United Kingdom 9M'20 Earnings Presentation - 27 October 2020 - Banco Santander
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27 October 2020 United Kingdom 9M’20 Earnings Presentation
Important Information
Non-IFRS and alternative performance measures
In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”) and derived from our financial statements, this presentation contains certain
financial measures that constitute alternative performance measures (“APMs”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority
(ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). The financial measures contained in this presentation that qualify as APMs and non-IFRS measures
have been calculated using the financial information from Santander Group but are not defined or detailed in the applicable financial reporting framework and have neither been audited nor reviewed by
our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for
management and investors to facilitate operating performance comparisons from period to period, as these measures exclude items outside the ordinary course performance of our business, which are
grouped in the “management adjustment” line and are further detailed in Section 3.2 of the Economic and Financial Review in our Directors’ Report included in our Annual Report on Form 20-F for the year
ended 31 December 2019. While we believe that these APMs and non-IFRS measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not
meant as a substitute of IFRS measures. In addition, other companies, including companies in our industry, may calculate or use such measures differently, which reduces their usefulness as comparative
measures. For further details of the APMs and Non-IFRS Measures used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the
consolidated financial statements prepared under IFRS, please see the 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on 6 March 2020, as well as the section
“Alternative performance measures” of the annex to the Banco Santander, S.A. (“Santander”) Q3 2020 Financial Report, published as Inside Information on 27 October 2020. These documents are available
on Santander’s website (www.santander.com). Underlying measures, which are included in this presentation, are non-IFRS measures.
The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses and local applicable
accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such
subsidiaries.
Forward-looking statements
Santander cautions that this presentation contains statements that constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-
looking statements may be identified by words such as “expect”, “project”, “anticipate”, “should”, “intend”, “probability”, “risk”, “VaR”, “RoRAC”, “RoRWA”, “TNAV”, “target”, “goal”, “objective”, “estimate”,
“future” and similar expressions. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business
development and economic performance and our shareholder remuneration policy. While these forward-looking statements represent our judgment and future expectations concerning the development
of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. The following important factors, in
addition to those discussed elsewhere in this presentation, could affect our future results and could cause outcomes to differ materially from those anticipated in any forward-looking statement: (1)
general economic or industry conditions in areas in which we have significant business activities or investments, including a worsening of the economic environment, increasing in the volatility of the
capital markets, inflation or deflation, changes in demographics, consumer spending, investment or saving habits, and the effects of the COVID-19 pandemic in the global economy; (2) exposure to various
types of market risks, principally including interest rate risk, foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmark indices; (3) potential losses associated with
prepayment of our loan and investment portfolio, declines in the value of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain, the UK, other European countries, Latin
America and the US (5) changes in laws, regulations or taxes, including changes in regulatory capital and liquidity requirements, including as a result of the UK exiting the European Union and increased
regulation in light of the global financial crisis; (6) our ability to integrate successfully our acquisitions and the challenges inherent in diverting management’s focus and resources from other strategic
opportunities and from operational matters while we integrate these acquisitions; and (7) changes in our ability to access liquidity and funding on acceptable terms, including as a result of changes in our
credit spreads or a downgrade in our credit ratings or those of our more significant subsidiaries.
2
Important Information
Numerous factors could affect the future results of Santander and could result in those results deviating materially from those anticipated in the forward-looking statements. Other unknown or
unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.
Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and views
may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
No offer
The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document
published by Santander. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only
on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the
information contained in this presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available Santander gives
no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever.
Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United
States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or
inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000.
Historical performance is not indicative of future results
Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily
match or exceed those of any prior period. Nothing in this presentation should be construed as a profit forecast.
Third Party Information
In particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact,
accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these
contents by any means, Santander may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a
version and this one, Santander assumes no liability for any discrepancy.
3
Index
1 2 3 4 5
Financial Strategy and Results Concluding Appendix
system business remarks
4Financial system
Loan growth driven by government schemes; deposits boosted by lower customer
spend
Total loans (GBP bn1)
2,129 2,155 Mortgage lending growth has been resilient since the market re-opened
2,093 2,122
2,082 in May, although there are signs of the market starting to slow in the last
quarter of 2020.
