31 January 2018 BRAZIL. January December 2017
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1 31 January 2018 BRAZIL January December 2017
2 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of Forward-looking statements may be identified by words such as expect, project, anticipate, should, intend, probability, risk, VaR, RORAC, RoRWA, TNAV, target, goal, objective, estimate, future and similar expressions. 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 and our shareholder remuneration policy. 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, industry, 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. Numerous factors, including those reflected in the Annual Report on Form 20-F filed with the Securities and Exchange Commission of the United States of America (the SEC ) under Key Information-Risk Factors - and in the Documento de Registro de Acciones filed with the Spanish Securities Market Commission (the CNMV ) under Factores de Riesgo - could affect the future results of Santander and could result in other results deviating materially from those anticipated in the forward-looking statements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 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. No investment activity should be undertaken on the basis of the information contained in this 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. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. 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 therefrom. 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 or financial accretion are not intended to mean that future performance, 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. The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries. In addition to the financial information prepared under International Financial Reporting Standards ( IFRS ), this presentation includes certain alternative performance measures as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es) as well as Non-IFRS measures. The APMs and Non-IFRS Measures are performance measures that have been calculated using the financial information from the Santander Group but that are not defined or detailed in the applicable financial information framework and therefore have neither been audited nor are capable of being completely audited. These APMs and Non-IFRS Measures are been used to allow for a better understanding of the financial performance of the Santander Group but should be considered only as additional information and in no case as a replacement of the financial information prepared under IFRS. Moreover, the way the Santander Group defines and calculates these APMs and Non-IFRS Measures may differ to the way these are calculated by other companies that use similar measures, and therefore they may not be comparable. Please refer to the quarterly financial Report for further details of the APMs and Non-IFRS Measures used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFR, see Section 26 of the Documento de Registro de Acciones for Banco Santander filed with the CNMV on July 4, 2017 (available on the Web page of the CNMV - and at Banco Santander - and Item 3A of the Annual Report on Form 20-F for the year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission on March 31, 2017 (the Form 20-F ). For a discussion of the accounting principles used in translation of foreign currency-denominated assets and liabilities to euros, see note 2(a) to our consolidated financial statements on Form 20-F and to our consolidated financial statements available on the CNMV s website ( and on Banco Santander s website ( 2
3 Content Macroeconomic environment and financial system Strategy and business Results Appendix
4 Macro-economic environment Gradual improvement of the economy will continue in 2018 Annual GDP Growth (%, real) Interest rate - Selic (%) (e) 2018 (e) 2019 (e) (e) 2019 (e) Annual inflation rate (IPCA, %) Exchange rate (R$ / US$) (e) 2019 (e) (e) 2019 (e) 4 Sources: Brazilian Central Bank, IBGE and Pesquisa Focus estimates (01/26/2018).
5 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Macro-economic environment The external position remains under control Reserves and External Debt (Billion USD) Trade balance (Billion USD, 12 months) International Reserves Total External debt Trade Balance (right axis) Exports Imports Nov'17 Public Sector Debt / GDP (%) Unemployment Rate¹ (Quarterly average, %) Gross Debt Net Debt Nov'17 Nov-13 Nov-14 Nov-15 Nov-16 Nov'17 Sources: Central Bank of Brazil and IBGE (Brazilian Institute of Geography and Statistics). (1) Continuous PNAD, quarterly average: September - October November, for each corresponding year 5
6 Financial system: Loan and funding evolution Loans keep decelerating while funding shows resilience Total loans (Constant billion 1 ) YoY (%) % % % -1.7% -2.0% Loans outstanding still decreasing reflecting a challenging environment State-owned banks dropped -3.6% YoY (mostly influenced by BNDES -12.6%) and Private banks grew 1.7% YoY D'16 M'17 J'17 S'17 Nov'17 Total funding² (Constant billion 1 ) YoY (%) 9.0% 1, % 10.2% 1,670 1,689 1,727 1, % 7.9% Total funding increases +7.9%, mostly influenced by Time Deposits (+17.2%) and Funds (+16.0%) D'16 M'17 J'17 S'17 Nov'17 Source: Central Bank of Brazil (1) At period end rate as of Nov.2017 (EUR / R$ 3.87). (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 Content Macroeconomic environment and financial system Strategy and business Results Appendix
