Banco Santander SA (SAN) 2026 Q2 法說會逐字稿

Good morning, everyone, and thank you for joining Santander's First half 2026 Results Presentation. Today's presentation will follow the usual structure. First, Hector will talk about our results with a special focus on the performance of our global businesses. Jose will then cover the financial results in more detail. Finally, Hector will close with the outlook before we open the line for Q&A.

各位早安，感謝各位參加桑坦德銀行（Santander）2026年上半年業績發表會。今天的簡報將依循一貫的架構。首先，Hector 將談我們的業績，並特別聚焦於全球業務的表現。接著 Jose 將更詳細說明財務結果。最後，Hector 將在展望部分作結，之後我們將開放問答。

Before we start, I would like to highlight that this is the first quarter in which TSB is included in our results after the acquisition closed on the 30th of April. Our underlying metrics exclude the impact of Poland and TSB in duration-related restructuring costs to provide a clearer view of the underlying trends.

在開始之前，我想強調，這是我們在收購於4月30日完成交割後，首次將 TSB 納入業績的季度。為了更清楚呈現基本趨勢，我們的基本指標排除了波蘭與 TSB 在與期間相關的重整成本（duration-related restructuring costs）上的影響。

With that, Hector, over to you.Thanks, Raul, and good morning to everyone. Q2 was another record quarter for Santander, demonstrating again the strength of our strategy and the resilience of our business model. Our quarterly profit hit a new record of EUR3.8 billion, making H1 '26 the best half ever driven by strong revenue growth across global businesses and our growing franchise of 182 million customers, up by more than 12 million year-on-year, including the 4 million TSB customers, we welcome to the group in May.

那麼，Hector，交給你。謝謝，Raul，也向各位道早安。第二季對桑坦德而言又是一個創紀錄的季度，再次展現我們策略的強勁與商業模式的韌性。我們單季獲利再創新高，達38億歐元，使2026年上半年成為史上最佳上半年；這主要由全球業務的強勁營收成長，以及我們持續擴大的客戶基礎所帶動。我們的客戶數達1.82億，年增超過1,200萬人，其中包含5月加入本集團的400萬名 TSB 客戶。

We achieved this while executing on transformation, making excellent progress towards a simpler and more integrated model. This is translating into tangible results. With efficiency improving by 3 percentage points and underlying ROTE increasing to 15.6%. Our balance sheet remains very solid with robust credit quality and a strong CET1 ratio of 14%, which includes the impact of TSB. In this context of high capital levels and underlying ROTE adjusted for excess capital is close to 17%.

我們在推動轉型的同時也達成這些成果，朝向更精簡且更整合的模式取得極佳進展。這正轉化為具體成果。效率比率改善3個百分點，基本 ROTE 提升至15.6%。我們的資產負債表依然非常穩健，信用品質強韌，CET1 比率達14%，其中已包含 TSB 的影響。在此高資本水準的背景下，若就超額資本調整後的基本 ROTE 而言，接近17%。

All of this continues to translate into strong shareholder value creation with INAP plot dividend per share growing 19%. Before I move on, let me make a brief comment on TSB. As Al mentioned, TSB closed on April 30, only contributing with two months of results, so the impact on year-on-year trend is limited. Jose will provide more detail where relevant later in the presentation. Our P&L remains very solid, with underlying profit growing 14% year-on-year.

上述成果持續轉化為強勁的股東價值創造，INAP plot 每股股利成長19%。在我繼續之前，先簡短談一下 TSB。如 Al 所提，TSB 於4月30日完成交割，僅貢獻兩個月的業績，因此對年對年趨勢的影響有限。Jose 稍後會在簡報中於相關處提供更多細節。我們的損益表依然非常穩健，基本獲利年增14%。

We delivered strong top line growth with revenue up 6% in constant euros, supported by NII increasing 6% on the back of margin resilience and profitable deals growth as well as record fees, up 7%, rising across all businesses and countries. This reflects structural trends driven by deeper customer relationships and stronger connectivity across the group.

我們實現強勁的營收成長，以固定匯率（以歐元計）計算營收成長6%；在利差韌性與獲利性交易量成長的帶動下，淨利息收入（NII）成長6%；同時手續費創新高、成長7%，且在所有業務與國家均呈上升。這反映了結構性趨勢：更深的客戶關係，以及集團內更強的連結性。

Revenue grew while we reduced cost once again, showcasing the possibility and the positive effects of our transformation. LLPs were affected by Argentina, reflecting sector-wide trends in the country. Excluding Argentina, provisions were broadly stable year-on-year. Finally, in H1 we recorded EUR245 million gross impact related to Motor Finance in Openbank Europe, most of it booked in Q1.

在營收成長的同時，我們再次降低成本，展現轉型的可行性及其正面效果。貸款損失準備（LLPs）受到阿根廷影響，反映該國全產業的趨勢。若排除阿根廷，提存年對年大致持平。最後，我們在上半年認列與 Openbank Europe 的汽車金融（Motor Finance）相關的總影響2.45億歐元，其中大部分在第一季入帳。

All in all, as we have shown over time, our results are sustainable and less volatile than peers even in challenging environments. What we are seeing again this quarter clearly reflect the strategy we presented at Investor Day. Our unique business model combines global in-market scale with customer focus and diversification across Europe and the Americas. And the model keeps delivering consistent results higher revenue, lower cost, improved profitability and stronger shareholder value creation.

總體而言，正如我們長期以來所展現的，即使在具挑戰性的環境下，我們的業績也具可持續性，且相較同業波動更小。本季我們再次看到的情況，清楚反映了我們在投資人日所提出的策略。我們獨特的商業模式結合了全球在地市場規模、以客戶為中心，以及橫跨歐洲與美洲的多元化布局。而此模式持續交出一致的成果：更高營收、更低成本、更佳獲利能力，以及更強的股東價值創造。

Now let me talk about our customers. The structural trends continue to strengthen the quality of our results. First, we are attracting more customers. Second, customers are doing more with us. Active customers are growing faster, and fees per active customer increased by 3%, reflecting higher engagement and broader use of our products and services.

接下來談談我們的客戶。結構性趨勢持續強化我們業績的品質。第一，我們吸引到更多客戶。第二，客戶與我們往來更深。活躍客戶成長更快，每位活躍客戶的手續費收入增加3%，反映更高的互動度以及更廣泛使用我們的產品與服務。

Third, we continue to improve our efficiency across the group.

第三，我們持續提升全行的效率。

Together, these three trends met or profitability improvements increasingly sustainable over time. As you can see, we continue to deliver on our transformation, driving operational leverage through structural improvements that are under our control. Simplification and automation have delivered more than 1 percentage point of efficiencies. Our network businesses are generating strong positive jaws, and our global technology platforms continue to improve productivity, while we start to capture benefits from AI.

綜合而言，這三項趨勢使我們的獲利改善隨時間推進愈發可持續。如各位所見，我們持續推進轉型，透過我們可控的結構性改善來帶動營運槓桿。精簡化與自動化已帶來超過1個百分點的效率提升。我們的網路型業務（network businesses）產生強勁的正向剪刀差（positive jaws），全球科技平台持續提升生產力，同時我們也開始取得 AI 帶來的效益。

Our five global businesses continued to deliver strong and balanced growth, driven by customer activity, diversification and scale. Retail and Openbank illustrate the power of our model. Revenue grew 4% and costs fell by 3%, driving higher profitability through operational leverage. At the same time, CIB, wealth and payments demonstrate the power of our global capabilities and connectivity, driving strong revenue growth and improving efficiency.

我們的五大全球業務持續交出強勁且均衡的成長，動能來自客戶活動、多元化與規模。零售與 Openbank 展現了我們模式的威力。營收成長4%、成本下降3%，透過營運槓桿推動更高獲利。同時，CIB、財富管理與支付業務則展現我們全球能力與連結性的優勢，帶動強勁營收成長並提升效率。

Together, these businesses, combined with our focus on disciplined capital allocation are driving high returns and solid progress towards our targets. Let's now look at each of them.

這些業務再加上我們對嚴謹資本配置的重視，正推動高報酬並朝目標穩健前進。現在讓我們逐一檢視。

In retail, we continue to transform our model, combining cutting-edge technology with the expertise and proximity for our teams to deliver the best customer experience. Our customer interaction platform is live in five markets and is now ready to roll out in Spain. It helps us to personalize customer interactions at scale, improving conversion and strengthening customer primacy. In Commercial, our new model is delivering excellent results in Spain, with revenue up 17% and cost down 3% year-on-year.

在零售方面，我們持續轉型模式，結合尖端科技與團隊的專業與在地貼近性，以提供最佳客戶體驗。我們的客戶互動平台已在五個市場上線，並已準備在西班牙推廣。它協助我們以規模化方式個人化客戶互動，提升轉換率並強化客戶主辦行地位（customer primacy）。在商業金融（Commercial）方面，我們的新模式在西班牙交出優異成果，營收年增17%，成本年減3%。

We are better aligning our service model with customer needs, improving their experience while reducing our cost base. Using advanced analytics, we identified high-growth companies and connect them with more value-added solutions deepening relationships and capturing a greater share or their financial needs. Following this success, we are now rolling out the model across Brazil, Mexico, UK, Chile and Portugal.

我們更好地使服務模式與客戶需求對齊，在改善客戶體驗的同時降低成本基礎。透過進階分析，我們辨識出高成長企業，並將其連結至更具附加價值的解決方案，深化關係並取得其更多金融需求的份額。在此成功基礎上，我們正將該模式推廣至巴西、墨西哥、英國、智利與葡萄牙。

As a result, retail fees grew 6%. Cost per active customer declined 6% and productivity keeps improving. Overall, retail's underlying profit grew 12% year-on-year, driven by strong operational leverage while asset quality remained robust with cost of risk improving excluding Argentina. As you probably know, Webster also reported another strong quarter yesterday, demonstrating again the quality of the franchise with a 17% ROTE, excluding transaction costs, and continued volume growth. Overall, these results were in line with market expectations.

因此，零售手續費成長6%。每位活躍客戶的成本下降6%，生產力持續提升。整體而言，零售基本獲利年增12%，主要由強勁的營運槓桿所帶動；同時資產品質維持穩健，若排除阿根廷，風險成本呈改善。各位可能也知道，Webster 昨天同樣公布了另一個強勁季度，再次展現其特許經營的品質：若排除交易成本，ROTE 為17%，且放款量持續成長。整體而言，這些結果符合市場預期。

Looking ahead, we expect profitable growth to continue as we scale our model deepen customer relationships and capture additional efficiencies from TSB and Webster. This quarter, we closed the acquisition of TSB, a highly strategic transaction and we have taken the first steps in the integration process, which is progressing according to our plan. It adds a scale in the core market. It strengthens our funding mix through a high-quality deposit base and enhances our risk profile through a low-risk mortgage portfolio.

展望未來，隨著我們擴大模式規模、深化客戶關係，並從 TSB 與 Webster 取得額外效率，我們預期獲利性成長將持續。本季我們完成收購 TSB，這是一筆高度策略性的交易；我們已在整合流程中採取第一步，且整合正依計畫推進。此交易為核心市場帶來規模。它透過高品質存款基礎強化我們的資金來源組合，並透過低風險房貸投資組合提升我們的風險輪廓。

The combination accelerates the execution of our strategy, enabling us to simplify the business capture significant efficiencies and improved the profitability of Santander UK. This will help us deliver an RoTE of around 16% in Santander UK by 28%, supported by a least EUR400 million of synergies.

此一組合加速我們策略的執行，使我們得以精簡業務、取得顯著效率，並提升 Santander UK 的獲利能力。在至少4億歐元綜效的支持下，這將協助我們在28%達成 Santander UK 約16%的 RoTE。

With Openbank, we are building a more integrated scalable and efficient business supported by our global digital platform. We are broadening our customer proposition to become our customers' primary digital bank. In Mobility Finance, we're expanding beyond traditional out lending with new solutions, while we continue to scale our embedded finance business through Openbank Pay, which already serves more than 2.6 million customers.

透過 Openbank，我們正在打造一個更整合、可擴展且更高效率的業務，並由我們的全球數位平台提供支援。我們正擴大客戶價值主張，目標成為客戶的主要數位銀行。在移動金融（Mobility Finance）方面，我們以新解決方案擴展至傳統對外放款以外的領域；同時，透過 Openbank Pay 持續擴大嵌入式金融業務規模，目前已服務超過 260 萬名客戶。

At the same time, our focus on funding optimization keeps supporting profitability through significant cost savings, especially in the US. This is already translating into a strong underlying performance with solid revenue increase, lower cost and credit quality under control, driving 15% growth in profit before tax, excluding motor finance. As anticipated, profit is affected by the end of electric legal tax incentives in the US. The tax rate is now expected to remain stable.

同時，我們對資金來源最佳化的聚焦，持續透過顯著的成本節省（尤其在美國）支撐獲利能力。這已轉化為強勁的核心表現：營收穩健成長、成本下降且信用品質受控，帶動稅前利潤成長 15%（不含汽車金融）。如預期，利潤受到美國電動車法律稅務優惠到期的影響。目前預期稅率將維持穩定。

Looking ahead, we expect profitability to improve as we continue to scale the business, optimize funding and deliver further efficiencies. In CIB, we continue to build a world-class business for our corporate and institutional clients leveraging the strength of our global network. We are now moving from building capabilities to scaling our franchise, translating them into stronger client relationships.

展望未來，隨著我們持續擴大業務規模、最佳化資金來源並進一步提升效率，我們預期獲利能力將改善。在 CIB 方面，我們持續運用全球網絡的優勢，為企業與機構客戶打造世界級業務。我們正從能力建置階段邁向特許經營規模化，並將其轉化為更強的客戶關係。

What differentiates us is the connectivity to our franchise, bringing together Santander capabilities to serve our clients in a much more integrated way. A good example is a client aerospace sector, where commercial banking, CIB and private banking have worked together throughout the company's growth journey from day-to-day banking to financing, advising on the latest capital raise and connecting it with private investors.

我們的差異化在於與自身特許經營體系的連結性，將 Santander 的各項能力整合起來，以更一體化的方式服務客戶。一個很好的例子是航太產業客戶：商業銀行、CIB 與私人銀行在公司成長歷程中全程協作，從日常銀行服務到融資、就最新一輪募資提供建議，並協助其連結私人投資人。

At the same time, we continue to transform our operating model through global platforms and AI delivering high productivity and better customer service. For example, our automated price in global markets allow us to serve more clients and improve funding decisions. Even in a more challenging environment, strong client activity continues to drive profitable growth as we focus on efficiency and capital discipline.

同時，我們持續透過全球平台與 AI 轉型營運模式，以提升生產力並改善客戶服務。例如，我們在全球市場的自動化定價，使我們能服務更多客戶並改善資金決策。即使在更具挑戰的環境下，強勁的客戶活動仍持續推動獲利成長，因為我們專注於效率與資本紀律。

As a result, profit rose 17% year-on-year while maintaining one of the best efficiency ratios in the sector and originating new business at RoTE of around 23%. In wealth, we continue to deliver solid growth while executing our strategy, leveraging our global scale and capabilities. In private banking, we're strengthening our advisory proposition for ultra high net worth and family office clients while leveraging our international franchise to connect clients with the best of Santander globally.

因此，在維持本產業最佳效率比率之一的同時，利潤年增 17%，且新承作業務的 RoTE 約為 23%。在財富管理方面，我們在執行策略的同時持續交出穩健成長，並運用我們的全球規模與能力。在私人銀行方面，我們正強化針對超高淨值與家族辦公室客戶的顧問式價值主張，同時運用國際特許經營網絡，將客戶與 Santander 全球最佳資源連結。

As a result, customer assets and liabilities grew 15% and client cross-border referrals increased by more than 20% year-on-year. In insurance and asset management, we're increasingly operating as one integrated platform to deliver a more differentiated value proposition. Insurance is one of the biggest growth opportunities across the group. We continue to strengthen our position in Spain and Portugal while extending our model to other markets such as Brazil, Mexico and Chile.

因此，客戶資產與負債成長 15%，而跨境客戶轉介年增超過 20%。在保險與資產管理方面，我們日益以單一整合平台運作，以提供更具差異化的價值主張。保險是集團內最大的成長機會之一。我們持續鞏固在西班牙與葡萄牙的地位，同時將我們的模式延伸至巴西、墨西哥與智利等其他市場。

We have integrated life and pensions in Brazil and Portugal. In health, we continue to roll out the innovative solutions such as One Care in Portugal and SouteCompara in Brazil. This is already supporting double-digit premium growth across our core insurance businesses. Together, these initiatives are making our business more scalable, more resilient and increasingly fee-based.

我們已在巴西與葡萄牙整合壽險與退休金業務。在健康保險方面，我們持續推廣創新解決方案，例如葡萄牙的 One Care 與巴西的 SouteCompara。這已支撐我們核心保險業務保費呈現雙位數成長。綜合而言，這些舉措正使我們的業務更具可擴展性、更具韌性，且費用型收入占比持續提高。

As a result, profit rose 19%, driven by strong commercial momentum across all our business lines. Finally, payments, our high-growth platform business. We continue to combine scale with innovation, strengthening our position across the global payments value chain. In Getnet, we launched the first identic payments use case in Latin America, positioning us as a forefront of the next generation of digital commerce. Our Gated platforms processed around 15 billion transactions in the last 12 months alone and support multiple payment methods across markets driving much better efficiency.

因此，利潤成長 19%，主要由我們各條業務線的強勁商業動能所帶動。最後是支付業務——我們的高成長平台型業務。我們持續結合規模與創新，強化在全球支付價值鏈的地位。在 Getnet，我們在拉丁美洲推出首個 identic 支付應用案例，使我們站上下一代數位商務的前沿。我們的 Gated 平台在過去 12 個月內處理約 150 億筆交易，並在各市場支援多種支付方式，帶來更高的效率。

And in Ivory, the recent private placements reinforces its long-term growth potential. This is translating into a strong performance on the financial side with revenue up 17% and EBITDA margin improving to 33% and profit increasing fourfold year-on-year, resulting on a Rule of 40 score about 50%. Overall, the business keeps building strong momentum with clear upside as we continue to scale.

