UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2025
_____________________________________________
Commission File Number: 001-34476
BANCO SANTANDER (BRASIL) S.A.
(Exact name of registrant as specified in its charter)
Avenida Presidente Juscelino Kubitschek, 2041 and 2235
Bloco A – Vila Olimpia
São Paulo, SP 04543-011
Federative Republic of Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ___X___ Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): 
Yes _______ No ___X____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): 
Yes _______ No ___X____
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: 
Yes _______ No ___X____
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A



Index Pag




*Values expressed in thousands, except when indicated.
Performance Report

To the Shareholders:

We present the Performance Commentary to the Individual and Consolidated Financial Statements of Banco Santander (Brasil) S.A. (Banco Santander or Bank) for the year ended December 31, 2024, prepared in accordance with accounting practices adopted in Brazil, established by Corporation Law, in conjunction with the rules of the National Monetary Council (CMN), the Brazilian Central Bank (Bacen) and the document model provided for in the Accounting Plan of Institutions of the National Financial System (Cosif) and the Securities and Exchange Commission (CVM), which do not conflict with the rules issued by Bacen.

The Consolidated Financial Statements prepared based on the international accounting standard issued by the International Accounting Standards Board (IASB) for the year ended December 31, 2024 will be published on the website www.santander.com.br/ri.

1. Economic Situation

v Economic performance was highlighted by the following themes:

In the international environment

v Trump's significant victory in the US presidential elections, with the so-called “red-sweep”, which means the predominance of the Republican Party, both in the Senate and in the House of Representatives.

This fact should reinforce the campaign proposals, bringing challenges to trade partnerships with tariff impositions, with significant impacts on global growth.
In addition, the resilience of the US economy, together with inflation still above the target, is putting pressure on the US Central Bank (Fed) to adopt a more cautious stance, signaling fewer interest rate cuts, and at a slower pace, for 2025.

v The geopolitical scenario continues with different points of tension in Europe, the Middle East and Asia.
This environment, combined with the uncertainties surrounding the new North American leadership, intensifies doubts about global growth.

v Announcement of monetary stimulus and signaling of fiscal stimulus by Chinese authorities, but below analysts' expectations. More stimulus may come in the event of an escalation of the trade dispute with the US.


In the domestic environment

v The deterioration in the perception of fiscal risk, with a significant devaluation of the exchange rate, accentuated the unanchoring of inflation expectations.

The main macroeconomic event of the fourth quarter of 2024 (4Q24) was the announcement of measures to contain federal public spending, the initial impact of which did not meet expectations. The government projected a total cut of R$70 billion over two years, but Banco Santander estimates a lower potential, around R$50 billion. The perception that the measures announced were insufficient significantly affected asset prices and the expectations of economic agents. The exchange rate of the real against the US dollar, for example, reached its nominal all-time high of R$6.32/US$ in December. Likewise, IPCA projections, according to the Focus survey, increased throughout the release horizon, moving further away from the center of the target pursued by the Central Bank.


v Copom promoted larger adjustments to the Selic, raising the basic interest rate to 12.25% per year by the end of 2024.

The conditions for the interest rate decision by the Brazilian Central Bank pointed to the need for a more contractionary monetary policy. After starting the hike cycle gradually, with increases of 0.25 percentage points, the Committee accelerated the pace in the fourth quarter of 2024, raising the rate by 0.50 percentage points in November and 1.00 percentage points in December. Furthermore, given a more adverse scenario for the convergence of the IPCA, the Committee foresees adjustments of the same magnitude in the meetings of the first quarter of 2025, which would take the Selic to 14.25%, if its baseline scenario is confirmed. Based on this guidance, Banco Santander estimates that the Selic will reach 15.50% in June 2025. This change is also consistent with the revised inflation scenario, so the Bank projects that the IPCA will be 5.5% in 2025.




*Values expressed in thousands, except when indicated.
v GDP performance in 3Q24 was above expectations, with emphasis on the more cyclical components on the supply side, consumption and investments.

