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    Ignacio Cerezo Olmos • UBS

    Ignacio Cerezo Olmos's questions to Banco Santander SA (SAN) leadership

    Ignacio Cerezo Olmos's questions to Banco Santander SA (SAN) leadership • Q1 2025

    Question

    Ignacio Cerezo Olmos asked about the timing of the extraordinary capital distribution for 2025-26, the fully loaded capital number for the quarter, and for an update on the bank's P&L foreign exchange hedging.

    Answer

    Executive Hector Blas Grisi Checa indicated that any extraordinary capital distribution is more likely to occur towards 2026, after regulatory impacts are absorbed. CFO José Antonio García Cantera estimated the fully loaded capital impact at the low end of a 25-45 basis point range. He also confirmed that for 2025, expected profits from all countries, excluding Argentina, are hedged, and the capital ratio is always fully hedged.

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    Ignacio Cerezo Olmos's questions to Banco Santander SA (SAN) leadership • Q1 2024

    Question

    Ignacio Cerezo Olmos of UBS inquired about the timeline and key drivers for achieving the 15% RoTE target in the U.S., referencing the recent launch of Openbank. He also asked for an update on U.S. asset quality, particularly delinquencies in the auto loan portfolio.

    Answer

    CEO Héctor Grisi stated that the 15% RoTE target for the U.S. is expected more towards the end of 2025, driven by investments in Consumer, CIB, and domestic Private Banking. Regarding asset quality, he noted the U.S. labor market remains strong, delinquencies are behaving better than pre-COVID levels, and the cost of risk is stable at around 2%, with no surprises expected.

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    Ignacio Cerezo Olmos's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership

    Ignacio Cerezo Olmos's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q4 2024

    Question

    Ignacio Cerezo Olmos of UBS asked about the outlook for the customer spread in Mexico, which has been compressing, in a scenario where interest rates decline to around 8%.

    Answer

    Executive Onur Genç stated that BBVA does not provide guidance on quarterly spreads. However, he provided the bank's official sensitivity metric, clarifying that a 100 basis point decline in the Mexican peso interest rate curve would have a 1.3% negative impact on the group's Net Interest Income (NII).

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    Ignacio Cerezo Olmos's questions to CaixaBank SA (CAIXY) leadership

    Ignacio Cerezo Olmos's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Ignacio Cerezo Olmos of UBS questioned the sustainability of the recent pickup in mortgage demand and asked for the year-end CET1 outlook, including whether the target for distributions might need to rise due to the new counter-cyclical buffer.

    Answer

    CEO Gonzalo Gortázar argued that mortgage demand is structural and sustainable, driven by fundamentals like household formation. On capital, CFO Javier Pano acknowledged the incoming buffer but suggested the bank's strong profitability and ample MDA buffer mean it is unlikely they will need to pass the full impact into their internal targets, with a final decision to be announced in November.

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    Ignacio Cerezo Olmos's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Ignacio Cerezo Olmos of UBS asked for visibility on the sustainability of the pickup in mortgage demand and whether aggressive pricing poses a risk. He also inquired about the expected year-end CET1 level and if the bank might need to raise its capital target for distributions due to the countercyclical buffer.

    Answer

    CEO Gonzalo Gortázar expressed confidence in the structural demand for mortgages, driven by household formation and immigration, and noted the Q3 pipeline remains strong. CFO Javier Pano addressed the countercyclical buffer, stating that while a final decision will be made for the November Investor Day, the bank would likely not need to pass the full requirement into its internal targets due to its ample starting MDA buffer and strong profitability.

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    Ignacio Cerezo Olmos's questions to CaixaBank SA (CAIXY) leadership • Q1 2024

    Question

    Ignacio Cerezo Olmos asked for a breakdown of banking fees and for guidance on where the customer spread might settle in a more normalized rate environment, questioning if deposit and lending betas would differ on the way down.

    Answer

    CEO Gonzalo Gortázar provided figures for maintenance fees, expecting them to fall to €300 million this year from €360 million last year, but then stabilize. On the customer spread, he suggested asset-side betas could improve as the mortgage market normalizes, contrasting current mortgage pricing in Spain versus the more dynamic Portuguese market to illustrate how market conditions affect rate pass-through.

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