Banco Santander, S.A. (SAN) Form 6-K — Oct 28, 2026
Banco Santander delivered record nine-month results, with 9M'26 attributable profit of €12.4bn, up 20% YoY, and Q3'26 underlying profit of €3.8bn, up 19% YoY. Underlying profit of €11.2bn (+16%) was driven by 8% revenue growth, a 2.8pp efficiency improvement to 42.6%, and an underlying RoTE of 16.0% (+1.1pp). The group is comfortably on track for 2026 targets: CET1 at 12.7% versus a 12.8-13% year-end goal, ~€9bn of a €10bn buyback commitment delivered for 2025-26, and 189mn customers after adding 17mn YoY. Results now include Webster (consolidated 20 August 2026), targeted to add ~$800mn of cost synergies by end-2028 and lift Santander US RoTE toward ~18%.
Key figures
- Eps
- underlying EPS +21%, statutory EPS +25% YoY
- Revenue
- 46807000000
- Guidance
- On track for 2026 targets: revenue up MSD in constant euros ex. TSB & Webster, costs down, underlying profit >€11.0bn, CET1 12.8-13%; 2028 targets: >€20bn underlying profit, >20% RoTE
- Net Income
- 12405000000
- Revenue Yoy
- 8% (9M'26 vs 9M'25)
- Cash Position
- 156000000000
- Gwp
- €10.0bn (+20%)
- Nii
- €34,614mn (+10%)
- Aums
- €588bn (+11%)
- Cash dps
- €25.2 cents
- Npl ratio
- 2.90%
- Cet1 ratio
- 12.7% (target 12.8-13%)
- Total costs
- €19,925mn (+2%)
- Total loans
- €1,143bn (+16%)
- Cost of risk
- 1.16% (+3bps)
- Coverage ratio
- 64%
- Net fee income
- €10,349mn (+9%)
- Tnav per share
- €6.17 (+11%)
- Total deposits
- €711bn Retail (+16%)
- Total customers
- 189mn (+17mn YoY)
- Underlying ro TE
- 16.0% (+1.1pp)
- Efficiency ratio
- 42.6% (-2.8pp)
- Loan loss provisions
- €10,060mn (+13%)
- Net operating income
- €26,882mn (+14%)
- Q3 26 underlying profit
- €3.8bn (+19% YoY)
- Q3 26 attributable profit
- €3.4bn
- Ai business value generated
- €194mn in 9M'26
- Webster cost synergies target
- c.$800mn by end 2028
- Nine month attributable profit
- €12.4bn (+20%)
- Share buybacks delivered 2025 26
- c.€9bn of €10bn target
AI analysis
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