2. 2
Important information
Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking
statements are found in various places throughout this presentation and include, without limitation, statements concerning our future
business development and economic performance. While these forward-looking statements represent our judgment and future
expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual
developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-
economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and
interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of
our customers, obligors and counterparties. The risk factors that we have indicated in our past and future filings and reports, including those
with the Securities and Exchange Commission of the United States of America (the “SEC”) could adversely affect our business and
financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-
looking statements.
Forward-looking statements speak only as of the date on which they are made and are based on the knowledge, information available and
views taken on the date on which they are made; such knowledge, information and views may change at any time. Santander does not
undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.
The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information,
including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so
only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such
information as is contained in such public information having taken all such professional or other advice as it considers necessary or
appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available,
Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or
investments whatsoever.
Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any
securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933,
as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to
engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act
2000.
Note: Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future
earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation
should be construed as a profit forecast.
3. 3
Agenda
Group highlights 9M’11
Results 9M’11: business areas
Conclusions
Appendix
4. 4
Basic ideas
Grupo Santander – Management drivers
Worsening
of macroeconomic
scenario in Q3’2011: 1 Solid basic revenues generation as the
driver of profit
Lower market revenues and larger provisions
Drop in expections at this moment in the cycle
2 Good liquidity and capital position
Sovereign debt crisis
Solid balance sheet structure
Volatility in markets Deleveraging of mature economies
and currencies Complying with the new capital requirements
Stressed wholesale
3 The balance sheet will be strengthened by
funding the allocation of capital gains in the fourth
quarter
Expected capital gains (EUR 1,500 million) will
be used to strengthen the balance sheet
5. 1 Profit 5
The Group maintains its capacity to generate profits in a very
complex scenario. In Q3 impact from markets and larger provisions
Quarterly attributable profit. Group Attributable profit. Group
EUR million EUR million
6,080 -13%
2,215 2,230 2,101 2,108 5,303
1,803
1,635
1,393
Q1'10 Q2 Q3 Q4 Q1'11 Q2* Q3 9M'10 9M'11
EPS of EUR 0.2030 in Q3'11 and 0.5981* in 9M'11
(*) Impact from PPI provision (EUR 620 mill. net of tax). Before this
provision, EPS for 9M'11: EUR 0.6680
6. 1 Basic revenues1 6
Solid basic revenues as the driver of profits
Basic revenues. Group
Basic revenues:
+ EUR 1,745 mill.; +6%
EUR million
10,493 10,497
10,230
9,972 9,967
9,536
9,861 9M’11/9M’10
Latam dynamism +1,761
SCF (organic and +565
inorganic growth)
BZ WBK entry +416
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3
Mature markets -997
1.- Basic revenues: Net interest income + fees + insurance fee income
7. 1 Total revenues 7
Different evolution of revenues versus our competitors
Gross income vs Peers
Gross income. Group Var. 2011/2010*
EUR million
+6%
+1%
11,285 11,117
Total 10,613 10,852
10,563
10,260 10,614
Trading -1%
gains / Grupo
other Peers avg. European
Santander peers avg.
Basic 10,230 10,493 10,497
revenues 9,536 9,972 9,967 9,861 Gross income / Assets vs Peers
% / ATA’s 2011*
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3
3.6%
3.0%
2.5%
Impact from market's revenues in
the third quarter
Grupo Santander Peers avg. Peers avg.
(*) Latest available information from each entity. “Peer Group” are large banks that because of their size,
characteristics and /or degree of direct competition are the reference ones to surpass: Banco Itaú, BBVA, BNP
Paribas, Credit Suisse, HSBC, ING Group, Intesa Sanpaolo, JP Morgan, Mitsubishi, Nordea, Royal Bank of
Canada, Societe Generale, Standard Chartered, UBS, Unicredito and Wells Fargo.