YoY 4.1 3.6
4.5
3.8 3.8 The consumer credit market has contracted sharply this year, as
(%) households cut back on all forms of non-essential spending
Double-digit corporate borrowing growth has been underpinned by strong
demand for government backed loans
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 (e)
Total deposits (GBP bn2)
2,199 2,220
Retail deposit growth has been similarly robust, as households have opted
2,065
1,994 2,021 to save more for precautionary reasons or due to limited discretionary
11.3 11.3
spending options
YoY
(%)
5.9 Corporate deposit trends have been positive, with anecdotal evidence
3.8 3.8 suggesting that loans have been taken out and placed into deposits by
firms
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 (e)
Source: Bank of England Bankstats (Monetary and Financial Statistics) published at end-September 2020, internal estimates for latest month. Annual growth rates are calculated using Bank of England methodology 5
(1) Total loans includes household (mortgages and consumer credit) plus corporate loans.
(2) Total deposits include household deposits (with banks and NS&I) and corporate deposits, excluding cash holdings.Index
1 2 3 4 5
Financial Strategy and Results Concluding Appendix
system business remarks
6Strategy and business
UK scale challenger with a resilient balance sheet
KEY DATA* 9M’20 YoY Var. STRATEGIC PRIORITIES
Customer loans1 GBP 216.3 bn +3.5%
Customer funds2 GBP 196.5 bn +6.2% Grow customer loyalty by providing an
outstanding customer experience
Underlying att. profit GBP 281 mn -61.5%
Underlying RoTE 3.1% -4.4 pp Simplify and digitalise the business for
improved efficiency and returns
Efficiency ratio 63.1% +257 bps
Loans market share3 9.6% +8 bps Invest in our people and ensure they have the
skills and knowledge to thrive
Deposits market share 3 8.2% -32 bps
Loyal customers 4.5 mn -1.6% Further embed sustainability across our
business
Digital customers 6.2 mn +7.2%
Branches 564 -10.3%
Employees 23,645 -5.4%
*Note: Group criteria. Following the new organisational structure of the Group as published in the Relevant Fact on 4 July 2019, better aligning the UK to the segregated model according to
the requirements of the Banking Reform Act (ring-fenced business), i.e. excluding UK Hub (including London Branch), Q1 2019 data have been restated for better QoQ and YoY comparability.
(1) Gross loans excluding reverse repos. 7
(2) Excluding repos.
(3) As at Jun-20. Includes London Branch.Strategy and business
Fully committed to improving customer loyalty, supported by our enhanced digital
offering
Loyal (mn)
We continue to focus on building stronger customer relationships and a seamless customer
-2%
4.6 4.5 experience. Our purpose to help people and businesses prosper remains unchanged.
We are supporting our customers with practical solutions during COVID-19 pandemic, and
have granted payment holidays to over 340k retail customers; 3% of loans in arrears after
end of payment holiday.
Sep-19 Sep-20 We helped over 137k small and large business customers with over GBP 4.0 billion of
lending under COVID-19 government schemes.
Loyal / Active: 31% (flat YoY)
Digital customers (mn)
7% 6.2 Mobile customers: 15 % YoY
5.8
Enhanced digital capability attracted a further 415,000 customers, growth of 7% YoY.
68% of our refinanced mortgages were retained online (+8 pp YoY), 82% of current account
openings (+30 pp YoY) and 90% of credit card openings were made through digital channels
(+27 pp YoY).
Sep-19 Sep-20
Digital sales / total1: 81% (+19 pp YoY) Digital sales reached 81% of total sales in 9M’20.
(1) YTD data 8Strategy and business
Business transformation is supported by deeper customer relationships
Digitalising for improved customer experience First UK Work Café launched
1.7 k
New mobile users per
day
c.260 mn
Total digital transactions1
in 9M’20
14% YoY
First time buyer events Well established UK market position
3rd largest mortgage 14 mn
lender2 Active customers
We launched free events in our branches across the
country in H2 2019, offering practical guidance and 5th largest commercial c. 80% coverage
information about home buying and mortgages for lender2 of UK financial centres
first time buyers
(1) Total retail customer with financial transactions made online or on mobile. These transactions include internal transfers, third party payments and Paym 9
(2) Santander UK analysis, as at Q1’20. Commercial lending refers to loans to SME and mid corporate clients by UK retail and commercial banks and building societies.Strategy and business
Further embedding sustainability across our business
Culture – creating a thriving workplace Sustainable economic growth
75% of colleagues feel 90% of colleagues feel we have >99.6% 100%
proud to work for Santander done a good job supporting and
Waste recycled or Renewable electricity used
UK1 communicating with them2
diverted from landfill
Great Place 30% women in 1.2 million 3
senior leadership Properties assessed under initial
to Work climate change risk analysis
accreditation San UK
Helping Communities prosper Financial inclusion
GBP 7.5mn 8,179 scholarships 295,000 72k
Donated for COVID-19 granted through our people financially Older or vulnerable customers
research and relief Universities programme empowered since supported through reaching
(Alzheimer’s Society; Age UK; 01/01/19 out calls
University Partners) 100 online scam awareness x4 increase in online
courses through H2’20
customer chat volumes4
Note: figures as of October 2020 and changes on a YoY basis unless otherwise stated.
