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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of April, 2016

Commission File Number: 001-12518

Banco Santander, S.A.

(Exact name of registrant as specified in its charter)

Ciudad Grupo Santander

28660 Boadilla del Monte (Madrid) Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F   x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨            No   x

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Banco Santander, S.A.

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		Item 1

PRESS RELEASE

RESULTS JANUARY-MARCH 2016

Santander Q1 profit reaches EUR 1.633 billion, 5% less year-on-year and up 8% excluding FX impact

Comunicación Externa.		1
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:[email protected]

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Madrid, 27 April 2016. Banco Santander registered attributable profit of EUR 1,633 million in the first quarter of 2016, a 5% decrease compared to the same period of 2015. This decline is due to the depreciation against the euro of the currencies of all the countries where the Group is present, except the dollar. Without the exchange rate impact, profit would have increased 8%.

In a year marked by a complex international economic context, with historically low interest rates in currencies key for the Group, such as the euro and the pound, Banco Santander performed well. The bank increased its two main business lines, loans and customer funds, by 4%. This means a 6% increase in commercial revenues, which becomes a 5% decline when converted to euros.

Improved performance in revenue and business was also supported by progress in the Group’s commercial transformation, particularly in technology and digitalization. The number of loyal clients reached 14 million, with growth of 10% in businesses and 8% individuals. Digital customers increased 17% to 17.8 million, with a 49% increase in customers who frequently use our mobile applications.

Results

Results for the first quarter of 2016 were affected by the exchange rate fluctuation in the different currencies in which the bank operates, which depreciated against the euro throughout last year. For the purpose of comparison, in the P&L variations are shown in euros and without the exchange rate impact.

Comunicación Externa.		2
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:[email protected]

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Overall, revenues grew 4% (-6% in euros), supported by normal commercial revenues, i.e., net interest income and fees, which increased 6% and 7%, respectively. Meanwhile, results from financial transactions, which are more volatile due to their ties to capital markets, dropped 24%.

Commercial revenues grew slightly more than costs (0.5 point), without the exchange rate effect. In euros the two decreased 5% and 4%, respectively, resulting in net operating income of EUR 5,572 million for the quarter, up 3% without the exchange rate effect, and down 8% in euros. Growth of 4% in commercial revenues in Spain compared to the prior quarter is particularly noteworthy.

The efficiency ratio is now 48.1%, a 1.7 point improvement over the fourth quarter of last year and one of the best among international banks. Santander aims to bring this ratio to below 45% in 2018 and it is implementing plans to reconcile the investment needed for the Group’s commercial transformation with greater costs resulting from increasing regulatory requirements.

Loan loss provisions stood at EUR 2,408 million, 5% more than those made in the same quarter of 2015 (-6% in euros). This performance in provisions occurs in the context of a drop in the NPL rate, which came in at 4.33%, 0.52 percentage point lower than a year ago, and an increase in coverage, which grew five points to 74%. NPLs fell in the quarter in six countries and Santander Consumer Finance, but rose in Portugal, due to the integration of Banif, United States and Argentina.

Comunicación Externa.		3
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:[email protected]

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Europe accounted for 61% of profit and the Americas 39%. By countries, the largest contribution to profit, 23%, was made by the United Kingdom, followed by Brazil (18%), Spain (15%), Mexico (7%), Portugal and Chile (6% each), United States (4%), Argentina and Poland (3% each). Santander Consumer Finance, which carries out its activity in more than ten European countries, mainly in Germany, Spain and the Nordic countries, contributed 13% of profit, after earning EUR 251 million, with growth of 14% in euros and 17% without the exchange rate effect.

Business

Banco Santander closed the first quarter of 2016 with total assets of EUR 1.32 trillion, 3% more than the same period last year (-3% in euros). Loan volume rose to EUR 787,033 million, 4% more than the prior year (-3% in euros). Banco Santander’s total customer funds reached EUR 760,628 million, with growth of 4% (-2% in euros).