8. 1 Expenses 8
Differentiated management by units and businesses
Expenses. Group Expenses:
EUR million
+ EUR 1,227 mill.; +9%
9M’11/9M’10
4,824 4,908 4,994
4,548 4,687 4,698
4,263 Investments to capture Latam: +683
growth in emerging
countries BZ WBK: +217
Develop franchises and
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 businesses in mature ones +359
(Germany, UK, USA, GBM)
Reduce retail units in
Spain and Portugal -32
(-1% / -2%)
9. 1 Efficiency 9
Revenues and expenses evolution enable us to make investments
and continue as the "best in class" among our peers
Efficiency ratio vs Peers (%)
Data 2011*
Efficiency ratio1 vs Peers (%)
C1 41.7
Data 2011*
Grupo SAN 44.3
58.4 59.6 C2 48.5
C3 50.1
C4 51.8
44.3
C5 53.2
C6 53.7
C7 56.9
C8 58.2
C9 58.5
C10 58.5
C11 59.8
Grupo Peers avg. European C12 61.1
Santander peers avg. C13 63.8
C14 65.3
(1) Expenses / Revenues
C15 74.2
C16 77.6
(*) Latest available information from each entity. “Peer Group” are large banks that because of their size,
characteristics and /or degree of direct competition are the reference ones to surpass: Banco Itaú, BBVA, BNP
Paribas, Credit Suisse, HSBC, ING Group, Intesa Sanpaolo, JP Morgan, Mitsubishi, Nordea, Royal Bank of
Canada, Societe Generale, Standard Chartered, UBS, Unicredito and Wells Fargo.
10. 1 Loan-loss provisions 10
LLPs still high at the current moment of the cycle …
Specific provisions
EUR million
Net loan-loss provisions1
EUR million 9,126 -871
8,255
2,935 2,906
2,684
2,436 2,483 2,404
2,188 9M'10 9M'11
Use of generic provisions
EUR million
-483
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3
-787
-1,269
9M’10 9M’11
…. with performance impacted by the lower use of generic ones
(1) Including country-risk
11. 1 Credit quality 11
The Group's NPLs continue sliding upwards, because of Spain.
Downward trend in SCF, Sovereign and LatAm Ex-Brazil
Group's Total Continental Europe
% %
Spain SCF
3.78 3.86
3.55 3.61
3.42
5.15 5.13
4.57 4.81 4.95
4.24
3.88 4.63
4.42
4.29
Sep'10 Dec'10 Mar'11 Jun'11 Sep'11
S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11* S'11
United Kingdom and USA Latin America
% %
UK Sovereign Brazil Latam ex-Brazil
4.80 4.97 4.91 4.85 5.05 5.05
4.61
4.15
3.11 3.07
3.76 2.94 2.87 2.84
1.77 1.76 1.75 1.82 1.88 3.22
S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11* S'11*
(*) On a like-for-like basis, deducting the acquired GE portfolio in Mexico.
Including it: 3.08% in June 2011 and 2.91% in September 2011.
12. 1 Credit quality 12
The Group's coverage ratio is 66%. Stable in the last quarter
in most units
Group's Total Continental Europe
% %
Spain SCF
75 73 71 69 128 128 132
66 122 122
65
58 53 49 46
Sep'10 Dec'10 Mar'11 Jun'11 Sep'11
S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11 S'11
United Kingdom and USA Latin America
% %
UK Sovereign Brazil Latam ex-Brazil
113 110 114 114 111
101 104 102 100
93 98
82 85
72 75
48 46 45 41 40
S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11 S'11 S'10 D'10 M'11 J'11* S'11*
(*) On a like-for-like basis, deducting the acquired GE portfolio in Mexico.
Including it: 110% in June 2011 and 108% in September 2011.
13. 1 Loan-loss provisions 13
Santander is not taking advantage yet of the normalisation
of the cost of credit as done by its peers
Net provisions / loans vs. peers (%)
Data 2011* Y-o-y change
Net provisions / loans C1 4,93 -0.25
Grupo SAN 1.39 -0.06
C2 1.10 -0.31
C4 1.06 -0.11
1.45% 1.39% C5 1.00 -0.58
SAN C7 1.00 -1.55
C3 0.99 -1.13
C6 0.91 -0.28
1.07% C8 0.74 -0.05
Peers C9 0.64 -0.03
0.73% C10 0.36 -0.13
C11 0.31 -0.09
C12 0.25 -0.11
2010 2011* C13 0.19 -0.12
C14 0.17 -0.13
C15 0.03 +0.08
C16 0.00 -0.03
(*) According to the latest available information from each entity. “Peer Group” are large banks that because of
their size, characteristics and /or degree of direct competition are the reference one to surpass: Banco Itaú,
BBVA, BNP Paribas, Credit Suisse, HSBC, ING Group, Intesa Sanpaolo, JP Morgan, Mitsubishi, Nordea, Royal
Bank of Canada, Societe Generale, Standard Chartered, UBS, Unicredito and Wells Fargo.