(1) Global Engagement Survey 2019
(2) 2020 Pulse Survey ‘Your Say’
10
(3) We have around 1.2 million properties in our mortgage book
(4) Q2 20 vs. Q1 20Supporting our customer, people and communities - our top priority during COVID-19
Supporting our Supporting our Supporting our
customers people communities
Over 340,000 Doubled time allowed for
payment holidays granted to community volunteering GBP7.5m donated to
customers; % of loans in arrears activities during work hours to COVID-19 research,
after end of payment holiday 10 days p.a. relief funds and
community activities
Over GBP4.0bn loans and to support the
c.700 branch
drawn through most vulnerable
colleagues trained to
government lending people
support call centres
schemes by our business and help customers
and corporate customers over the phone 2,290 of our people
became QuaranTea
72,000 older and vulnerable volunteers to make a
customers proactively as we 120,000 visits to our difference in their
offered support to those more BeHealthy wellbeing communities
isolated during lockdown hub
All. Together. Now. 11
Santander’s global response to take care of society as a wholeStrategy and business
Strong net mortgage lending and loans to SMEs driving the 4% YoY increase,
supported by Government-backed COVID-19 measures
Total customer loans (GBP bn)1
215.9 216.1 216.3 Sep-20 Sep-19 YoY (%) QoQ (%)
212.0 Individuals2 173.0 167.4 3.3 0.3
208.9
o/w Mortgages3 166.3 160.1 3.9 0.3
Consumer Finance 7.8 7.7 1.7 -2.3
SMEs 5.5 1.8 197.0 14.1
Corporates 15.8 17.0 -6.7 -4.9
CIB 5.4 5.0 7.1 -5.5
Other 8.8 9.9 -11.5 2.5
Total customer loans 216.3 208.9 3.5 0.1
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20
Group criteria.
(1) Excludes reverse repos.
(2) Includes Private Banking.
12
(3) Mortgages refers to residential retail mortgages only and excludes social housing and commercial mortgage assets.Strategy and business
Significant growth in customer funds, as business customers focused on active
liquidity management and retail customers reduced spending
Total customer funds (GBP bn)
193.9 196.5
185.0 186.3 186.4
Sep-20 Sep-19 YoY (%) QoQ (%)
Demand 170.3 158.4 7.5 0.5
Time1 19.5 19.5 -0.2 9.6
Total deposits 189.8 177.9 6.7 1.4
Mutual funds2 6.7 7.1 -4.8 0.1
Total customer funds 196.5 185.0 6.2 1.4
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20
Group criteria. 13
(1) Time deposits include ISAs.