Spain. The total loan portfolio stood at EUR 156,134 million, with a decrease of 3% from the close of March 2015. This fall is greatly affected by a 19% drop in financing to the public sector, while financing stock to SMEs and companies grew 2%. New production continued to register strong growth, with lending to SMEs increasing 13% and to individuals, 30%.

Santander Spain’s customer funds totaled EUR 220,295 million between deposits and mutual funds, with a decline of 4%. Low interest rates and the appeal of the 1|2|3 account meant a 28% drop in term deposits, while demand deposits increased 8% and mutual funds, 1%. Cost of deposits, which grew 0.01 point in the previous two quarters, decreased 0.08 point with respect to the last quarter and 0.14 point with respect to the same period last year.

Comunicación Externa.		4
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:[email protected]

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Banco Santander has recovered leadership in customer satisfaction in Spain, driven by the 1|2|3 strategy. There are currently more than one million 1|2|3 accounts in Spain, of which 980,000 are individuals and 75,000, SMEs. 1|2|3 accounts are being opened at a rate of more than 100,000 per month and the goal is to end 2016 with two million accounts. The strong loyalty of these customers is enabling the bank to increase its market share in payroll accounts, pensions and credit card billing.

United Kingdom. The loan portfolio stood at EUR 261,770 million at the close of the first quarter of 2016, with growth of 3% for the year in pounds (-5% in euros). This performance is backed by financing to companies, which grew 11%; the mortgage business, up 3%, and consumer finance, which increased 6%.

The volume of deposits and mutual funds in the United Kingdom reached EUR 216,318 million and grew 5% in pounds for the year (-3% in euros). Over the last four years, the 1I2I3 strategy has attracted 4.8 million customers, who place an average of GBP 1 billion in their accounts every month.

In companies, Santander UK continued to increase market share by attracting new customers, 25,000 in twelve months, thanks to specific platforms and products.

Brazil. The loan portfolio amounted to EUR 63,875 million, with a drop of 1% in local currency (-16% in euros). In a recessive context, mortgages grew, lending to SMEs remained stable and credit to large companies fell.

As for customer funds, Brazil’s total deposits and mutual funds were EUR 80,383 million, representing growth of 10% without the exchange rate effect (-6% in euros). Total deposits remained stable and funds grew 21%.

Comunicación Externa.		5
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:[email protected]

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Santander Brasil moved forward in its transformation process and set up a new commercial platform in 2015 which enables simplification and digitalization of processes, resulting in improved customer experience.

As for the rest of the Group’s main countries, the United States grew 4% in lending year-on-year and 2% in customer funds; Mexico, 14% in credit and 12% in funds; Chile, 9% and 4%, respectively; Portugal improved 24% in loans and 22% in funds (including Banif); Poland increased credit 11% and funds 5%, and Argentina increased its loan portfolio 44% and client funds, 57% (variations that are affected by strong inflation).

Lastly, Santander Consumer Finance, which groups the consumer finance business in continental Europe, grew deposits 8% and lending to customers 11%, boosted by the agreement with French group PSA.

Capital

With regards to capital ratios, the bank closed the first quarter of the year with total eligible equity of EUR 81,093 million, and risk weighted assets were EUR 571,959 million. As a result, Santander has a CET1 capital ratio of 12.36%, 2.61 points more than the minimum required by the European Central Bank for 2016, which is 9.75%.

The CET1 fully loaded capital ratio, which assumes capital requirements that will be in force as of 1 January 2019, is 10.27%, 0.22 point more than at the end of 2015 and 0.60 point more than a year before. This capital ratio is in line to reach Santander’s goal of 11% by 2018.

Comunicación Externa.		6
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:[email protected]

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The bank’s board of directors has announced its intention to distribute a dividend of EUR 0.21 against the 2016 fiscal year, which would imply an increase of 5% of the dividend per share with respect to 2015. Of this amount, EUR 16.5 cents will be paid in cash, a 10% increase with respect to last year, and EUR 4.5 cents with the Scrip Dividend program, which enables shareholders to choose between cash or shares.

Banco Santander has a market capitalization of more than EUR 65,000 million, making it the leading bank in the euro zone. Santander has 3,682,927 shareholders and 194,519 employees serving over 122 million customers through 12,962 branches.

