26 October 2016 BRAZIL. January September 2016
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1 26 October 2016 BRAZIL January September 2016
2 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the SEC ), could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. No offering of Securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption there from. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act Note: Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, historical share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. Note: The results information contained in this presentation has been prepared according to Spanish accounting criteria and regulation in a manner applicable to all subsidiaries of the Santander Group and as a result it may differ from the one disclosed locally. All figures in this presentation were converted to constant currency at an average during Sep.16 of EUR 3,9348 (for income statements and average balance figures) and at EUR 3,6210 at the end of Sep.16 (for final balance sheet figures). 2
3 Agenda Macroeconomic environment and financial system Strategy and business Results Appendix
4 Macroeconomic environment Brazil's improving macroeconomic outlook Annual GDP Growth (%, real) Interest rate - Selic (%) (e) 2017 (e) (e) 2017 (e) Annual inflation rate (IPCA, %) Exchange rate (R$ / US$) (e) 2017 (e) (e) 2017 (e) 4 Source: Focus research forecast (October 21 st, 2016), Brazilian Central Bank.
5 Macroeconomic environment Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 The external position is under control Reserves and External Debt (Billion USD) Trade balance (Billion USD, 12 months) International Reserves Total External debt Trade Balance (right axis) Exports Imports Aug' Public Sector Debt / GDP (%) Unemployment Rate¹ (Yearly average, %) 11.3 Gross Debt Net Debt Aug' Aug'16 Sources: Central Bank of Brazil and IBGE (Brazilian Institute of Geography and Statistics). (1) Continuous PNAD. 5
6 Financial system: Loan and funding evolution Loans keep decelerating and funding shows resilience Total loans ( bn - Currency Neutral¹) YoY (%) 9.2% % % % -0.6% Loans evolution decelerated, reflecting a challenging environment State-owned banks grow +1.5% YoY and Private banks fall 3.3% YoY S'15 D'15 M'16 J'16 A'16 Total funding² ( bn - Currency Neutral¹) 1,680 YoY (%) 8.8% 1,577 1, % 1,646 1, % 7.1% 7.4% Total funding increases +7.4%, mostly influenced by treasury notes (+11.7%), LCI (+6.7%) and LCA (+4.3%) S'15 D'15 M'16 J'16 A'16 Source: Central Bank of Brazil (1) At period end rate as of Aug.2016 (EUR / R$ ). (2) Total Deposits+ mutual funds + other funding (debentures, real estate credit notes - LCI, agribusiness credit notes - LCA, treasury notes (letras financeiras) and Certificate of Structured Transactions - COEs). 6
7 Agenda Macroeconomic environment and financial system Strategy and business Results Appendix
8 Our Franchise Santander Brasil is the only international bank with significant size in Brazil... Distribution of Santander branches by region Business and Results Sep'16 Var. YoY Currency Neutral Loans¹ ( bn) % Total funding ² ( bn) % Consolidated profit ( MM) 1, % Mid-west + North 6% 14.6% of GDP Northeast 8% 13.6% of GDP Attributable profit ( MM) 1, % Network and Customers Sep'16 Total customers (MM) % Total loyal customers (MM) % Digital customers (MM) % Branches 3 (#) 3, % Southeast ATMs (#) 13, % South 13% 72% 55.3% of GDP Market Share Aug'16 Loans 7.9% Deposits 7.9% 16.5% of GDP (1) Considers the Expanded Portfolio. (2) Includes demand deposits, savings, time deposits, other deposits and mutual funds. (3) Includes mini-branches. 8
9 Strategy with a model and a strategy that deliver for customers and shareholders Part of Santander Group The only sizeable international commercial bank Leverage on Group s best practices Solid Balance Sheet Efficient risk and capital management Balance sheet optimisation Cost discipline Efficiency driven culture, while maintaining cost growth below inflation New commercial model Customer centric model and integrated wholesale-retail businesses to capture growth opportunities Innovative platform Digital & multichannel thrust People Talented and engaged team 9
