Banco Santander delivered a record underlying profit of €11.2 billion for the first nine months of 2026, supported by strong commercial momentum and the integration of the TSB and Webster acquisitions. While third quarter revenue of €15.96 billion slightly missed analyst expectations, underlying profit for the quarter rose 19% to €3.85 billion. The bank's "ONE Transformation" program continues to drive efficiency, reducing the efficiency ratio to 42.6% while supporting a 16% increase in both loans and customer funds on a constant currency basis.
Key Highlights
- Underlying profit for the third quarter reached €3.85 billion, representing a 19% increase compared to the prior year period.
- Customer base expanded by 17 million year-on-year to 189 million, significantly boosted by the completion of the Webster acquisition in August.
- The efficiency ratio improved by 2.8 percentage points to 42.6% as operating expenses fell 1% when excluding recent M&A activity.
- The CET1 capital ratio stood at 12.7% following the Webster acquisition, with the bank maintaining its year-end target of 12.8% to 13.0%.