More info: www.santander.com

Comunicación Externa.		7
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email:[email protected]

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KEY CONSOLIDATED DATA

Balance sheet (€ million)		Mar’16				Dec’15				%				Mar’15				%				Dec’15
Total assets			1,324,200				1,340,260				(1.2	)			1,369,689				(3.3	)			1,340,260
Net customer loans			773,452				790,848				(2.2	)			793,965				(2.6	)			790,848
Customer deposits			670,607				683,122				(1.8	)			687,362				(2.4	)			683,122
Managed and marketed customer funds			1,057,969				1,075,565				(1.6	)			1,091,174				(3.0	)			1,075,565
Total equity			98,781				98,753				0.0				102,105				(3.3	)			98,753
Total managed and marketed funds			1,489,950				1,506,520				(1.1	)			1,545,444				(3.6	)			1,506,520
Ordinary income statement* (€ million)		1Q’16				4Q’15				%				1Q’15				%				2015
Net interest income			7,624				7,888				(3.3	)			8,038				(5.2	)			32,189
Gross income			10,730				10,894				(1.5	)			11,444				(6.2	)			45,272
Pre-provision profit (net operating income)			5,572				5,472				1.8				6,067				(8.1	)			23,702
Profit before taxes			2,732				2,173				25.7				2,990				(8.6	)			10,939
Attributable profit to the Group			1,633				1,460				11.9				1,717				(4.9	)			6,566

Variations w/o exchange rate:

Quarterly: Net interest income: +0.2%; Gross income: +2.2%; Pre-provision profit: +5.4%; Attributable profit: +18.5%

Year-on-year: Net interest income: +5.2%; Gross income: +4.1%; Pre-provision profit: +2.8%; Attributable profit: +8.2%

Underlying EPS, profitability and efficiency* (%)		1Q’16				4Q’15				%				1Q’15				%				2015
EPS (euro)			0.11				0.10				11.4				0.12				(10.8	)			0.45
RoE			7.5				6.5								7.6								7.2
RoTE			11.1				9.8								11.5								11.0
RoA			0.6				0.5								0.6								0.6
RoRWA			1.3				1.1								1.4								1.3
Efficiency ratio (with amortisations)			48.1				49.8								47.0								47.6
Solvency and NPL ratios (%)		Mar’16				Dec’15				%				Mar’15				%				Dec’15
CET1 fully-loaded			10.27				10.05								9.67								10.05
CET1 phase-in			12.36				12.55								11.91								12.55
NPL ratio			4.33				4.36								4.85								4.36
Coverage ratio			74.0				73.1								68.9								73.1
Market capitalisation and shares		Mar’16				Dec’15				%				Mar’15				%				Dec’15
Shares (millions)			14,434				14,434				—				14,061				2.7				14,434
Share price (euros)			3.874				4.558				(15.0	)			7.017				(44.8	)			4.558
Market capitalisation (€ million)			55,919				65,792				(15.0	)			98,663				(43.3	)			65,792
Book value (euro)			6.06				6.12								6.55								6.12
Price / Book value (X)			0.64				0.75								1.07								0.75
P/E ratio (X)			8.99				10.23								14.54								10.23
Other data		Mar’16				Dec’15				%				Mar’15				%				Dec’15
Number of shareholders			3,682,927				3,573,277				3.1				3,230,808				14.0				3,573,277
Number of employees			194,519				193,863				0.3				187,262				3.9				193,863
Number of branches			12,962				13,030				(0.5	)			12,920				0.3				13,030
Information on total profit**		1Q’16				4Q’15				%				1Q’15				%				2015
Attributable profit to the Group (€ million)			1,633				25				—				1,717				(4.9	)			5,966
EPS (euro)			0.11				(0.01	)			—				0.12				(10.8	)			0.40
RoE			7.5				4.9								7.6								6.6
RoTE			11.1				7.4								11.5								10.0
RoA			0.6				0.4								0.6								0.5
RoRWA			1.3				0.9								1.4								1.2
P/E ratio (X)			8.99				11.30								14.54								11.30