8 Our Franchise Santander Brasil has a strong growth strategy, which will benefit from being part of a large international Group STRATEGIC PRIORITIES Focus on revenue growth KEY DATA 2017 Var. YoY* Gross loans 1 78, % Total Funding 1 132, % Attributable profit 1 2, % Gain of market share in acquiring, consumer credit, SMEs, Digital transformation RoTE 16.9% 307 bps Efficiency ratio 35.6% -394 bps Loans market share 2 8.7% 53 bps Deposits market share % 327 bps Loyal customers % Digital customers % Risk management and recoveries Branches 4 3, % Employees 47, % (1) Million euros; (2) As of Nov2017 (last available); (3) Millions; (4) Comprised of branches and mini branches. (*) Constant euros 8
9 Customers Focus on increasing customer loyalty Loyal individuals % 3.7 Million Service Excellence: transformation on customer experience Operational processes: reduce unnecessary complexity Dec'16 Dec'17 Loyal companies % 450 Thousands Acquiring business completely integrated is a key element Cash management strengthening Dec'16 Digital customers Dec' % 8.6 Million E-commerce: increase in sales on digital channels¹ 1.9x credit card and 2.1x personal loans Dec'16 Dec'17 9 (1) As of Jan-Dec2017, YoY
10 Strategy Engaged employees enable a greater customer loyalty. Higher customer satisfaction allows us to grow in a sustainable and profitable way Culture is Santander s Foundation! 2º consecutive year Best Bank Among the Best Companies to Work For in Brazil in Latin America and in the World Culture of Service Profitable Market share gains (Nov-17, YoY) Loans Deposits Revenue by customer multichannel, per month + 53bps +327bps Multichannel and cross-selling +2x Brazil and Latin America Latam Transformation SME s around the world More offerings per month +4x 10
11 Total loans performance Individuals and consumer finance segments drive loan portfolio growth Total gross loans (Constant billion 1 ) Dec'17 YoY (%) QoQ (%) Individuals % 5.8% Mortgage % 4.0% Consumer Credit % 6.4% Consumer Finance² % 7.0% Companies % 1.7% SMEs % 7.4% Large Corporates % -0.8% Subtotal % 3.8% Other Operations³ % 1.2% Total loans % 3.6% D 16 M 17 J 17 S 17 D 17 (1) At period end rate as of Dec (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). 11
12 Total funds performance Total deposits expands 40% YoY, as time and saving deposits are the highlights Total funding (Constant billion 1 ) Dec'17 YoY (%) QoQ (%) Demand Deposits % 10.3% Savings % 5.2% Time Deposits % -2.0% Total Deposits % 0.3% Others ² % -0.6% Total Deposits and others % 0.0% Mutual Funds % 2.1% D 16 M 17 J 17 S 17 D'17 Total Funding % 0.8% (1) At period end rate as of Dec (2) Includes repurchase agreement backed on debentures, real estate credit notes (LCI), agribusiness credit notes (LCA) and financial bills. 12
13 Content Macroeconomic environment and financial system Strategy and business Results Appendix
14 Net interest income NII advances across all business lines in 2017 Net Interest Income ( MM constant euros 1 ) Yield on loans (%) 2,250 2,347 2,456 2,599 2, Q'16 1Q'17 2Q'17 3Q'17 4Q'17 Cost of deposits (%) 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 NIM 2 (%) 5.33% 5.42% 5.76% 5.92% 6.02% Official interest rate 3 (%) 13.9% 12.7% 11.0% 9.2% 7.5% Q'16 1Q'17 2Q'17 3Q'17 4Q'17 (1) Average exchange rate as of 12M17 (2) Group criteria; (3) Quarter average. 14
15 Net fees Higher loyalty and transactionality boost net fees growth Net fees ( MM constant euors 1 ) 12M17 12M16 YoY (%) QoQ (%) Current Account % 5.5% Mutual Funds % -0.4% Cards % 9.7% Insurance % 21.0% Securities² % 2.6% Foreign Trade % 22.2% Cash management % -1.0% Others % 20.4% Total 3,640 3, % 9.3% 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 (1) At average exchange rate as of 12M17. (2) Securities brokerage, placement and custody services. (3) Guarantees, contingent liabilities and others. 15
16 Gross income Gross income grows 18% YoY, supported by higher NII and net fees Gross income ( MM constant euros 1 ) 12M17 12M16 YoY (%) QoQ (%) 3,162 3,461 3,441 3,653 3,719 Net Interest Income 10,078 8, % 2.9% Net Fees 3,640 3, % 9.3% Subtotal 13,718 11, % 4.6% Other² % -59.4% Gross Income 14,273 12, % 1.8% 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 (1) Average exchange rate as of 12M17 (2) Other includes Gains (losses) on financial transactions and Other operating income 16
17 Operating expenses Expenses increase in line with strong commercial activity. Continuous focus on increasing productivity contributes to a better efficiency ratio in 2017 Operating expenses ( MM constant euros 1 ) 12M17 12M16 YoY (%) QoQ (%) General and admin. expenses 4,571 4, % 6.5% 1,299 1,223 1,212 1,283 1,362 Depreciation and amortisation % 2.5% Total 5,080 4, % 6.1% Efficiency Ratio (with amortisation) 35.6% 39.5% Number of branches 3,465 3,431 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 Number of employees 47,135 46,728 (1) Average exchange rate as of 12M17 17
