,761 | 23.8 | | 32.5 | | 5,754 | | 3,810 | | 51.0 |
|---|
| Ratios (%), operating means and customers |
|---|
| RoTE | 17.0 | | 14.8 | 2.2 | | 34.8 | | 55.6 | | (20.8) | |
|---|
| Efficiency ratio | 36.0 | | 44.6 | (8.6) | | 41.1 | | 50.2 | | (9.1) | |
|---|
| NPL ratio | 5.37 | | 5.01 | 0.36 | | 2.06 | | 1.99 | | 0.07 | |
|---|
| NPL coverage ratio | 49.9 | | 52.7 | (2.8) | | 177.1 | | 165.7 | | 11.4 | |
|---|
| Number of employees | 9,587 | | 9,948 | (3.6) | | 8,166 | | 8,455 | | (3.4) | |
|---|
| Number of branches | 237 | | 248 | (4.4) | | 301 | | 322 | | (6.5) | |
|---|
| Number of total customers (thousands) | 4,311 | | 4,052 | 6.4 | | 5,117 | | 4,771 | | 7.2 | |
|---|
| Number of active customers (thousands) | 2,556 | | 2,399 | 6.6 | | 3,674 | | 3,562 | | 3.1 | |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024476
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
| EUR million |
|---|
| Other South America |
|---|
| Underlying income statement | 2024 | 2023% | % excl. FX | |
|---|
| Net interest income | 703 | | 662 | 6.2 | 8.2 |
|---|
| Net fee income | 298 | | 254 | 17.3 | 18.0 |
|---|
| Gains (losses) on financial transactions A | 172 | | 137 | 25.2 | 24.1 |
|---|
| Other operating income | (5) | | (16) | (68.4) | (68.3) |
|---|
| Total income | 1,168 | | 1,038 | 12.6 | 13.9 |
|---|
| Administrative expenses and amortizations | (635) | | (596) | 6.5 | 7.1 |
|---|
| Net operating income | 533 | | 441 | 20.8 | 23.3 |
|---|
| Net loan-loss provisions | (210) | | (186) | 13.2 | 14.7 |
|---|
| Other gains (losses) and provisions | (97) | | (15) | 566.6 | 586.5 |
|---|
| Profit before tax | 225 | | 241 | (6.4) | (4.0) |
|---|
| Tax on profit | (80) | | (93) | (13.5) | (12.4) |
|---|
| Profit from continuing operations | 145 | | 148 | (2.0) | 1.4 |
|---|
| Net profit from discontinued operations | — | | — | — | — |
|---|
| Consolidated profit | 145 | | 148 | (2.0) | 1.4 |
|---|
| Non-controlling interests | 1 | | 2 | (37.1) | (37.0) |
|---|
| Profit attributable to the parent | 146 | | 150 | (2.5) | 0.8 |
|---|
| Balance sheet |
|---|
| Loans and advances to customers | 10,923 | | 10,463 | 4.4 | 6.7 |
|---|
| Cash, central banks and credit institutions | 3,459 | | 2,870 | 20.5 | 21.9 |
|---|
| Debt instruments | 2,387 | | 2,386 | 0.1 | 4.1 |
|---|
| Other financial assets | 913 | | 466 | 96.0 | 102.5 |
|---|
| Other asset accounts | 1,352 | | 1,135 | 19.1 | 20.1 |
|---|
| Total assets | 19,034 | | 17,320 | 9.9 | 12.3 |
|---|
| Customer deposits | 9,765 | | 9,230 | 5.8 | 9.1 |
|---|
| Central banks and credit institutions | 4,898 | | 4,486 | 9.2 | 9.6 |
|---|
| Marketable debt securities | 898 | | 703 | 27.7 | 32.0 |
|---|
| Other financial liabilities | 671 | | 550 | 21.9 | 25.1 |
|---|
| Other liabilities accounts | 807 | | 641 | 25.8 | 28.3 |
|---|
| Total liabilities | 17,040 | | 15,611 | 9.2 | 11.6 |
|---|
| Total equity | 1,994 | | 1,709 | 16.6 | 19.0 |
|---|
| Memorandum items: |
|---|
| Gross loans and advances to customers B | 11,196 | | 10,703 | 4.6 | 6.9 |
|---|
| Customer funds | 10,930 | | 10,246 | 6.7 | 10.2 |
|---|
| Customer deposits C | 9,765 | | 9,230 | 5.8 | 9.1 |
|---|
| Mutual funds | 1,165 | | 1,016 | 14.7 | 20.5 |
|---|
| A. Includes exchange differences. |
|---|
| B. Excluding reverse repos. |
|---|
| C. Excluding repos. |
|---|
Annual report 2024477
| Contents | Business model and strategy | Sustainability statement | Corporate governance | Economic and financial review | Risk management and compliance |