14. 1 Grupo Santander Results 14
Larger growth of net operating income after provisions, thanks to
higher basic revenues and stable provisions …
Var. / 9M'10 % excl. forex
EUR Mill. 9M'11 Amount % and perimeter
Net interest income 22,853 +957 +4.4 +2.8
Fees 8,017 +728 +10.0 +7.2
Trading gains and other1 2,384 +133 +5.9 +3.5
Gross income 33,254 +1,818 +5.8 +3.9
Operating expenses -14,725 -1,227 +9.1 +6.3
Net operating income 18,529 +591 +3.3 +2.0
Loan-loss provisions -7,777 +78 -1.0 -1.8
Net op. income after provisions 10,752 +668 +6.6 +5.0
(1) Including dividends, equity accounted income and other operating results
15. 1 Grupo Santander Results 15
… not feeding through to profits because of larger provisions (PPI)
and higher taxes
Var. / 9M'10 % excl. forex
EUR Mill. 9M'11 Amount % and perimeter
Net interest income 22,853 +957 +4.4 +2.8
Fees 8,017 +728 +10.0 +7.2
Trading gains and other1 2,384 +133 +5.9 +3.5
Gross income 33,254 +1,818 +5.8 +3.9
Operating expenses -14,725 -1,227 +9.1 +6.3
Net operating income 18,529 +591 +3.3 +2.0
Loan-loss provisions -7,777 +78 -1.0 -1.8
Net op. income after provisions 10,752 +668 +6.6 +5.0
Other results and provisions2 -2,474 -1,256 n.m. n.m. PPI2 provision
Profit before tax 8,278 -588 -6.6 -8.6
Tax and minority interests -2,975 -189 +6.8 +5.2 Higher taxes
Attributable profit 5,303 -777 -12.8 -14.9
(1) Including dividends, equity accounted income, and other operating results
(2) Including provision for PPI in Q2’11 in the UK (EUR 842 mill. before tax)
16. 2 Liquidity 16
Solid and sustained liquidity position, favoured by deleveraging
of mature markets
Group's liquidity ratios Q3’11 trends
Loans / Deposits (%) Capacity to issue in the M/L term in a strongly
stressed market
9M'11 = 117%
150 36 2011 maturities
135 31
117 118
Moreover, € 20 bn
in market
9M'11 issues Maturities securitisations
Dec'08 Dec'09 Dec'10 Sep'11
Dep.+ M/L term funding / Loans (%)
Reduced recourse to wholesale funding in the short
term (only 2% of Group's balance sheet):
116 — Short term in US market (parent bank): < €1 bn
115
104 106
High discounting capacity at
Approx. € 100 bn
Dec'08 Dec'09 Dec'10 Sep'11 Central Banks
17. 2 Solvency ratio 17
Capital ratios adequate to a diversified balance sheet
and with a low risk profile ...
Core capital (%)
9.20% 9.42%
8.61% 8.80%
7.58%
… and high capacity for
6.25%
organic capital
generation
Dec'07 Dec'08 Dec'09 Dec'10 Jun'11 Sep'11
Note: Dec’07 according to BIS I
18. 2 Preliminary estimate of the impact on Santander from the 18
new EBA criteria
… which would reach 8.12%
In a simulation exercise with the recapitalisation
after the Q3’11 capital
hypothesis: core Tier I of 7.9% at June'11… generation
EUR million
Deficit at 9%
9.20% -0.2% -6,474 +1,250 -5,224
-0.4%
-0.5%
-0.2% +0.22% 8.12%
7.90% 7.90%
-130 b.p.
