Banco Santander S.A. - ADR

**Record Profits and Revenue Growth**: Santander reported a record profit of €3.3 billion in Q3, up 12% year-on-year (YOY). The total profit for the first nine months reached €9.3 billion, a 14% increase YOY. The bank achieved strong top-line growth supported by net interest income (NII) and fees, which accounted for over 95% of total income.

**Continued Efficiency Improvements**: The bank's efficiency ratio improved by 229 basis points to 41.7%, marking one of the best levels reported in the last 15 years. Costs grew below revenue and inflation, reflecting the positive impact of the ONE Transformation program aimed at simplifying operations and enhancing customer experience. The target for 2024 efficiency is set at around 42%.

**Robust Customer Growth**: Santander added 5 million new customers over the last 12 months, bringing the total to 171 million. This growth is attributed to improved customer experience driven by digital onboarding and simplified processes, which has also supported revenue growth across all regions and businesses.