28 July 2017 SPAIN. First half 2017
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1 28 July 2017 SPAIN First half 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 Note: All figures excluding Popular
4 Macroeconomic environment The expansionary cycle in the Spanish economy is expected to continue in the coming years Annual GDP Growth (%, real) Interest rate (official rate, %) (e) 2018 (e) 2019 (e) (e) 2018 (e) 2019 (e) Inflation (annual change, %) Unemployment rate (%) (e) 2018 (e) 2019 (e) (e) 2018 (e) 2019 (e) Source: Santander Research Department 4
5 Macroeconomic environment backed by the adjustments and the structural reforms undertaken Annual GDP Growth (%, real) Spain Eurozone (e) Contribution to GDP growth (% y/y) (e) Net external demand Domestic demand GDP y-o-y data Investment (exc. Real Estate) (% GDP) Housing: sales and permits (thousands of units) New building permits Sales Q' Q' Source: Santander Research Department
6 Total banking system volumes System loans are decreasing at a slower pace In savings, the flow from deposits to mutual funds continues Loans to customers Savings EUR billion YTD EUR billion Mutual Funds YTD +6.8% 1,455 1,409 1, % 1,537 1,517 1, % 1,232 1,196 1, % % Dec'15 Dec'16 May'17 Dec'15 Dec'16 May'17 Households & non-financial entities in Spain Non-monetary financial institutions EMU Public sector in Spain Other non-resident sectors in Spain 6 Source: ECB and Bank of Spain. Other Monetary Financial Institutions.
7 Content Macroeconomic environment and financial system Strategy and business Results Appendix
8 Our Franchise The financial group includes retail networks, global businesses and specialised entities STRATEGIC PRIORITIES KEY DATA 1H 17 Var. YoY Profitable growth Gross loans 1 151,533 Customer funds 1 239,269 Attributable profit % +9% +102% Bank of choice for corporates RoTE 10.54% +344 bp Efficiency ratio 55.5% -239 bp Loans market share bp Improve efficiency and customer experience Deposits market share bp Loyal customers % Best bank to work for Digital customers Branches 2,869 Employees 22, % -8% -2% (1) Million euros; (2) Other non-resident sector in Spain as of May 2017 (last available); (3) Millions. 8
9 Commercial strategy and business transformation Become the best retail and commercial bank in Spain by improving our value proposition and transforming the way we do business 1l2l3 Strategy Businesses Global Corporate Banking Launch of the 1l2l3 Smart proposition to complete our 1l2l3 strategy with a tailored financial offer for millennial customers together with 100% digital processes ~90K new Smart accounts Building a reference position in SMEs and Corporates by delivering high value-added solutions +29% YoY* International Business new lending +10% YoY* Commercial portfolio new lending Leaders in the key league tables: Syndicated loans Cash management Trade Export finance Credit Cards Online Banking Call Center Building a deep long-lasting relationship with our customers by growing +32% loyalty and enhancing transactionality: >1 Million new credit cards YTD +43% YoY* credit turnover Double and triple digit growth of monetary transactions: +142%* in Lending, +158%* in Mortgages Only banking entity with Apple Pay and Samsung Pay in Spain >50% mobile payments market share Integrated channels to increase business remotely and to boost specialized services Quarter record in Santander Franchises operations +115%* +73%* International Business Center production * Var. 1H 17 vs 1H 16 9
10 Customers Growing our 1l2l3 strategy to build a deep and long lasting relationship while building a reference position in SMEs and Corporates Loyal individuals (millions) % 1.2 New 1l2l3 Smart offer to complete our 1l2l3 strategy with a digital proposition for millennials Growing customer loyalty over the period with increased transactionallity: In June, >60% of credit turnover from 1l2l3 customers Jun 16 Jun 17 Loyal companies (thousands) +20% Jun 16 Jun 17 Digital customers (millions) 1l2l3 SMEs account as key leverage for customer acquisition Growing in high value-added products with all segments growing: +29% YoY* in International business and leading position in Factoring and Confirming Leaders in GCB in the key league tables % 3.0 Growing digital penetration among our active customer base, currently standing at ~40% Only banking entity with Apple Pay and Samsung Pay in Spain and achieving a mobile payments market share above 50% Jun 16 Jun 17 * Var. 1H 17 vs 1H 16 10