而在 Ivory，近期的私募配售強化了其長期成長潛力。這在財務面轉化為強勁表現：營收成長 17%，EBITDA 利潤率提升至 33%，利潤年增四倍，使 Rule of 40 分數約為 50%。整體而言，隨著我們持續擴大規模，該業務動能持續增強，且上行空間明確。

Our strong operational and financial performance continues to drive capital generation, higher profitability and double-digit value creation. Our CET1 ratio rose to 14% on track to achieve our year-end target comfortably above our 12% to 13% operating range. Underlying routing, improved to 15.6% and is close to 17% at normalized CET1 levels with further upside from M&A and ONE transformation.

我們強勁的營運與財務表現持續推動資本生成、更高的獲利能力以及雙位數的價值創造。我們的 CET1 比率上升至 14%，正按計畫在年底舒適地達成高於 12% 至 13% 營運區間的目標。核心 RoTE 提升至 15.6%，在正常化 CET1 水準下接近 17%，並可望受惠於併購（M&A）與 ONE 轉型而進一步上行。

Underlying earnings per share grew 20%, and Tina plus cash dividend per share increased 19%, reflecting strong profit generation and the impact of buybacks. We have received the approval from the ACB for a new buyback program for up to EUR1.8 billion against '26 results. Once the corresponding corporate approvals have been obtained, total share buybacks, including the program currently underway will reach around EUR9 billion close to our commitment of distributing at least EUR10 billion for '25 and '26.

核心每股盈餘成長 20%，而 Tina 加上每股現金股利成長 19%，反映強勁的獲利創造以及庫藏股回購的影響。我們已獲 ACB 核准一項新的回購計畫，金額最高達 18 億歐元，對應至 '26 年業績。在取得相應的公司治理核准後，包含目前進行中的計畫在內，總股票回購金額將達約 90 億歐元，接近我們承諾於 '25 與 '26 年至少分配 100 億歐元的目標。

With that, I will now hand it over to Jose, who will take you through the financials in more detail.

接下來，我將把時間交給 Jose，他將帶各位更深入地了解財務細節。

Thanks, Raul, and good morning to everyone. Q2 was another record quarter for Santander, demonstrating again the strength of our strategy and the resilience of our business model. Our quarterly profit hit a new record of EUR3.8 billion, making H1 '26 the best half ever driven by strong revenue growth across global businesses and our growing franchise of 182 million customers, up by more than 12 million year-on-year, including the 4 million TSB customers, we welcome to the group in May.

謝謝你，Raul，也向各位道早安。第二季是 Santander 再創紀錄的一季，再次展現我們策略的力量以及商業模式的韌性。我們單季利潤創下 38 億歐元的新高，使得 '26 年上半年成為史上最佳上半年；這主要由全球業務的強勁營收成長，以及我們持續擴大的 1.82 億名客戶特許經營基礎所帶動，客戶數年增超過 1,200 萬名，其中包含我們於 5 月迎接加入集團的 400 萬名 TSB 客戶。

We achieved this while executing on transformation, making excellent progress towards a simpler and more integrated model. This is translating into tangible results. With efficiency improving by 3 percentage points and underlying ROTE increasing to 15.6%. Our balance sheet remains very solid with robust credit quality and a strong CET1 ratio of 14%, which includes the impact of TSB. In this context of high capital levels and underlying ROTE adjusted for excess capital is close to 17%.

我們在推動轉型的同時達成上述成果，並在邁向更簡化、更整合的模式方面取得卓越進展。這正轉化為具體成果。效率提升 3 個百分點，核心 ROTE 提升至 15.6%。我們的資產負債表仍非常穩健，信用品質強韌，CET1 比率達 14%，其中已包含 TSB 的影響。在此高資本水準的背景下，經超額資本調整後的核心 ROTE 接近 17%。

All of this continues to translate into strong shareholder value creation with INAP plot dividend per share growing 19%. Before I move on, let me make a brief comment on TSB. As Al mentioned, TSB closed on April 30, only contributing with two months of results, so the impact on year-on-year trend is limited. Jose will provide more detail where relevant later in the presentation. Our P&L remains very solid, with underlying profit growing 14% year-on-year.

上述一切持續轉化為強勁的股東價值創造，使 INAP plot 每股股利成長 19%。在我繼續之前，先簡要談一下 TSB。如 Al 所提，TSB 於 4 月 30 日完成交割，僅貢獻兩個月的業績，因此對年對年趨勢的影響有限。Jose 稍後在簡報中將在相關處提供更多細節。我們的損益表仍非常穩健，核心利潤年增 14%。

We delivered strong top line growth with revenue up 6% in constant euros, supported by NII increasing 6% on the back of margin resilience and profitable deals growth as well as record fees, up 7%, rising across all businesses and countries. This reflects structural trends driven by deeper customer relationships and stronger connectivity across the group.

我們實現強勁的營收成長：以固定匯率（以歐元計）計算，營收成長 6%；其中，受惠於利差韌性與獲利性交易成長，淨利息收入（NII）成長 6%；手續費亦創新高，成長 7%，且在所有業務與國家均呈上升。這反映由更深的客戶關係以及集團內更強的連結性所驅動的結構性趨勢。

Revenue grew while we reduced cost once again, showcasing the possibility and the positive effects of our transformation. LLPs were affected by Argentina, reflecting sector-wide trends in the country. Excluding Argentina, provisions were broadly stable year-on-year. Finally, in H1 we recorded EUR245 million gross impact related to Motor Finance in Openbank Europe, most of it booked in Q1.

營收成長的同時，我們再次降低成本，展現我們轉型的可行性與正面效果。貸款損失準備（LLPs）受到阿根廷影響，反映該國全產業的趨勢。排除阿根廷後，提存年對年大致持平。最後，在上半年我們錄得與 Openbank Europe 汽車金融相關的 2.45 億歐元毛影響，其中大部分已於第一季入帳。

All in all, as we have shown over time, our results are sustainable and less volatile than peers even in challenging environments. What we are seeing again this quarter clearly reflect the strategy we presented at Investor Day. Our unique business model combines global in-market scale with customer focus and diversification across Europe and the Americas. And the model keeps delivering consistent results higher revenue, lower cost, improved profitability and stronger shareholder value creation.

總而言之，正如我們長期以來所展現的，即使在充滿挑戰的環境中，我們的成果依然可持續，且波動性低於同業。本季我們再次看到的情況，清楚反映了我們在投資人日所提出的策略。我們獨特的商業模式結合了全球在地市場規模、以客戶為中心，以及橫跨歐洲與美洲的多元化布局。而這個模式持續交出一致的成果：更高的營收、更低的成本、改善的獲利能力，以及更強的股東價值創造。

Now let me talk about our customers. The structural trends continue to strengthen the quality of our results. First, we are attracting more customers. Second, customers are doing more with us. Active customers are growing faster, and fees per active customer increased by 3%, reflecting higher engagement and broader use of our products and services.

現在讓我談談我們的客戶。結構性趨勢持續強化我們成果的品質。第一，我們正在吸引更多客戶。第二，客戶與我們的往來更深入。活躍客戶成長更快，每位活躍客戶的手續費提高了3%，反映出更高的參與度以及對我們產品與服務更廣泛的使用。

Third, we continue to improve our efficiency across the group.

第三，我們持續提升集團整體的效率。

Together, these three trends met or profitability improvements increasingly sustainable over time. As you can see, we continue to deliver on our transformation, driving operational leverage through structural improvements that are under our control. Simplification and automation have delivered more than 1 percentage point of efficiencies. Our network businesses are generating strong positive jaws, and our global technology platforms continue to improve productivity, while we start to capture benefits from AI.

綜合而言，這三項趨勢使我們的獲利改善隨時間推進而愈發可持續。如各位所見，我們持續推進轉型，透過我們可控的結構性改善來帶動營運槓桿。簡化與自動化已帶來超過1個百分點的效率提升。我們的網路型業務產生強勁的正向「剪刀差」，而我們的全球科技平台持續提升生產力，同時我們也開始擷取AI帶來的效益。

Our five global businesses continued to deliver strong and balanced growth, driven by customer activity, diversification and scale. Retail and Openbank illustrate the power of our model. Revenue grew 4% and costs fell by 3%, driving higher profitability through operational leverage. At the same time, CIB, wealth and payments demonstrate the power of our global capabilities and connectivity, driving strong revenue growth and improving efficiency.

我們的五大全球業務持續交出強勁且均衡的成長，動能來自客戶活動、多元化與規模。零售與Openbank展現了我們模式的威力：營收成長4%、成本下降3%，透過營運槓桿推動更高的獲利能力。同時，CIB、財富管理與支付業務則展現我們全球能力與連結性的優勢，帶動強勁的營收成長並提升效率。

Together, these businesses, combined with our focus on disciplined capital allocation are driving high returns and solid progress towards our targets. Let's now look at each of them.

這些業務再加上我們對嚴謹資本配置的聚焦，正推動高報酬並朝目標穩健前進。接下來我們逐一檢視各項業務。

In retail, we continue to transform our model, combining cutting-edge technology with the expertise and proximity for our teams to deliver the best customer experience. Our customer interaction platform is live in five markets and is now ready to roll out in Spain. It helps us to personalize customer interactions at scale, improving conversion and strengthening customer primacy. In Commercial, our new model is delivering excellent results in Spain, with revenue up 17% and cost down 3% year-on-year.

在零售業務方面，我們持續轉型我們的模式，結合尖端科技與團隊的專業與在地貼近性，以提供最佳客戶體驗。我們的客戶互動平台已在五個市場上線，並已準備在西班牙推廣。它協助我們以規模化方式個人化客戶互動，提升轉換率並強化客戶主銀行地位。在商業金融方面，我們的新模式在西班牙交出優異成果，營收年增17%，成本年減3%。

We are better aligning our service model with customer needs, improving their experience while reducing our cost base. Using advanced analytics, we identified high-growth companies and connect them with more value-added solutions deepening relationships and capturing a greater share or their financial needs. Following this success, we are now rolling out the model across Brazil, Mexico, UK, Chile and Portugal.

我們更好地讓服務模式與客戶需求對齊，在改善其體驗的同時降低我們的成本基礎。透過先進分析，我們辨識出高成長企業，並將其連結至更高附加價值的解決方案，以深化關係並取得其金融需求中更高的占比。基於這項成功，我們正將該模式推廣至巴西、墨西哥、英國、智利與葡萄牙。

As a result, retail fees grew 6%. Cost per active customer declined 6% and productivity keeps improving. Overall, retail's underlying profit grew 12% year-on-year, driven by strong operational leverage while asset quality remained robust with cost of risk improving excluding Argentina. As you probably know, Webster also reported another strong quarter yesterday, demonstrating again the quality of the franchise with a 17% ROTE, excluding transaction costs, and continued volume growth. Overall, these results were in line with market expectations.

因此，零售手續費成長6%。每位活躍客戶成本下降6%，生產力持續提升。整體而言，零售的基礎利潤年增12%，在資產品質維持穩健的情況下，主要由強勁的營運槓桿所帶動；若排除阿根廷，風險成本亦有所改善。如各位所知，Webster昨日也公布了另一個強勁季度，再次展現該特許經營的品質：若排除交易成本，ROTE達17%，且放款量持續成長。整體而言，這些結果符合市場預期。

Looking ahead, we expect profitable growth to continue as we scale our model deepen customer relationships and capture additional efficiencies from TSB and Webster. This quarter, we closed the acquisition of TSB, a highly strategic transaction and we have taken the first steps in the integration process, which is progressing according to our plan. It adds a scale in the core market. It strengthens our funding mix through a high-quality deposit base and enhances our risk profile through a low-risk mortgage portfolio.

展望未來，隨著我們擴大模式規模、深化客戶關係，並自TSB與Webster取得更多效率，我們預期獲利性成長將持續。本季我們完成了對TSB的收購，這是一筆高度策略性的交易；我們已啟動整合流程的第一步，且進展符合計畫。此交易提升核心市場的規模，透過高品質存款基礎強化我們的資金來源組合，並透過低風險房貸投資組合提升風險概況。

The combination accelerates the execution of our strategy, enabling us to simplify the business capture significant efficiencies and improved the profitability of Santander UK. This will help us deliver an RoTE of around 16% in Santander UK by 28%, supported by a least EUR400 million of synergies.

此一組合加速我們策略的執行，使我們得以簡化業務、取得顯著效率並提升Santander UK的獲利能力。這將協助我們在2028年左右使Santander UK的RoTE達到約16%，並由至少4億歐元的綜效所支持。

With Openbank, we are building a more integrated scalable and efficient business supported by our global digital platform. We are broadening our customer proposition to become our customers' primary digital bank. In Mobility Finance, we're expanding beyond traditional out lending with new solutions, while we continue to scale our embedded finance business through Openbank Pay, which already serves more than 2.6 million customers.

透過Openbank，我們在全球數位平台的支援下，打造更整合、可擴展且更高效率的業務。我們正擴大客戶價值主張，成為客戶的主要數位銀行。在移動金融（Mobility Finance）方面，我們以新解決方案擴展至傳統汽車貸款以外，同時透過Openbank Pay持續擴大嵌入式金融業務規模，目前已服務超過260萬名客戶。

At the same time, our focus on funding optimization keeps supporting profitability through significant cost savings, especially in the US. This is already translating into a strong underlying performance with solid revenue increase, lower cost and credit quality under control, driving 15% growth in profit before tax, excluding motor finance. As anticipated, profit is affected by the end of electric legal tax incentives in the US. The tax rate is now expected to remain stable.

同時，我們對資金來源最佳化的聚焦，持續透過顯著的成本節省支撐獲利能力，尤其是在美國。這已轉化為強勁的基礎表現：營收穩健增加、成本降低且信用品質受控，帶動稅前利潤成長15%（不含汽車金融）。如預期，利潤受到美國電動車相關法律稅務優惠到期的影響。目前預期稅率將維持穩定。

Looking ahead, we expect profitability to improve as we continue to scale the business, optimize funding and deliver further efficiencies. In CIB, we continue to build a world-class business for our corporate and institutional clients leveraging the strength of our global network. We are now moving from building capabilities to scaling our franchise, translating them into stronger client relationships.

展望未來，隨著我們持續擴大業務規模、最佳化資金來源並交付進一步效率，我們預期獲利能力將改善。在CIB方面，我們持續運用全球網路的優勢，為企業與機構客戶打造世界級業務。我們正從建立能力轉向擴大特許經營規模，並將其轉化為更強的客戶關係。

What differentiates us is the connectivity to our franchise, bringing together Santander capabilities to serve our clients in a much more integrated way. A good example is a client aerospace sector, where commercial banking, CIB and private banking have worked together throughout the company's growth journey from day-to-day banking to financing, advising on the latest capital raise and connecting it with private investors.

我們的差異化在於與我們特許經營體系的連結性，將Santander的能力整合起來，以更一體化的方式服務客戶。一個很好的例子是航太產業的一位客戶：商業銀行、CIB與私人銀行在該公司成長旅程中全程合作，從日常銀行服務到融資、就最新一輪募資提供建議，並將其與私人投資人連結。

At the same time, we continue to transform our operating model through global platforms and AI delivering high productivity and better customer service. For example, our automated price in global markets allow us to serve more clients and improve funding decisions. Even in a more challenging environment, strong client activity continues to drive profitable growth as we focus on efficiency and capital discipline.

同時，我們持續透過全球平台與AI轉型營運模式，帶來高生產力與更佳客戶服務。例如，我們在全球市場的自動化定價，使我們能服務更多客戶並改善資金決策。即使在更具挑戰的環境中，強勁的客戶活動仍持續推動獲利性成長，因為我們聚焦於效率與資本紀律。

As a result, profit rose 17% year-on-year while maintaining one of the best efficiency ratios in the sector and originating new business at RoTE of around 23%. In wealth, we continue to deliver solid growth while executing our strategy, leveraging our global scale and capabilities. In private banking, we're strengthening our advisory proposition for ultra high net worth and family office clients while leveraging our international franchise to connect clients with the best of Santander globally.

因此，在維持業界最佳之一的效率比率同時，利潤年增17%，且新承作業務的RoTE約為23%。在財富管理方面，我們在執行策略的同時持續交出穩健成長，運用我們的全球規模與能力。在私人銀行方面，我們正強化對超高淨值與家族辦公室客戶的顧問服務主張，同時運用我們的國際特許經營網路，將客戶與全球Santander的最佳資源連結。

As a result, customer assets and liabilities grew 15% and client cross-border referrals increased by more than 20% year-on-year. In insurance and asset management, we're increasingly operating as 1 integrated platform to deliver a more differentiated value proposition. Insurance is one of the biggest growth opportunities across the group. We continue to strengthen our position in Spain and Portugal while extending our model to other markets such as Brazil, Mexico and Chile.

因此，客戶資產與負債成長15%，客戶跨境轉介年增超過20%。在保險與資產管理方面，我們愈來愈以單一整合平台運作，以提供更具差異化的價值主張。保險是集團最大的成長機會之一。我們持續強化在西班牙與葡萄牙的地位，同時將模式延伸至巴西、墨西哥與智利等其他市場。

We have integrated life and pensions in Brazil and Portugal. In health, we continue to roll out the innovative solutions such as One Care in Portugal and SouteCompara in Brazil. This is already supporting double-digit premium growth across our core insurance businesses. Together, these initiatives are making our business more scalable, more resilient and increasingly fee-based.

