Banco Santander, S.A. Q1 2026 Results

Banco Santander reported a strong first quarter for 2026, with underlying profit up 12% to €3.6 billion. Revenue increased by 4% to €15.1 billion, driven by growth in net interest income and fee income due to higher customer activity. Costs were reduced by 3% through efficiency gains from the ONE Transformation program, leading to an improved efficiency ratio of 42.8%. The bank added eight million customers, reaching a total of 176 million. Loans and deposits grew by 5% and 4% respectively. The CET1 ratio stood at 14.4%. The company reiterated its 2026-2028 targets and announced a final cash dividend of 12.5 euro cents per share, along with a share buyback program of up to €5 billion.