11 Total loans performance Stocks remained flat in the quarter with a good performance in companies Total gross loans ( Bn 1 ) % var. / Jun 17 Jun 16 Mar Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Institutions Individual customers of which: - Housing mortgages Companies Corporate Gross loans (w/o repos) Repos Provisions (4) Net loans (1) Excluding repos
12 Total customer funds performance Focus on growing through demand deposits and mutual funds Total customer funds ( Bn) % var. / Jun 17 Jun 16 Mar 17 Repos & other Pension funds Mutual funds Demand + Time deposit Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Demand deposits Time deposits Deposits w/o Repos Mutual funds Customer funds Pension funds Repos Total customer funds
13 Content Macroeconomic environment and financial system Strategy and business Results Appendix
14 Net interest income. Yield and costs YoY NII variation affected by mortgage repricing in a competitive environment with low interest rates Net Interest Income ( MM) Yield on loans (%) Q 3Q 4Q 1Q'17 2Q Cost of deposits (%) NIM 1 (%) Official interest rate 2 (%) Q 3Q 4Q 1Q'17 2Q 14 (1) Net interest income annualised / Total assets average period (2) Quarter average.
15 Net fee income YoY fee income positive evolution offsets pressure on NII In the quarter, strong spike (17%) due to higher customer loyalty and the increase in market fees Net fee income ( MM) % var 1H 17 1H 16 YoY QoQ Fees from services Mutual and pension funds Insurance Securities Total fee income Q 3Q 4Q 1Q'17 2Q 15
16 Gross income Good performance in fee income and other revenues offset lower NII QoQ comparison affected by the contribution to the Single Resolution Fund* in 2Q 17 EUR million Gross income ( MM) % var 1H 17 1H 16 YoY QoQ 1,343 1,398 1,324 1,539 1,351 Net interest income 1,496 1, Net fees Subtotal 2,493 2, Gains (losses) on financial transactions Other Q'16 3Q 4Q 1Q'17 2Q Total 2,890 2, (1)Other includes Gains (losses) on financial transactions and Other operating income * 75 million net of taxes 16
17 Operating expenses The lower costs reflected the efficiency plan announced in 2016 Operating expenses ( MM) EUR million % var 1H 17 1H 16 YoY QoQ General expenses 1,516 1, Personnel Other Amortisations Total 1,604 1, Q 3Q 4Q 1Q'17 2Q 1 Efficiency ratio (%) Branches 2,869 3,119 Employees 22,941 23, (1) Calculation of efficiency ratio includes amortisations
18 Net operating income after loan-loss provisions (LLPs) Sharp fall in LLPs and further improvement in NPLs and cost of credit YoY EUR million LLPs and Cost of credit ( MM; %) % var Cost of credit H 17 1H 16 YoY QoQ Net operating income 1,286 1, Loan-loss provisions Loan-Loss provisions Net operat. income after provisions Q 3Q 4Q 1Q'17 2Q Coverage ratio (%) NPL ratio (%) (1) 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
19 Attributable profit Positive trends in provisions, costs and fee income offset the pressure on NII Underlying attributable profit ( MM) EUR million % var 1H 17 1H 16 YoY QoQ Underlying PBT Tax on profit Consolidated profit Minority interests Underlying att. profit Q 3Q 4Q 1Q'17 2Q Attributable profit ( MM) Non-recurring (216) Attributable profit Effective tax rate (%) 28.5% 28.6% Note: Including in 2Q 16 capital gains from the disposal of the stake in Visa Europe, and restructuring costs 19