我們已在巴西與葡萄牙整合壽險與退休金業務。在健康保險方面，我們持續推廣創新解決方案，例如葡萄牙的One Care以及巴西的SouteCompara。這已支撐我們核心保險業務保費的雙位數成長。綜合而言，這些舉措使我們的業務更具可擴展性、更具韌性，且手續費型收入占比持續提高。

As a result, profit rose 19%, driven by strong commercial momentum across all our business lines. Finally, payments, our high-growth platform business. We continue to combine scale with innovation, strengthening our position across the global payments value chain. In Getnet, we launched the first identic payments use case in Latin America, positioning us as a forefront of the next generation of digital commerce. Our Gated platforms processed around 15 billion transactions in the last 12 months alone and support multiple payment methods across markets driving much better efficiency.

因此，利潤成長19%，動能來自我們所有業務線的強勁商業動能。最後是支付業務，我們的高成長平台型業務。我們持續結合規模與創新，強化我們在全球支付價值鏈中的地位。在Getnet方面，我們在拉丁美洲推出首個即時支付（identic payments）應用案例，使我們站在下一代數位商務的前沿。我們的Gated平台在過去12個月內處理約150億筆交易，並在各市場支援多種支付方式，帶動更佳效率。

And in Ivory, the recent private placements reinforces its long-term growth potential. This is translating into a strong performance on the financial side with revenue up 17% and EBITDA margin improving to 33% and profit increasing fourfold year-on-year, resulting on a Rule of 40 score about 50%. Overall, the business keeps building strong momentum with clear upside as we continue to scale.

而在Ivory方面，近期的私募配售強化其長期成長潛力。這正轉化為財務面的強勁表現：營收年增17%，EBITDA利潤率提升至33%，利潤年增至四倍，Rule of 40分數約為50%。整體而言，該業務持續累積強勁動能，隨著我們持續擴大規模，仍有明確上行空間。

Our strong operational and financial performance continues to drive capital generation, higher profitability and double-digit value creation. Our CET1 ratio rose to 14% on track to achieve our year-end target comfortably above our 12% to 13% operating range. Underlying routing, improved to 15.6% and is close to 17% at normalized CET1 levels with further upside from M&A and ONE transformation.

我們強勁的營運與財務表現持續推動資本生成、更高的獲利能力以及雙位數的價值創造。我們的CET1比率上升至14%，正按計畫在年底舒適地達成高於12%至13%營運區間的目標。基礎ROTE提升至15.6%，在CET1水準正常化後接近17%，並可望在併購（M&A）與ONE轉型帶動下進一步上行。

Underlying earnings per share grew 20%, and Tina plus cash dividend per share increased 19%, reflecting strong profit generation and the impact of buybacks. We have received the approval from the ACB for a new buyback program for up to EUR1.8 billion against '26 results. Once the corresponding corporate approvals have been obtained, total share buybacks, including the program currently underway will reach around EUR9 billion close to our commitment of distributing at least EUR10 billion for '25 and '26.

基礎每股盈餘成長20%，而每股Tangible plus現金股利增加19%，反映強勁的獲利生成以及庫藏股回購的影響。我們已獲得ACB核准，推出一項新的回購計畫，金額最高達18億歐元，對應於’26年度業績。在取得相應的公司內部核准後，包含目前進行中的計畫在內，總股票回購金額將達約90億歐元，接近我們承諾於’25與’26年度至少分配100億歐元的目標。

With that, I will now hand it over to Jose, who will take you through the financials in more detail.

接下來我將把時間交給Jose，他會帶各位更深入地檢視財務表現。

Thank you, Hector, and good morning, everyone. I will now take you through the group's P&L and capital performance in more detail. But before I begin, let me make two brief points. First, as sector and Rahul mentioned, the group's P&L includes two months of TSB's results following its consolidation in May. I will only refer to its impact were material.

謝謝你，Hector，各位早安。我現在將更詳細地帶各位檢視本集團的損益表（P&L）與資本表現。不過在開始之前，我先簡要說明兩點。第一，如Hector與Rahul所提到，本集團的損益表包含TSB自5月併表後的兩個月業績。我僅在其影響具重大性時才會提及。

Second, as usual, we present growth rates in both current and constant euros. This period, the difference was not relevant. Turning to performance. As Hector mentioned, we are yet again delivering record results in the first half with solid commercial activity and structural cost efficiency, generating strong operational leverage.

第二，依慣例，我們同時以當期歐元與固定匯率（constant euros）呈現成長率。本期兩者差異並不顯著。回到表現。如Hector所提，我們再次在上半年交出創紀錄的成果，憑藉穩健的商業動能與結構性成本效率，帶來強勁的營運槓桿。

Revenue grew 6% on the back of a solid business activity, while cost declined even after incorporating TSB. Loan loss provisions were impacted by portfolio deterioration in Argentina reflecting sector trends in the country. Excluding Argentina, provisions were broadly stable year-on-year. The other results line includes motor finance provisions in Openbank Europe of around EUR245 million, largely booked in the first quarter.

在穩健的業務活動帶動下，營收成長6%，而成本即使納入TSB後仍下降。貸款損失準備金受到阿根廷投資組合惡化影響，反映該國整體產業趨勢。若排除阿根廷，準備金年對年大致持平。其他損益項目包含Openbank Europe的汽車金融準備金約2.45億歐元，主要於第一季入帳。

As a result, profit grew 14% year-on-year in constant euros, keeping us firmly on track to deliver our guidance of more than EUR14.1 billion of profit in 2026, excluding M&A. Total revenue increased 6% year-on-year, in line with the target we set for 2026. This growth was underpinned by deeper client relationships, higher levels of engagement and a total of 12 million new customers over the last 12 months.

因此，以固定匯率計算，獲利年對年成長14%，使我們穩健地朝向在2026年（不含併購）達成超過141億歐元獲利指引的目標前進。總營收年對年增加6%，符合我們為2026年設定的目標。此成長由更深的客戶關係、更高的互動程度，以及過去12個月新增合計1,200萬名新客戶所支撐。

All global businesses contributed to revenue growth, which was mainly supported by another record period in CIB, up 16% and backed by growing client flows across business lines with a notable acceleration in global banking fees. In retail, on the back of a stronger customer engagement reflected in solid NII and fees and in Openbank, which performed well, supported by higher net interest income and fees.

所有全球業務皆對營收成長有所貢獻，其中主要動能來自CIB再創紀錄的一期，成長16%，並受惠於各業務線客戶流量增加，全球銀行業務手續費更出現明顯加速。在零售端，受更強的客戶互動帶動，淨利息收入（NII）與手續費表現穩健；Openbank亦表現良好，受較高的淨利息收入與手續費支撐。

Payments & Wealth did well in fee-generating activities, customer inflows in wealth and strong volumes overall. Fee growth continued to outpace NII in line with our guidance, reinforcing the quality and diversification of our revenue base. The group's net interest income increased 6% year-on-year. The vast majority of our net interest income comes from retail and Openbank. But this time, CIB also contributed significantly to the overall growth, supported by capital efficient, high written activities, mainly in Global Markets.

支付與財富管理（Payments & Wealth）在手續費型業務、財富管理客戶資金流入以及整體強勁的交易量方面表現良好。手續費成長持續快於淨利息收入，符合我們的指引，進一步強化我們營收基礎的品質與多元化。本集團淨利息收入年對年增加6%。我們的淨利息收入絕大多數來自零售與Openbank。但本期CIB亦對整體成長做出顯著貢獻，受惠於資本效率高、承作量大的業務活動，主要在全球市場（Global Markets）。

Additionally, NII was resilient in retail across most countries, driven by volumes and active balance sheet management. Openbank delivered solid NII growth, supported by higher volumes and margins, both in Europe and South America. On a quarter-on-quarter basis, net interest income was up 3%, excluding TSB for similar reasons, particularly in retail in Spain and Chile. By country, Spain delivered a particularly strong quarter with NII up 8% versus the first quarter driven by solid commercial momentum, improving margins and active balance sheet management.

此外，零售業務在多數國家之淨利息收入展現韌性，主要由業務量與積極的資產負債管理所驅動。Openbank在歐洲與南美皆受較高的業務量與利差支撐，帶來穩健的淨利息收入成長。以季對季來看，若排除TSB，淨利息收入成長3%，原因相近，尤其是在西班牙與智利的零售業務。以國別來看，西班牙本季表現特別強勁，淨利息收入較第一季成長8%，受穩健的商業動能、利差改善與積極的資產負債管理帶動。

Brazil NII grew 2%, both quarter-on-quarter and year-on-year even as interest rates are normalizing more slowly than initially expected. All in all, this reflects a stronger and more resilient NII profile than anticipated in Investor Day guidance. As the benefits from higher for longer rate environment in most markets more than offset the more moderate contribution from Brazil. Net fee income increased 7% year-on-year, supported by customer growth, increased activity and a better mix towards higher value-added products, driven by our network businesses and on transformation.

巴西淨利息收入成長2%，無論季對季或年對年皆然，即便利率正常化速度較原先預期更慢。整體而言，這反映出較投資人日指引所預期更強且更具韌性的淨利息收入輪廓。因多數市場「高利率維持更久」環境帶來的效益，已足以抵銷巴西較為溫和的貢獻。淨手續費收入年對年增加7%，受客戶成長、活動提升，以及產品組合朝更高附加價值產品改善所支撐，主要由我們的網路型業務與轉型推動。

This is visible across the group. Retail rose 6% with solid performances, widespread across our footprint backed by customer growth. Openbank fees increased 6%, especially in Europe and Brazil, supported by new business volumes and higher insurance activity. In CIB, the sharp pickup in fees was driven by a strong global banking activity across markets, especially in CIB US where fees grew 40%, up from already high levels last year, reflecting the success of our US build-out initiatives.

這在全行皆清晰可見。零售手續費成長6%，在我們的各營運版圖普遍表現穩健，並受客戶成長支撐。Openbank手續費增加6%，尤其在歐洲與巴西，受新業務量與更高的保險活動帶動。在CIB方面，手續費大幅回升主要由各市場強勁的全球銀行業務活動所驅動，特別是在CIB美國，手續費成長40%，在去年已處高基期之上再度提升，反映我們在美國擴張建置計畫的成功。

In wealth, fees rose double digits, supported by client inflows mainly in private banking, and we saw 8% growth in payments, driven by high activity levels across all business lines with total payment volumes increasing 10%. One transformation remains a key driver of our profitability improvement, leveraging our global platforms and connectivity to deliver operational leverage. This is reflected in our efficiency ratio, which improved year-on-year to 42.8%, supported by strong underlying business dynamics with revenue increasing and cost declining 1% year-on-year, down 5% in real terms.

在財富管理方面，手續費呈雙位數成長，受客戶資金流入（主要在私人銀行）支撐；支付業務亦成長8%，由各業務線高活動水準帶動，總支付量增加10%。ONE轉型仍是我們獲利改善的關鍵驅動因素，透過運用全球平台與互聯性來實現營運槓桿。這反映在我們的效率比率，年對年改善至42.8%，受強勁的基礎業務動能支撐：營收增加、成本年對年下降1%，以實質計算下降5%。

In Retail and Openbank, which are leading our transformation and represents 75% of our cost base, cost declined by 3% and even after incorporating TSB and as we continue to roll out our global platforms and revenue grew 4%, resulting in very positive operating jaws. In our network businesses, CIB Wealth and payments costs grew below total revenue and fee income, reflecting targeted investments in capabilities to drive capital-light growth, maintaining high recurrency levels.

在引領我們轉型、且占成本基礎75%的零售與Openbank中，成本下降3%；即使納入TSB且我們持續推進全球平台的導入，營收仍成長4%，帶來非常正向的營運剪刀差（operating jaws）。在我們的網路型業務中，CIB、財富管理與支付的成本增幅低於總營收與手續費收入，反映我們針對能力建置的精準投資，以推動輕資本成長並維持高經常性收入水準。

This excellent performance resulted in an 11% rise in net operating income, up from already very high levels last year. Looking ahead, we remain on track to reduce costs despite inflationary pressures. ONE transformation on our targeted cost management actions are the two levers that remain firmly within our control. Our balance sheet risk profile remains low with sound credit quality across our footprint even in a more complex environment, supported by prudent risk management and resilient labor markets in general.

這項優異表現使淨營業收入成長11%，在去年已非常高的水準之上再度提升。展望未來，儘管面臨通膨壓力，我們仍按計畫降低成本。ONE轉型與我們聚焦的成本管理行動，是仍牢牢掌握在我們控制範圍內的兩大槓桿。在更複雜的環境下，我們的資產負債表風險輪廓仍維持偏低，整體版圖的信用品質穩健，並受審慎的風險管理與整體具韌性的勞動市場所支撐。

Having said that, metrics in the first half continue to be impacted by Argentina, reflecting sector-wide trends in the country. However, the cost of risk declined quarter-on-quarter, showing the first signs of stabilization as the impact of lower new production begins to feed through. Excluding Argentina, the group's underlying credit quality remained very solid. Loan loss provisions were broadly stable year-on-year and cost of risk improved 2 basis points, even after absorbing less favorable FX movements.

話雖如此，上半年指標仍持續受到阿根廷影響，反映該國全產業的趨勢。然而，風險成本（cost of risk）季對季下降，顯示初步穩定跡象，因新增放款產出下降的影響開始逐步反映。若排除阿根廷，本集團的基礎信用品質仍非常穩健。貸款損失準備金年對年大致持平，風險成本改善2個基點，即使已吸收較不利的匯率變動。

This reflects the resilience across most of our markets, which more than offset the pressure we are beginning to see from a slower-than-expected rate normalization in Brazil, particularly in corporates and SMEs. Our nonperforming loan ratio remained low as the impact from Argentina was broadly offset by the contribution from TSB. Our NPL portfolio has collateral guarantees and provisions that account for almost 90% of its total exposure.

這反映我們多數市場的韌性，足以抵銷我們開始在巴西看到、由利率正常化慢於預期所帶來的壓力，尤其是在企業與中小企業（SMEs）。我們的不良貸款（NPL）比率仍維持低檔，阿根廷的影響大致被TSB的貢獻所抵銷。我們的NPL組合具備擔保品保障與準備金，合計約占其總曝險的近90%。

Retail and Consumer represents over 90% of the group's loan loss provisions. In retail, cost of risk improved excluding Argentina with solid performances in key markets such as Spain and Brazil. In Openbank, cost of risk was stable, even with the impact of Argentina, supported by continued strong trends in the US CIB was affected by a limited number of single names in Europe and Brazil.

零售與消費金融占本集團貸款損失準備金的90%以上。在零售業務方面，若排除阿根廷，風險成本有所改善，西班牙與巴西等主要市場表現穩健。在Openbank，風險成本保持穩定，即使受到阿根廷影響亦然，並受惠於美國持續強勁的趨勢；而CIB則受到歐洲與巴西少數單一客戶（single names）的影響。

As of today, we are not seeing a significant deterioration in employment and credit quality remains stable. As long as labor markets remain solid, we would not expect material impact in credit quality. As resilience across most developed markets is expected to keep offsetting pressures in Brazil and challenges in Argentina showing the benefits of diversification.

截至目前，我們尚未看到就業出現顯著惡化，信用品質仍然穩定。只要勞動市場維持穩健，我們不預期信用品質會受到實質影響。由於多數已開發市場預期具韌性，將持續抵銷巴西的壓力以及阿根廷的挑戰，並展現多元化布局的效益。

Moving on to capital. We delivered another quarter of strong capital generation. Our CET1 ratio stood at 14% after absorbing the 55 basis point impact from TSB. Excluding this impact, the CET1 ratio increased by 20 basis points, demonstrating once again our ability to generate capital while investing in profitable growth. We generated 27 basis points of net organic capital in the quarter driven by disciplined capital allocation to high return opportunities with a new business RoTE of around 21% and by a strong contribution from our risk transfer initiatives, which offset 31 basis points of risk-weighted asset growth.

接著談資本。我們再度交出一季強勁的資本生成。在吸收TSB帶來的55個基點影響後，我們的CET1比率為14%。若排除此影響，CET1比率上升20個基點，再次證明我們在投資於具獲利性的成長同時，仍具備資本生成能力。本季我們產生27個基點的淨有機資本，主要來自將資本紀律性配置於高報酬機會（新業務RoTE約21%），以及風險移轉措施的強勁貢獻，抵銷了風險加權資產成長31個基點的影響。

This strong capital generation keeps us on track to end the year in line with our 12.8% target after absorbing the impact from Webster in the second half of the year and further regulatory impacts during the rest of this year, leaving us close to the upper end of our 12% to 13% CET1 operating range. Hector, back to you.

這樣強勁的資本生成，使我們維持在軌道上，預期在下半年吸收Webster的影響，以及今年其餘期間進一步的監管影響後，仍可在年底達成12.8%的目標，並使我們接近12%至13%之CET1營運區間的上緣。Hector，交回給你。

Thanks, Jose. In conclusion, this has been our strongest first half ever, putting us in an excellent position to deliver our '26 targets with our performance running slightly ahead of plan. Our businesses continue to show solid momentum with ONE transformation improving both revenue and cost, driving strong operational leverage. As a result, we delivered record underlying profit, a robust capital position and double-digit value creation.

謝謝，Jose。總結來說，這是我們史上最強的上半年，讓我們處於極佳位置以達成我們的’26目標，目前表現略優於計畫。我們的各項業務持續展現穩健動能，ONE轉型同時改善收入與成本，帶動強勁的營運槓桿。因此，我們交出創紀錄的基礎獲利、穩健的資本水位，以及雙位數的價值創造。

Even excluding TSB, we are generating more underlying profit than last year when Poland was still part of the group. In summary, our result remains consistent and predictable with very positive trends that we expect to continue in the second half of the year. On the back of this strong first half, we remain confident in our delivering sustainable growth and creating value for our shareholders. Our financial Northstar is clear to deliver an RoTE above 20% by 2028.

即使排除TSB，我們所產生的基礎獲利仍高於去年（當時波蘭仍屬於集團的一部分）。總而言之，我們的成果依然一致且可預測，並呈現非常正向的趨勢，我們預期這些趨勢將在下半年延續。在強勁上半年的基礎上，我們仍有信心實現可持續成長並為股東創造價值。我們的財務北極星很清楚：在2028年前達成RoTE高於20%。

This is about execution with precision, disciplined capital allocation, ONE transformation and scaling our global businesses to accelerate value creation and that is exactly where we are consistently delivering. And now we are happy to take your questions.