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Item 2

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KEY CONSOLIDATED DATA

Balance sheet (€ million)		Mar’16				Dec’15				%				Mar’15				%				Dec’15
Total assets			1,324,200				1,340,260				(1.2	)			1,369,689				(3.3	)			1,340,260
Net customer loans			773,452				790,848				(2.2	)			793,965				(2.6	)			790,848
Customer deposits			670,607				683,122				(1.8	)			687,362				(2.4	)			683,122
Managed and marketed customer funds			1,057,969				1,075,565				(1.6	)			1,091,174				(3.0	)			1,075,565
Total equity			98,781				98,753				0.0				102,105				(3.3	)			98,753
Total managed and marketed funds			1,489,950				1,506,520				(1.1	)			1,545,444				(3.6	)			1,506,520
Ordinary income statement* (€ million)		1Q’16				4Q’15				%				1Q’15				%				2015
Net interest income			7,624				7,888				(3.3	)			8,038				(5.2	)			32,189
Gross income			10,730				10,894				(1.5	)			11,444				(6.2	)			45,272
Pre-provision profit (net operating income)			5,572				5,472				1.8				6,067				(8.1	)			23,702
Profit before taxes			2,732				2,173				25.7				2,990				(8.6	)			10,939
Attributable profit to the Group			1,633				1,460				11.9				1,717				(4.9	)			6,566

Variations w/o exchange rate:

Quarterly: Net interest income: +0.2%; Gross income: +2.2%; Pre-provision profit: +5.4%; Attributable profit: +18.5%

Year-on-year: Net interest income: +5.2%; Gross income: +4.1%; Pre-provision profit: +2.8%; Attributable profit: +8.2%

Underlying EPS, profitability and efficiency* (%)		1Q’16				4Q’15				%				1Q’15				%				2015
EPS (euro)			0.11				0.10				11.4				0.12				(10.8	)			0.45
RoE			7.5				6.5								7.6								7.2
RoTE			11.1				9.8								11.5								11.0
RoA			0.6				0.5								0.6								0.6
RoRWA			1.3				1.1								1.4								1.3
Efficiency ratio (with amortisations)			48.1				49.8								47.0								47.6
Solvency and NPL ratios (%)		Mar’16				Dec’15				%				Mar’15				%				Dec’15
CET1 fully-loaded			10.27				10.05								9.67								10.05
CET1 phase-in			12.36				12.55								11.91								12.55
NPL ratio			4.33				4.36								4.85								4.36
Coverage ratio			74.0				73.1								68.9								73.1
Market capitalisation and shares		Mar’16				Dec’15				%				Mar’15				%				Dec’15
Shares (millions)			14,434				14,434				—				14,061				2.7				14,434
Share price (euros)			3.874				4.558				(15.0	)			7.017				(44.8	)			4.558
Market capitalisation (€ million)			55,919				65,792				(15.0	)			98,663				(43.3	)			65,792
Book value (euro)			6.06				6.12								6.55								6.12
Price / Book value (X)			0.64				0.75								1.07								0.75
P/E ratio (X)			8.99				10.23								14.54								10.23
Other data		Mar’16				Dec’15				%				Mar’15				%				Dec’15
Number of shareholders			3,682,927				3,573,277				3.1				3,230,808				14.0				3,573,277
Number of employees			194,519				193,863				0.3				187,262				3.9				193,863
Number of branches			12,962				13,030				(0.5	)			12,920				0.3				13,030
Information on total profit**		1Q’16				4Q’15				%				1Q’15				%				2015
Attributable profit to the Group (€ million)			1,633				25				—				1,717				(4.9	)			5,966
EPS (euro)			0.11				(0.01	)			—				0.12				(10.8	)			0.40
RoE			7.5				4.9								7.6								6.6
RoTE			11.1				7.4								11.5								10.0
RoA			0.6				0.4								0.6								0.5
RoRWA			1.3				0.9								1.4								1.2
P/E ratio (X)			8.99				11.30								14.54								11.30

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Helping people and businesses prosper