In contrast to Banco Santander's expectations and the median of market projections, GDP in the third quarter of 2024 had a positive impact, registering strong growth. According to Banco Santander, this performance was mainly driven by the resilience of the labor market and the accumulation of recent fiscal stimulus. As a result, there was a new wave of upward revisions in GDP growth projections for 2024. At the end of the third quarter of 2024, the median of economic agents' projections indicated a growth of 3.0% for Brazilian GDP in 2024. At the end of the fourth quarter of 2024, this median rose to 3.5%, in line with Banco Santander's current projection.


2. Consolidated Performance

We have sustained our ongoing evolution towards the resumption of higher profitability levels. Net interest income has improved based on a strategy aimed at qualified and selective growth, directing efforts at assets with better returns on capital. Fees have continued on a positive trend, reflecting greater diversification of our revenue streams. We have maintained good quality in our loan portfolio, which reinforces a positive trajectory for 2024, with non-performing loan ratios under control. Regarding efficiency, we have remained focused on further solidifying our productivity culture. We are progressing in building a solid, less volatile balance sheet, capable of generating sustainable results.


Net Income
R$ 13.9 billion 12M24
(+47.8% vs 2023)
Expanded Portfolio
R$ 682.7 billion
(+6.2% vs Dez/23)
Financial Margin
R$ 60.7 billion 2024
(+14.2% vs 2023)
Managerial Income Statement1
(R$ million)4Q243Q244Q24 x202420232024 x
3Q242023
Gross Financial Margin15,97815,2274.9 %60,74653,17914.2 %
Commissions5,5155,3343.4 %20,91718,45813.3 %
Total Revenues21,49320,5614.5 %81,66371,63714.0 %
ALL result(5,932)(5,884)0.8 %(23,755)(25,200)(5.7)%
General Expenses(6,769)(6,457)4.8 %(25,837)(24,713)4.5 %
Others(3,688)(3,887)(5.1)%(15,188)(13,240)14.7 %
Net Income Before Taxes5,1044,33317.8 %16,8838,48499.0 %
Taxes and Minority Interest(1,250)(669)86.9 %(3,011)898(435.3)%
 Managerial Net Income2
3,8543,6645.2 %13,8729,38247.8 %
Accounting Net Income3,7463,5485.5 %13,4778,97450.2 %
1 The table above considers management reclassifications in relation to the Accounting Income Statement, the most relevant of which refer to the reclassification between margin and result of ALL discounts, ALL on debentures, in addition to the reversal of amortizations on goodwill.
2 Disregarding extraordinary items of 2023, vide 4Q23 Earnings Release.
3. Rating Strategy and Agencies

For information regarding the Bank's strategy and classification in rating agencies, see the Results Report available at the website www.santander.com.br/ri.

4. Corporate Governance

The Governance structure of Banco Santander is integrated by the Executive Board and its Executive Committee made up of the Chief Executive Officers, Senior Executive Vice-Presidents and Executive Vice-Presidents, and by the Board of Directors and its Advisory Committees, they are: Audit, Risks and Compliance, Sustainability, Remuneration and Appointment and Governance.
For more information on the corporate governance practices adopted by Banco Santander Brasil and the deliberations of the Board of Directors, see the website www.santander.com.br/ri.





*Values expressed in thousands, except when indicated.
5. Internal Audit

Internal Audit reports directly to the Board of Directors, and the Audit Committee is responsible for its supervision. It has a permanent role that is independent of any other function or unit. Its mission is to provide the Board of Directors and senior management with independent assurance of the quality and effectiveness of internal control processes and systems, risk management (current or emerging) and governance, thus contributing to the protection of the organization's value, solvency and reputation. Internal Audit has a quality certificate issued by the Institute of Internal Auditors (IIA).
In order to fulfill its functions and cover risks inherent to Banco Santander's activity, Internal Audit has a set of tools developed internally. Among these, the risk matrix stands out, used as a planning tool, prioritizing the risk level of the auditable universe considering, among others, its inherent risks, the last audit rating, the degree of compliance with the recommendations and its dimension. The work programs, which describe the audit tests to be performed, are reviewed periodically.

