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Santander Bank Polska SAUPDATE: Santander BP lender posts PLN 1.89 bln attrib. net profit in Q3 2025, above expectations
Listed lender Santander BP, the unit of Spanish Banco Santander, posted over PLN 1.888 billion (EUR 445.9 mln) attributable net profit in the third quarter of 2025, up from nearly PLN 1.940 billion (EUR 458.2 mln) in the prior year period, the bank said in its quarterly financial report.
Santander reported a limited decline in the net interest margin (comparable basis) at 5.09 percent for the first three quarters of 2025, down from 5.28 percent in the same period of 2024, amid falling interest rates, growing business volumes, and financial market volatility. The margin from continuing operations (excluding Santander Consumer Bank) was 4.91 percent.
The bank stated that the net interest margin for continuing operations was stable at 4.88 percent in the third quarter of 2025 despite changes in market interest rates.
In the first nine months of 2025, Santander Bank Polska Group (excluding SCB) saw a 5.3 percent year on year increase in interest income from continuing operations.
Santander posted strong quarterly growth in currency commissions (+2% quarter on quarter), insurance commissions (+7% quarter on quarter), and asset management fees (+9% quarter on quarter).
Profitability was most impacted by a 7.9 percent rise in employee and operational costs due to increased BFG fees linked to the bank restructuring levy and restoration of the guarantee fund contribution, adjustments in remuneration, and rising external service and IT system operating costs.
The NPL ratio stood at 4.3 percent, and 4 percent in continuing operations.
Credit risk costs fell from 0.69 percent in the first three quarters of 2024 to 0.45 percent in the same period of 2025 (0.33 percent in continuing operations).
Gross receivables from clients rose 5.1 percent year on year, including 5 percent from businesses and the public sector, 8.7 percent from leasing, and 4.7 percent from individual clients.
Newly granted mortgage loans totalled PLN 7.2 billion (EUR 1.55 billion) after nine months, down 22.9 percent year on year. The third quarter sales reached PLN 3.1 billion (EUR 668 million), up 28.7 percent from the second quarter. The gross mortgage portfolio grew 2.7 percent year on year to PLN 56.1 billion (EUR 12.1 billion).
Cash loan sales in the first nine months were PLN 9.3 billion (EUR 2.01 billion), up 9.1 percent year on year; the third quarter sales were PLN 3.3 billion (EUR 709 million), rising 7 percent quarter on quarter. The cash loan portfolio stood at PLN 19 billion (EUR 4.11 billion), growing 6.5 percent year on year.
The total capital ratio was 18.06 percent (19.8 percent for continuing operations), and the Tier 1 ratio was 17.38 percent(19.14 percent excluding SCB).
SANTANDER Q3 P&L vs. CONSENSUS AND PRIOR PERIODS
| PLN mln | 3Q2025 | consensus | difference | ||
| PAP | |||||
| Net interest | 3195.0 | 3 181.2 | 0.4% | ||
| Net f&c | 725.1 | 732.6 | -1.0% | ||
| OPEX - total | 1109.5 | 1 134.6 | -2.2% | ||
| Impairments | -196.3 | -210.1 | -6.6% | ||
| Attrib. net profit | 1888.8 | 1 759.5 | 7.3% | ||
| 3Q2025 | 3Q2024 | difference | 2Q2025 | difference | |
| PLN mln | y/y | q/q | |||
| Net interest | 3195 | 3 157 | 1.2% | 3 178 | 0.5% |
| Net f&c | 725 | 702 | 3.3% | 744 | -2.5% |
| OPEX - total | 1109 | 1 185 | -6.3% | 1 088 | 1.9% |
| Impairments | -196 | -195 | 0.5% | -123 | 59.1% |
| Attrib. net profit | |||||
| 1889 | 1 940 | -2.6% | 1 018 | 85.5% |
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