June 2011 as Basel 2.5 MtM – Intangibles Financial June 2011 June 2011 Increase core September 2011
reported sovereign and other stakes / adjusted with adjusted with Tier I in Q3’11 adjusted with
debt securitisations EBA criteria EBA criteria EBA criteria
(*)
(*) Including convertible capital instruments
19. 2 Santander Projections 19
We estimate that under the new criteria, we can reach a
core Tier I of 9.2% by June 2012 via internal generation of
capital and optimisation of RWA
EUR million
Deficit at 9%
+2,300 +1,700 +2,300
Surpluss at 9% Other measures
-5,224 +1,076
9.22%
and assets sales
+0.40%
+0.30%
+0.40%
8.12%
+0.80% additional
+110 b.p.
To reach the
objective of
September 2011 Generation Roll-out of Ongoing June 2012
10%
adjusted with 3 quarters: internal Optimisation of RWA adjusted with
EBA criteria Q4’11 + H1’12 models (internal projection) EBA criteria
20. 3 Capital gains and their application 20
Estimates at year-end 2011
Estimated capital gains
net of tax1 (€ mill.)
750 1,500
Will be used at the
end of the year to
750 strengthen the
balance sheet
Sale Insurance SC USA Total
Holding Latam Operation
(1) Expected to be recorded in the fourth quarter
21. 21
Agenda
Group highlights 9M’11
Results 9M’11: business areas
Conclusions
Appendix
22. 22
Profit distribution by geographic area
Results are underpinned by the Group’s diversification and by
managing the different growth stages in each market
Continental Europe Brazil
(ex-BZ WBK) Attributable profit(1) 9M’11
EUR million Constant US$ million
SCF Poland
-17% Global (BZ WBK)
2,739 Europe -6%
2,269 Portugal 2% 2,952
5% 2,773
2% 13%
25%
SAN
network + 10%
Banesto
9M'10 9M'11 9M'10 9M'11
18%
UK and Sovereign 20% LatAm Ex-Brazil
UK
5%
Constant EUR million Constant US$ million
Sovereign
UK Sovereign +17%
2,186
+44% 1,873
1,503
1,377
394
273
-9%
Poland (BZ WBK)
9M'10 9M'11* 9M'10 9M'11 EUR 172 million (6 months) 9M'10 9M'11
(*) After PPI provision: € 757 mill. (-50%)
(1) Over recurring operating areas 9M’11 attributable profit before PPI provision
33. United Kingdom 9M'11 33
Results affected by sluggish activity environment, regulatory impacts
and PPI1 provision
Attributable profit1: £ 1,198 mill. Activity
(EUR 1,377 mill.) £ billion. Local criteria
Var. 9M’11 / 9M’10 in £ (%)
Mortgages Companies' loans Deposits3
166 166
+11% 151 151
+0% 26 29
Gross income -8% 4
+0%
5
21 25
+19%2
Expenses +1% Sep'10 Sep'11 Sep'10 Sep'11 Sep'10 Sep'11
Core Non core
Net op. income -14% Net operating income / Provisions
Net operating income -14%
Net op. income after £ Mill. Net op.
2,460
-4% income
provisions -17% 2,123
Prov.
830 825 805 741 729 728 666
Attributable profit
-9% Net op.
before PPI provision income 1,817 1,747
after LLPs
-4%
Attributable profit 9M’11 after one-off = £ 659 mill.
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
(1) In Q2'11 before provision of sterling 538 million (net of tax) for possible claims related to payment
protection insurance (PPI).
(2) Loans to SMEs: +27%
(3) Not including GBM balances and other deposits for sterling 11 billion as of September 2011.
37. Latin America Ex-Brazil 9M’11 37
Profit increase spurred by retail banking: faster growing basic revenues and
lower cost of credit. Negative impact from trading gains in Q3'11
Activity1 Basic revenues
Constant US$ million
Volumes NII / Provisions (/ ATAs) +7%
4.15%
+10%
Var. Sep’11 / Sep’10 3.87% Net int.
2,258
6,552
income 2,053 2,115 2,099 2,195 6,102
1,977 2,071
3.13
+19% 3.01
+15%
Provisions
1.02% 0.86%
Loans Deposits 9M'10 9M'11 Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
Attributable profit: US$ 2,186 mill.
