Santander achieved record net fee income and operating expenses fell by 1%, reflecting the bank's transformation towards a simpler, more digital and globally integrated model, with an efficiency ratio of 41.3%. For 2026, the bank is targeting mid-single-digit revenue growth and lower costs in constant euros, higher profits and a CET1 ratio of 12.8-13%.
Cyborg Score Rationale
Santander delivered record 2025 profit with strong results driven by resilient net interest income, record fees and efficiency gains, with continued improvement in credit quality. The bank demonstrates solid capital ratios and aggressive capital return programs, positioning it well for growth.
Top Insights
Reached 180 million total customers in 2025 after adding 8 million new customers during the year
Loan-loss provisions fell with improved cost of risk at 1.13% and non-performing loan ratio of 2.92%, improving 14 basis points year-on-year at historically low levels
Intends to allocate at least €10 billion to shareholder remuneration in the form of share buybacks from 2025 and 2026 results and excess capital
Loans rose 2% in constant euros to €1.0 trillion, driven by growth in Consumer, CIB, Wealth and Payments
Named Competitors
BBVA — Major European diversified bank with significant Americas presence
Barclays — Global banking and investment services
ING — European-focused diversified banking services
UniCredit — Major European banking group with strong presence in Italy and Central Europe
Recent Developments
(February 2026) Announced 2025 record full-year results with €14.1B profit and 180 million customers
(February 2026) Confirmed Webster Bank acquisition for $12.3B to expand US presence with double-digit revenue growth expected in 2027
(July 2025) Reached agreement to acquire TSB Banking Group for £2.65 billion to strengthen UK operations
(Q3 2025) Posted record nine-month results with 178 million customers and earnings per share up 16%
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