Santander Posts Record H1 2026 Underlying Profit of €7.33B, Up 15%, and Raises Full-Year Guidance

summarizeSummary

Santander reported record H1 2026 underlying profit of €7.33 billion, up 15% year-on-year, and raised its full-year profit target. Strong revenue growth, cost discipline, and a resilient CET1 ratio of 14.0% underscore the bank's momentum.

check_boxKey Events · Earnings and Guidance · SAN

• Record H1 Underlying Profit

  Underlying attributable profit reached €7.33 billion, up 15% year-on-year in euros and 14% in constant euros, driven by strong revenue growth and cost discipline.

• Full-Year Guidance Raised

  Santander raised its 2026 underlying profit target to more than €14.1 billion, up from the prior €14.0 billion target, reflecting confidence in sustained momentum.

• CET1 Ratio Resilient at 14.0%

  The phased-in CET1 ratio ended at 14.0%, absorbing a 55 bps impact from the TSB acquisition. Excluding TSB, the ratio rose 0.2 pp in the quarter, and the bank remains on track to end 2026 at the top end of its 12-13% target range.

• Broad-Based Business Strength

  All global businesses delivered strong profit growth: Retail +12%, CIB +17%, Wealth +19%, and Payments swung to a €78 million profit. The efficiency ratio improved to 42.8%, and underlying RoTE reached 15.6%.

auto_awesomeAnalysis · SAN · Finance

A record H1 2026 underlying profit of €7.33 billion—up 15% year-on-year—was driven by robust revenue growth and disciplined cost management. Reflecting that momentum, the bank lifted its full-year 2026 underlying profit target to more than €14.1 billion, from the prior €14.0 billion. The CET1 ratio held at 14.0%, absorbing a 55 bps impact from the TSB acquisition, and the bank remains on track to end the year at the top end of its 12–13% target range. Strength was broad-based across all global businesses: Retail profit rose 12%, CIB 17%, and Wealth 19%. The efficiency ratio improved to 42.8%, and underlying RoTE reached 15.6%, advancing toward the 2028 goal of above 20%.