這關乎精準執行、紀律性的資本配置、ONE轉型，以及擴大全球業務規模以加速價值創造，而這正是我們持續穩定交付成果的地方。現在我們很高興回答各位的提問。

Thanks very much, Hector. Let's begin the Q&A session. Operator, could we have the first question, please?

非常感謝，Hector。我們開始問答環節。接線員，請問可以先進行第一個問題嗎？

Francisco Riquel, Alantra.

Francisco Riquel，Alantra。

Yes, thank you for taking my questions. Yes, I want to start with Spain particularly NII. If you can update on your guidance for the year, the mid -- the low to mid-single-digit growth because first half has been above expectations. And particularly also comment on 2 points here, which is loan growth, which I see is up 8%, but retail is just 0.6%. So strong CIB this Q2, how sustainable into the second half?

是的，謝謝讓我提問。我想先從西班牙、特別是NII（淨利息收入）開始。能否更新你們對今年的指引，也就是中低個位數成長，因為上半年表現高於預期。另外也請特別評論兩點：第一是放款成長，我看到成長8%，但零售僅0.6%。因此本季第二季CIB很強，這在下半年可持續性如何？

And also on the ALCO bond portfolio is up almost EUR20 billion in the first half of the year. You can update on your size and Alco strategy, size and duration. And my second question on Spain, if you can comment on the early retirement plan, just agreed with the trade unions. And if you can update on your cost-to-income target for Spain once this plan is fully implemented.

另外，ALCO債券投資組合在上半年增加了將近200億歐元。能否更新其規模與ALCO策略，包括規模與存續期間。我在西班牙的第二個問題是，能否評論剛與工會達成的提前退休計畫。以及當該計畫全面落實後，能否更新你們在西班牙的成本收入比目標。

Hello, Francisco. Thank you for your question. So in Spain NII, I'm going to give you -- I mean, as you have seen, the first half profit is up 12% year-on-year. It's mainly driven by 4% revenue growth with an increase in active customers. It's very important that you see that we're growing 20,000 customers per quarter on a net basis, okay?

你好，Francisco。謝謝你的問題。關於西班牙的NII，我會給你——我的意思是，如你所見，上半年獲利年增12%。主要由4%的收入成長所帶動，且活躍客戶增加。很重要的是，你要看到我們每季淨增加約2萬名客戶，好嗎？

It's very important to acknowledge the benefits of ONE transformation. Cost is down 3%, okay? And efficiency ratio improved 240 basis points year-on-year to 33.6%. So you're going to see -- what you're seeing is exactly the operating leverage that we promised on ONE transformation, which is more revenues and less cost. That is what is helping us quite a lot.

同樣很重要的是要認知ONE轉型帶來的效益。成本下降3%，好嗎？效率比率年對年改善240個基點至33.6%。所以你將會看到——你現在看到的，正是我們在ONE轉型中承諾的營運槓桿：更多收入、更少成本。這對我們幫助很大。

Trading gains of around EUR132 million year-on-year from the lower activity markets in CIB after a record first half in '25, the quarterly drop is driven by a one-off from stake valuation in Q1. LLPs fell by 1% with strong asset quality and the portfolio sales in retail offsetting single names in CIB and other results were around EUR33 million worse even to the transformation cost, okay? On the Alco, Jose will tell you, let me talk about a little bit about the loan growth. So what we're concentrating in here is always profitability, okay? Where we see the margins and an opportunity.

交易收益年對年約1.32億歐元，反映在’25年上半年創紀錄之後，CIB市場活動較低；本季下滑主要由第一季股權投資估值的一次性因素所致。在資產品質強勁的情況下，貸款損失準備金（LLPs）下降1%，零售的投組出售抵銷了CIB的少數單一客戶影響；其他結果約差3,300萬歐元，主要與轉型成本相關，好嗎？關於ALCO，Jose會說明；我先談一下放款成長。我們在這裡始終聚焦於獲利性，好嗎？我們會在看到利差與機會的地方布局。

We see it on a weekly basis. It's a very dynamic process. And what we're doing is managing capital in such a way. So where we see opportunities we deploy capital.

我們每週都會檢視，這是一個非常動態的流程。而我們正在做的是以這樣的方式管理資本。因此，在看到機會的地方，我們就配置資本。

So that's exactly what we're doing and how you see the portfolio growing. And we started, for example, in the first half of the year, growing in mortgages in a really strong way because we saw an opportunity when the rates basically help us out in that sense. So with that, I will give it to Jose to explain you about the ALCO as well.

這正是我們正在做的事，也是你看到投組成長的原因。例如在今年上半年，我們在房貸方面以非常強勁的速度成長，因為我們看到一個機會，當利率基本上在這方面對我們有利時。因此，接下來我交給Jose，也請他一併說明ALCO。

Let me split my question or take the question into two different parts. So the business, the client business. Obviously, rates went up slightly in the quarter, and we have negative positive sensitivity to rates, which obviously helped, particularly with a very good management of the client base. We have added -- we are adding around 5% new clients on an annualized basis, and many of these are transactional.

我把問題拆開，或分成兩個部分來回答。第一是業務面、客戶業務面。顯然，本季利率略有上升，而我們對利率的敏感度是「負的正向敏感度」（negative positive sensitivity），這顯然帶來助益，尤其是在對客戶基礎的管理非常到位之下。我們新增——我們以年化計算約增加5%的新客戶，其中許多是交易型客戶。

So when you look at the cost of deposits, because we are growing transactional accounts, it's been -- has performed very, very well. So the first component of the very good performance in NII is the consequence of our commercial strategy. Second, the ALCO portfolio, we have EUR60 billion of ALCO at a yield -- average yield of 3.3%, six-year duration. This is a slightly more than we had anticipated because we are -- as I said, we are growing in current accounts more than expected, more than planned because of the success of our strategy of our commercial strategy.

因此，當你看存款成本時，因為我們在成長交易型帳戶，表現一直——表現非常、非常好。所以，NII表現非常好的第一個組成部分，是我們商業策略的結果。第二，ALCO投資組合方面，我們的ALCO規模為600億歐元，平均殖利率3.3%，存續期間6年。這比我們原先預期略多，因為——如我所說，由於我們商業策略成功，我們的活期帳戶成長超出預期、也超出原先規劃。

And because we want to keep the interest sensitivity stable around EUR500 million per 100 basis points, we increased the ALCO portfolio to this EUR60 billion. We plan to keep it at this level. We don't plan to increase the ALCO portfolio above this level. Right now, the interest sensitivity is below EUR500 million is EUR450 million, more or less, so we want to keep it at this point.

而且因為我們希望將利率敏感度穩定維持在每上升100個基點約5億歐元左右，我們把ALCO投資組合提高到600億歐元。我們計劃將其維持在這個水準。我們不打算把ALCO投資組合提高到高於這個水準。目前利率敏感度低於5億歐元，大約是4.5億歐元上下，所以我們希望把它維持在這個水準。

And the third point is that is the other hedging strategies that we commented in the past are doing very well. The liability, repricing of mortgages or fixing the repricing of mortgages, all of these is also contributing very well. So the first half NII was up 7.7%, and we see the trends continue into the second half. So we see no reason to see a different trend in the second half relative to the first half.

第三點是，我們過去提到的其他避險策略表現非常好。負債端、房貸的重定價或鎖定房貸的重定價，這些也都貢獻良多。因此上半年淨利息收入（NII）成長7.7%，我們看到這些趨勢延續到下半年。所以我們沒有理由認為下半年的趨勢會與上半年不同。

Great, thanks very much, Francisco.

很好，非常感謝你，Francisco。

Next question, please.

下一個問題，請。

(Operator Instructions)

（接線員指示）

Ignacio Ulargui, BNP Paribas.

Ignacio Ulargui，法國巴黎銀行（BNP Paribas）。

Thanks very much for the presentation. Good morning, everyone. Thanks very much for the presentation. I just have two questions, if I may. The first one is on the activity levels. I mean we have seen a very strong fees and have highlighted in the presentation, strong activity across the board in retail, CIB most of the units. I just wanted to see how do you see that activity going forward, especially in terms of lending and deposit growth and was quite gurus to see strong retail deposit growth in the quarter.

非常感謝這次簡報。各位早安。非常感謝這次簡報。如果可以的話，我有兩個問題。第一個是關於業務活動水準。我的意思是，我們看到手續費非常強勁，而且你們在簡報中也強調了，零售、CIB以及大多數單位的活動都很強。我想了解你們如何看待未來的活動走勢，特別是在放款與存款成長方面；而且本季看到零售存款強勁成長也相當令人驚訝。

So if you could elaborate a bit more on the strategy in terms of covering deposits, I think that will be very helpful.

所以如果你們能再多說明一下在存款覆蓋方面的策略，我想會非常有幫助。

And the second question is on cost of risk evolution. So for the first half, you have had a stable 115 bps, which is slightly above the initial target that you gave for the plan of 100 to 110 bps. You flagged in 1Q results on rate rated now that Argentina has been a big driver of that increase in cost of risk, how should we think about that in the second half, should we expect a normalization. And I would also like to -- I mean if you could give a bit of color on how should we think about the cost of risk in Brazil in the light of the comments that you made, Jose about SMEs and corporates being a bit more stressed given the level of rates?

第二個問題是關於風險成本的走勢。上半年你們維持在115個基點，略高於你們在計畫中最初給出的100到110個基點目標。你們在第一季結果中提到，阿根廷是推升風險成本的主要因素之一；我們應該如何看待下半年的情況，是否預期會正常化？另外我也想——也就是說，如果你們能補充一些看法：考量你（Jose）提到在利率水準偏高下，中小企業與企業客戶承受的壓力較大，我們應該如何看待巴西的風險成本？

And also if you could elaborate a bit on the US performance, which has been very strong in the quarter in cost of risk.

另外，如果你們也能多談一些美國的表現，本季在風險成本方面非常強勁。

Okay. Thank you, Ignacio. So very big questions. Okay. Let me give you to you.

好的。謝謝你，Ignacio。問題很大。好的。我把問題交給你來回答。

First of all, the activity levels, we are on track to delivering. I mean I think it's important to say, as Jose said in his presentation, that one is a key profit generator and it's exactly what we are delivering, okay? We're exceeding I would say that we have a strong momentum within our business, and we are on track to exceed some of our targets set up for the year. And our outlook is looking better for the retail and commercial businesses in Europe as well as for Openbank. We continue to expect fees to grow faster than NII.

首先，關於業務活動水準，我們正按計畫推進並交付成果。我的意思是，我認為重要的是，如同Jose在簡報中所說，這是關鍵的獲利驅動因素，而我們正是在交付這一點，好嗎？我們甚至可以說動能很強，並且有望超越我們為今年設定的一些目標。而我們對歐洲的零售與商業業務以及Openbank的展望也更為樂觀。我們仍預期手續費成長將快於淨利息收入（NII）。

This is ONE transformation at the mid- to high single digits, excluding the M&A.

這是ONE轉型在中到高個位數成長的表現（不含併購）。

Also, I would say that on asset quality, we continue to expect a broadly stable outcome with the cost of risk around 1.15%, right? The acquisition of TSB and Webster will improve the cost of risk towards, I would say, 1% to 1.2% range over the '27, '28. In the second half, we expect some improvement in the cost of risk in Argentina so the harvest was the first quarter. If you remember, it came down a little bit on the second one, but it's still hitting us. But we have under controlled the portfolio.

另外，我也想說在資產品質方面，我們仍預期整體結果大致穩定，風險成本約在1.15%左右，對吧？收購TSB與Webster將在2027、2028年把風險成本改善到我認為約1%到1.2%的區間。下半年，我們預期阿根廷的風險成本會有所改善，因為第一季是集中反映（harvest）。如果你記得，第二季已經稍微下降，但仍然對我們造成影響。不過我們已經把投資組合控制住了。

We stopped lending in Argentina.

我們已停止在阿根廷放款。

And actually, we are much better than our peers there. And we're going to see that the cost of risk in Argentina is being offset by the usual seasonality of the US in auto. So that basically tells you how strong is the diversification in the group, helping us out in some places when some places get here by some things. So all in all, I expect in '26, PBT to continue to improve in H2 over H1.

而且實際上，我們在那裡的表現比同業好很多。我們也會看到，阿根廷的風險成本將被美國汽車業務一貫的季節性所抵消。這基本上告訴你，集團的多元化有多強：當某些地區因某些因素受衝擊時，其他地區能夠提供支撐。總體而言，我預期在2026年，下半年稅前利潤（PBT）將較上半年持續改善。

We expect an effective tax rate for the year around 27% and at the lower end of our usual 27% to 28% range. And as I said, we are on track to exceed our above EUR14.1 billion net profit, ex M&A guidance for the year, all right?

我們預期全年有效稅率約27%，並處於我們通常27%到28%區間的下緣。如我所說，我們正按計畫推進，並有望超越全年不含併購、淨利超過141億歐元的指引，好嗎？

So in terms of where we see cost of risk evolution, I already explained you what do we see there, in particular in Brazil, I think it's important to say the following: in Brazil, what we have seen is a dynamics of the single names that I explained to you. But it is important to say that nonetheless, we see that the worst is over, my point of view. Why do I see that? Because we have been making really good decisions in terms of how the mix of the portfolio is going.

至於你問到風險成本的演變，我已經說明我們的看法了；特別是在巴西，我認為有幾點很重要：在巴西，我們看到的是我先前向你解釋的個別客戶（single names）動態。但同時也要強調，就我觀點而言，最糟的情況已經過去了。我為什麼這麼看？因為我們在投資組合結構如何調整方面，做出了非常好的決策。

So if you take a look at, for example, our CIB portfolio and the commercial portfolio, both of them are 30% in dollars and 40% in dollars, respectively, so what that basically tells you is that we're going much more to the exporters, trade finance and those kind of things. And that's why you see margins diminish a little bit in the whole overall portfolio. On the individual side, basically going much more to the affluent segment and concentrated in auto loans. So margins constructed a little bit, but the cost of risk, you control it a little bit more.

例如，如果你看我們的CIB投資組合與商業投資組合，兩者分別有30%與40%是以美元計價；這基本上表示我們更多轉向出口商、貿易融資以及這類業務。這也是為什麼你會看到整體投資組合的利差略有下降。在個人端，我們則更多轉向較富裕客群，並集中在汽車貸款。因此利差有所收斂，但風險成本也能更好地控制。

So I don't see cost of risk basically getting worse than the 4.2% that we expect for the whole year. So I see that is where Brazil is going. So -- and then you asked me a little bit about the US, correct? So US is a great example of the ONE transformation benefits.

所以我不認為風險成本會惡化到超過我們對全年預期的4.2%。我認為巴西就是朝這個方向走。然後你也問到美國，對嗎？美國是ONE轉型效益的一個很好的例子。

H1, the profit is up 26% year-on-year and EUR989 million. Efficiencies improved 4 percentage points to 45.8%. RoTE is 2 percentage points to 13.2%, right. Q2 total revenue is up around 9% year-on-year, Q2 '26 fees are up 22% year-on-year, this is CIB and Wealth hoping in here.

上半年利潤年增26%，達9.89億歐元。效率比率改善4個百分點至45.8%。RoTE提高2個百分點至13.2%，對吧。2026年第二季總收入年增約9%，2026年第二季手續費年增22%，這裡主要是CIB與財富管理的貢獻。

And Q2 '26 NII is up 4% this is driven mainly by CIB and the funding optimization in Openbank. If you remember, Openbank now, and I explained that last quarter, a whole -- I mean the whole of our funding is not anymore wholesale. It's funded by the deposits and SBNA and Openbank. So actually, that is helping us quite a lot.

而2026年第二季淨利息收入（NII）年增4%，主要由CIB以及Openbank的資金來源最佳化所帶動。如果你記得，Openbank現在——我在上季也解釋過——我們的資金來源已不再完全依賴批發融資。而是由存款以及SBNA與Openbank提供資金。所以實際上，這對我們幫助很大。

In terms of Cost. Cost of risk is 12 months fell 10 basis points quarter-on-quarter to 1.47. Remember that in auto, we always have seasonality. So second, sorry, third and fourth quarter will be higher on those, but we see that the labor markets are quite strong in the US, it has. So I mean we have a outlook on those.

就成本而言。風險成本以12個月口徑計算，較上一季下降10個基點至1.47。請記住，在汽車業務方面，我們一向存在季節性。因此第二、抱歉，第三與第四季在這些指標上會較高，但我們看到美國勞動市場相當強勁。所以我的意思是，我們對此有一個展望。

Thanks, Hector. I think we left out in terms of the first question on early retirements. So just going back to PacoRice's question, apologies, Paco, Hector, would you mind addressing that?

謝謝你，Hector。我想我們在第一個問題、也就是提前退休方面，漏掉了。所以回到PacoRice的問題，抱歉，Paco。Hector，你介意回應一下嗎？

Yes. So yesterday, we -- so basically, we signed yesterday, the agreement with the unions. I think it was a pretty good result. This is going to help us out to do what is needed to be done towards the end of the year. And I think this will help us in delivering exactly the ONE transformation that we told you about, and that's going to help us managing much better what we're doing in Spain all the way.

是的。所以昨天，我們——基本上，我們昨天與工會簽署了協議。我認為這是一個相當不錯的結果。這將幫助我們在年底前完成需要完成的事情。而且我認為這將幫助我們交付我們跟各位提到的ONE轉型，並且讓我們在西班牙的整體管理做得更好。

Thanks very much, Hector. The cost of that are already in the other results line within restructuring. Can we have the next question, please?

非常感謝你，Hector。相關成本已經計入重組項下的其他結果科目。請問可以進行下一個問題嗎？

Alvaro Serrano, Morgan Stanley.