The Audit Committee and the Board of Directors favorably analyzed and approved the Internal Audit work plan for the year 2024.

6. People

Banco Santander continues to strengthen its organizational culture, which is focused on helping people and businesses prosper. Autonomy, leadership and innovation are gaining ground, accelerating digital transformation and improving personalized offerings for the most diverse segments of society.

There are 55.646 employees, considering the entire group, committed to the ambition of making Santander the main bank for each of its customers.

To this end, Banco Santander invests in an environment where leadership is a reference in the organization's values, diversity makes each professional feel recognized and engaged in building their career, and continuous learning is at the service of constantly improving the customer experience and the evolution of each employee's journey. Growth opportunities are democratized and within everyone's reach. Banco Santander was once again elected as one of the Best Companies to Work for in Brazil by GPTW, occupying 8th place in the national ranking of companies with more than 10,000 employees and 2nd place in the Sector Ranking of Large Banks.

7. Sustainability

Our history in sustainability began more than 20 years ago. Throughout this period, we have experienced an intense journey of evolution, in which we have improved our programs, businesses and governance focused on the topic.

In this trajectory, we highlight the assessment and mitigation of social, environmental and climate risks for granting credit to projects and companies; generating businesses that support customers’ transition to a low-carbon economy; and the construction of a more inclusive society, through education and employability, financial inclusion and entrepreneurship and social inclusion actions. Many of these initiatives are accompanied by global targets in the areas where we have the greatest potential impact, such as net zero, financial inclusion and diversity.

To ensure good governance of this process, we have robust policies and controls, supported by senior leadership.

At the end of 4Q24, we highlight the following results:

        Environmental:

v R$32.2 billion in sustainable businesses made viable, with a portfolio of R$37.7 billion in green bond issuances, clean energy financing and dedicated product options.
v Market leadership in CBIOS (decarbonization credits): 41% market share in Brazil.
v Santander Brasil was once again confirmed in the ICO2 B3 portfolio, a B3 index whose main purpose is to be a tool to encourage discussions on climate change in Brazil.
Promoting sustainable businesses, with a commitment to being Net Zero by 2050


*Values expressed in thousands, except when indicated.
Social:

v 207 thousand people benefited from courses and scholarships through Santander Universities.
v The Amigo de Valor program, dedicated to guaranteeing the rights of children and adolescents in vulnerable situations, supported approximately 9,342 children and adolescents and their families in 64 municipalities.
v Approximately 6,271 elderly people and their families benefited from the Parceiro do Idoso program, which aims to protect the rights of vulnerable elderly people.

For over 20 years contributing to the construction of a more inclusive society, with access to education and financial products.

Governance:

v Our Board of Directors currently has 45% female members and 55% independent members.

Promoting ESG in our culture, connecting all our businesses.

8. Independent Auditor

The policy of Banco Santander, including its subsidiaries, in contracting services unrelated to the audit of Financial Statements by its independent auditors is based on Brazilian and international auditing standards, which preserve the auditor's independence. This basis provides for the following: (i) the auditor must not audit his/her own work, (ii) the auditor must not perform managerial functions for his/her client, (iii) the auditor must not promote the interests of his/her client, and (iv) the need for approval of any services by the Bank's Audit Committee. In compliance with Instruction No. 162/2022 of the Securities and Exchange Commission, Banco Santander informs that in the fiscal year ended December 31, 2024, no services unrelated to the independent audit of the Financial Statements of Banco Santander and its subsidiaries were provided by PricewaterhouseCoopers exceeding 5% of the total fees related to independent audit services. PricewaterhouseCoopers has procedures, policies and controls in place to ensure its independence, which include an assessment of the work performed, covering any service other than an independent audit of the Financial Statements of Banco Santander and its subsidiaries. This assessment is based on applicable regulations and accepted principles that preserve the auditor's independence.

9. Other Subjects
Banco Santander (Brasil) S.A., in compliance with the provisions of Bacen Circular No. 3,068/2001, declares that it has the financial capacity and intention to hold the securities classified in the held-to-maturity category until maturity.