20 Final remarks Economic environment and financial system The expansionary cycle in the Spanish economy is expected to continue in the coming years. GDP growth is backed by the adjustments and the structural reforms undertaken. Santander: Strategy and activity Become the best retail and commercial bank in Spain by improving our value proposition and transforming the way we do business. Growing our 1l2l3 strategy to build a deep and long lasting relationship while building a reference position in SMEs and Corporates. Strong growth in companies in the quarter. Demand deposits and mutual funds continued to grow. Santander: Results Stabilisation of NII in the last quarters. YoY NII variation affected by mortgage repricing in a competitive environment with low interest rates. Positive trends in provisions, costs and fee income more than offset the pressure on NII. In the quarter, strong spike in fee income due to higher customer loyalty and the increase in market fees. 20
21 Content Macroeconomic environment and financial system Strategy and business Results Appendix Note: the following slides provide data on the Spain unit, which includes the retail network of Santander, Global Corporate Banking, and the ALCO portfolio in Spain. Not included: Santander Consumer Finance unit in Spain nor Spain's Real Estate activity, as described in Santander Group's quarterly Financial Report (see Description of Segments in Information by principal segments chapter). All figures excluding Popular
22 Balance sheet EUR million Change Jun 17 Jun 16 Amount % Customer loans 156, ,467 (184) (0.1) Cash, central banks and credit institutions 70,944 56,843 14, Debt securities 62,479 56,509 5, o/w: available for sale 45,006 38,174 6, Other financial assets 33,803 48,144 (14,341) (29.8) Other assets 9,977 7,854 2, Total assets 333, ,816 7, Customer deposits 187, ,784 12, Central banks and credit institutions 70,074 61,363 8, Other financial liabilities 41,143 55,133 (13,990) (25.4) Other liabilities 6,802 2,208 4, Total liabilities 321, ,482 7, Total equity 11,926 11, Other managed and marketed customer funds 72,069 63,529 8, Mutual funds 53,838 46,907 6, Pension funds 10,384 10, Managed portfolios 7,847 6,543 1,
23 Income Statement EUR million Change 1H 17 1H 16 Amount % Net interest income 1,496 1,602 (106) (6.6) Net fees Gains (losses) on financial transactions (101) (34.8) Other operating income Gross income 2,890 2, Operating expenses (1,604) (1,671) 67 (4.0) General administrative expenses (1,516) (1,600) 83 (5.2) Personnel (799) (824) 25 (3.1) Other general administrative expenses (718) (775) 58 (7.4) Depreciation and amortisation (87) (71) (16) 22.9 Net operating income 1,286 1, Net loan-loss provisions (300) (360) 60 (16.7) Other income (129) (119) (9) 7.7 Underlying profit before taxes Tax on profit (244) (211) (34) 16.0 Underlying profit from continuing operations Net profit from discontinued operations Underlying consolidated profit Minority interests (0) (0.9) Underlying attributable profit to the Group Net capital gains and provisions * (216) 216 (100.0) Attributable profit to the Group *Including capital gains from the sale of VISA Europe and restructuring costs
24 Quarterly Income Statement EUR million 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 Net interest income Net fees Gains (losses) on financial transactions (42) Other operating income (30) Gross income 1,543 1,343 1,398 1,324 1,539 1,351 Operating expenses (837) (834) (824) (802) (798) (806) General administrative expenses (801) (799) (791) (766) (752) (765) Personnel (415) (410) (401) (408) (399) (399) Other general administrative expenses (386) (389) (390) (358) (352) (365) Depreciation and amortisation (36) (35) (33) (36) (46) (41) Net operating income Net loan-loss provisions (231) (129) (140) (85) (163) (137) Other income (37) (82) (51) (97) (64) (64) Underlying profit before taxes Tax on profit (126) (85) (108) (97) (146) (98) 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* (216) Attributable profit to the Group 307 (8) *Including capital gains from the sale of VISA Europe and restructuring costs
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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