Morgan Stanley 的 Alvaro Serrano。

Great. Good morning. Thanks for taking my questions. Kind of a follow-up on Brazil and another one on capital. On Brazil, I mean I take note of your comments around cost of risk factor. But INVO was a pretty good result for the group and regionally, Brazil in terms of revenues wasn't great either. So the question is sort of how much of that weaker fees and trading you think is due to sort of company-specific, i.e. potentially disruptions from implementation very or do you think it's purely macro and more importantly, what to expect on the revenue front over the next few quarters?

很好。早安。謝謝讓我提問。一個是關於巴西的追問，另一個是關於資本。就巴西而言，我注意到你們對風險成本因素的評論。但INVO對集團而言是相當不錯的結果，而在區域層面，巴西在收入方面也不算好。所以問題是：你們認為較弱的手續費與交易收入，有多少是公司特定因素所致（例如可能因實施而造成的干擾），還是你們認為純粹是總體因素？更重要的是，未來幾季在收入端應該期待什麼？

And if -- as we think about Brazil, can gravity offset those revenue sort of headwinds as we look forward? And the second question is on capital. You've had another good capital print this quarter. I can't help but see that the model updates are now turning to tailwinds second quarter in a row. And from memory, I think you Jose, you've given us the guidance for the full year of 20 basis points headwinds, which I suspect needs updating.

另外，當我們思考巴西時，展望未來，gravity能否抵消這些收入端的逆風？第二個問題是關於資本。你們本季又交出一個不錯的資本數據。我不禁注意到，模型更新已經連續第二季轉為順風。而依我記憶，Jose，你曾給我們全年指引為20個基點的逆風，我猜這需要更新。

So I don't know if you can give us any color on that in and should we expect any regulatory headwinds from now on given the changes of ECB from ECB policy?

所以我不知道你是否能就此提供一些說明；以及鑑於ECB政策的變化，從現在起我們是否還應預期任何監管逆風？

Thank you, Alvaro. I mean overall, Brazil, I believe that given current macro scenario, I think we have had a really good performance. As you can see, ONE is delivering and I believe there's still more to come, okay? So the macro environment, you know it quite well. The economy is experiencing a soft landing.

謝謝你，Alvaro。整體而言，就巴西來說，我相信在目前的總體情境下，我們的表現非常好。如你所見，ONE正在交付成果，而且我相信後面還會有更多，好嗎？至於總體環境，你很了解。經濟正在經歷軟著陸。

Growth is expected to remain resilient in '26, we believe, and several discussions on sustainability of growth after the October elections with our best case is that Mr. Lula repeats.

我們認為到'26年，成長預期仍將保持韌性；而且市場也在討論10月選舉後成長的可持續性，我們的最佳情境是Lula先生連任。

Activity continues to surprise on the upside. I mean, it's very supportive, as you have seen by strong fiscal stimulus, the resilient household consumption, favorable exports and still very tight labor market, as you have seen. Although credit is increasingly reflecting a restrictive monetary policy, the Central Bank has started a really gradual easing cycle, both tighter external financial conditions and stick inflation expectations are limiting the room for significant costs as you have seen.

經濟活動持續帶來上行驚喜。如你所見，強勁的財政刺激、具韌性的家庭消費、有利的出口以及仍然非常緊俏的勞動市場，都提供了很大支撐。儘管信貸正日益反映緊縮的貨幣政策，央行已開始非常漸進的寬鬆循環；同時，更緊的外部金融條件以及黏著的通膨預期，限制了大幅降息的空間，如你所見。

So the curve is basically flat at the levels that it is today. Our business in Brazil is important to say, represents 9% of the group loans and remains very resilient. Diversification is working. Higher rates and inflation in Brazil are offset by a strong performance in Europe and other businesses. So it's very important.

因此，殖利率曲線基本上在目前水準呈現平坦。我們在巴西的業務很重要的一點是，占集團貸款的9%，且仍然非常具韌性。多元化正在發揮作用。巴西較高的利率與通膨，被歐洲及其他業務的強勁表現所抵消。所以這點非常重要。

Again, the model of the group diversification. NII increased by around 2% year-on-year is basically mainly driven by Openbank and CIB, as I explained to what we're doing with the mix of the portfolio.

再次強調，這就是集團多元化的模式。淨利息收入（NII）年增約2%，主要由Openbank與CIB帶動，正如我所解釋的，這與我們在投資組合結構上的調整有關。

We are really focused on profitable products, profitable segments, and we need to lower the pressure from the ALM portfolio and we expect a similar run rate for the second half. Gross it's very important to take a look at this is ONE transformation. Cost is increased by 3% below the rate of inflation is higher, as you were saying, because of the higher IT costs related to ONE transformation and the gravity migration and as well as a little bit of Tavalisse. -- remember that ravages we send them to the custom -- to the cost. So now we have it in there.

我們非常專注於高獲利產品與高獲利客群，我們需要降低來自ALM投資組合的壓力，並且我們預期下半年會有類似的運行速度。總體而言，非常重要的是要看到這是ONE轉型。成本增加3%，低於通膨率；如你所說，通膨更高，原因在於與ONE轉型與gravity遷移相關的較高IT成本，以及還有一點Tavalisse。——請記住，我們把ravages送到客戶——送到成本端。所以現在我們把它放在那裡了。

The cost of income ratio because of that is 14.5% in the half, and we continue to focus on improving the principality. It is very important. The transactionality as far as ONE transformation to lower the deposit cost, and this is helping us out.

因此，上半年成本收入比為14.5%，我們仍持續專注於提升獲利能力。這非常重要。就ONE轉型而言，交易性（transactionality）有助於降低存款成本，而這正在幫助我們。

Nonetheless, the margin is less because of what I was explaining about how we're managing the mix on the portfolio. So this is very important to take into account, all right? So in terms of all provisions increased 3% year-on-year on the quarter. This is basically the single names and provisions from Openbank because Openbank, since we're increasing auto loans is actually giving us a little bit more of provisions. But nonetheless, the cost of risk remains stable at around 4.14%, and it will remain stable and no more than 4.2% for the rest of the year.

不過，利差較低，原因如我所解釋，是我們如何管理投資組合的結構。所以這點非常重要，需要納入考量，好嗎？就撥備而言，本季總撥備年增3%。這主要來自單一客戶（single names）以及Openbank的撥備；因為Openbank在增加汽車貸款，所以撥備會略多一些。但即便如此，風險成本仍穩定在約4.14%，且今年剩餘時間將維持穩定，不會高於4.2%。

So it's important to acknowledge the scenario that we have in Brazil. Integrate curves have shifted higher for longer, and we continue to believe that the business in Brazil can improve its returns in the next few years to around 20%, driven by the execution of ONE transformation. We also changed our new CEO came in on the sixth of July. So we have very good, I mean, outlook, and I think we'll do the right changes in order to make the business much more into ONE transformation and concentrate on that. On the capital, Jose.

因此，重要的是要認知我們在巴西所面對的情境。整體曲線已上移並在較高水準維持更久，而我們仍相信，受ONE轉型執行帶動，巴西業務在未來幾年可將回報提升至約20%。我們也更換了管理層，新任CEO於7月6日到任。所以我們有非常好的——我的意思是——展望，我認為我們會做出正確的調整，讓業務更聚焦於ONE轉型並專注於此。至於資本，Jose。

Good morning, Alvaro. The positive impact of what we call supervisory regulatory charges in the first quarter had more to do with the implementation of CRR as we updated some of our models. So it was not really related to direct supervisory actions. We still think that we will have around 15 to 20 basis points charge negative impact from supervisory actions in the second half of the year. So if you look at our capacity to generate capital and as we are improving profitability, we think that from the 12.5% post Webster, roughly that we are, at the moment, 14%, minus 150 basis points for Webster the roughly is 150. We think we should be in line or above our target of 12.8% by the end of the year.

早安，Alvaro。我們所稱的第一季監理監督資本要求（supervisory regulatory charges）的正面影響，更多與我們在更新部分模型時導入CRR有關。因此，這並非真正與直接的監理行動相關。我們仍認為，下半年來自監理行動的負面影響約為15到20個基點。因此，如果你看我們的資本生成能力，且隨著獲利能力改善，我們認為以目前約14%的水準、扣除Webster約150個基點（大約就是150），相較於Webster後的12.5%基準，我們認為到年底應可達到或高於我們12.8%的目標。

But yes, we would still expect some negative impact in the second half of the year.

但沒錯，我們仍預期今年下半年會有一些負面影響。

Thanks very much.

非常感謝。

Operator, could we have the next question, please?

接線員，請問可以進行下一個問題嗎？

Cecilia Romero, Barclays.

Cecilia Romero，巴克萊。

Thank you very much, Jose and Hector, for taking my questions. My first one is on rate since Investor Day. We've seen rate expectations have generally moved higher across your core markets, so despite the potential headwind in Brazil, do you see the overall change of a net tailwind to the group's low to mid-single-digit NII CAGR target for the 2025 to 2028 period? And if so, could you give us some guidance of where within that range do you now expect NII growth to land and then my second question is on Mexico outlook.

非常感謝 Jose 和 Hector 回答我的問題。我的第一個問題是關於自投資者日以來的利率。我們看到在你們的核心市場中，利率預期整體上普遍上移，因此，儘管巴西可能帶來逆風，你們是否認為整體變化對集團 2025 至 2028 年期間低至中個位數的淨利息收入（NII）年複合成長率（CAGR）目標而言，會成為淨順風？若是如此，能否提供一些指引，說明你們現在預期 NII 成長會落在該區間的哪個位置？另外，我的第二個問題是關於墨西哥展望。

Mexico macro and policy backdrop has become more ascendant, particularly following the move towards the annual SNC reviews. Do you see risk to your Mexico growth expectations as a result of prolonged trade uncertainty affecting investment decisions. More recently also Nubank has received approval to operate as a bank in Mexico. How do you expect that to affect the competitive environment? And do you see any implication for pricing deposit gathering or customer acquisition across the sector? Thank you.

墨西哥的總體環境與政策背景變得更為主導，特別是在轉向年度 SNC 審查之後。你們是否認為，因貿易不確定性延長而影響投資決策，會對你們的墨西哥成長預期帶來風險？另外，近期 Nubank 也已獲准在墨西哥以銀行身分營運。你們預期這會如何影響競爭環境？你們是否看到對全行業的存款定價、吸收存款或客戶獲取方面有任何影響？謝謝。

Thank you, Cecilia. I would tell you that in terms of the guidance, I already explained a little bit the dynamics of the NII, how do we see the second half. I think that we're still in line to deliver what we said on the Investor Day in terms of the NII for -- on '28. I think that the group is very strong, also executing on transformation, as I said. So I think we're lined or slightly better given the dynamics that we have seen, but I mean, still a long way to go.

謝謝你，Cecilia。就指引而言，我已經稍微解釋了 NII 的動態，以及我們如何看待下半年。我認為，就我們在投資者日所說、關於到 2028 年的 NII，我們仍在軌道上可交付。我認為集團非常強健，也如我所說，正在執行轉型。因此，我認為我們是符合預期或略優於預期，考量到我們看到的動態，但我的意思是，仍然還有很長的路要走。

And -- but I think that the group is basically doing what needs to be done to deliver on what we have said. So all in all, I think that I'm positive on everything.

而且——但我認為集團基本上正在做需要做的事情，以兌現我們所說的目標。總體而言，我對一切都持正面看法。

In terms of the Mexico competitive environment and everything that you have said, let me give you a little bit of an overview of what I believe in Mexico trends are going to be. First of all, the negotiations are going to start in the following two weeks. I do see that there are going to be hard negotiations, but the treaty has a particular clause in which basically says that either comes not an agreement between the three parties, the treaty will renew itself automatically for one more year and on and on until 10 years, okay?

就墨西哥的競爭環境以及你提到的各點而言，讓我先概述一下我認為墨西哥趨勢將會如何發展。首先，談判將在接下來兩週內開始。我確實認為談判會很艱難，但該條約有一項特定條款，基本上是說，如果三方未能達成協議，條約將自動再延長一年，如此反覆，最長可到 10 年，好嗎？

So I'm not so worried about that because I do believe that if they don't come to an agreement, they will basically repeat it one more time. My view is that Mexico needs the US as much as the US needs Mexico and also with inflation control, et cetera, they need the manufacturing capabilities and the low labor costs from Mexico. So I do believe that we'll come to an agreement.

所以我不太擔心，因為我相信如果他們無法達成協議，基本上就會再延長一次。我的看法是，墨西哥需要美國的程度不亞於美國需要墨西哥；此外在通膨控制等方面，美國也需要墨西哥的製造能力與低勞動成本。因此我相信最終會達成協議。

Also, it's important to acknowledge that Mr. Trump uses all these things as a negotiation weapon basically to submit the countries to whatever he wants. But I do believe that Mexican understands very well where it stands.

另外，也必須承認，川普先生基本上把這些事情當作談判武器，用來迫使各國接受他想要的條件。但我相信墨西哥非常清楚自己的立場。

I was in Mexico a couple of weeks ago. The dynamics are good. Consumption is picking up. So I see a better outlook for the second half of the year. Nonetheless, it's important to acknowledge that this is going to play out in some sort of way.

我幾週前在墨西哥。整體動能不錯。消費正在回升。因此我對今年下半年的展望更為樂觀。不過，也必須承認，這件事終究會以某種方式發展下去。

On the other side, the competitive environment, I mean, as you know, we don't discuss competitors, but I see that the competitive environment is under control. And in what sense that I do believe that -- even though cost of risk went a little bit up in some of our peers, we have maintained the discipline to play on the portfolios that we believe are the right ones.

另一方面，關於競爭環境，如你所知，我們不評論競爭對手，但我認為競爭環境是在可控範圍內。我的意思是——即使我們一些同業的風險成本略有上升，我們仍維持紀律，專注於我們認為正確的投資組合。

We continue to see that there is a lot to do and a lot of profitable things to do in Mexico. We are deploying a little bit more capital to CIB and to the midsized corporates and SMEs because we believe it's the right place to do. Rates are basically at a very competitive level in Mexico and the exchange rate has sustained the drop that the Banco de Mexico has in terms of rates. So I do believe that the market is under control.

我們仍然看到在墨西哥還有很多事情可做，也有很多具獲利性的機會可做。我們正把更多資本投入 CIB 以及中型企業與中小企業，因為我們認為那是正確的方向。墨西哥的利率基本上處於非常具競爭力的水準，而匯率也維持住了墨西哥央行在利率方面下調所帶來的影響。因此我相信市場是在可控範圍內。

What we have decreased a little bit is our participation in credit cards and personal loans, which we believe could damage not that they would damage, but they could basically not be as profitable as some of the others because of the cost of risk. So we've been cautious on those. But we've been increasing in terms of lending in auto and mortgages, which are much more secure and also a little bit on payrolls, all right? And so that's the dynamics and positive in Mexico. I think it's going to be second half that is going to be hard because of that.

我們稍微降低的是在信用卡與個人貸款上的參與度；我們認為這些業務可能會受到影響——不是說會受損，但由於風險成本，它們可能不如其他業務那麼有利可圖。因此我們對這些業務保持謹慎。但我們在汽車貸款與房貸方面增加放款，這些更為安全；另外也在薪轉貸款方面略有增加，好嗎？這就是墨西哥的動態，整體是正面的。我認為下半年會比較艱難，原因也在於此。

But nonetheless, I do believe we're going to be able to deliver our numbers and deliver the year in quite for the next few years. On the competitive environment, what I would say is that it's good that some of our competitors are becoming banks that makes the level fit the same for everyone. And I see a lot of competition for deposits, but I mean the prices that have been paid for time deposits are pretty big, but they are not -- I mean not substantial players are, I mean, no substantial movements of clients towards those higher-yielding deposits given some past situations in the market.

但即便如此，我相信我們仍能達成我們的數字，並在未來幾年把年度表現交付得相當不錯。至於競爭環境，我想說的是，一些競爭對手成為銀行是好事，這讓大家站在同樣的競爭基準上。我看到存款競爭很激烈；定期存款所支付的價格相當高，但——我的意思是，鑑於市場過去的一些情況，客戶並沒有出現大規模轉向那些高收益存款的顯著移動。

So I mean, all in all, our deposit growth has been really good. If you see the funding cost of our Mexico franchise, is becoming much more competitive. And this is because ONE transformation again. I'm sorry to take so long to answer your question, is concentrated on transactional deposits, and this is exactly what we're doing, becoming number 1 bank to our customers and that's why if you see margins are basically becoming much better in Mexico, as Jose explained before. Thank you.

所以總體而言，我們的存款成長一直非常好。如果你看我們墨西哥特許經營的資金成本，正變得更具競爭力。而這再次是因為 ONE 轉型。抱歉我回答得有點久；它聚焦於交易型存款，而這正是我們在做的事——成為客戶的第一往來銀行；因此如果你看，正如 Jose 先前解釋的，墨西哥的利差基本上正在變得更好。謝謝。

Let me add some color on net interest margin. The group's net -- or net interest income. The group net interest margin in the second quarter is the highest of the last 12 months. So obviously, we are structurally since -- we have structurally a positive sensitivity to rates basically driven by the positive sensitivity in Spain and now with TSB in the UK. We have a negative sensitivity in Brazil, but rates in Brazil are stable or high.

我再補充一些關於淨利差的說明。也就是集團的淨——或淨利息收入。集團第二季的淨利差是過去 12 個月以來最高。因此很明顯地，從結構上來看——我們對利率的敏感度為正，主要是由西班牙的正向敏感度所驅動，而現在也包括英國的 TSB。我們在巴西的敏感度為負，但巴西利率仍維持穩定或偏高。

So this level of net interest margin is first explained by the levels of activity, which again, are doing very, very well, and we would expect that volumes are sustained as the activity with these clients remain. But obviously, the way we are structuring the balance sheet management, again, with an overall positive sensitivity to rates means that the net interest margin that we are seeing in the second quarter is explained by that.