(2) Third-party off-balance sheet assets originated by Santander Asset Management in the United Kingdom.Index
1 2 3 4 5
Financial Strategy and Results Concluding Appendix
system business remarks
14Results
NII up 14% in the quarter, driven by the repricing on our 1I2I3 current account and
other deposit repricing, boosting NIM
Net interest income (GBP mn) Yields and Costs (%)
881
820 827 2.63% 2.59% 2.52%
774 773 2.37% 2.35%
Yield on loans
0.70% 0.69% 0.69%
0.52% Cost of deposits
0.29%
Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
1
NIM Differential
1.12% 1.13% 1.05% 1.02% 1.17% 193 bps 190 bps 182 bps 185 bps 206 bps
Central Bank interest rate
0.75% 0.75% 0.10% 0.10% 0.10%
(1) Group criteria. NIM is calculated as Net Interest Income / Total Average Assets. 15Results
Net fee income up 23% in the quarter, driven by higher banking and transaction fees
and CIB. YoY impacted by lower activity and regulatory changes in overdrafts
Net fee income (GBP mn)
9M'20 9M'19 YoY (%) QoQ (%)
Transactional fees 281 458 -38.6 11.5
Account admin. and
183 188 -2.7 -3.3
195 194 maintenance
166 Transfers, drafts, cheques
18 60 -70.0 >500%
and other orders
Overdraft fees 57 198 -71.4 >500%
107 Other transactional 23 12 100.3 36.2
87 Investment and pension
51 56 -8.9 9.7
funds
Insurance 41 40 3.0 3.9
Other (13) 12 - -
Total net fee income 360 565 -36.3 23.2
Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
16Results
Strong Q3’20, up 16%, driven by recovery across all income lines, particularly NII due to
deposit repricing. YoY affected by asset margin and COVID-related pressures and fees
Total income (GBP mn)
1,050
1,011 1,009
946 9M'20 9M'19 YoY (%) QoQ (%)
870
Net interest income 2,428 2,496 -2.7 14.1
Net fee income 360 565 -36.3 23.2
Customer revenue 2,788 3,061 -8.9 15.0
Other1 37 36 1.6 100.1
Total income 2,824 3,097 -8.8 16.0
Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
(1) Other includes gains/losses on financial transactions and other operating income. 17Results
Controlled operating expenses in Q3, contributing to a 5% YoY decrease, reflecting
efficiency savings from our transformation programme
Operating expenses (GBP mn)
615 612 615
583 585
9M'20 9M'19 YoY (%) QoQ (%)
Operating Expenses 1,783 1,875 -4.9 0.5
Branches (#) 564 629 -10.3 -8.3
Employees (#) 23,645 24,999 -5.4 -2.1
Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
18Results
Stronger total income, coupled with controlled costs, resulted in a 48% improvement
QoQ
Net Operating Income (GBP mn)
437 424
396 9M'20 9M'19 YoY (%) QoQ (%)
331
287 Total income 2,824 3,097 -8.8 16.0
Operating Expenses (1,783) (1,875) -4.9 0.5
Net operating income 1,042 1,222 -14.8 47.6
Efficiency ratio 63.1% 60.5% 257 bps
Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
19Results
YoY increase in LLPs primarily due to COVID-related provisions; cost of credit remains
low at 27 bps
Net LLPs (GBP mn)
9M'20 9M'19 YoY (%) QoQ (%)
211
Net operating income 1,042 1,222 -14.8 47.6
164 171
Loan-loss provisions (547) (138) 295.4 -18.9
Net operating income after
494 1,084 -54.4 233.1
provisions
83
68
NPL ratio 1.30% 1.08% 22 bps 22 bps
Cost of credit1 0.27% 0.08% 19 bps 4 bps
Coverage ratio 45% 34% 10.4 pp -1.5 pp
Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
(1) Cost of credit based on 12 month loan-loss provisions divided by average customer loans. 20Results
Underlying profit impacted by COVID provisions and continued asset margin pressure.
Recovery in the quarter reflecting deposit repricing actions and continued cost control
Underlying Attributable Profit (GBP mn)
9M'20 9M'19 YoY (%) QoQ (%)
PBT 392 980 -59.9 208.9
Tax on profit (95) (234) -59.4 236.1
Consolidated profit 297 745 -60.1 200.8
223 214 Minority interests (16) (14) 10.9 -26.6
160 Underlying attributable
281 731 -61.5 229.5
profit
73
49
Effective tax rate 24.3% 23.9% 0.3 pp 2.0 pp
Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
21Index
1 2 3 4 5
Financial Strategy and Results Concluding Appendix
system business remarks
22Concluding remarks
Supporting our customers in a competitive and uncertain environment
The UK economic environment remains uncertain, with an increasing prospect of further restrictions on activity over
the winter months and ongoing Brexit trade negotiations. Our base case assumes a slow recovery, with local
lockdowns in areas with high infection rates, and a limited trade deal with the EU. With the pace of future recovery
Financial System still unclear, we remain cautious in our outlook.
In Q3’20 the mortgage market has been particularly active due to pent up demand from the lockdown period and the
temporary reduced rates of stamp duty, which have led to improved new mortgage pricing. We have maintained our
market share for new mortgage lending.
In volume terms, continued growth in lending (+4%) driven by mortgages (+4% YoY) and SMEs (predominantly
Strategy through government lending schemes). Deposit volumes up 7% with increases in both retail and corporate accounts.
