Santander Group reported an attributable profit of €6,833 million for the first half of 2025, a 13% increase compared to the same period last year. The bank’s earnings per share rose by 19%, reaching €0.43, and return on tangible equity (RoTE) increased to 16% post-AT1. The second quarter profit was €3,431 million, up 7%, marking the fifth consecutive quarterly record.
The group added eight million new customers in the first half of the year, bringing its total customer base to 176 million. Customer funds grew by 6% in constant euros, with deposits rising by 4% and mutual funds increasing by 17%. Lending increased by 1% in constant euros to €1 trillion, with growth seen in Consumer, Wealth and Payments segments offsetting declines in Corporate & Investment Banking (CIB) and Retail due to lower volumes among SMEs and corporates.
Total income for the first half remained flat at €31,010 million but rose by 5% in constant euros. Record net fee income reached €6,684 million—up 3%, or up 9% in constant euros—driven by higher activity and customer growth. Net interest income fell slightly by 3%, though it was up by 4% in constant euros when excluding Argentina.
The efficiency ratio improved to 41.5%. This improvement is attributed to Santander’s ONE Transformation programme aimed at operational leverage and streamlined structures. The bank has continued replacing legacy technology with shared global platforms such as its cloud-based core banking system Gravity. Santander Spain completed its migration to this platform in June, contributing to cumulative savings of nearly €550 million since December 2022. These efforts have helped reduce costs by 0.4% (in euros) during the first half of the year and led to Santander achieving its best efficiency ratio in over fifteen years.
The CET1 capital ratio reached 13%, supported by strong organic generation.
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