(*) 2015 data

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Simple | Personal | Fair

Employees
•  Human Resources continued to review its strategy in accordance with the Group’s new culture and contributing to its objectives.
•  Among other measures, corporate behaviour patterns are being incorporated to the various processes for managing people (selection, evaluation, training and remuneration), for which a communication campaign was carried out for team heads and teams.
•  Action plans are being prepared so as to make progress in areas identified for improvement in the engagement survey: agility in decision-making, organizational and processes simplification, management of talent, and improvement of workplace environment in order to be more efficient and able to develop our full potential.
Customers
•  Of note in improving customer loyalty was the good pace of opening new 1|2|3 accounts in Spain as well as in Portugal and the United Kingdom.
•  Significant advances were made in the NEO CRM commercial tools with the development of new functionalities and their installation in new countries (US and Uruguay)
•  Noteworthy in digital transformation were the launch of the Opción Seguro app in Portugal, the new online bank for companies in Spain, an innovative point-of-sale app in Brazil and the first digital office in Argentina.
•  Lastly, simpler and more efficient processes were installed in all channels in order to keep on improving the satisfaction and experience of our customers.
Shareholders
•  We continued to make the information for our shareholders more transparent and facilitate the exercise of their rights, as underscored by the annual general meeting of shareholders (AGM).
•  This meeting had a quorum of 57.63% (above the average for the previous three years). The number of shareholders reached a record participation, with 65% of them via online means.
•  The proposal to increase the total dividend by 5%, charged to 2016’s earnings, was announced at the meeting, in line with the commitment taken aboard to increase the dividend on the basis of profit growth.
•  Also noteworthy was the new online quarterly report, facilitating its interactivity and the unification of the apps of the shareholders and investors area, while also improving the content.
Communities
•  Santander invested €207 million in 2015 in community support programmes, €160 million of which went to higher education projects in more than 1,200 universities.
•  Furthermore, €47 million was assigned to community support programmes in the sphere of child education, entrepreneurship, financial education, art and culture.
•  Of note in education in the first quarter was completion of the fifth edition of the Santander Internship grants in SMEs, which benefited 22,500 students.
•  In micro credits, Santander is the leader in Brazil and a reference in other countries. A total of 253,882 micro entrepreneurs were supported in 2015 in Brazil, Chile and El Salvador.

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HIGHLIGHTS OF THE PERIOD

 

Customers

 

•  We continued to transform our commercial model and make it increasingly Simple, Personal and Fair.
•  The number of loyal customers increased 8% over the last 12 months (individuals: +8% and companies: +10%).
•  The number of digital customers rose by 2.6 million (+17% year-on-year), reflecting the strength of the multi-channel strategy.

 

Profit growth with good performance of commercial revenues and provisions

 

•  Attributable profit of €1,633 million, 5% less than in the first quarter of 2015.
Negative impact of exchange rates (+8% on a currency-neutral basis):
–  Solid commercial revenues, fuelled by net interest income as well as fee income.
–  Costs almost stable in real terms and on a like-for-like basis.
–  Provisions were higher year-on-year, but stable over the last two quarters.
•  RoTE of 11.1%, in line with the underlying RoTE in 2015.

Activity

 

•  Impact of exchange rates: -3 p.p. in the quarter and -7 p.p. year-on-year.
•  On a currency-neutral basis:
–  Lending rose 4% year-on-year and increased in all the main segments and in eight of the 10 core units.
–  Funds increased 4% year-on-year due to demand deposits. Growth in nine of the 10 core units.
•  Solid funding structure and liquidity. Net loan-to-deposit ratio of 115%.

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HIGHLIGHTS OF THE PERIOD

Solid capital ratios and appropriate for the business model, balance sheet structure and risk profile

 

•  Fully-loaded CET1 of 10.27%. Rise of 22 b.p. in the quarter due to profit generation and management of risk assets together with some positive non-recurring impacts (regulatory, valuation of portfolios available for sale and others) and negative ones (increased perimeter).
•  Total capital ratio of 13.23% and fully-loaded leverage ratio of 4.8%.
•  Tangible net asset value per share stable in the quarter. On a currency-neutral basis it would increase 10 b.p.