10. Acknowledgement
We would like to thank our customers, shareholders and employees for the trust and support that got us here, and that enabled the continuity of our story of evolution and transformation, on the path to building the Best Consumer Company in Brazil.

(Approved at the Board of Directors Meeting on February 03, 2025).



(A free translation of the original in Portuguese)

Independent auditor's report

To the Board of Directors and Stockholders
Banco Santander (Brasil) S.A.

Opinion

We have audited the accompanying parent company financial statements of Banco Santander (Brasil) S.A. ("Bank"), which comprise the balance sheet as at December 31, 2024 and the statements of income, comprehensive income, changes in stockholders' equity and cash flows for the year and
six-month period then ended, as well as the accompanying consolidated financial statements of Banco Santander (Brasil) S.A. and its subsidiaries ("Consolidated"), which comprise the consolidated balance sheet as at December 31, 2024 and the consolidated statements of income, comprehensive income, changes in stockholder's equity and cash flows for the year and six-month period then ended, and notes to the financial statements, including significant accounting policies and other explanatory information.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Banco Santander (Brasil) S.A. and of Banco Santander (Brasil) S.A. and its subsidiaries as at December 31, 2024, and the Bank's financial performance and cash flows, as well as the consolidated financial performance and cash flows, for the year and six-month period then ended, in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN).

Basis for opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Parent Company and Consolidated Financial Statements section of our report. We are independent of the Bank and its subsidiaries in accordance with the ethical requirements established in the Code of Professional Ethics and Professional Standards issued by the Brazilian Federal Accounting Council, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements of the
current year. These matters were addressed in the context of our
audit of the parent company and consolidated financial statements
as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.

PricewaterhouseCoopers Auditores Independentes Ltda., Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o São Paulo, SP, Brasil, 04538-132
T: +55 (11) 4004-8000, www.pwc.com.br


Banco Santander (Brasil) S.A.


Why it is a Key Audit Matter
How the matter was addressed in the audit
 

Provision for expected losses associated with credit risk (Notes 3(e) and 7)

 

The estimation of the allowance for expected losses associated with credit risk involves a high level of judgment by management. The establishment of the allowance for expected losses associated with credit risk involves the assessment of several assumptions and internal and external factors, including default levels and guarantees of the portfolios, renegotiation policy, and the current and prospective economic scenarios.

The allowance for expected losses associated with credit risk is recorded in accordance with the regulatory requirements of the National Monetary Council (CMN) and the Brazilian Central Bank (BACEN), especially CMN Resolution 2,682, and is based on the analyses of outstanding receivables (overdue and not yet due), according to the internal policies that consider the establishment of credit ratings (risk classification). Likewise, it considers the expectation of realization of the loan portfolio, in addition to the minimum amount required by current legislation, based on past experience, current scenario and future expectations, specific portfolio risks, and management's assessment of risks in recording the allowance.

Accordingly, we kept this as an area of focus in our audit.
We updated our understanding and tested the internal controls that are significant in the calculation and recognition of the allowance for expected losses associated with credit risk, mainly including the following processes: (i) approval of the credit policy; (ii) credit analysis; (iii) credit granting and renegotiated transactions; (iv) attribution of rating considering the risk of the recoverable value of transactions; (v) processing and recording of provisions; (vi) reconciliation of accounting balances with the analytical position; and (vii) preparation of the notes to the financial statements.

We have tested the integrity of the database used to calculate the allowance for expected losses associated with credit risk, in addition to tests to verify the application of the calculation methodology for this allowance in relation to the ratings assigned, the assumptions adopted, as well as the comparison of the account balances with the analytical reports.

We consider that the criteria and assumptions that management adopted to determine and record the allowance for expected losses associated with credit risk are consistent with the information examined in our audit.



Banco Santander (Brasil) S.A.

Why it is a Key Audit Matter
How the matter was addressed in the audit
Provisions for judicial and administrative proceedings (Notes 3(p) and 19)
Banco Santander (Brasil) S.A. and its subsidiaries are parties in legal and administrative tax, labor and civil proceedings arising from the normal course of their business.