& Focus on digital has increased during the COVID crisis, with digital customers increasing 7%, with mobile customers
Business up 15%. 68% of our refinanced mortgages were retained online (+8 pp YoY), 82% of current account openings (+30
pp YoY) and 90% of credit card openings were made through digital channels (+27 pp YoY).
Repricing of the 1|2|3 current account portfolio (GBP 55 bn) in May and August boosted NII in the quarter (+14%)
though YoY continued to be impacted by asset margin pressures. Fee income rebounded slightly in the quarter but
was lower in the year due to decreased volumes and regulatory changes affecting overdraft fees.
Costs continue to trend downwards, reflect efficiency savings from our transformational investment programme,
Results down 5% (-6% in real terms).
LLPs increased due to COVID-related provisions, though cost of credit remained low (27 bps).
Underlying attributable profit decreased 62% YoY, reflecting the material impact of COVID, although Q3 performance
rebounded strongly due to decisive management actions on deposit repricing.
23Index
1 2 3 4 5
Financial Strategy and Results Concluding Appendix
system business remarks
24Appendix
Balance sheet
GBP million Variation
Sep-20 Sep-19 Amount %
Loans and advances to customers 235,564 229,673 5,891 2.6
Cash, central banks and credit institutions 42,538 28,788 13,750 47.8
Debt securities 12,624 21,488 (8,864) (41.3)
Other financial assets 1,613 933 680 72.9
Other assets 9,176 9,546 (369) (3.9)
Total assets 301,515 290,427 11,087 3.8
Customer deposits 204,626 190,239 14,387 7.6
Central banks and credit institutions 23,251 21,055 2,197 10.4
Debt securities issued 52,838 56,631 (3,793) (6.7)
Other financial liabilities 2,836 2,558 278 10.9
Other liabilities 4,122 5,080 (958) (18.9)
Total liabilities 287,674 275,563 12,111 4.4
Total equity 13,841 14,864 (1,023) (6.9)
Other managed and marketed customer funds 6,807 7,166 (359) (5.0)
Mutual funds 6,736 7,074 (338) (4.8)
Pension funds — — — -
Managed portfolios 71 92 (21) (23.1)
25Appendix
Income statement
GBP million Variation
9M'20 9M'19 Amount %
Net interest income 2,428 2,496 (68) (2.7)
Net fees 360 565 (205) (36.3)
Gains (losses) on financial transactions 8 4 3 74.0
Other operating income 29 32 (3) (8.3)
Gross income 2,824 3,097 (273) (8.8)
Operating expenses (1,783) (1,875) 92 (4.9)
Net operating income 1,042 1,222 (180) (14.8)
Net loan-loss provisions (547) (138) (409) 295.4
Other income (102) (104) 2 (1.9)
Underlying profit before taxes 392 980 (587) (59.9)
Tax on profit (95) (234) 139 (59.4)
Underlying profit from continuing operations 297 745 (448) (60.1)
Net profit from discontinued operations — — — -
Underlying consolidated profit 297 745 (448) (60.1)
Minority interests (16) (14) (2) 10.9
Underlying attributable profit to the Group 281 731 (450) (61.5)
26Appendix
Quarterly income statements
GBP million Q3'20 / Q2'20
Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
Net interest income 850 825 820 827 774 773 881
Net fees 189 181 195 194 166 87 107
Gains (losses) on financial transactions 0 17 (13) 6 (6) (0) 14
Other operating income 12 10 9 23 11 11 7
Gross income 1,052 1,034 1,011 1,050 946 870 1,009
Operating expenses (644) (615) (615) (612) (615) (583) (585)
Net operating income 407 419 396 437 331 287 424
Net loan-loss provisions (53) (17) (68) (83) (164) (211) (171)
Other income (43) (22) (39) (58) (64) (5) (33)
Underlying profit before taxes 311 380 288 296 102 71 219
Tax on profit (85) (89) (61) (77) (24) (16) (55)
Underlying profit from continuing operations 227 291 228 219 78 55 165
Net profit from discontinued operations — — — — — — —
Underlying consolidated profit 227 291 228 219 78 55 165
Minority interests (5) (5) (5) (5) (5) (6) (4)
Underlying attributable profit to the Group 222 286 223 214 73 49 160
27Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be:
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