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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: We're in the midst of earnings paloza on both sides

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Speaker 2: of the Atlantic, and one earning story that certainly caught our

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Speaker 2: eye this morning has been in the banking story. Santander

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Speaker 2: reporting pretty blowout earnings. Let me walk you through the

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Speaker 2: numbers here that four quarter net income coming at about

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Speaker 2: three point three billion euros. The estimate there was about

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Speaker 2: two point nine billion euros. According to Bloomberg. They're also

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Speaker 2: planning a ten billion euro buyback over the coming years,

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Speaker 2: on top of also reporting a full year profit at

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Speaker 2: a record higher record cet one ratio as well at

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Speaker 2: about twelve point eight percent. Who better to walk us

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Speaker 2: through these numbers than the executive chair at Banco Santander,

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Speaker 2: Anna Boutin, joins the program and a pleasure to have you.

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Speaker 1: We thank you so much.

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Speaker 2: There are some pretty blowout numbers. Walk us through how

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Speaker 2: you beat them in the coming quarters.

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Speaker 3: So it's correct to be with you. Record results for

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Speaker 3: the third consecutive year, creating body flashat holders of pressure

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Speaker 3: plus different pressure plus fourteen percent and delivered by growing

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Speaker 3: eight million customers, growing revenues, profitability and returns so much

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Speaker 3: higher returns very close to the top end of our

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Speaker 3: range for the three year plan, and cash debent for

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Speaker 3: share paid during twenty four was up close to forty percent.

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Speaker 3: So in summary, and the increasing profitability, the strong capital

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Speaker 3: generation organic has resulted in US announcing a ten billion

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Speaker 3: in buybacks for twenty five and twenty six, or from

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Speaker 3: twenty five and twenty six earnings from regular earnings and

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Speaker 3: anticipated access capital. And that's in addition to our standard

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Speaker 3: cash diberent distribution, of course subject to corporate and regulatory approvals.

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Speaker 3: So again, all our five divisions really doing well, growing revenues,

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Speaker 3: increasing profitability. On one transformation, which is one of the

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Speaker 3: key levels we have to continue to create value, doing

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Speaker 3: exceptionally well.

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Speaker 2: And I let's talk about that profitability story. It is

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Speaker 2: very clear from your results that Santander is firing on

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Speaker 2: all cylinders. But I'm specifically curious about the maybe ripple

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Speaker 2: effects to your bank from some of the policies coming

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Speaker 2: out of the United States. We know that you had

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Speaker 2: the distinct pleasure of talking to Donald Trump of work,

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Speaker 2: of course, at at the World Economic Forum in Davos.

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Speaker 2: Since then, we've seen Donald Trump issue and then pull

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Speaker 2: back about twenty five percent tariffs on Mexico. We also

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Speaker 2: know that Santander is one of the top five banks

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Speaker 2: in Mexico and about twelve percent of your profit comes

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Speaker 2: from that part of the world. Walk us through how

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Speaker 2: the tariff story affects your business. Are you preparing for

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Speaker 2: that possibility in less than thirty days.

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Speaker 3: Our track record shows that in a challenging market, and

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Speaker 3: we anticipate the challenging on volatile market, we do better

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Speaker 3: than our peers. And in twenty five we expect to

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Speaker 3: both grow a bottom line again with the revenue stable

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Speaker 3: and cost folding again due to the one transformation and

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Speaker 3: already this year, and this is important our revenue on

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Speaker 3: business diversification access from falling grates, which is probably the

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Speaker 3: case in the new environment. So four of our five

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Speaker 3: global business which is the corporate bank, Wealth, Consuman Payments

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Speaker 3: which amounts to fifty percent of our profits, all expected

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Speaker 3: to grow revenue in twenty five again one Transformation helping

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Speaker 3: us to consistently improve our operating leverage with costs expected

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Speaker 3: to fall, and in this environment, cost of risk is important.

