Banco Santander reported a strong set of results for the first nine months of 2026, with attributable profit rising 20% to €12.4 billion. Performance was driven by double-digit growth across its five global businesses and structural efficiency improvements from its 'ONE Transformation' program. While quarterly revenue of €15.87 billion slightly trailed analyst estimates, the bank maintained robust margins and confirmed it is on track to meet its 2026 targets, including a return on tangible equity (RoTE) of 16%.
Key Highlights
- Net Interest Income (NII) for the third quarter was €11.83 billion, matching expectations and supported by higher volumes and active balance sheet management.
- Efficiency ratio improved to 42.6%, a reduction of 2.8 percentage points year-over-year, as total costs fell 2% in constant euros excluding perimeter effects.
- The bank has delivered approximately €9 billion of its €10 billion share buyback commitment for the 2025-2026 period.
- Customer engagement continued to scale with 17 million new customers added over the last 12 months, bringing the total to 189 million.