10 (1) At period end rate as of Sep (2) Evolution impacted by Banco PSA s consolidation. (3) Includes portfolio acquired from other banks and other credit risk (debentures, FDIC, CRI, floating rate notes and promissory notes). Total loans performance Total loans decreased 5% in twelve months and grew 1% in the quarter. Individuals outperforms in both periods Total gross loans ( bln - Currency Neutral 1 ) Sep'16 YoY (%) QoQ (%) Individuals % 1.6% -5.1% Mortgage % 0.5% 1.0% Consumer Credit % 2.1% Consumer Finance² % 7.0% Companies % 0.0% SMEs % -0.1% Large Corporates % 0.1% Subtotal % 1.3% Other Operations³ % -2.4% Total loans % 1.0% S 15 D 15 M 16 J 16 S 16 10
11 (1) At period end rate as of Sep (2) Includes repurchase agreement backed on debentures, real estate credit notes (LCI), agribusiness credit notes (LCA) and treasury notes. Total funding performance Total deposits and others increased 2% YoY and 1% QoQ, highlighted for total deposits that grew 4% in the quarter Sep'16 YoY (%) QoQ (%) Total funding ( bln - Currency Neutral 1 ) Demand Deposits % 4.3% 4.5% Savings % 0.7% 1.6% Time Deposits % 5.5% Total Deposits % 4.2% Others ² % -1.3% Total Deposits and others % 1.3% Mutual Funds % 2.0% S 15 D 15 M 16 J 16 S 16 Total Funding % 1.6% 11
12 Agenda Macroeconomic environment and financial system Strategy and business Results Appendix
13 Net interest income and spreads NII improved 2% on 9M16 year-on-year Loan spreads (%) Retail Banking Net Interest Income ( MM - Currency Neutral¹) ,958 2,021 1,957 1,885 1,952 Total Loans 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Deposit spreads (%) 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Interest rate (average) - Selic 14.0% 14.2% 14.2% 14.2% 14.2% Retail Banking Total Deposits 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 13 (1) At average exchange rate as of 9M16.
14 Net fees Fees grew 15% year-on-year, with a double digit across all lines Net fees ( MM - Currency Neutral¹) 9M16 9M15 YoY (%) QoQ (%) Current Account % 5.3% Mutual Funds % 12.2% Cards % 13.4% Insurance % -9.7% Securities² % -20.9% Foreign Trade % -18.0% Cash management % 1.8% 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Others n.a. 27.2% Total 2,053 1, % 0.8% (1) At average exchange rate as of 9M16. (2) Securities brokerage, placement and custody services. (3) Guarantees, contingent liabilities and others. 14
15 Gross income Growth trend in gross income continued, underpinned by NII and net fees Gross income ( MM - Currency Neutral¹) 2,633 2,660 2,599 2,721 2,813 9M16 9M15 YoY (%) QoQ (%) Net Interest Income 5,794 5, % 3.5% Net Fees 2,053 1, % 0.8% Subtotal 7,847 7, % 2.8% Other² % 15.3% Gross Income 8,133 7, % 3.4% 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 15 (1) At average exchange rate as of 9M16. (2) Other includes Gains (losses) on financial transactions and Other operating income.
16 Operating expenses Efficient cost management maintains operating expenses growth below inflation yearly basis Operating expenses ( MM - Currency Neutral¹) 1,117 1,045 1,034 1,052 1,084 General and admin. expenses Depreciation and amortisation 9M16 9M15 YoY (%) QoQ (%) 2,860 2, % 3.1% % 2.9% Total 3,170 3, % 3.1% Efficiency Ratio (with amortisation) 39.0% 39.3% Number of branches 3,408 3,436 Number of employees 47,516 48,955 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 16 (1) At average exchange rate as of 9M16.
17 Net operating income after loan-losses provisions (LLPs) Net operating income after LLPs grows 3% year-on-year LLPs and cost of credit ( MM - Currency Neutral¹; %) 9M16 9M15 YoY (%) QoQ (%) Cost of credit 2 4.4% 4.5% 4.6% 4.7% 4.9% Net Operating Income Loan Losses Provisions Net op. income after LLPs 4,963 4, % 3.5% (2,424) (2,186) 10.9% 16.9% 2,539 2, % -7.5% Net LLPs NPL Ratio 6.1% 5.3% Coverage Ratio 89% 96% 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 17 (1) At average exchange rate as of 9M16. (2) Cost of credit = 12 month loan-loss provisions / average lending.
18 Attributable profit Attributable profit of EUR 1,276 MM in 9M16 Attributable profit ( MM - Currency Neutral¹) 9M16 9M15 YoY (%) QoQ (%) Profit before taxes 2,036 1, % 1.3% Tax on Profit (612) (516) 18.5% -3.8% Consolidated profit 1,424 1, % 3.7% Attributable profit 1,276 1, % 4.1% Effective Tax Rate 30.0% 28.3% 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 18 (1) At average exchange rate as of 9M16.