因此，這個淨利差水準首先可由業務活動量來解釋；而這些活動量再次表現非常、非常好，我們也預期只要與這些客戶的往來活動持續，量能就能維持。但很明顯地，考量到我們如何進行資產負債表管理的架構安排——同樣地，整體對利率具正向敏感度——我們在第二季看到的淨利差就是由此所解釋。

So looking ahead, looking into the next three years, it's very difficult. But obviously, the first year of the next three years, it's better. And clearly, the outlook for net interest margin for the rest of the year, as I said, for Spain, interest income, I see no reasons that these trends should change in the second half of this year.

因此展望未來、看向接下來三年，確實非常困難。但很明顯，未來三年中的第一年會比較好。而且如我所說，就今年剩餘期間的淨利差展望而言，針對西班牙的利息收入，我看不出有任何理由使這些趨勢在今年下半年發生改變。

Thanks very much. Operator, could we have the next question, please?

非常感謝。接線員，請問可以進行下一個問題嗎？

Ignacio Cerezo, UBS.

Ignacio Cerezo，瑞銀（UBS）。

Yes, hi, good morning. A couple of questions actually. First one is if you can give us a bit of an overview or some opinions basically on when do you think the head count numbers on a group basis are going to start falling down? So you're cutting cost actually in many geographies already, but the headcount numbers, I think they're stable quarter-on-quarter. They're still down year-on-year, actually, but a little bit of information on how that metric basically can be evolve in the future?

是的，您好，早安。其實我有幾個問題。第一個是，您是否能給我們一些概覽或看法：您認為集團層面的員工人數何時會開始下降？因為你們其實已在許多地區削減成本，但員工人數我認為按季看是持平。按年看仍然是下降的，但想請你們多提供一些資訊，這個指標未來大致會如何演變？

And the second one is on Webster. I mean if you can give us an update basically on when do you think the closure of the deal is going to happen. And again, we've obviously heard the risks about the possibility of delays or even in extreme case, actually cancellation of the deal because of political interference, if you can give us your view basically about that. Thank you.

第二個問題是關於Webster。也就是說，您是否能更新一下，您認為這筆交易何時會完成交割？另外，我們也聽到一些風險，包括可能延遲，甚至在極端情況下，因政治干預而取消交易；也請您談談您對此的看法。謝謝。

Thank you, Ignacio. So I mean in terms of headcount numbers, what we're doing is, first of all, executing on transformation, and we're going through simplification, automation and you'll see that numbers are going to start being better on and on. I mean the last number I have seen on the group, I think it's 180,000 down from --

謝謝你，Ignacio。關於員工人數，我們在做的事情是：首先，推進轉型落地，我們正在進行簡化與自動化；你會看到這些數字會逐步改善。我看到的集團最新數字，我想是18萬人，較--

Yes, obviously, TSB is incorporated in the second quarter okay, I see. So even with TSB, if we look at December '25 to June '26, headcount is down over 2,000 people. And if we obviously take TSB into account, headcount is down 3% or 4% but the headcount reduction is the consequence of implementing ONE transformation. And as we've discussed in the past, this is a long-term trend that should continue going forward.

是的，顯然TSB在第二季已併入，好的，我明白。所以即使納入TSB，如果我們看2025年12月到2026年6月，員工人數仍減少了超過2,000人。而如果我們把TSB納入考量，員工人數下降了3%或4%；但人力縮減是推動ONE轉型的結果。而且如我們過去討論過的，這是一個長期趨勢，未來應會持續。

So the focus is not the headcount reduction percent. The headcount reduction is obviously the consequence of implementing ONE transformation.

因此重點不是人力縮減的百分比。人力縮減顯然是推動ONE轉型的結果。

Thank you, Jose. In terms of Webster, what I would tell you is that yesterday, we got the authorization by the ECB to continue with the transaction. We have a very constructive engagement with all supervisors and the approvals needed to close the transaction during the quarter. Also, as you all know, we received the OCC approval, and we have just received, as I said, the ECB approval. The process is proceeding fully in line with our expectation and to close on the second half of the year, as we have said.

謝謝你，Jose。關於Webster，我想告訴你的是，昨天我們已獲得歐洲央行（ECB）授權，可以繼續推進這筆交易。我們與所有監管單位保持非常具建設性的互動，並且在本季內取得完成交割所需的各項核准。另外，如各位所知，我們已取得美國貨幣監理署（OCC）的核准，而我剛才也說了，我們也剛取得ECB的核准。整個流程完全符合我們的預期，並將如我們所說，在今年下半年完成交割。

So no news on that Ignacio.

所以這方面沒有新消息，Ignacio。

Thanks very much.

非常感謝。

Operator, could we have the next question, please?

接線員，請問可以進行下一個問題嗎？

Andrea Filtri, Mediobanca.

Andrea Filtri，Mediobanca。

Yes, thank you for taking my question. The first is on capital. It looks like it's trending ahead of targets, and we're seeing signs from Brussels of potential easing of regulation. The first question for you is do you feel like you will have a capital reserve soon. And where are you on the Danish compromise approval? I seem to recall that you were expecting approval by June 2026.

是的，謝謝讓我提問。第一個問題是關於資本。看起來資本走勢優於目標，而且我們也看到布魯塞爾方面有可能放寬監管的跡象。我第一個問題是：你們是否覺得很快就會有資本緩衝（capital reserve）？另外，丹麥折衷方案（Danish compromise）的核准進度如何？我記得你們原本預期在2026年6月前後獲得核准。

The second question is on your other provisions. They have been higher than expected. I wondered if this are reflecting restructuring charges to accelerate on transformation. And if it is so, can you quantify how much sooner you could hit your cost targets? Or if you could even go beyond your objectives? Thank you.

第二個問題是關於你們的其他提存（other provisions）。它們高於預期。我想知道這是否反映了為加速轉型而產生的重組費用。如果是的話，你們能否量化一下，成本目標可以提前多久達成？或者甚至能否超越你們的目標？謝謝。

Thank you, Andrea. So on capital, I will Jose will ask you in detail. In terms of the Danish compromise, yes, as you have said, we're expecting it in the next, I mean, a couple of months or so. I think that everything has been done or the governments has been completed and everything that is needed and is being submitted to the ECB so we're just expecting sooner rather than later, okay? In terms of other -- I mean, what you have seen exactly what you're saying in terms of ONE transformation and it's exactly when the execution is generating.

謝謝你，Andrea。關於資本，我會請Jose為你詳細說明。至於丹麥折衷方案，是的，如你所說，我們預期在接下來——也就是幾個月左右——會拿到。我認為該做的都已完成，或政府端的程序已完成，所有需要的資料也都在提交給ECB，所以我們就是期待越快越好，好嗎？至於其他——我的意思是，你看到的正如你所說，與ONE轉型有關，而且正是執行所帶來的結果。

What we are very concentrated on right now is on the simplification part. This is still a long way to go.

我們目前非常專注的是簡化這一部分。這仍然還有很長的路要走。

If you look at the amount of products in the catalog, I mean, we started 3.5 years ago with 10,000, we went down almost to 4,000. I mean we still have a lot of things to do. A lot of automation needs to be done in some of the banks, eliminating the legacy. There is a lot of applications that we need to eliminate. So it's not an easy job.

如果你看產品目錄中的產品數量，我們在3年半前從10,000個開始，已經降到接近4,000個。我的意思是，我們仍有很多事情要做。在一些銀行還需要做大量自動化，並淘汰舊系統（legacy）。我們需要淘汰的應用程式也很多。所以這不是一件容易的工作。

It's a lot of housekeeping and it's going to take us long time.

這需要做很多內部整理（housekeeping），而且會花我們很長時間。

So but nonetheless, you see this evolution coming in every single quarter, okay? And you will continue looking at this for the next until '28 and I believe this is a dynamic process. It's never going to end out because we always can get better. And this is exactly what we're doing. What I can tell you is that now it's within the culture of the whole organization, everybody is on track of delivering those, but simplification is of the essence in order to be able to be very competitive in the future.

不過即便如此，你會看到每一季都有這樣的演進，好嗎？而你會在接下來直到2028年持續看到這點，我相信這是一個動態的過程。它永遠不會真正結束，因為我們總是可以做得更好。而這正是我們正在做的。我能告訴你的是，現在這已經融入整個組織的文化，每個人都在軌道上交付這些成果；但簡化是關鍵，才能讓我們在未來具備很強的競爭力。

What I see is that, yes, we're going to get to the cost targets. And we maybe slide a little bit, I mean, let's see, but because some of the -- some of these situations, you get high inflation in some of the countries, et cetera. So I don't want to overpromise. I want to tell you that we will deliver exactly as we have said for '28. That would be my best guess, but I mean it's slightly positive, I would say.

我看到的是：是的，我們會達到成本目標。而我們可能會有一點點滑落——我的意思是，讓我們再看看——因為有些情況，例如某些國家出現高通膨等等。所以我不想過度承諾。我想告訴你的是，我們會如我們所說，在2028年交付。這會是我最好的判斷；但我會說，略偏正面。

On capital --

關於資本--

No. Yes, the Danish compromise, we expect the approval in August, Hector said, so it should come any time now. Reality is there is much talk about easing capital requirements directly or indirectly for banks in Europe reality is that there is nothing concrete on that. In fact, on a daily basis, what we see is no change in the supervisory actions of the ECB. So I think it's premature to assume that all these, like you said, rumors or comments or talk will end up having a significant impact on capital for European banks.

不。是的，丹麥折衷方案，我們預期在8月獲得核准，Hector剛才說了，所以應該隨時會來。現實是，市場上有很多關於直接或間接放寬歐洲銀行資本要求的討論，但現實是目前沒有任何具體內容。事實上，就我們每天看到的情況而言，ECB的監理作為沒有任何改變。因此我認為，現在就假設所有這些——如你所說的——傳聞、評論或討論，最終會對歐洲銀行的資本產生重大影響，仍為時過早。

So far, we are not seeing it at all.

到目前為止，我們完全沒有看到這種情況。

Thanks very much. Operator, can we take the next question, please?

非常感謝。接線員，請讓我們進行下一個問題。

Carlos Peixoto from Kaisa Bank. Now your line is open.

Kaisa Bank 的 Carlos Peixoto。現在您的線路已開通。

Hi, good morning. Two questions from my side and actually two clarifications as well. The first one would be, if you could provide some additional color on the single NIM provisions that you mentioned related with CIB in Europe and Brazil. So basically, how much did that impact the group cost of risk in the first half or in the second quarter as you prefer?

嗨，早安。我這邊有兩個問題，另外也有兩點釐清。第一個是，想請您就您提到與歐洲及巴西 CIB 相關的單一個案（single name）NIM 提存，提供更多說明。也就是說，這對上半年或第二季（您方便的口徑）集團風險成本的影響大約是多少？

And then the second question would be actually on NII. In Portugal, we see NII falling year-on-year, our areas loans are actually growing by 8%. I was wondering if you could give us some color on the dynamics behind NII there. And then just a couple of clarifications, if I may. You mentioned that NII in Spain in the second half should have similar trends to the first half.

第二個問題是關於淨利息收入（NII）。在葡萄牙，我們看到 NII 年減，但我們覆蓋區域的放款其實成長了 8%。想請您說明一下當地 NII 背後的動態。另外如果可以，再請教兩點釐清。您提到西班牙下半年的 NII 應該會呈現與上半年相似的趨勢。

You're basically hinting that second half should be similar to first half in euros or that 11% growth that we're seeing right now should be kept. And then finally, on the early retirements, are they in other provisions or in other operating costs in the accounted in which unit corporate center or in Spain? Thank you very much for this.

您的意思是下半年以歐元計將與上半年相近，還是說目前看到的 11% 成長應該可以維持？最後，關於提前退休，這是計入其他提存還是其他營運成本？會計入哪個單位——企業中心還是西班牙？非常感謝。

Okay. I'm going to answer you quickly, Carlos. In terms of the retirements will be in Spain, and it's basically in line with the budget that we have presented. So it's within the numbers that you have on the guidance for the year. So no changes on that.

好的。Carlos，我先快速回答。就退休（提前退休）而言，會在西班牙入帳，而且基本上與我們已提出的預算一致。所以它包含在你們看到的年度指引數字之內。因此這部分沒有變動。

Let me tell you a little bit, I mean, on the single names and what's going on in the credit quality. First of all, 12 months cost of risk in Q2 '26 closed at 1.15%, all right? As I said, it's higher provisions in Argentina and the single names in CIB, excluding Argentina, actually, asset quality improved 2 basis points to 1.07, all right? So there is no underlying deterioration of the portfolios.

我再跟你說明一下單一個案以及信用品質的情況。首先，2026 年第二季的 12 個月風險成本收在 1.15%，好嗎？如我所說，主要是阿根廷提存較高，以及 CIB 的單一個案；若排除阿根廷，資產品質其實改善了 2 個基點至 1.07%，好嗎？因此投資組合並沒有潛在惡化。

Our plan assumes average GDP growth of around 1% to 2% across the footprint of the bank. We see resilient labor markets, Eurozone rates at 2.25%, UK and US rates at 3.5% and Brazil rates falling 10% by the end of '28. So if that's the case and high rates in Brazil could basically drive a little bit higher provisions, but we believe they are going to be manageable within the plan that we have.

我們的計畫假設銀行版圖各地的平均 GDP 成長約 1% 到 2%。我們看到勞動市場具韌性，歐元區利率為 2.25%，英國與美國利率為 3.5%，而巴西利率到 2028 年底降至 10%。若是如此，巴西的高利率可能會推升一些提存，但我們相信在既定計畫內是可控的。

Cost of risk is expected to remain around 1.15% in H2, the better cost risk in Argentina that is already, as I said, coming better in the second quarter and it will continue on and on. And some benefit we're going to have from the acquisition of TSB and Webster that is offset by the usual seasonality that we have in the US. Remember that in the US, always Q3 and Q4, we have a little bit more provisions. Let's see how the labor markets work in the US. But other than that, I see that this is going to help.

預期下半年風險成本將維持在約 1.15%；阿根廷的風險成本已如我所說在第二季開始改善，且會持續改善。另外，我們會從收購 TSB 與 Webster 獲得一些效益，但會被美國一貫的季節性所抵銷。請記得在美國，第三季與第四季通常提存會稍微多一些。我們再觀察美國勞動市場的表現。除此之外，我認為這些因素都會有所幫助。

So '26, '28 average cost of risk, we see it at 1 to 1.1, and this is because the mix changes now that we have TSB and Webster on the portfolio. And the target range offers flexibility for potential macro deterioration. So nothing out of order in that sense.

因此 2026 到 2028 年的平均風險成本，我們預估在 1% 到 1.1%，這是因為在投資組合納入 TSB 與 Webster 後，組合結構發生變化。而目標區間也為潛在的總體環境惡化提供彈性。所以就這點而言，一切都在正常範圍內。

So NII in Portugal, this is basically due to business mix change and pricing of mortgages as we look at profitability and having profitable mortgages through the life cycle. So if you look at net interest margin, the cost of deposits actually is 22 basis points lower this year than last year. Again, as I said for Spain, we are adding new customers and these new customers have mostly transactional relationships with us and this is helping in the managing of cost of deposits. But on the asset side, we see -- we saw higher yields on consumer loans, 40 basis points on credit cards, 90 basis points, but lower yields on mortgages around 60 basis points, again, the focus on the quality, the overall profitability of the relationship through the cycle.

至於葡萄牙的 NII，主要是因為業務組合變化，以及我們在檢視獲利能力時對房貸定價的調整，確保房貸在整個生命週期都具備獲利性。如果你看淨利差，存款成本今年比去年低了 22 個基點。同樣如我對西班牙所說，我們正在新增客戶，而這些新客戶多半與我們是交易型往來，這有助於管理存款成本。但在資產端，我們看到——我們看到消費貸款收益率較高，信用卡高 40 個基點，另外一項高 90 個基點；但房貸收益率較低，約低 60 個基點，這同樣是聚焦於品質，以及關係在景氣循環中的整體獲利性。

So I would say this is -- it's a slight decrease. It's not that significant, and it's basically the consequence of a business mix decision on the asset side. But again, with a very, very, very good performance on the liability side, based on new numbers of transactional clients. Spain, what I meant is that the components of NII that we saw in the first -- in the first half should remain in the second half. So EUR60 billion of ALCO portfolio at 3.3%.

所以我會說這——只是小幅下降。並不算顯著，基本上是資產端業務組合決策的結果。但同時，負債端表現非常、非常、非常好，主要來自交易型客戶數量的增加。至於西班牙，我的意思是，我們在上半年看到的 NII 組成要素，在下半年應該會維持。也就是 600 億歐元的 ALCO 投資組合，收益率 3.3%。

Volumes that are doing -- that are positive, good management of liabilities and a slight positive impact from repricing of mortgages as the 12-month your LIBOR went up towards -- in the second quarter, and we have a two-month to three-month lag in repricing of mortgages.

量能表現——是正向的；負債管理良好；以及房貸重定價帶來的些微正面影響，因為 12 個月期 LIBOR 在第二季走升，而我們房貸重定價通常有 2 到 3 個月的落後期。

So what I mean is that all these conditions that we saw in the first half should remain in the second half.

所以我的意思是，上半年看到的這些條件，在下半年應該都會延續。

Thanks very much. Operator, could we get the next question, please?

非常感謝。接線員，請給我們下一個問題。

Benjamin Toms, RBC.

RBC 的 Benjamin Toms。

Good morning. Thank you both for taking my questions. Two on the UK, please. In the last quarter, you mentioned intense competition in UK deposits. Are you still seeing that elevated competition in this geography? And do you expect that to subside into half 2.

早安。謝謝兩位回答我的問題。我有兩個關於英國的問題。上一季你們提到英國存款競爭激烈。你們在這個市場仍然看到競爭維持在高位嗎？你們預期這種情況會在下半年趨緩嗎？

And secondly, now that the TSB integration is complete, could you talk a little bit more about the cost savings expected by 2028. Now you had a a year to look at the asset? Do you see any potential upside to your existing UK cost-saving guidance. Thank you.