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Speaker 3: We're aiming to maintain cost of risk at current levels. Remember,

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Speaker 3: employment is one of the biggest drivers and that is

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Speaker 3: maybe deterior it's a bit, but we're at historic highs.

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Speaker 3: So again, other versification setting us apart from others and

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Speaker 3: guiding through better profits and profitability in twenty five and.

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Speaker 1: A good morning, it's a guy. Early indications are that

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Speaker 1: the market likes the numbers that we're seeing this morning.

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Speaker 1: Looks like the share is going to be up two

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Speaker 1: to three percent. That's the early indication that we are seeing.

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Speaker 1: There are other questions about Santane's scale and whether it

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Speaker 1: is too big, whether or not you are doing too much.

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Speaker 1: And your Roe targets look great. The numbers you delivered

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Speaker 1: this morning look really solid. That is your preferred metric

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Speaker 1: and you are delivering upon that. But do you think

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Speaker 1: a more focused footprint as maybe smaller, more focused footprints

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Speaker 1: would allow the bank to deliver a priced book that

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Speaker 1: is north of one and a return on assets that

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Speaker 1: maybe could push higher as well. I think it's onero

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Speaker 1: point seven right now. I may be slightly wrong on

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Speaker 1: that number, but do you think the return on assets number?

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Speaker 1: Do you think the price the book number could go

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Speaker 1: higher if Santante's a little bit smaller and a little

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Speaker 1: bit more focused.

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Speaker 3: So we are only scratching the surface of our potential

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Speaker 3: as a group. I said that this morning in my quote,

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Speaker 3: I want to say that we're in a new euro

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Speaker 3: value creation and very confident that it is our scale,

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Speaker 3: the versification and the impact of our transformation which will

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Speaker 3: allow us to continue to increase profits and profitability into

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Speaker 3: twenty five and million. That is what sets us apart

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Speaker 3: from Piers. So if you look at something.

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Speaker 1: Of that.

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Speaker 4: Scale, it's a week that you're reviewing your business in

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Speaker 4: the UK, What exactly are you looking at here and

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Speaker 4: do you have a sense of what would need to

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Speaker 4: be done to improve that performance here?

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Speaker 3: Let me address that at the end. So let me

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Speaker 3: just say that in order for us to allocate capital

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Speaker 3: to different geographies, we don't need to sell. We have

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Speaker 3: been doing that for the last few years. Our preferred metric,

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Speaker 3: as we said in on Best to Day, is tina

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Speaker 3: plus dividen pressure. In the last two years that's grown

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Speaker 3: by thirty one percent. That is a very different growth

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Speaker 3: perspective than most of our peers. We can reallocate capital

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Speaker 3: through businesses and geographies and we've been very strict on that.

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Speaker 3: As an example, one of the strongest countries in value

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Speaker 3: creation and that is not just the last five but

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Speaker 3: the last ten years is the United States in Euros

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Speaker 3: for our shareholders. So again, yes, it's our diversification by

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Speaker 3: businesses and countries and what we call one transformation is

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Speaker 3: bringing together all our retail and consumer platforms. That is

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Speaker 3: what Santan there is. Seventy percent of Santandre is retail

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Speaker 3: and consumer. Some key markets contribute more than others. But

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Speaker 3: the key is that over the last few years we

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Speaker 3: are showing in our numbers, our track record shows it's working.

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Speaker 3: We have basically flat costs and revenues growing at nine

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Speaker 3: ten percent in retail consumer, which includes the US, Mexico, Brazil,

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Speaker 3: UK that is you know, very very strong results. That

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Speaker 3: division is at eighteen percent nineteen percent rotten on equity

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Speaker 3: this year and.

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Speaker 2: We have to leave it there. We thank you so

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Speaker 2: much for your time. In abouteen the center, they're executive,

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Speaker 2: of course, joining us on blow our results from the

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Speaker 2: bank Willo Ford seeing how the shares open