Banco Santander, S.A. (NYSE:SAN) Q1 2024 Earnings Conference Call April 30, 2024 4:00 AM ET

Company Participants

Begoña Morenés - Director, Investor Relations
Héctor Grisi - Chief Executive Officer
José García-Cantera - Chief Financial Officer

Conference Call Participants

Francisco Riquel - Alantra
Ignacio Ulargui - BNP Paribas
Alvaro Serrano - Morgan Stanley
Ignacio Cerezo - UBS
Carlos Peixoto - CaixaBank, BPI
Marta Sanchez Romero - Citi
Britta Schmidt - Autonomous
Sofie Peterzens - JPMorgan
Andrea Filtri - Mediobanca
Benjamin Toms - RBC
Chris Hallam - Goldman Sachs

Begoña Morenés

Good morning everybody and welcome to Banco Santander's Conference Call to Discuss our Financial Results for the First Quarter of 2024. Just as a reminder, both the results report and presentation we will be following today, are available to you on our website.

Let me just highlight that this is the first full quarter in which we are publishing results with our global businesses as primary reporting, aligned with the way we are managed, as we announced late last year. Secondary reporting will be what used to be primary until 2023, mainly country reporting, European DCB, et cetera.

As we will explain later, changes versus previous periods are done on constant euros with the exception of Argentina, which is presented in current euros to avoid distortions. All information will be, as always, available in the Excel Sheet and report that is published on our website.

But now to the presentation. I am joined here today by our CEO, Mr. Héctor Grisi; and our CFO, Mr. José Garcia-Cantera. Following their presentations, we will be opening the floor for any questions you may have in the Q&A session. [Operator Instructions]

And with this, I will hand over to Mr. Grisi Héctor, the floor is yours.

Héctor Grisi

Thank you, Begoña. Good morning to everyone, and thank you for joining us. First, let me share with you what we will focus on today. First, I will talk about our Q1 results on the context of our strategy. Second, José will then review our financial performance in greater detail, and then I will conclude with some final messages.

Let's start with Q1. Q1 was another very strong quarter for Santander. Positive contributions for all our businesses, demonstrating the strength of our strategy and our business model.

We are presenting a profit of €2.9 billion, that's an 11% increase versus Q1 2023, 9% in constant euros. As Begoña excluding the impact of the temporary levy of revenue paid in Spain recorded in full in Q1. If you include that, this was another record quarter.