Santander 9M Profit Rises 16% to €11.2B; CET1 at 12.7% After Webster
SAN sits 21% above its 52-week low of $9.85.
Summary
Underlying profit for the first nine months of 2026 rose 16% to €11.2 billion on 8% revenue growth, with costs down 1% excluding M&A. The Webster deal pushed CET1 to 12.7%, just under the 12.8-13% year-end target, while 2026 guidance was reiterated.
Key Events · Earnings and Guidance · SAN
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Record 9M Underlying Profit of €11.2B
Underlying profit rose 16% to €11,176 million and attributable profit 20% to €12,405 million, helped by a €1.9 billion gain on the Poland disposal partly offset by €666 million of TSB/Webster integration charges.
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Revenue Up 8%, Costs Down 1% Ex-M&A
Total income reached €46,807 million, with net interest income up 10% to €34,614 million; the efficiency ratio improved 2.8 points to 42.6% and net operating income rose 14% to €26,882 million.
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CET1 Falls to 12.7% on Webster
The Webster acquisition cut 147 basis points from the capital ratio; excluding it, CET1 rose 14 basis points in the quarter on 19 basis points of organic generation, leaving the bank short of its 12.8-13% year-end target.
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Dividend and Buyback Remuneration
A 12.70 euro cent interim cash dividend is payable 2 November 2026, and the up-to-€1.8 billion H1 2026 buyback is underway; total H1 remuneration is about €3,660 million, roughly 50% of H1 underlying profit.
Analysis · SAN · Finance
Record underlying profit of €11.2 billion for the first nine months, up 16%, came on revenue of €46.8 billion (+8%) and costs down 1% excluding acquisitions — positive operating leverage that lifted net operating income 14%. Capital is the one soft spot: the CET1 ratio fell to 12.7% after the Webster acquisition consumed 147 basis points, leaving the bank just below its 12.8-13% year-end target with one quarter to close the gap. Management reiterated all 2026 targets, including profit above the €14.1 billion booked in 2025, and the 12.70 euro cent interim dividend is payable 2 November.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SAN was trading at $11.93 on NYSE in the Finance sector, with a market capitalization of approximately $182.3B. The 52-week trading range was $9.85 to $15.05. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.