18 Net operating income after loan-losses provisions (LLPs) Loan portfolio quality indicators show improvements in 2017, despite the challenging scenario LLPs and Cost of credit ( MM constant euros 1 ; %) 12M17 12M16 YoY (%) QoQ (%) Cost of credit 2 4.9% 4.8% 4.8% % 4.4% Net Operating Income Loan Losses Provisions Net op. income after LLPs 9,193 7, % -0.5% (3,395) (3,599) -5.7% 2.0% 5,798 3, % -1.9% Net LLPs NPL Ratio 5.3% 5.9% Coverage Ratio 93% 93% 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 (1) Average exchange rate as of 12M17 (2) Cost of credit: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months 18
19 Attributable profit Attributable profit rises 34%, reaching an all-time high 12M17 12M16 YoY (%) QoQ (%) Attributable profit ( MM constant euros 1 ) Profit before taxes 4,612 2, % 1.8% Tax on Profit (1,725) (824) 109.4% 1.9% Consolidated profit 2,887 2, % 1.7% Underlying att. profit 2,544 1, % 0.2% Non-recurring* - - Attributable profit 2,544 1, % 0.2% 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 Effective Tax Rate 37.4% 27.9% (1) Average exchange rate as of 12M17 19
20 Final remarks Market Environment & Financial System Anchored expectation suggests a gradual economic recovery Financial System: - Loans decrease 1.3% YoY. - Total Funding grows 7.9% YoY, driven by time deposits and funds Strategy & Business Total loans outperforming the market, boosted by individuals and consumer finance Funding: total deposits with a strong growth in the year, driven by time deposits Gross income grows 18.3% YoY, as a result of advances in our commercial strategy Efficiency ratio improves in line with our continuous focus in productivity Results Sound risk culture results in better loan portfolio quality indicators, despite the challenging scenario The recurring growth of attributable profit evidences that we are an organisation focused on creating value for our customers and, based on their continued support, we grow in a sustainable manner 20
21 Content Macroeconomic environment and financial system Strategy and business Results Appendix
22 Balance sheet Constant EUR million* Variation 31-Dec Dec-16 Amount % Customer loans 70,454 65,170 5, Cash, central banks and credit institutions 34,920 35,706 (787) (2.2) Debt securities 38,693 36,709 1, o/w: available for sale 21,321 14,053 7, Other financial assets 5,798 7,327 (1,529) (20.9) Other assets 11,825 11, Total assets 161, ,722 4, Customer deposits 70,074 62,583 7, Central banks and credit institutions 23,591 23, Debt securities issued 20,056 27,354 (7,298) (26.7) Other financial liabilities 23,783 21,564 2, Other liabilities 7,536 6,529 1, Total liabilities 145, ,538 3, Total equity 16,650 15,184 1, Other managed and marketed customer funds 58,479 51,490 6, Mutual funds 54,779 48,124 6, Pension funds Managed portfolios 3,700 3, * End of period exchange rate, as of 31-Dec
23 Income statement Constant EUR million* Variation Amount % Net interest income 10,078 8,593 1, Net fees 3,640 3, Gains (losses) on financial transactions Other operating income (39) (46.2) Gross income 14,273 12,066 2, Operating expenses (5,080) (4,770) (310) 6.5 General administrative expenses (4,571) (4,313) (258) 6.0 Personnel (2,565) (2,401) (164) 6.8 Other general administrative expenses (2,006) (1,911) (95) 4.9 Depreciation and amortisation (509) (457) (52) 11.4 Net operating income 9,193 7,296 1, Net loan-loss provisions (3,395) (3,599) 204 (5.7) Other income (1,186) (742) (443) 59.7 Underlying profit before taxes 4,612 2,954 1, Tax on profit (1,725) (824) (902) Underlying profit from continuing operations 2,887 2, Net profit from discontinued operations Underlying consolidated profit 2,887 2, Minority interests Underlying attributable profit to the Group 2,544 1, Net capital gains and provisions Attributable profit to the Group 2,544 1, * Average exchange rate as of 12M17 23
24 Income statement Constant EUR million* 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Net interest income 2,143 2,064 2,137 2,250 2,347 2,456 2,599 2,675 Net fees Gains (losses) on financial transactions (23) Other operating income (5) (20) Gross income 2,846 2,979 3,079 3,162 3,461 3,441 3,653 3,719 Operating expenses (1,132) (1,151) (1,187) (1,299) (1,223) (1,212) (1,283) (1,362) General administrative expenses (1,024) (1,037) (1,069) (1,182) (1,101) (1,085) (1,155) (1,230) Personnel (565) (576) (599) (661) (619) (621) (652) (672) Other general administrative expenses (459) (460) (470) (521) (482) (464) (502) (558) Depreciation and amortisation (108) (114) (118) (117) (123) (126) (128) (132) Net operating income 1,714 1,828 1,892 1,862 2,237 2,229 2,370 2,357 Net loan-loss provisions (861) (827) (966) (945) (847) (837) (847) (864) Other income (212) (212) (127) (191) (333) (343) (280) (229) Underlying profit before taxes ,057 1,050 1,242 1,264 Tax on profit (164) (258) (248) (154) (393) (373) (475) (484) Underlying profit from continuing operations Net profit from discontinued operations Underlying consolidated profit Minority interests Underlying attributable profit to the Group Net capital gains and provisions Attributable profit to the Group * Average exchange rate as of 12M17 24
25 Thank you Our purpose is to help people and businesses prosper. Our culture is based on the belief that everything we do should be
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