What happened with SAN today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Banco Santander is a Spanish banking group serving households and businesses across Europe and the Americas. Customers use its branches and digital channels to save, borrow and make payments. Customer deposits provide most of the funding for its loans, and borrowers pay interest on mortgages, business loans and consumer credit. Interest received after funding costs supplies most of its revenue. Retail and commercial banking is its largest business; consumer finance, brought together with digital banking under Openbank, is the next largest and focuses heavily on vehicle financing through carmaker partnerships.
Customers also pay fees for financial services. Santander helps corporate and institutional clients arrange financing and manage transactions, and earns fees from managing customers’ investments and providing payment services. Its payment businesses include Getnet and Ebury. These activities supplement, rather than replace, its core lending business.
The lending business depends on retaining deposits at workable costs, the gap between lending and funding rates, and borrowers’ ability to repay. Subsidiaries manage their own capital and liquidity, and regulatory requirements constrain the business and can restrict payments to the parent. Legal and operational limits also prevent some liquidity from moving freely between countries.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Santander’s results hinge on interest margins and borrowers’ ability to repay across Spain, the UK and the Americas; CaixaBank is another important Spanish rival to watch beyond this list.
BBVA challenges Santander for deposits and loans in Spain, and both serve individuals and corporate clients in Mexico and South America. BBVA’s Spanish deposit and lending business is the clearest place to compare their competition for customers.
Santander Brasil’s earnings and loan quality feed directly into Santander as its controlled Brazilian bank, serving individuals and businesses with loans and banking services. Watch borrowers falling behind: its non-performing loan ratio rose from 6.14% at December 2024 to 6.82% at December 2025.
Banco Santander-Chile’s lending margins and credit losses flow into Santander’s results because it is the group’s Chilean banking subsidiary. Its interest income from loans to individuals and smaller businesses is a useful line to watch, alongside the fees it earns from banking services.
Itaú competes with Santander Brasil for consumer loans, companies’ financing and advisory work, and customers’ investment-management business in a major Santander earnings market. Its Brazilian personal-loan market share and asset-management inflows offer concrete comparisons for Santander’s position there.
Lloyds competes with Santander UK for household mortgages and deposits, as well as individuals’ and businesses’ banking needs. Its mortgage business is especially relevant to a comparison: Santander UK held €192,047 million of first-lien residential mortgages at 31 December 2025.
Barclays challenges Santander for UK individuals’ and businesses’ banking, and for companies’ financing and capital-markets business. Watch Barclays’ push toward UK business customers, where its lending and banking services overlap with Santander’s.
Bradesco competes with Santander Brasil for deposits, consumer loans, cards and business banking. Its lending and card business among middle- and low-income Brazilians is a useful place to compare their retail competition.
HSBC competes with Santander in UK banking and in helping companies move money, obtain financing and manage wealth globally. Its 2025 growth in corporate transaction banking, particularly foreign exchange, gives a concrete comparison for Santander’s services to corporate and institutional clients.
NatWest competes with Santander UK for households’ deposits and mortgages and for businesses’ banking needs.
ING competes with Santander for European customers’ digital deposits and mortgages, and for international companies’ loans and money-management services, known as transaction banking.
Nu Holdings competes with Santander for cards, deposits and personal loans in Brazil and Mexico, delivering financial services to individuals and smaller businesses through its mobile app. Watch its reach among Mexican card customers: roughly half received their first credit card through Nu.
Ally Financial competes with Santander Consumer USA to finance car purchases through dealers, and with Openbank for digital deposits. Both Ally and Santander Consumer USA were in CarMax’s outside lender network at 28 February 2026, putting them in the same channel for reaching car buyers.
Stellantis sells vehicles that Santander finances through European joint ventures, while the wind-down of their US relationship has reduced Santander’s leasing volumes. Watch the US leasing business: Santander linked its decline in 2025 partly to the Stellantis wind-down, even as European leasing grew.
Banco de Chile competes with Santander’s Chilean subsidiary for retail loans, deposits, business banking and wealthy customers. Its services combining wealth management with everyday banking for high-income individuals are a useful comparison for Santander-Chile’s offering to that group.
Capital One competes with Santander Consumer USA for auto borrowers and with Santander’s digital bank for US deposits. Its Consumer Banking business brings both together, making auto lending and consumer deposits the relevant lines to compare rather than its broader card business.
Deutsche Bank competes with Santander to help corporate clients manage cash, finance trade and obtain loans. Its Corporate Bank’s cash-management business is a useful comparison for Santander, whose cash-management activity was affected by easing interest rates across most markets in 2025.
Citi competes with Santander for global corporate banking, trade services, markets and wealth clients; that rivalry is separate from its role holding the shares behind Santander’s US depositary shares, or ADSs. Citi’s Services, Markets, Banking and Wealth revenues are the relevant lines for comparing these businesses.
JPMorgan competes with Santander to finance companies, handle their financial transactions and provide markets services, as well as serve US consumers. Its Commercial & Investment Bank offers the corporate comparison, while Consumer & Community Banking covers the US consumer overlap.