第二，既然 TSB 整合已完成，能否再多談一些到 2028 年預期的成本節省？現在你們已經有一年的時間來檢視這項資產。你們是否看到英國既有成本節省指引有任何上行空間？謝謝。

Thank you. In terms of Benjamin, in terms of the UK, yes, we see that the market has become very, very competitive, okay? We see a lot of competition, mainly mortgages where we are -- we have the lion's share of our portfolio. We see the compression of margins, and we have seen so and also a really strong competitive in deposits, okay? So that's what the market is doing.

謝謝。Benjamin，關於英國，是的，我們看到市場變得非常、非常有競爭性，好嗎？我們看到很多競爭，主要在房貸領域，而那也是——我們投資組合占比最大的部分。我們看到利差被壓縮，也確實看到——同時在存款端競爭也非常激烈，好嗎？這就是市場目前的狀況。

I believe that we have been managing pretty well. I think that our team and the execution of ONE transformation is helping us quite a lot because it's helping us out to reduce the amount of cost that we had in the unit.

我認為我們一直管理得相當不錯。我覺得我們的團隊以及 ONE 轉型的執行對我們幫助很大，因為它協助我們降低了該單位的成本。

And on the other side, it's helping us out by increasing revenue because we're doing things in a much better way because we are having much more principality with the customers concentrated on transactional deposits that lower our cost base. And also, as you have seen, I mean, we are pushing for the 123 account, which is helping us out to gain market share.

另一方面，這也透過提升營收來幫助我們，因為我們以更好的方式在做事；由於我們與客戶之間的主要往來關係（principality）更強，且客戶更集中於交易性存款，從而降低了我們的成本基礎。此外，如你所見，我們正在推動 123 帳戶，這也在幫助我們提升市占率。

And then we see that TSB is a great addition to what we're doing. TSB gave us 4 million customers more. We have just finished the submission of the Part VII on last week on Thursday. With that, we entered into the full process. We do believe that the cost savings that we promised about EUR400 million are in line of what we're going to be able to deliver.

接著我們看到，TSB 對我們正在做的事情是很好的補強。TSB 為我們多帶來了 400 萬名客戶。我們已在上週四完成 Part VII 的提交。藉此，我們已進入完整流程。我們相信，我們所承諾約 4 億歐元的成本節省，與我們將能交付的成果一致。

I think it's too soon to say if we're going to be above that given that, I mean, we need to see the exercise of the Part VII and how does that basically comes out.

我認為現在要說我們是否會高於這個數字還太早，因為我們需要看看 Part VII 的執行情況，以及最終基本上會如何落地。

But we are confident that we'll deliver on the numbers and it could be slightly better but I don't want to, again, to offer promise on that given the Part 7 and how the evolution of that can be. But all in all, I mean, we already have EUR250 million in nonrecurring items included of the restructuring of TSB in the numbers that you have seen today.

但我們有信心能達成這些數字，且可能會略好一些；不過我不想再次在這點上做出承諾，因為還要看 Part 7 的進展以及其演變可能如何。但總體而言，我們在你們今天看到的數字中，已包含 2.5 億歐元與 TSB 重整相關的一次性（非經常性）項目。

Also probably to help forecast NII in the UK is worth updating the structural hedge because post TSB, this has changed. So in December, we had GBP 103 billion of structural hedge in June, the amount was EUR118 billion. Duration was EUR2.3 million last year, is currently EUR2.6 million and the yield was 3% and is 3.2%. So we have now a structural hedge, which is slightly longer duration and higher yields.

另外，為了協助預測英國的 NII（淨利息收入），值得更新一下結構性避險，因為併入 TSB 後這已經改變。因此，在 12 月我們的結構性避險為 1,030 億英鎊；到 6 月，金額為 1,180 億歐元。存續期間去年為 230 萬歐元，目前為 260 萬歐元；收益率原為 3%，目前為 3.2%。因此，我們現在的結構性避險，存續期間略長、收益率也更高。

This obviously is important for forecasting NII. And also, let me just complement what Hector said. Post we have 27 million customers in the UK, 16 million new -- sorry, active customers in the UK. So obviously, it's a very, very good sort of client base to work with going forward. So as Hector said, we remain optimistic about the outlook for the UK and the fact that TSB plus Santander is a great value proposition going forward.

這對於預測 NII 顯然很重要。另外，我也補充一下 Hector 所說的。併入後，我們在英國有 2,700 萬名客戶，其中 1,600 萬名為新—抱歉，是活躍客戶。因此，這顯然是一個非常、非常好的客戶基礎，便於我們未來持續經營。所以如 Hector 所說，我們對英國前景仍保持樂觀，且 TSB 加上 Santander 的組合，未來是一個很有價值的主張（value proposition）。

Great. Thank you very much. Operator, could we have the next question, please?

很好。非常感謝。接線員，請問可以進行下一個問題嗎？

Borja Ramirez, Citi.

Citi 的 Borja Ramirez。

Hello. Good morning. Thank you very much for taking my questions. I have two questions, please. Firstly, on deposits, I can see that Santander now has a critical mass across its core markets with a market share of at least 10%. And I can see that the stable retail deposits for the group are growing at a faster pace than peers. And linked to this, Openbank has become a relevant funding platform for the group. I would like to ask, given the structural improvements in the funding franchise is -- do you think the consensus already fully appreciates the benefit from the lower funding costs?

你好。早安。非常感謝讓我提問。我有兩個問題。第一個關於存款：我看到 Santander 現在在其核心市場已具備關鍵規模，市占率至少達到 10%。我也看到集團的穩定零售存款成長速度快於同業。與此相關，Openbank 已成為集團重要的資金來源平台。我想請問，鑑於資金業務（funding franchise）的結構性改善—你認為市場共識是否已充分反映較低資金成本所帶來的效益？

And linked to this, in which regions do you see the biggest opportunities to improve the funding costs from here? And then my second question would be briefly on capital. On SRT, if you could kindly remind me on the capital benefit in Q2? And also, what should we expect for the second half of the year, please?

與此相關，從現在起你認為在哪些地區，改善資金成本的機會最大？第二個問題簡要關於資本。關於 SRT，你能否提醒我第二季的資本效益是多少？另外，今年下半年我們應該期待什麼？

Thank you, Borja. Okay. This exactly of the deposit and what happened to the franchise is a result of ONE transformation. One of the most important premises of ONE transformation is becoming the number 1 bank to our customers that basically results in having as Jose has been saying all along during his answering of the questions is that we are increasing transactional deposits, okay? When you become number 1 back to your customer, you get a transactional deposit because people do everything with you.

謝謝你，Borja。好的。存款以及特許經營（franchise）所發生的變化，正是 ONE 轉型的結果。ONE 轉型最重要的前提之一，是成為客戶的第一往來銀行（number 1 bank），而這基本上會帶來—正如 Jose 在回答問題時一直在說的—我們正在增加交易性存款，好嗎？當你成為客戶的第一往來銀行時，你就會獲得交易性存款，因為人們所有事情都跟你做。

They pay their bills, they debit the utilities, they pay the children -- school children, et cetera, everything out from your account that basically help us out in having much more transactional and lower-cost deposits. And that's exactly what we will continue to do and concentrate on, all right?

他們繳帳單、代扣水電費、支付孩子—學校孩子的費用等等，所有支出都從你的帳戶出去，這基本上幫助我們擁有更多交易性、且成本更低的存款。而這正是我們將持續去做並專注的方向，好嗎？

Openbank is also helping us out in that. As you know, as you know, Openbank will use those deposits to fund the consumer business, the auto business and it's helping us out also to use a lot less of wholesale expensive funding and increase the margins and help also in the NII. And they will continue to do so as we continue to increase the principality of our customers. And that's exactly the idea. What regions do I see a lot of benefits, look Mexico, Brazil, every single country will benefit from it.

Openbank 也在這方面幫助我們。如你所知，Openbank 會用這些存款為消費金融業務、汽車業務提供資金，這也幫助我們更少依賴昂貴的批發融資，提升利差，並對 NII 也有幫助。而隨著我們持續提升與客戶的主要往來關係（principality），他們也會繼續這麼做。這正是核心想法。至於我在哪些地區看到很多效益，墨西哥、巴西，每一個國家都會受益。

The UK is going to be very important as well. And the both acquisitions that we have done, both Webster's and TSB bring a lot of deposits to the table, which is key to our franchises in those countries.

英國也會非常重要。而我們完成的兩項收購，Webster's 和 TSB，都帶來大量存款，這對我們在那些國家的特許經營至關重要。

And it's key to our franchises to make them much more profitable and much more competitive against our peers. So all in all, that's a strategy. It's part of one transformation, and it's exactly what we're executing right now. In terms of capital, Jose? Thank you.

這對我們的特許經營至關重要，能讓它們更具獲利能力，也更能與同業競爭。總而言之，這是一項策略。它是 ONE 轉型的一部分，而這正是我們現在正在執行的內容。至於資本方面，Jose？謝謝。

Yes. So let me explain the dynamics of risk-weighted assets in the quarter because in the quarter, you saw an increase in risk-weighted assets of around EUR16 billion. EUR13.1 billion come from TSB. So net of TSB, the increase in risk weighted assets was relatively muted compared to a very healthy loan growth. So we continue to mobilize assets.

是的。我來解釋本季風險加權資產的變動，因為本季你看到風險加權資產增加約 160 億歐元。其中 131 億歐元來自 TSB。因此，扣除 TSB 後，風險加權資產的增加相對溫和，尤其是在放款成長非常健康的情況下。所以我們持續進行資產動員（mobilize assets）。

The total mobilization in the quarter was EUR13.4 billion of which a quarter was cash securitizations, a quarter was synthetic securitization, so securitizations amounted to exactly 50% of the total. 37% was asset sales, mostly nonperforming assets and 13% was guarantees and other actions.

本季資產動員總額為 134 億歐元，其中四分之一是現金證券化，四分之一是合成證券化，因此證券化合計正好占總額的 50%。37% 是資產出售，主要是非不良資產（nonperforming assets），13% 是保證及其他行動。

In the second half of the year, we would expect a similar amount to the first half. One thing that we achieved this year compared to other years, was to mobilize assets in a more linear way. So when you look at first quarter, second quarter, very much similar and I would say -- I would expect similar amounts each quarter in the next couple of quarters, probably a bit more in the fourth quarter because of lower activity in the third.

在下半年，我們預期規模會與上半年相近。相較於其他年度，我們今年達成的一點是以更線性的方式動員資產。因此當你看第一季、第二季，兩者非常相似；我會說—我預期接下來幾季每季也會是類似的規模，第四季可能會多一些，因為第三季活動較少。

But in the second half, a similar amount to the first half.

但下半年會與上半年相近。

Thank you very much. Operator, can we have next question, please?

非常感謝。接線員，請問可以進行下一個問題嗎？

Miruna Chirea, Jefferies.

Miruna Chirea，Jefferies。

Good morning. Thank you very much for taking my questions. I had two. One on Mexico and then a clarification on Brazil, please. On Mexico, your loans are growing at around 8% year-on-year in June. This is a slight deceleration versus the March level, but still very healthy. Overall, so I was wondering how you're thinking about lending growth in Mexico for the full year? Do you think that the second half should see a deceleration from here?

早安。非常感謝讓我提問。我有兩個問題。一個關於墨西哥，然後請再釐清一下巴西。關於墨西哥，你們的放款在6月年增約8%。相較於3月的水準略有放緩，但仍然非常健康。整體而言，我想請教你們如何看待墨西哥全年放款成長？你們認為下半年會從目前開始進一步放緩嗎？

Or should we expect sort of the same level as now and then in Brazil, could you remind us what are your rate expectations for the end of year SELIC now for '26, '27, '28 and in the light of this, how should we be thinking about your medium-term target of a 20% return on tangible equity in the country. Thank you.

還是我們應該預期大致維持目前的水準？另外在巴西方面，你們能否提醒我們目前對年底SELIC利率的預期（針對'26、'27、'28）？在此背景下，我們應如何看待你們在該國中期「有形股東權益報酬率（RoTE）20%」的目標？謝謝。

Okay. Thank you, Miruna. So Mexico, yes, what we -- I mean, what we do is we are very disciplined in the way we deploy capital, okay? So we see how the market is reacting. And also we see the cost of risk in the different portfolios and how do we manage them.

好的。謝謝你，Miruna。關於墨西哥，是的，我們——我的意思是，我們在資本投放上非常自律，好嗎？所以我們會觀察市場的反應。同時也會看不同投資組合的風險成本，以及我們如何管理它們。

And when we see that margins tighten or there is a part of a segment that we don't like, we actually don't come in and we don't deploy the capital. So we are very disciplined in such a way. I do believe Mexico is an opportunity, and you're going to see us investing capital in some of the segments of the market.

當我們看到利差收窄，或某個細分領域不是我們喜歡的，我們其實就不會進場，也不會投放資本。所以我們在這方面非常自律。我確實認為墨西哥是一個機會，你們會看到我們在市場某些細分領域投入資本。

As I said previously, I see a great opportunity in midsized corporates and I think that we will be deploying capital on those segments. Also, if we see that the labor market continues to be strong, we might do a little bit of growth in the credit cards and personal loans and we will continue to do so. But very cautiously on those because open-market is not what we like. We normally do that with our own customers, and we're growing the customer base. We see how they react, and then we give them credit.

如我先前所說，我看到中型企業有很大的機會，我認為我們會在那些領域投放資本。另外，如果我們看到勞動市場持續強勁，我們可能會在信用卡與個人貸款上做一些成長，並會持續這麼做。但在這些方面會非常謹慎，因為公開市場（open-market）不是我們偏好的。我們通常是對自有客戶這麼做，而我們也在擴大客戶基礎。我們會觀察他們的反應，然後再提供授信。

So that's why it's in Mexico. But yes, definitely, we're going to grow the loan portfolio there.

所以這就是在墨西哥的做法。但沒錯，毫無疑問，我們會在那裡擴大放款組合。

Yes. In terms of rate expectations, well, it's clear that in Brazil are normalizing at a slower pace than anticipated. We still expect some rate cuts this year, not significant, but this should accelerate in the next couple of years for the simple reason that currently real rates in Brazil are 10%. Obviously, we have the uncertainty around the elections and the increase in public spending ahead of the elections, but this scenario should normalize in 2027, 2028. So we would expect rates to go down.

是的。就利率預期而言，很明顯巴西的利率正常化速度比原先預期更慢。我們仍預期今年會有一些降息，幅度不大，但接下來幾年應會加速，原因很簡單：目前巴西的實質利率是10%。當然，我們面臨選舉的不確定性，以及選前公共支出增加，但這種情境應會在2027、2028年回歸正常。因此我們預期利率會下行。

We are very much in line with market expectations for maybe 13.5%, 14% rate for the end of this year and then gradually 100 to 150 basis points cut in the next couple of years. And with that, we should be able to get to a 20% return on equity in 2028. I mean there's no question. Remember that we have been decreasing the interest rate sensitivity. So if you look at -- I think this is interesting to discuss because if you look at net interest margin evolution in Brazil, net interest income is actually up in the quarter where interest rates actually hurt our deposit cost quite significantly.

我們的看法與市場預期非常一致：今年年底利率可能在13.5%到14%，接著在未來幾年逐步下調100到150個基點。在此情況下，我們應能在2028年達到20%的股東權益報酬率。我的意思是，毫無疑問。請記得，我們一直在降低對利率的敏感度。所以如果你看——我認為這點值得討論：如果你看巴西的淨利差（NIM）走勢，實際上在本季利率對我們存款成本造成相當顯著的負面影響時，淨利息收入（NII）反而是上升的。

Cost of deposits in the second half -- in the first half of this year compared to the first half of last year is 87 basis points higher because of interest rates. And despite that pressure, we were able to print a positive NII and this is the consequence of the business change mix a business mix change that Hector actually reflected upon before. We have a much better asset side, obviously, less sensitive to rates and lower asset quality sensitivity as well.

今年上半年相較去年上半年，存款成本因利率因素高了87個基點。儘管有這樣的壓力，我們仍能交出正向的淨利息收入，這是因為Hector先前提到的業務組合變化所帶來的結果。我們的資產端明顯更好，對利率的敏感度更低，對資產品質的敏感度也更低。

So we are definitely confident that the current 15% return on tangible equity in the country can improve to 20% in a couple -- in the next couple of years. Some of the tailwind will be rated, but not only is all the structural changes that we are undertaking in Brazil that will basically explain this improvement in profitability.

因此我們非常有信心，該國目前15%的有形股東權益報酬率，能在接下來——未來幾年提升到20%。其中一部分順風會來自利率，但不僅如此；我們在巴西推動的所有結構性變革，將是解釋獲利能力改善的主要原因。

Thanks very much. We have the next question, please, operator.

非常感謝。接下來請接線員安排下一個問題。

Britta Schmidt, Autonomous Research.

Britta Schmidt，Autonomous Research。

Good morning. Thank you for taking my questions. I've got two and one clarification. On the Spanish net interest income, it seems that about half of that growth is coming from CIB, if I'm not mistaken. So maybe you can be a little bit -- you can give a bit of color as to what's driving that and how sustainable that is? And also just to clarify, is it now likely that you're growing more than low to mid-single digit in terms of NII in Spain in this year?

早安。謝謝讓我提問。我有兩個問題和一個釐清。關於西班牙的淨利息收入，看起來其中約一半的成長來自CIB（若我沒弄錯）。所以也許你可以多補充一些——說明一下是什麼在驅動這個成長，以及其可持續性如何？另外想釐清的是，今年你們在西班牙的淨利息收入成長，現在是否可能高於低到中個位數（low to mid-single digit）？

The second one is on CIB. The trading result was weak this quarter obviously coming from a high level in Q1, but still trending below previous quarters. Can you give us some color as to what's driving that and whether you expect that to fund at a higher run rate for the remainder of the year? And then just on TSB clarification with regards to the restructuring costs, could you let us know the timing and the size of the remaining charges you intend to take this year? Thank you.

