Annual report 2009 - Santander

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2Key figuresBalance sheet and income statement (1) (Million euros) 2009 2008 2009/2008 % 2007 2007*Total assets 1,110,529 1,049,632 5.8 912,915Customer loans (net) 682,551 626,888 8.9 571,099Managed customer funds 900,057 826,567 8.9 784,872Shareholders' funds (after distribution of dividends) 70,006 63,768 9.8 51,945Total managed funds 1,245,420 1,168,355 6.6 1,063,892Net interest income 26,299 20,945 25.6 14,443Gross income 39,381 33,489 17.6 26,441Net operating income 22,960 18,540 23.8 14,417Results from discontinued operations 9,427 9,030 4.4 8,327Attributable profit to the Group 8,943 8,876 0.7 8,111 9,060Ratios (%)Efficiency (with amortization) 41.7 44.6 45.5ROE 13.90 17.07 19.61 21.91ROA 0.86 0.96 0.98 1.09RoRWA 1.74 1.86 1.76 1.95Core capital (2) 8.6 7.5 6.3Tier 1 (2) 10.1 9.1 7.7Ratio BIS (2) 14.2 13.3 12.7Tangible capital/tangible assets (3) 4.3 3.6 3.4Core funding ratio (4) 76.0 75.1 74.9Non-performing loan (NPL) ratio 3.24 2.04 0.95NPL coverage 75 91 151The share and capitalisationNumber of shares in circulation (million) 8,229 7,994 2.9 6,254Share price (euros) 11.550 6,750 71.1 13.790Market capitalisation (million euros) 95,043 53,960 76.1 92,501Shareholders’ funds per share (euros) (5) 8.04 7.58 7.23Share price/shareholders’ funds per share (times) (5) 1.44 0.89 1.91PER (share price/attributable profit per share) (times) (5) 11.05 5.53 11.56Attributable profit per share (euros) (5) 1.0454 1.2207 (14.4) 1.1924 1.3320Diluted attributable profit per share (euros) (5) 1.0382 1.2133 (14.4) 1.1809 1.3191Nominal dividend per share 0.6000 0.6508 (7.8) 0.6508Dividend per share (euros) (5) 0.6000 0.6325 (5.1) 0.6068Total dividend payout 4,919 4,812 2.2 4,070Other figuresNumber of shareholders 3,062,633 3,034,816 0.9 2,278,321Number of employees 169,460 170,961 (0.9) 131,819Continental Europe 49,870 48,467 2.9 47,838United Kingdom 22,949 24,379 (5.9) 16,827Latin America 85,974 96,405 (10.8) 65,628Sovereign 8,847Corporate activities 1,820 1,710 6.4 1,526Number of branches 13,660 13,390 2.0 11,178Continental Europe 5,871 5,998 (2.1) 5,976United Kingdom 1,322 1,303 1.5 704Latin America 5,745 6,089 (5.6) 4,498Sovereign 722(*) Includes capital gains and extraordinary allowances(1) In order to faciliate a comparative analysis a proforma statement for 2008 has been drawn up which consolidates Banco Real by global integration for the whole of the year. Capital gains and extraordinaryallowances are set out separately in "net extraordinary capital gains and allowances."(2) 2007 in BIS 1 criteria(3) (Capital +Reserves +Minority Interests +Profits -Treasury stock -Dividends -Valuation adjustments -Goodwill-Intangibles) / (Total assets-Goodwill-Intangibles)(4) (Deposits+medium and long-term wholesale financing+capital)/total assets (without trading derivatives)(5) 2007 and 2008 adjusted to the capital increase at the end of 2008 with preferential subscription rightsAnnual Review 2009
Santander was the fourth bank inthe world by earnings, with attributableprofit of EUR 8,943 million3Attributable profitMillion eurosTotal dividend payoutMillion euros9,060 8,9438,8768,111*+0.7%4,0704,9194,812+2.2%2007 2008 2009200720082009Gross incomeMillion euros26,44133,48939,381Net operating incomeMillion euros22,960+17.6% +23.8%14,41718,54020072008 200920072008 2009Efficiency%Core capital%45.544.641.7-2.9 p.p.6.37.58.6+1.1 p.p.2007 2008 2009 2007 (1)2008 2009(*) Excludes capital gains and extraordinary allowances.(1) 2007 in BIS 1 criteria.Annual Report 2009
Page 1 and 2: Annual report 2009
Page 3: Key figures 2Letter from the chairm
Page 7 and 8: Letter from the chairmanEmilio Bot
Page 9 and 10: Just as important as being profitab
Page 11 and 12: The crisis has shown we are a solid
Page 13 and 14: Letter from thechief executive offi
Page 15 and 16: 13Grupo Santander has shown it canp
Page 17 and 18: I believe we can be veryoptimistic
Page 19 and 20: 17Board of directors meeting room,
Page 21 and 22: 19Executive committeeRisk committee
Page 23 and 24: 21Annual General Meeting, June 19th
Page 25 and 26: 23Efficiencyis transforming cost sa
Page 27 and 28: 25Main countries.Other countries wh
Page 29 and 30: 27New visitors’ centre “El Faro
Page 31 and 32: 29Grupo Santander resultsGrupo Sant
Page 33 and 34: 31Santander Branch NetworkThe busin
Page 35 and 36: 33Santander Consumer Financecontrib
Page 37 and 38: 35Business dynamismThe good revenue
Page 39 and 40: 37Grupo Santander Brazil obtainedat
Page 41 and 42: 39Santander’s contact centre in Q
Page 43 and 44: 41Sovereign’s integration into Gr
Page 45 and 46: 43Treasury room, Grupo Santander Ci
Page 47 and 48: 45InsuranceSantander Insurance focu
Page 49 and 50: 47• Corporate sponsorship continu
Page 51 and 52: 49Banco Santander has a unique andl
Page 53 and 54: 51Thousand year-old olive trees in
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53El consejo propondrá a la junta
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551. Ownership structure1. Number o
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574. Resolutions in effect regardin
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59Mr Luis Alberto Salazar-Simpson B
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612. Powers and dutiesThe basic res
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Main activities of the board in 200
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654. Executive chairman and chief e
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6712. Appointment, re-election and
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6915. Committees of the boardGenera
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71Attendance at meetings of the boa
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73• Separate voting on matters su