Bank of America competes with Santander in US auto loans and banking services for companies, including financing car buyers through CarMax. Both it and Santander Consumer USA were in CarMax’s outside lender network at 28 February 2026, a concrete point of competition for auto borrowers.
Capital One Financial earningsCOF
Capital One’s auto loans compete with Santander Consumer USA for US car borrowers, and its report will show what their demand and credit quality look like.
Read auto-loan growth alongside delinquencies and credit losses. Growth with stable credit quality would suggest US car-finance demand can support lending without a clear deterioration in borrowers; growth with rising delinquencies or losses would point to greater risk and pressure on Santander Consumer USA’s lending returns. This shows the market backdrop, not whether Santander gained or lost share.
Banco Bradesco S.A. earningsBBD
Bradesco competes with Santander Brasil for Brazilian retail borrowers and card spending, so its report will show the demand and credit conditions both banks face.
Read growth in retail lending and cards alongside delinquencies or credit losses. Growth with stable credit quality would suggest middle- and lower-income customers’ borrowing and spending remain supported; growth with rising arrears or losses would show that risk is rising with demand. The first is a more supportive backdrop for Santander Brasil’s business; the second means lending faces greater risk.
Barclays PLC earningsBCS
Barclays competes with Santander UK for business customers, and its report will show demand for the lending and banking services both banks provide.
Look at Barclays’ UK business lending and business-banking activity. Strength would show that companies still need financing and that Santander UK faces an active competitor; weakness could reflect softer business demand, not by itself a gain in customers for Santander.
Stellantis N.V. earningsSTLA
Stellantis sells vehicles financed by Santander through European joint ventures, so its report can indicate car-market demand but cannot establish Santander’s leasing volumes.
Read Stellantis’s vehicle sales and model mix in Europe and the US. Firm European sales and demand would support the broader market for Santander’s related financing and leasing; weaker sales would mean fewer potential car-finance customers. In the US, the wind-down of the relationship also matters, so US sales are not a direct measure of Santander’s leasing volumes.
Banco Santander S.A. earningsThis company
Santander earns mainly from lending and service fees, and this report will show whether costs and loan losses are eating into that income.
Read net interest income—the interest earned on loans after paying for deposits and other funding—alongside net fee income, operating expenses and cost of risk, the measure of loan losses relative to lending. If interest and fee income hold or grow while costs and credit losses stay contained, Santander is turning customer business into profit. If income weakens or costs and losses rise faster, margins, fee activity or borrowers’ ability to repay are under pressure.
BANCO SANTANDER (BRASIL) SA earningsBSBR
Santander Brasil’s lending income and credit losses feed into Santander’s results, and its report will show whether Brazilian borrowers’ repayment problems are weighing on that business.
Read lending and interest income alongside the non-performing loan ratio—the share of loans that are overdue or unlikely to be repaid—and credit losses. Stable income with a ratio that stops rising would suggest Santander Brasil’s earnings and borrower repayment are holding up. If bad loans and losses rise while income weakens, the subsidiary’s contribution to Santander’s profit is under pressure.
Deutsche Bank Aktiengesellschaft earningsDB
Deutsche Bank’s corporate cash-management business overlaps with Santander’s Corporate & Investment Banking business, and its report will show how companies are using those services.
Focus on corporate cash-management service income and client activity, not just interest income. If service income and activity hold up as rates ease, corporate fees can help support Santander’s business; if both weaken, transaction volumes or pricing may be under pressure.
Fed Interest Rate Decision
For Santander, the Fed’s policy-rate decision matters because it can change interest earned on repricing loans and other assets and interest paid on deposits, affecting net interest income, a substantial part of the bank’s results.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed’s policy rate is higher than expected, interest income may rise on Santander assets that reprice upward, but deposit costs may also rise, limiting the gain in net interest income.
If it comes in below expectations
If the Fed’s policy rate is lower than expected, interest income may fall on Santander assets that reprice downward, while lower deposit costs may partly offset the decline in net interest income.
Banco Bilbao Vizcaya Argentaria, S.A. earningsBBVA
BBVA competes with Santander for deposits and borrowers in Spain, and its report will show the customer demand and rivalry both banks face there.
Read Spanish deposits and lending together. Growth in both would show BBVA is still attracting deposits and lending to customers, keeping competition active in Santander’s home market; weakness in both could reflect a softer market, not by itself a gain in customers for Santander.
Lloyds Banking Group PLC earningsLYG
Lloyds competes with Santander UK for mortgage customers, and its report will show UK household demand and the rivalry both banks face.
Look at Lloyds’ mortgage balances and new lending. Strong lending would show that households are still borrowing and that Santander UK faces continued competition; weaker lending could mean less rivalry, but could also reflect softer household demand rather than an opening for Santander.
Banco Santander-Chile earningsBSAC
Santander Chile’s loan interest, service fees and credit losses feed into Santander’s results, and its report will show whether Chilean individuals and small businesses are supporting that business.
Read interest income from loans to individuals and small businesses alongside banking fees and credit losses. If interest and fee income hold while losses stay contained, Santander Chile is converting customer lending and services into steadier earnings; if income weakens or losses rise, its contribution to Santander’s profit is under pressure.