In general, these proceedings are terminated after a long period and involve not only discussions on merits, but also complex procedural aspects, in accordance with applicable legislation.

The decision to recognize a liability for judicial and administrative proceedings and the measurement bases requires the exercise of judgment from Bank's management, which is periodically reassessed, including when preparing the financial statements, and considering new events. In these circumstances, we kept this as an area of focus in our audit.
We updated our understanding and we tested the relevant internal controls over the identification and recording of liabilities for judicial and administrative proceedings (tax, civil, and labor) and the disclosures in accompanying notes, including, among others, the internal controls related to the calculation model used to account for the provisions for labor and civil judicial and administrative proceedings that are carried out under the historical average loss criteria for actions that are considered as common and similar in nature.

We tested the application of the mathematical models of historical average loss calculation, when applicable, related to labor and civil judicial and administrative proceedings. We also tested the ongoing proceedings at the date of the financial statements year end.

We performed confirmation procedures with the law firms responsible for the most significant judicial and administrative proceedings to confirm the assessment of the prognosis, also considering the new events that occurred during the six-month period and year, the completeness of the information, and the correct amount of the provisions.

We consider that the criteria and assumptions that management adopted to determine and record the provisions for judicial and administrative proceedings, civil, labor and tax are consistent with the information examined in our audit.
 

 




Banco Santander (Brasil) S.A.

Why it is a Key Audit Matter
How the matter was addressed in the audit
Information Technology environment (Note 28(a))

 

Banco Santander (Brasil) S.A. has a business environment that is highly dependent on technology, requiring a complex infrastructure to support the high volume of transactions processed daily in its several systems.

The risks inherent to Information Technology, associated with deficiencies in processes and controls that support the processing of the technology systems, considering the legacy systems and existing technology environments, could result in the incorrect processing of critical information, including those used in the preparation of the financial statements. Therefore, we kept this as an area of focus in our audit.
With the assistance of our system experts, we updated our evaluation of the design and tested the operating effectiveness of the controls related to the management of the Information Technology environment, including the compensating controls established, when applicable.

The procedures carried out involved the combination of the control tests, and, when applicable, the testing of compensating controls, as well as the testing of the key processes related to information security, the development and maintenance of systems, and the operation of computers related to the infrastructure that supports the Bank's business.

As a result of this work, we considered that the technology environment processes and controls provided a reasonable basis to determine the nature, timing and extent of our audit procedures in relation to the financial statements.
 





Banco Santander (Brasil) S.A.

Other matters

Statements of Value Added

The parent company and consolidated Statements of Value Added for the year and six-month period ended December 31, 2024, prepared under the responsibility of the Bank's management and presented as supplementary information, were submitted to audit procedures performed in conjunction with the audit of the Bank's and Consolidated's financial statements. For the purposes of forming our opinion, we evaluated whether these statements are reconciled with the financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in Technical Pronouncement CPC 09 - "Statement of Value Added". In our opinion, these Statements of Value Added have been properly prepared, in all material respects, in accordance with the criteria established in the Technical Pronouncement and are consistent with the parent company and consolidated financial statements taken as a whole.

Other information accompanying the parent company and consolidated financial statements and the auditor's report

The Bank's management is responsible for the other information that comprises the Management Report.

Our opinion on the parent company and consolidated financial statements does not cover the Management Report, and we do not express any form of audit conclusion thereon.

In connection with the audit of the parent company and consolidated financial statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the Management Report, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the parent company and consolidated financial statements

Management is responsible for the preparation and fair presentation of these parent company and consolidated financial statements in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the parent company and consolidated financial statements, management is responsible for assessing the ability of the Bank and its subsidiaries, as a whole, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank and its subsidiaries, as a whole, or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Bank’s financial reporting process.

Auditor's responsibilities for the audit of the parent company and consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the parent company and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error,




Banco Santander (Brasil) S.A.

and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Brazilian and International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•Identify and assess the risks of material misstatement of the parent company and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of the Bank and its subsidiaries.

•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Bank and its subsidiaries, as a whole, to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the parent company and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Bank and its subsidiaries, as a whole, to cease to continue as a going concern.

