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Santander Bank Polska SAUPDATE: Santander BP lender posts PLN 1.02 bln attrib. net profit in Q2 2025, above expectations
Listed lender Santander BP, the unit of Spanish Banco Santander, posted over PLN 1.018 billion (EUR 238 mln) attributable net profit in the second quarter of 2025, up from nearly PLN 794.9 million (EUR 185.8 mln) in the prior year period, the bank said in its quarterly financial report. The bank's profit was 12 percent above market expectations for PLN 907.7 million (EUR 212.2 mln).
SANTANDER Q2 P&L vs. CONSENSUS AND PRIOR PERIODS
| Q2 2025 | consensus | vs consensus | |||
| PLN mln | PAP mln | % | |||
| Net interest | 3 178,10 | 3 171,80 | 0,20% | ||
| Net f&c | 743,9 | 737,6 | 0,90% | ||
| OPEX - total | 1 088,40 | 1 102,20 | -1,30% | ||
| Impairments | -123,4 | -154,8 | -20,30% | ||
| attrib Net Profit | 1 018,00 | 907,7 | 12,10% | ||
| Q2 2025 | Q2 2024 | y/y | Q1 2025 | q/q | |
| % | % | ||||
| Net interest | 3178 | 2 895 | 9,80% | 3 598 | -11,70% |
| Net f&c | 744 | 690 | 7,80% | 748 | -0,60% |
| OPEX - total | 1088 | 1 061 | 2,60% | 1 490 | -27,00% |
| Impairments | -123 | -292 | -57,80% | -252 | -51,00% |
| attrib Net Profit | 1018 | 795 | 28,10% | 1 734 | -41,30% |
"The group's profitability was most significantly affected by a 9.8 percent y/y increase in employee costs and operations due to: higher fees paid to the Bank Guarantee Fund (BFG) due to an increase in contributions to the compulsory bank restructuring fund and the reinstatement of contributions to the guarantee fund, as well as a review and adjustment of salaries and rising operating costs related to external services and IT system maintenance," the report states.
Like-for-like (excluding the impact of credit holidays on the second quarter of 2024 result), the annualized quarterly net interest margin from the group's continuing and discontinued operations decreased to 5.04 percent in the second quarter of 2025 from 5.28 percent in the prior year period.
The net interest margin from continuing operations in the second quarter of 2025 was 4.89 percent and decreased by 0.20 pp year on year and by 0.06 pp quarter on quarter.
Impairment losses on loans amounted to PLN 123.4 million (EUR 28.8 mln) in the second quarter, which was 20 percent lower than the consensus. The market expected impairment losses of PLN 154.8 million (EUR 36.2 mln).
The group recorded a decrease in the cost of credit risk from 0.7 percent in the first half of 2024 to 0.45 percent in the first half of 2025.
The bank reported that at the end of June 2025, the group was the defendant in 14,402 proceedings concerning loans indexed or denominated in foreign currencies.
The share of loans repaid at the time of filing the lawsuit in the total number of disputes was 18 percent. Santander Group assumes that the vast majority of the projected cases will be filed by the end of 2026, and then the number of new lawsuits will begin to decline due to the expected streamlining of the legal environment.
By the end of the second quarter, the group had concluded 10,453 settlements, both pre-trial and post-litigation, including 952 in the first half of 2025.
In the first half of 2025, Santander Bank Polska's cash loan sales amounted to PLN 6 billion (EUR 1.4 bln), up 9.2 percent year on year.
Newly launched mortgage loans reached PLN 4 billion (EUR 934.8 mln), a decrease of 43 percent year on year, which was the result of a high base related to the finalization of the state subsidised “Bezpieczny kredyt 2 procent” (Safe 2 percent Loan) program.
The bank announced that in the second quarter of 2025, the activities of the Santander Consumer group were reclassified as discontinued operations.
In connection with the planned sale of 49 percent of Santander Bank Polska shares to the Erste Group, it became necessary to reorganize the entire operations of Banco Santander in Poland, including a change in the shareholding structure of Santander Consumer Bank, so a preliminary agreement was signed with Santander Consumer Finance, based in Spain, for the sale of 60 percent of Santander Consumer Bank shares.
The sale requires the consent of the Polish Financial Supervision Authority. The net loan receivables of the Santander Consumer Bank Group amount to PLN 19.9 billion (EUR 4.7 bln).
The total capital ratio of the Santander Bank Polska group is 18.06 percent, which exceeds the statutory and supervisory requirements (17.84 percent).
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