(EUR 1,555 mill.) Attributable profit by country
Var. 9M’11 / 9M’10 in constant US$ (%) Constant US$ million
Var. / 9M’10
Basic revenues +7%
Mexico2 1,028 +59%
Gross income +5% Chile 655 -6%
Expenses +12% Argentina 288 +8%
Colombia 42 +12%
Net op. income -1%
P. Rico 37 +6%
Net op. income after
+1% Uruguay 18
provisions -76%
Attributable profit 2 +17% Other3 117 -1%
(1) Constant currency
(2) Excluding minority interest: Mexico +25%; Total area: +6%
(3) Including Peru, New York and International Private Banking
38. Mexico 9M'11 38
Profit fuelled by strong basic revenues and lower provisions needs. Moreover,
positive impact from minority interests
Activity1 Basic revenues
Volumes NII/Provisions (/ ATAs) Constant US$ million
+14% +7%
Var. Sep’11 / Sep’10 4.04% 2,471
3.81% Net int.
874
(2) income 768 781 766 765 793 804
+32% 2,315
2.85
3.04
+13%
1.19% Provisions
0.77%
Loans Deposits 9M'10 9M'11
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
Attributable profit: US$ 1,028 mill.
(EUR 731 million ) Net operating income / provisions
Var. 9M’11 / 9M’10 in constant US$ (%)
Net operating income
Basic revenues +7% -1%
Net op.
Constant US$ million income 1,555 1,543
Gross income +3%
-7% Prov.
Expenses +8%
532 506 517 525 539
435 479
Net op. income -1% Net op. 1,188
income 1,057
Net op. income after after LLPs
+12% +12%
provisions
Attributable profit +59% Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
(1) Local currency
(2) Excluding perimeter: +24%
39. Chile 9M'11 39
Activity continued to grow strongly, focused on deposits. In Q3’11 lower revenues
in UF portfolio due to low inflation and one-time charge in provisions
Activity1 Basic revenues
Constant US$ million
Volumes NII/Provisions (/ ATAs) +2%
4.44% -2% 2,112
Var. Sep’11 / Sep’10 3.90% Net int.
income 2,077
720 744
699 700 688
+23% 3.39 658 679
2.90
+14%
Provisions
1.05% 1.00%
Loans Deposits 9M'10 9M'11
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
Attributable profit: US$ 655 mill.
(EUR 466 million ) Net operating income / provisions
Var. 9M’11 / 9M’10 in constant US$ (%)
Net operating income
Basic revenues +2% -5%
Constant US$ million
Net op.
Gross income +1% income 1,402 1,338
-16%
Prov.
Expenses +10% 472 465 465 450
496
439
392
Net op. income -5% Net op.
income 1,022
after LLPs 929
Net op. income after -9%
-9%
provisions
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
Attributable profit -6%
(1) Local currency
41. Sovereign 9M’11 41
Consolidating the franchise’s profitability: higher revenues, increased
activity and enhanced credit quality
Attributable profit: US$ 554 mill. Activity and profitability1
(EUR 394 mill.) Year-on-year change US$
Loans Deposits Net interest income /
Var. 9M’11 / 9M’10 in US$ (%) Provisions (% / ATAs)
+15%
3.31% 3.26%
+5% Net int.
income
Gross income +9%
2.17
-1% 2.59
-4%
-8%
-12%
Expenses +8% 1.14% Provisions
Dec’09 Dec’10 Sep’11 Dec’09 Dec’10 Sep’11 0.67%
Net operating income / 9M'10
Provisions
9M'11
Net op. income +9%
Net operating income
+9%
US$ million 1,272
Net op. 1,169
Net op. income after +8% income
+58%
provisions
Prov.
401 422 418 432
385 382 378
Net op. 910
Attributable profit +44% income 574
after LLPs
+58%
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
(1) Local currency
Note: Loans data (excl. securitisations) and deposits under US GAAP
43. 43
Corporate Activities
Larger trading gains (fx hedging) offset the negative impact from
funding cost and lower tax returns
Attributable profit
(Change 9M'11 vs. 9M'10)
EUR mill.
