Santander’s US-Based Digital Banking Business Helps Drive Record Quarter

Santander’s record-breaking quarter was fuelled by robust customer growth and the rapid expansion of its US-based digital banking operations.

In its third-quarter results released on Wednesday (29 October), the bank reported an attributable profit of €10.3 billion for the first nine months of 2025 — an 11 percent increase year-on-year — marking the highest profit in its history for this period.

Chief Executive Officer Héctor Blas Grisi Checa attributed the success to ongoing digital transformation, structural simplification, and enhanced technological capabilities, saying these initiatives are progressing ahead of schedule.

Santander’s customer base reached 178 million, up by 7 million in a year, as the bank continues to strengthen its digital engagement and efficiency across markets. Grisi reaffirmed Santander’s goal to operate as a “digital bank with branches,” combining advanced technology with human expertise.

In the United States, now the bank’s fourth-largest market, its digital arm Openbank attracted $6.75 billion in deposits and 162,000 new customers. The growth was further supported by a strategic partnership with Verizon, designed to expand the lender’s deposit base and customer reach.

Santander also announced the integration of Santander Consumer Finance and Openbank in Europe, a move aimed at reducing costs, streamlining operations, and expanding its suite of digital products.

“This merger strengthens our presence in major European markets such as Germany, enabling a seamless experience both online and in-branch,” said Nitin Prabhu, head of Santander’s Digital Consumer Bank.

Additionally, the bank’s payments division, PagoNxt, reported a strong performance, achieving an EBITDA margin of 32 percent, surpassing its 2025 target.

Meanwhile, The Wall Street Journal reported that Santander’s U.S. business maintains a significant position in the auto financing sector, which has faced scrutiny following the bankruptcies of First Brands and Tricolor. The paper noted that Santander’s $77 million loan exposure to First Brands is not expected to have a material impact, according to CEO Grisi.