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754. Banco Santander’s senior man
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774. WebsiteSince 2004, the Group
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79Finally, the board believes it is
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Consolidated Financial Report 82Inf
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83Summary of 2009 for Grupo Santand
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85- The UK: the Group remained focu
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87• Both in 2008 and 2009 the ext
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89Gross income and expenses% variat
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91Balance sheetMillion eurosAssetsV
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93Credit risk management*Million eu
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95Customer funds under managementBi
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97Total equity and capital with the
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991. Principal segments or geograph
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101Continental Europe• Revenue gr
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103Santander Branch Network• Grow
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105Gains on financial transactions,
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107Better evolution of Nordic count
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109ActivityAgainst a backdrop of a
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111United Kingdom• Double digit g
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Latin AmericaMillion eurosIncome st
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115In the countries where Santander
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Latin America. Main unitsMillion eu
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119- Banco Real’s customers have
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121As a result of this strategy, th
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123The pace of growth in savings in
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125• Creation of a solid structur
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127Corporate Activities• Reduced
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129Retail Banking. Income statement
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1312) Corporate FinanceThis area (i
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133Asset Management and Insurance
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135Continental Europe, which contri
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Executive Summary 138Corporate prin
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139Credit risk exposure in Spain(pa
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141• Limiting risks. The aim is t
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143• Ensure that the Group’s ac
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1453. Credit riskMain advances in 2
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147B. Evolution of the magnitudes i
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1493.3 Metrics and measurement tool
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151D. Distribution of EaD and expec
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1533.5 Credit risk cycleRisk manage
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155Analysis of the mortgage portfol
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157Acquisition of property assets (
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159In the case of Spain (Santander
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161This model operates in all phase
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163B. Credit risk by activities in
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165Notional OTC derivative products
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167The decline was largely due to B
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169They include analysis of scenari
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171C. Structural exchange-rate risk
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173Histogram of VaR by risk factor
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175Backtesting of business portfoli
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177b) Latin America(1) Quantitative
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179B3. Management of financing and
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181All of this enables the Group to
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183E. Exposures related to complex
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185The different phases of the tech
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187In addition to this risk profile
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189The global committee of new prod
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191Internal validation of internal
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193Continental Europe and Latin Ame
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Annual Report 2009195
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The compliance function 196Historic
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199Code of conduct in the securitie
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201are analysed on a centralised ba
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203without IFRS2004 2003 2002 2001
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Annual report 2009 - Santander

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