Main effects:
Net interest income -308
Trading gains +596
Other results and tax -199
Total impact on profit: +89
44. 44
Agenda
Group highlights 9M’11
Results 9M’11: business areas
Conclusions
Appendix
45. 45
Conclusions (I)
RESULTS: high generation underpinned by the top part of the P&L
In the quarter solid profit for the Group amid a complex scenario
improved underlying results (net operating income after
In the provisions +7%)
year-to-date due to sustained growth and increased revenues
larger provisions (PPI) and tax pressure tarnish profits
retail units in Europe and the UK more impacted by
environment
By unit SCF, Poland and Sovereign kept up sharp profit growth
Latin American units maintain very solid underlying results,
underpinned by the top part of the income statement
46. 46
Conclusions (II)
BALANCE SHEET STRENGTH: Solid liquidity and capital position
capacity to issue in the M/L term + deposit capturing
low recourse to short term + discounting capacity in central
Liquidity
banks
deleveraging in mature markets
high quality balance sheet
Capital continuous capacity of free capital generation
complying with the new capital requirements
at year-end, the announced capital gains will be used to
Capital gains further strengthened the balance sheet
Basic trends in profits and balance sheet in line with those announced at
Investor Day for the coming quarters
47. 47
Agenda
Group highlights 9M’11
Results 9M’11: business areas
Conclusions
Appendix
49. Main trends of the Group’s balance sheet 49
Retail balance sheet, appropriate for the business nature of low risk, liquid
and well capitalised
Balance sheet at September 2011 1 Lending: 59% of balance sheet
EUR billion
2 Cash, Central Banks and credit
1,250 1,250
Credit institutions: 14%
Cash and credit 168 2 144
institutions institutions
Derivatives 112 3
Derivatives
Other
122 3 Derivatives (with counterpart on
4 37
AFS Portfolio 68
Trading portfolio 66
the liabilities side): 9% of
5
102
balance sheet
Other* 6
Customer
Deposits
620 4 Available for sale portfolio
Loans to (AFS): 5%
customers
734 1 5
Issues and
subordinated
Trading portfolio: 5%
224
liabilities
Shareholders’ equity 6
& fixed liabilities 103 Other (goodwill, fixed assets,
Assets Liabilities accruals): 8%
(*) Other assets: Goodwill EUR 26 bn , tangible and intangible assets 17 bn , other capital instruments at fair
value 8 bn, accruals and other accounts 51 bn
51. Retail Banking 51
High one-digit growth in net operating income after provisions fuelled by
recovered basic revenues and lower provisions
Activity Basic revenues
EUR billiion EUR million
+5% +7%
Loans Deposits
9,857 9,870 29,283
+2% +3% 9,556 27,434
656 9,239 9,357 9,115
644 522 8,837
505
Sep'10 Sep'11 Sep'10 Sep'11
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
Attributable profit: EUR 5,330 mill. Net operating income / provisions
Var. 9M’11 / 9M’10 in euros
Net operating income
+4%
Basic revenues +7% EUR million Net op.
income 16,709 17,341
Gross income +6%
+1% Prov.
Expenses +9%
5,980 5,675
5,448 5,640 5,621 5,380 5,685
Net op. income +4%
Net op. 8,941 9,654
Net op. income after income
provisions
+8% after LLPs
+8%
Attributable profit 1 -8% Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
(1) After PPI provision. Before it: +3%.
52. Global Wholesale Banking (GBM) 52
Customer revenues resilient to the environment.
Impact on revenues from markets and on costs from investments
Gross income Gross income
EUR million EUR million
-11%
-7%
Total
1,364 1,303 1,230 1,252 1,337 Total 3,898
1,201 1,098 3,635
TOTAL 3,898 -7% 104 210 574 480
Trading 282 162 Trading
3,635 188 148
122
Trading 574
-16% 480 1,199
Customers 1,082 1,042 1,090 1,127 1,053 Customers 3,324 3,155
Equities 481
976
Investment -37% 301
38 47
banking +23%
Hedging of Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
interest / 1,067 1,022
-4%
exchange rates
Net operating income / provisions
Net operating income
-14%
Corporate 1,738 1,785 EUR million Net op.
banking1 +3% income 2,793
2,405
-20% Prov.
1,023 943
922 848 865
9M'10 9M'11 782 2,794
680
2,275
Net op.
Customer revenues income -19%
after LLPs
Q1'10 Q2 Q3 Q4 Q1'11 Q2 Q3 9M'10 9M'11
(1) Including Global Transaction Banking and Credit
