Banco Santander announces third-quarter earnings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 29 2025
0mins
Should l Buy SAN?
Source: SeekingAlpha
Q3 Financial Performance: Banco Santander reported a Q3 GAAP EPS of €0.23, with net interest income of €10.35 billion, reflecting a 2% year-over-year increase. Profit attributable to the parent reached €3,504 million, marking a sixth consecutive quarterly record.
CET1 Ratio and Profit Growth: The CET1 ratio stood at 13.1% at the end of September 2025, slightly above the target range. Year-to-date, attributable profit increased by 11% to €10,337 million, driven by strong performances across revenue lines and controlled costs.
Impact of Argentina: Despite challenges in Argentina, profit growth remained resilient, with a 4% increase when excluding its impact. The bank's solid net fee income and lower provisions contributed to overall profitability.
Future Outlook: Banco Santander's strong profit growth across global businesses positions it well to meet its 2025 targets, supported by a solid increase in revenue and flat costs in real terms.
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Analyst Views on SAN
Wall Street analysts forecast SAN stock price to fall
2 Analyst Rating
0 Buy
1 Hold
1 Sell
Moderate Sell
Current: 12.360
Low
4.90
Averages
7.40
High
9.91
Current: 12.360
Low
4.90
Averages
7.40
High
9.91
About SAN
Banco Santander, S.A. is a Spain-based company engaged as a retail and commercial bank. The Banks segments include Continental Europe, the United Kingdom, Latin America and the United States. The Continental Europe segment covers all businesses in the Continental Europe. The United Kingdom segment includes the businesses developed by various units and branches in the country. The Latin America segment embraces all its financial activities conducted through its banks and subsidiaries in the region. The United States segment includes the Intermediate Holding Company (IHC) and its subsidiaries Santander Bank, Banco Santander Puerto Rico, Santander Consumer USA, Banco Santander International, Santander Investment Securities, and the Santander branch in New York. The Company's commercial model satisfies the needs of all types of customers: individuals with various income levels.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Climate Target Controversy: Banco Santander is facing strong criticism from climate activists after adjusting and diluting its emissions targets, which could negatively impact its reputation among ESG investors, particularly when compared to peers like BNP Paribas and HSBC.
- New Headquarters Initiative: The bank's decision to relocate its Brazilian headquarters to the sustainability-focused, tech-enabled Campus JK is framed as a long-term investment in operational efficiency and digital capabilities, potentially attracting talent and enhancing market competitiveness.
- Increased Financial Flexibility: With an 11.4% growth in earnings over the past year, Banco Santander has gained more flexibility to fund projects like Campus JK while also absorbing one-off costs associated with its transformation efforts.
- Regulatory and Reputational Risks: The dilution of emissions targets may heighten Banco Santander's reputational and regulatory risks, especially as global peers face similar scrutiny, which could influence future funding costs and capital allocation decisions.
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- Chairman of Spain's Santander: The chairman has announced that they are estimating the closing of the Webster deal in the third quarter (Q3).
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- Focus on Capital Maintenance: The emphasis is on sustaining capital levels to support business operations effectively.
See More
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- Chairman of Spain's Santander: The chairman has stated that the bank is not considering launching any new products in the near future.
- Focus on Current Operations: The bank's current strategy appears to prioritize existing operations rather than expanding its product offerings.
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- Customer Base Expansion: Santander anticipates growing its customer base to over 210 million across Europe and the Americas by 2028, up from 180 million at the end of 2025, indicating the effectiveness of its market penetration strategy.
- Dividend Policy Adjustment: The board proposed a final cash dividend of €0.125 per share against 2025 profits, with a total expected cash dividend of €0.24 per share for 2025, representing over a 14% increase from 2024, and plans to more than double the cash dividend per share by 2028.
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