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Sep 30, 2025
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Banco Santander Q3 2025 Earnings Report
Banco Santander reported strong results in Q3 2025 with record net income and improved profitability across all segments.
Key Takeaways
Banco Santander delivered record net income of €3.5 billion in Q3 2025, driven by solid fee income, resilient net interest income, and cost discipline. The CET1 ratio improved to 13.1% and cost of risk declined, indicating strong capital and credit management.
Net income reached a record €3.5 billion in Q3, bringing 9M 2025 net income to €10.3 billion.
EPS for Q3 2025 was €0.23, with year-to-date EPS reaching €0.66, up 16% YoY.
Cost of risk declined to 1.13% and NPL ratio improved to 2.92%.
CET1 capital ratio increased to 13.1%, above the top end of the operating range.
Revenue by Geographic Location
Forward Guidance
Banco Santander is on track to meet its 2025 targets, supported by strong fee income, controlled costs, and improving risk metrics, despite a challenging macroeconomic backdrop.
Positive Outlook
- Strong fee income growth expected to continue.
- Efficiency gains from ONE Transformation initiatives.
- Stable asset quality supported by prudent risk management.
- Customer fund growth outpacing lending growth.
- Profitability metrics (RoTE) tracking toward FY targets.
Challenges Ahead
- Less favorable interest rate environment, especially in Argentina and Brazil.
- Macroeconomic uncertainty and geopolitical tensions remain a risk.
- Consumer business affected by regulation and weaker car markets in Europe.
- Potential volatility from FX movements, especially in LATAM.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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