第二個問題是關於CIB。本季交易結果偏弱，顯然是因為第一季基期很高，但仍低於前幾季的趨勢。你們能否補充一些說明，這背後的驅動因素是什麼？以及你們是否預期今年剩餘期間會回到較高的常態水準（run rate）？最後，關於TSB的釐清：就重整成本而言，你們能否告知今年預計認列的剩餘費用之時間點與金額規模？謝謝。

Thank you, Bria. Let me start by going into the TSB. I'm Mongolstart the other way around. So in terms of transformation charges, okay? You're going to see that in other results, you have EUR281 million of transformation charges.

謝謝你，Bria。我先從TSB開始談。我——我改從另一個方向開始。所以就轉型費用而言，好嗎？你會看到在其他結果中，有2.81億歐元的轉型費用。

That's exactly for the whole group, okay. And then on the line of nonrecurring items, you have EUR250 million from what we have done so far in TSB, okay? What we expect is another EUR250 million in the following quarters. We will try to do as much as we can, the sooner the better, okay?

那正是整個集團的數字，好嗎。然後在非經常性項目那一行，你會看到我們目前在TSB已完成的部分是2.50億歐元，好嗎？我們預期接下來幾季還會有另外2.50億歐元。我們會盡可能、越快越好地完成，好嗎？

And that's the idea of what we're trying to achieve there. And then on synergies, as I said, I mean, the number that we have told you is around EUR400 million. And I already explained exactly the dynamics on how do we see that? We need to do the Part 7, et cetera, but I mean, we're on the right track of basically doing that.

這就是我們在那裡想要達成的方向。至於協同效益，如我所說，我們告訴你們的數字大約是4.00億歐元。我也已經解釋過我們如何看待其動態。我們需要完成Part 7等等，但總之，我們基本上正朝著正確的方向推進。

In terms of the CIB, you see the trading income. I mean you see year-on-year decline mainly explained by the FX hedge, okay, which was a headwind this year, and it was a tailwind last year. And we say the weaker trading activity quarter-on-quarter in CIB seasonality. We have lower volatility in global markets and the business mix. And as you know, we are not, I mean, a player in equity.

至於CIB，你看到交易收入。我的意思是，你看到年減主要是由外匯避險所致，好嗎？今年它是逆風，去年則是順風。而你也看到CIB的交易活動季對季轉弱，這是季節性因素。全球市場波動較低，以及業務組合的影響。而且如你所知，我們並不是——我的意思是——股票業務的參與者。

So is much more related to fixed income, and that's basically the way it is.

因此這與固定收益的關聯更大，基本上就是這樣。

What we have seen is a lot of our trading and a lot of what we do it is depends on client flows, okay? So if we see a lot of client activity, it depends on volatility of what's going on in the markets, we would see that basically that would -- could help us in the future, but will depend if we continue basically growing our relationship with the customers and having much more principality, it's going to help us out. So on the long term, that's going to give us some help on how do we see it?

我們看到的是，我們大量的交易以及我們做的很多事情都取決於客戶資金流向，對吧？所以如果我們看到很多客戶活動，這取決於市場正在發生什麼的波動性；我們會看到基本上這——未來可能會幫助我們，但將取決於我們是否能持續加深與客戶的關係並提升自營/主導性（principality），這會幫到我們。所以從長期來看，這將在我們如何看待它方面給我們一些幫助？

In terms of the Spain, I see it sustainable. Yes, it is. I mean, I think we have done a pretty good job in terms of what we're doing. It's also going to depend on what market and the activity that we have there. But nonetheless, we have a pretty good backlog of transactions, and I see that it could help us quite a lot.

就西班牙而言，我認為這是可持續的。是的，確實如此。我的意思是，我認為就我們正在做的事情而言，我們做得相當不錯。這也將取決於市場以及我們在那裡的活動。但無論如何，我們有相當不錯的交易儲備（backlog），我認為這可能會對我們有很大幫助。

And this is also the beauty of ONE transformation and the network benefits we're doing because it's very important to understand that CIB is not just the CIB business and with a big corporate.

而這也是 ONE 轉型以及我們正在推動的網路效益之美，因為非常重要的一點是要理解：CIB 不僅僅是 CIB 業務加上一個大型企業客戶。

CIB is a factory for the rest of the bank. What do I mean by that? Is a lot of CIB product is sold to midsized corporates in the commercial business and to SMEs. Trade Finance, for example, is quite a lot, and you'll see the results that we're doing, for example, I explained to you that the portfolio in Brazil in commercial is now almost 30% to 40% in dollars related to trade finance and what we're doing with ECB financing and a lot of export related transactions.

CIB 是為銀行其他部門服務的工廠。我這麼說是什麼意思？意思是很多 CIB 產品也賣給商業銀行業務中的中型企業以及中小企業（SMEs）。例如貿易融資就占了相當大比重；你也會看到我們正在做出的成果——例如我向你解釋過，巴西商業銀行的投組現在有將近 30% 到 40% 是以美元計價、與貿易融資相關，並且與我們透過 ECB 融資以及大量出口相關交易所做的事情有關。

So it is exactly what -- the way that we use CIB and the network benefits that we're getting around it and how this franchise is working together in order to get more business out of that. So you're going to see CIB growing a lot more in the next few years and a few quarters by doing that exactly. And it's going to give us a lot of new things. I mean, within Webster, for example, coming in, a lot of commercial business that is going to also being followed by what we do in CIB.

所以這正是——我們如何運用 CIB、以及我們圍繞它所獲得的網路效益，還有這個特許經營（franchise）如何協同運作，以便從中取得更多業務。因此，透過完全照這樣做，你會看到 CIB 在未來幾年以及接下來幾個季度成長得更多。而且這會帶給我們很多新的東西。我的意思是，例如 Webster 的加入，很多商業銀行業務也將由我們在 CIB 所做的事情來跟進。

So I really see that -- and I'm sorry that I went all the way because it is important for you to understand what we're doing in the franchise, which is exactly the result of what we're having in Spain. And remember that Spain is also the hub for all CID Europe, okay? So you'd have to take that into account. I don't know, Jose, if you have anything else to say.

所以我真的認為——也抱歉我講得這麼遠，因為讓你理解我們在這個特許經營中正在做什麼很重要，而這正是我們在西班牙所取得成果的體現。並且請記住，西班牙也是整個 CID 歐洲的樞紐，好嗎？所以你必須把這點納入考量。Jose，我不知道你是否還有其他要補充的。

My only comment would be that to understand or to better understand the year-on-year performance at CIB, I think we need to look at gross revenue -- gross income total revenue. If you look at the different lines and the movements between the different lines, I think that might not give you the right way of doing -- of looking at that because depending on when the transaction is distributed, how it's accounted the transactions -- there might be some movements between NII and income from financial transactions.

我唯一的評論是，為了理解或更好地理解 CIB 的年對年表現，我認為我們需要看總收入——總收益/總營收（gross revenue / gross income total revenue）。如果你看不同線別以及各線別之間的變動，我認為那可能不是正確的看法——因為取決於交易在何時分攤、交易如何入帳——NII 與金融交易收入之間可能會出現一些移動。

So the best way to look at CIB's performance is to look at total revenue because you've seen other operating income, very, very good performance, trading income or financial revenue weak, NII is strong. I think this doesn't really give you a picture of what's going on structurally in the business. If you look at gross revenue, flat year-on-year, I think that is a better way of looking at how the business is performing.

因此，看 CIB 表現的最佳方式是看總收入，因為你已經看到其他營業收入表現非常、非常好，交易收入或金融收入偏弱，而 NII 很強。我認為這並不能真正呈現業務結構性層面正在發生什麼。如果你看總收入年對年持平，我認為那是看業務表現更好的方式。

Thanks very much. Could we have the next question, please?

非常感謝。請問可以進行下一個問題嗎？

Sofie Peterson, Goldman Sachs.

Goldman Sachs 的 Sofie Peterson。

Hi, here is Sophie from Goldman Sachs. Thanks a lot for taking my question. So on net interest income, I see your net interest income in Chile was up almost or slightly more than 25% quarter-on-quarter. Could you maybe just discuss what drove that and how sustainable, like the net interest income in Chile and if there are any one-offs that we should be going full of going forward. Also related to net interest income, your NII in the corporate center was much more negative this quarter compared to the previous quarter. How should we think about the NII trajectory in the corporate center going forward?

嗨，我是 Goldman Sachs 的 Sophie。非常感謝讓我提問。關於淨利息收入（net interest income），我看到你們智利的淨利息收入季對季上升了將近或略高於 25%。你們能否談談是什麼驅動了這個增長、以及智利的淨利息收入有多可持續，還有是否有任何一次性因素（one-offs）是我們在往後需要留意的。另外也與淨利息收入相關，你們公司中心（corporate center）的 NII 本季比上一季負得多。我們應該如何看待公司中心未來的 NII 走勢？

And then just a final question. Your leverage ratio continues to trend down. It was 4.8% this quarter. Does that, in any way, limit any of the SRD capacity over the next two, three years? I know you gave very helpful guidance on the second half SRTs, but does that likely limit SRT capacity in the longer term?

然後最後一個問題。你們的槓桿比率持續下行。本季是 4.8%。這是否在任何方面限制未來兩到三年的 SRD 產能？我知道你們對下半年 SRTs 提供了很有幫助的指引，但這是否可能在更長期限制 SRT 產能？

And how low leverage ratio would you be happy to run with? Would you be comfortable with a 4% leverage ratio.

以及你們可以接受把槓桿比率運行到多低？你們會對 4% 的槓桿比率感到舒適嗎？

Thank you, Sofie. So in Chile, yes, I mean you have to understand that Chile inflation helps us a lot. So inflation moves in the right way. We always make much more NII. So there's no one-offs on the NII in Chile.

謝謝你，Sofie。所以在智利，是的，你必須理解智利的通膨對我們幫助很大。所以通膨朝正確方向變動時，我們的 NII 一直會高很多。因此智利的 NII 沒有任何一次性因素。

We foresee that we're going to have a pretty good year all in all, and I think continue to strengthen up for the second half. Chile is having a good run in the sense that also ONE transformation is being implemented there. I'm not going to go through to the whole thing again. But I could tell you that Chile is strong. And for the first time, actually, we are resting glass in that market, and we're the best bank in the country in terms of how we're managing it, and we'll continue to do so with ONE transformation.

我們預期整體而言今年會是相當不錯的一年，而且我認為下半年會持續走強。智利目前表現良好，因為 ONE 轉型也正在那裡落地實施。我不會再把整件事從頭到尾講一遍。但我可以告訴你，智利很強。而且實際上，這是第一次我們在那個市場「打破玻璃天花板」（resting glass），就我們的管理方式而言，我們是該國最好的銀行，並且我們會透過 ONE 轉型持續如此。

Yes. So remember, Sophie, in Chile, there are actually three currencies. You have the US dollar, you have the peso and you have the UF, which is inflation linked currency, and you have assets and liabilities linked to inflation. And the increase in the quarter in the year and the year-on-year is explained, as Hector said, by inflation, is this currency, the performance of the currency that helped the margin in the first half.

是的。所以 Sophie，請記住，在智利其實有三種貨幣。有美元、有披索，還有 UF（與通膨連動的貨幣）；同時你也有與通膨連動的資產與負債。而本季的增長、以及年初至今與年對年的增長，如 Hector 所說，是由通膨所解釋的；也就是這種貨幣的表現，在上半年幫助了利差。

The Corporate Center, two reasons why NII was weak first, we paid for TSB. And obviously, there is less cash and less return from that cash. And we had to increase issuances ahead of the Webster acquisition to meet with Tilera requirements. More or less, we will need to issue we need to eventually covered around EUR10 billion of senior nonpreferred needs for TLAC Kenel requirements for Webster.

公司中心方面，NII 偏弱有兩個原因：第一，我們為 TSB 付款了。而顯然，現金變少了，來自這些現金的回報也更少。另外，為了滿足 Tilera 的要求，我們必須在 Webster 收購之前提高發行量。大致上，為了滿足 Webster 的 TLAC Kenel 要求，我們最終需要發行、並覆蓋約 100 億歐元的高級非優先（senior non-preferred）需求。

So that's the explanation. Securitizations and going forward. Well, as long as the market remains as it is, meaning there is a strong demand for private credit. I think we should be able to continue mobilizing assets on a recurring basis. As you can see our new originations, so assets that we -- that are coming in new into our books are increasing, and this has given us new opportunities to rotate the balance sheet.

所以這就是原因。至於證券化以及未來展望。嗯，只要市場維持目前狀況，也就是對私募信貸（private credit）有強勁需求，我認為我們應該能夠以經常性方式持續動員資產。如你所見，我們的新發放——也就是新進入我們帳上的資產——正在增加，這也給了我們新的機會來輪轉資產負債表。

Also, markets that were closed a couple of years ago are opening up for -- to investors like in Latin America.

此外，幾年前還關閉的市場也正在向投資人開放——例如拉丁美洲。

So as long as the market remains what it is with this strong demand for private credit, I think we can it's very difficult to put a number. But EUR35 billion to EUR40 billion secure a securitization size, as I explained before, is a very small particular synthetic securitizations is a very small part of what we do to mobilize assets. In the second quarter, we actually sold more nonperforming loans with impact on capital than we did synthetic securitizations. Cash securitizations are actual sales. So between sales securitizations of both types and guarantees.

因此，只要市場維持現狀，且對私募信貸的需求依然強勁，我認為就很難給出一個具體數字。但如我先前所說，350億至400億歐元的擔保型證券化規模，其實非常小，尤其是合成證券化，只占我們用來盤活資產的工作中很小的一部分。在第二季，我們實際上出售了更多對資本有影響的不良貸款，超過我們做的合成證券化。現金證券化屬於實際出售。因此，介於兩種類型的出售型證券化與擔保之間。

Can we keep on doing something like EUR35 billion, EUR40 billion a year at least, the answer is yes.

我們是否能至少每年持續做到約350億、400億歐元？答案是可以。

Thanks very much. Could we have the last question, please, operator?

非常感謝。接下來請接線員安排最後一個問題，好嗎？

Fernando Gil Santivanes, Intesa Sanpaulo.

Fernando Gil Santivanes，Intesa Sanpaulo。

Hello, thank you, my questions. Two questions, please. Division of First of all, on wealth management and insurance. I think gross rating premiums growing sizably in the quarter. Can you please drive us through what regions and segments are driving this growth? And what can we expect going forward, please?

您好，謝謝，我有幾個問題。請問兩個問題。首先是財富管理與保險部門。我認為本季總保費收入成長相當顯著。能否請您說明是哪些地區與哪些業務分項在推動這項成長？以及未來我們可以期待什麼？

The second question is more a follow-up on capital. The regulatory capital impact is expected for the rest of the year, this 15 to 20 basis points you mentioned was, does this reflect that the risk complement benefits? And if not, can you please disclose and clarify or refresh how big is this impact, please? Thank you very much.

第二個問題是關於資本的追問。您提到今年剩餘期間預期的監管資本影響為15到20個基點，這是否已反映風險補充（risk complement）的效益？如果沒有，能否請您揭露並釐清，或再提醒一下這項影響有多大？非常感謝。

Thank you, Fernando. Yes, as you have seen, yes, premiums are going up and that will be the idea. This is part of what we're doing. That's probably one of the biggest growth opportunity that we have in the group today. And probably it's going to be the biggest delta in terms of fees for the future, given that ONE transformation, again, is principality on our accounts and what we can do with much more with our customers is exactly penetrated the huge client base that we have and selling them more products.

謝謝你，Fernando。是的，如你所見，保費正在上升，而這正是我們的方向。這是我們正在做的事情之一。這大概是我們集團目前最大的成長機會之一。而且考量到ONE轉型再次主要聚焦在我們的帳戶，以及我們能對客戶做更多的事情，未來在費用收入方面，這可能會是最大的增量（delta）：也就是更深入滲透我們龐大的客戶基礎，向他們銷售更多產品。

And one of the most important ones is insurance.

其中最重要的產品之一就是保險。

And that's where you will see premiums basically coming up and has to be quarter-by-quarter, given that it's a great opportunity. If you take a look at our markets, we punch below our weight in every single market in insurance below our natural market quota that we have. So in Spain, in Portugal, for example, has been -- been having tremendous growth. But you will also see the same in Brazil, Chile, Mexico, where we have a great opportunity of growing to our natural quota. So we'll continue to do so.

因此你會看到保費基本上會逐季上升，因為這是一個很大的機會。如果你看看我們的市場，我們在每一個市場的保險業務都低於應有的規模，低於我們自然應有的市占份額。因此，例如在西班牙、葡萄牙，我們一直——一直有非常強勁的成長。但你也會在巴西、智利、墨西哥看到同樣情況，我們有很大的機會成長到我們自然應有的份額。所以我們會持續推進。

If we get to our natural quota, insurance will be a very important product for the group all in all in the next few years.

如果我們達到自然應有的份額，未來幾年保險將成為集團整體非常重要的產品。

Thank you.

謝謝。

So the Danish compromise will not add any capital to Santander. Obviously, future investments will benefit from the Danish compromise treatment for capital, but no impact from the Danish compromise at all, okay? So there is no impact on what I said in the expectations for capital in the second half. Thank you, Fernando.

因此，「丹麥折衷方案」（Danish compromise）不會為Santander增加任何資本。當然，未來的投資會受益於丹麥折衷方案在資本上的處理方式，但丹麥折衷方案本身完全沒有影響，好嗎？所以這不會影響我對下半年資本展望所說的內容。謝謝你，Fernando。

Thank you, everybody. Thanks, Hector. Thanks, Jose, for your time. The Investor Relations team is available if you've got any follow-up questions. This concludes our first half results call.

謝謝各位。謝謝Hector。謝謝Jose撥冗參與。若各位有任何後續問題，投資人關係團隊隨時可以協助。以上為我們上半年業績電話會議。

I wish you all a very good day.

祝各位有美好的一天。