Santander Consumer Bank results for 2025

24 Feb 2026 11:57 CET

• Profit before tax amounted to 3 053 MM NOK, an increase of 12.4% compared to
2024.
• Net interest income amounted to 7 453 MM NOK in 2025, a decrease of -3.5%
compared to 2024.
• The Group’s gross outstanding loans to customers ended at 185 570 MM NOK in
2025.
• Customer deposits amounted to 99 467 MM NOK at end of 2025.

Profit before tax for the Group amounted to 3 053 MM NOK, representing an
increase of 12.4% compared to 2024. The improved result reflects solid
underlying operating performance and disciplined cost and risk management,
partly offset by lower net interest income following structural changes in the
portfolio composition.

On December 31, 2024, the Group completed the sale of its Credit Cards
portfolio. As Credit Cards was a high-yield product, the divestment reduced
interest income in 2025 by 508 MM NOK compared to 2024. However, the sale also
eliminated 587 MM NOK of cost in other income and costs related to the Credit
Cards business that were recognised in 2024.

Net interest income amounted to 7 453 MM NOK in 2025, a decrease of 268 MM NOK
(-3.5%) compared to 2024. The reduction reflects lower lending volumes in
selected portfolios, the absence of income from the divested Credit Cards
portfolio and a reduction of market rates following the higher interest rate
environment in 2024. Interest expenses decreased by 1 624 MM NOK (-24.7%)
year-on-year, partly offsetting the decline in interest income.

Gross margin amounted to 7 432 MM NOK, down 6.4% compared to 2024. The decrease
primarily reflects the absence of Credit Cards-related income in 2025 and lower
overall activity levels. Fee and commission income decreased year-on-year, while
fee and commission expenses also decreased, contributing positively to the
overall margin development. Other operating expenses increased by 260 MM NOK,
driven by higher depreciation on operating leases and increased contributions to
The Norwegian Banks’ Guarantee Fund.

Impairment losses on loans remained at a prudent level, decreasing by 103 MM NOK
compared to 2024, reflecting strong risk management.

The Group’s gross outstanding loans to customers ended on 185 570 MM NOK per
December 2025. This is a decrease of -1.2% (-2 301 MM NOK) compared to December
2024. Gross unsecured lending reduced by -2 931 MM NOK, with -524 MM NOK coming
from the portion of our Credit Cards portfolio which is in runoff. The decrease
on unsecured financing was partly offset by gross auto financing which increased
by 630 MM NOK during 2025.

In 2025, despite a decreasing interest rate environment, the Group’s deposit
volume has remained steady. Total outstanding volume for the Group is 99 467 MM
NOK for Q4 2025, representing a decrease of 353 MM NOK compared to Q4 2024.

Overall, the Group delivered a solid financial performance in 2025, with
improved profitability compared to 2024, supported by resilient core earnings
and disciplined cost and risk management.

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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666559_Annual Report 2025.pdf