Santander Consumer Bank results for Q1 2025

15 May 2025 09:55 CEST

• Profit before tax for the Group amounted to 611 MM NOK, down -22.5% compared
to the same period last year.
• Net interest income was 1 823 MM NOK, a decrease of 118 MM NOK (-6.1%)
compared to Q1 2024.
• The Group’s gross outstanding loans to customers ended at 181 877 MM NOK.
• Customer deposits amounted to 100 410 MM NOK at end of 2024, up 0,6% vs. year
end 2024.

The Group’s profit before tax for the Group amounted to 611 MM NOK, down -22.5%
compared to the same period last year. The main driver for the decreased result
was lower net interest income and higher other operating expenses, offset by
lower operating expenses.

Per Q1 2025, the Group’s financial results showed a net interest income of 1 823
MM NOK, representing a decrease of 118 MM NOK (-6.1%) compared to Q1 2024. The
change in net interest income was due to lower interest income of -429 MM NOK
(-12%), offset by lower interest expenses of 311 MM NOK (+19%) compared to Q1
2024.

Comparing the periods, both interest income and interest expenses have
substantially decreased due to lower assets after the sale of credit card
business in the end of 2024. FX had a positive impact on net interest income of
25 MM NOK compared to Q1 2024.

Net impairment losses ended 32 MM NOK lower in Q1 2025 vs Q1 2024, due to
negative non-recurring items last year and overall better performance on the
portfolio.

Other operating expenses was 193 MM NOK in Q1 2025 vs 95 MM NOK in Q1 2024. The
increase is related to operational leasing business where the Group has taken
higher amounts of depreciations and had losses on remarketing of vehicles due to
residual value performance.

Operating expenses for the period amounted to a total of 715 MM NOK compared to
807 MM NOK per Q1 2024. The decrease was mainly driven by lower administrative
expenses from marketing and IT costs and reduced salaries and personnel expenses
as a result of fewer employees.

As of Q1 2025, the Group’s outstanding loans to customers came to 181 877 MM
NOK. This is a decrease of -5 994 MM NOK (-3.2%) compared to year end 2024. Auto
shows a decrease of -5 064 MM NOK (-3.1%) driven by lower new business volumes
and lower Stock Finance volume. Consumer is also showing a decrease of -930 MM
NOK (-4.1%) driven by higher level of repayments compared to new business
volumes.

The Group’s growth in Deposits continued in Q1, with total outstanding volume
ending at 100 410 MM NOK, representing an increase of 0,6% compared to year end
2024. This is the first time customer deposits surpass 100 billion NOK. The
Group operates deposit platforms in three of its four home markets: Denmark,
Norway and Sweden.

Contact information:
pressnordics@gruposantander.com

Santander Consumer Bank is a part of Banco Santander. In the Nordics Santander
employs around 1200 people. The bank has 1.3 million customers in the Nordics,
is market leader within auto finance and offers a range of loan products,
deposit and insurance.

More information:
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646486_BoD Q1 2025.pdf