Banco Santander Q2 Earnings Call Highlights

Banco Santander (NYSE: SAN) reported its strongest first half of 2026, with record quarterly profit in the second quarter. Chief Executive Officer Héctor Grisi stated that the bank's quarterly profit reached EUR 3.8 billion, and first-half underlying profit rose 14% year-over-year in constant euros. This performance was driven by strong revenue growth across global businesses, lower costs, and continued customer expansion, with the customer base reaching 182 million. The "One Transformation" program improved efficiency by three percentage points, and underlying return on tangible equity rose to 15.6%. Chief Financial Officer José García Cantera reported that total revenue increased 6% year-over-year, with net interest income up 6% and net fee income up 7%. The efficiency ratio improved to 42.8% as costs declined 1% year-over-year. Profit growth was broad across global businesses, including retail banking (up 12%), Corporate and Investment Banking (up 17%), and Wealth (up 19%).