19 Conclusions Market Environment & Financial System Brazil's improving macroeconomic outlook Financial System: - Loans decreased 0.6%. Earmarked loans decelerates - Total Funding grows 7%, driven by treasury notes, LCI and LCA Strategy & Business Our portfolio decrease 5% in twelve months. We maintain focus on products with lower risk and higher credit quality Funding: total deposits and others increased 2% YoY and 1% QoQ, highlight for total deposits that grew 4% in the quarter Gross income grows 6% on 9M16 in twelve months, with a positive trends in NII and fees Results Costs under control: growth below the annual inflation Loan Losses Provisions under control thanks to active risk management Attributable profit presents a consistent growth QoQ and YoY. PBT grows 12% YoY 19
20 Agenda Macroeconomic environment and financial system Strategy and business Results Appendix
21 Balance sheet EUR million. Currency-neutral* Variation 30-Sep Sep-15 Amount % Customer loans ** 68,140 72,053 (3,913) (5.4) Financial assets held for trading (w/o loans) 16,274 18,359 (2,085) (11.4) Available-for-sale financial assets 17,885 18,668 (783) (4.2) Central banks and credit institutions ** 36,532 31,649 4, Tangible and intangible assets 2,587 2,634 (48) (1.8) Other assets 22,506 23,669 (1,163) (4.9) Total assets/liabilities & shareholders' equity 163, ,033 (3,108) (1.9) Customer deposits ** 68,970 67,870 1, Debt securities issued ** 29,685 30,974 (1,289) (4.2) Liabilities under insurance contracts 1 1 (0) (9.1) Central banks and credit institutions ** 20,658 28,767 (8,109) (28.2) Other liabilities 29,748 26,970 2, Stockholders' equity *** 14,863 12,450 2, Off-balance-sheet funds 56,698 51,668 5, Mutual funds 52,955 48,420 4, Pension funds Managed portfolios 3,743 3, Customer funds under management 155, ,512 4, * End of period exchange rate * Includes all stock of concept classified in the balance sheet. ** Capital + reserves + retained profit + valuation adjustments. 21
22 Income statement EUR million. Currency Neutral* Variation 9M16 9M15 Amount % Net interest income 5,794 5, % Net fees 2,053 1, % Gains (losses) on financial transactions % Other operating income** (72) -67.8% Gross income 8,133 7, % Operating expenses (3,170) (3,006) (164) 5.4% General administrative expenses (2,860) (2,714) (146) 5.4% Personnel (1,590) (1,480) (109) 7.4% Other general administrative expenses (1,270) (1,233) (37) 3.0% Depreciation and amortisation (310) (293) (18) 6.0% Net operating income 4,963 4, % Net loan-loss provisions (2,424) (2,186) (238) 10.9% Other income (504) (644) % Profit before taxes 2,036 1, % Tax on profit (612) (516) (96) 18.5% Profit from continuing operations 1,424 1, % Net profit from discontinued operations - Consolidated profit 1,424 1, % Minority interests (148) (142) (7) 4.8% Attributable profit to the Group 1,276 1, % *As of exchange rate 9M16. ** Including dividends, income from equity-accounted method and other operating income/expenses. 22
23 Quarterly income statements EUR million. Currency-neutral* 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Net interest income 1,842 1,886 1,958 2,021 1,957 1,885 1,952 Net fees Gains (losses) on financial transactions (46) Other operating income** (4) Gross income 2,457 2,569 2,633 2,660 2,599 2,721 2,813 Operating expenses (970) (992) (1,045) (1,117) (1,034) (1,052) (1,084) General administrative expenses (873) (892) (949) (1,029) (936) (947) (977) Personnel (469) (492) (519) (562) (516) (527) (547) Other general administrative expenses (403) (400) (430) (467) (420) (421) (430) Depreciation and amortisation (97) (100) (96) (88) (98) (105) (108) Net operating income 1,487 1,577 1,589 1,543 1,565 1,670 1,728 Net loan-loss provisions (675) (714) (797) (868) (786) (755) (883) Other income (171) (226) (248) (169) (194) (194) (116) Profit before taxes Tax on profit (206) (199) (111) (122) (150) (235) (227) Profit from continuing operations Net profit from discontinued operations Consolidated profit Minority interests Attributable profit to the Group *As of exchange rate 9M16. ** Including dividends, income from equity-accounted method and other operating income/expenses. 23
24 Thank you Nuestra Our purpose misión to es help contribuir people al and progreso de las businesses personas prosper. y de las empresas. Nuestra Our culture cultura is based basa on the en la belief creencia that de que everything todo lo we que do hacemos should debe ser
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