Improvement of all credit quality ratios

 

•  Net NPL entries dropped 17% over the first quarter of 2015 (excluding perimeter and on a currency-neutral basis).
•  Non-performing loan (NPL) ratio of 4.33% on a continued downward trend. Of note Spain, SCF, Poland and Mexico.
•  Coverage ratio of 74% following four quarters of continued improvement.
•  Cost of credit 1.22%, 16 b.p. lower than in March 2015. Excluding Santander Consumer USA, 0.88% (-19 b.p.).

Business areas: (more detail on pages 19-34 and appendix)

•  Continental Europe: first quarter attributable profit of €706 million, 81% more than the fourth quarter of 2015, due to the recording in that period of the contributions to the deposit guarantee fund and resolution fund, and 12% above the first quarter of 2015 because of higher fee income and lower provisions.
•  United Kingdom: attributable profit of £349 million, affected by a new corporate tax surcharge. Excluding this, pre-tax profit was 13% higher than in the fourth quarter and 14% year-on-year due to good business momentum and control of costs and reduced provisions.
•  Latin America: negative impact of exchange rates (-7 p.p. over the fourth quarter and -25 p.p. year-on-year). Excluding this, attributable profit was 9% higher than the fourth quarter at €703 million (lower costs and provisions)and 8% year-on-year due to higher commercial revenues.   Of note Brazil with attributable profit of €359 million (+13.1% quarter-on-quarter and +0.4% year-on-year).
•  United States: attributable profit of $90 million, lower than in the first quarter of 2015 due to higher costs and provisions, partly due to the temporary impact of ongoing measures (creation of the holding, investment in the franchise, priorities in consumer credit, etc) and provisions for Oil & Gas in line with the sector’s.
Higher profit than in the fourth quarter due to lower costs and provisions.

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Customers

Our competitive advantage is our critical mass in each of our 9+1 core markets (including Santander Consumer Finance in Europe), where we serve a total of 122 million customers. This is what enables us to generate revenues consistently, quarter after quarter, and through the economic cycle.

We have gained the confidence of our customers by taking care of their financial needs over many years.

Our business continues to be based on personal relations. Our priority this year and beyond will be to win the loyalty of our customers and foster greater use of our digital banking services.

Loyal customers: 14.0 million

•  We want to engage a larger number of customers and make transaction banking the key element. We analyse which products have opportunities to be improved within each market and work to deliver further enhancements.
•  Developing value offers for each type of customer and having a long-term strategy is the base for increasing customers’ confidence and loyalty in the Group’s core countries.
•  The number of loyal customers increased to 14 million in the first quarter of 2016 thanks to new commercial tools (Argentina, Uruguay and US) and to tailored value offers (cards, 1|2|3 mini account, accounts for SMEs).
•  Loyal individual customers increased 8% in the 12 months to March and companies 10%.
•  We continued to transform our branches in order to offer a more personalised service and make processes simpler and more intuitive.

Digital customers: 17.8 million

•  Digitalisation is the key for adapting Santander to the new way of interacting with customers.
•  Santander is carrying out an intense digitalisation process that affects not only the services provided to its customers but also all its operations, both internal as well as external; how to use data to spur business growth; updating and modernising systems and streamlining processes and the organisation in general.
•  The number of digital customers increased around one million in the first quarter of 2016 to 17.8 million. The increase in the last 12 months was more than 2.5 million (+17%).
•  The main units are Brazil, with close to 5 million digital customers in April, and the UK with more than 4 million.
•  Online banking users rose 9% in the last 12 months, while mobile ones surged 49%.

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Table of Contents

General background

Grupo Santander conducted its business during the first quarter in a challenging economic environment, with markets registering high volatility.

Banking activity, continued to be affected by interest rates still at historically low levels in many countries and competition was tougher in some markets, mainly for assets, while the regulatory environment was more demanding.

The performance in Latin America was varied:

Exchange rates: 1 euro / currency parity

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Table of Contents

Grupo Santander Results

First quarter highlights

Income statement

€ million