•Evaluate the overall presentation, structure and content of the parent company and consolidated financial statements, including the disclosures, and whether these financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the parent company and consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats to our independence or safeguards applied.


Banco Santander (Brasil) S.A.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the Key Audit Matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

São Paulo, February 5, 2025



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*Values expressed in thousands, except when indicated.
Balance Sheet
BankConsolidated
Explanatory
Notes		12/31/202412/31/202312/31/202412/31/2023
Assets
Current and Non-Current1,292,232,6041,091,618,2311,319,296,2541,138,640,692
Cash417,482,5239,911,65317,504,97810,109,122
Financial Instruments1,121,508,752960,366,6831,153,645,028998,193,967
  Interbank Investments
5180,014,773171,248,893110,781,417113,860,885
Marketable securities6.a270,136,727226,975,180287,867,782248,998,836
    Derivative Financial Instruments
6.b47,006,38932,019,73135,077,43928,066,689
 Lending Operations
7366,260,564354,093,609455,187,766427,599,259
Others Assets Instruments9258,090,299176,029,270264,730,624179,668,298
Leasing Operations--3,343,5163,164,051
Provisions for Expected Losses Associated with Credit Risk7.d(30,763,421)(31,163,480)(34,632,245)(35,375,068)
Other Assets11126,524,440103,204,585116,201,717106,924,963
Tax Assets10.a57,480,31049,298,79063,233,26055,623,657
Permanent57,686,65367,457,51715,941,38014,555,739
Investments45,825,75155,122,7852,877,217939,339
Investments in Affiliates and Subsidiaries13.b45,822,17655,119,2102,873,640935,762
     Other Investments 
3,5753,5753,5773,577
Fixed Assets144,540,9255,251,7774,942,5575,654,848
Real Estate for Use2,354,2682,385,1442,603,3342,617,403
Other Fixed Assets in Use12,924,67013,559,74713,367,85213,956,282
(Accumulated Depreciation)(10,738,013)(10,693,114)(11,028,629)(10,918,837)
Intangible157,319,9777,082,9558,121,6067,961,552
Goodwill on the Acquisition of Subsidiaries Companies27,220,51527,220,51528,274,12328,276,124
Other Intangible Assets15,710,32314,016,88416,371,89514,619,846
(Accumulated Amortizations)(35,610,861)(34,154,444)(36,524,412)(34,934,418)
Total Assets1,349,919,2571,159,075,7481,335,237,6341,153,196,431
The accompanying notes from Management are an integral part of these financial statements
    




























*Values expressed in thousands, except when indicated.
BankConsolidated
Explanatory
Notes		12/31/202412/31/202312/31/202412/31/2023
Liabilities
Current and Non-Current1,259,814,238 1,073,162,107 1,243,243,737 1,065,951,412 
Deposits and Other Financial Instruments1,163,437,802 994,574,532 1,128,506,384 967,725,045 
Deposits16495,308,353 475,535,132 495,328,215 475,701,951 
Money Market Funding16162,905,234 141,939,228 150,477,979 134,793,745 
Loans Abroad16109,786,065 77,239,162 109,791,445 77,303,201 
Domestic Onlendings - Official Institutions168,935,737 12,332,678 8,935,737 12,332,678 
Funds from Acceptance and Issuance of Securities16179,579,804 167,198,665 164,263,962 149,203,270 
Derivative Financial Instruments6.b46,481,417 30,051,184 34,948,116 25,606,801 
Other Financial Liabilities17.a160,441,192 90,278,483 164,760,930 92,783,399 
Other Liabilities1889,703,012 74,652,338 101,423,540 87,189,388 
Provision for Tax Risks and Legal Obligations182,824,081 2,326,237 3,032,613 2,521,560 
Provision for Judicial and Administrative Proceedings - Labor and Civil Lawsuits185,623,701 5,734,590 6,309,615 6,188,861 
Other Provisions182,900,938 2,667,479 8,441,472 8,054,800 
Others1878,354,292 63,924,032 83,639,840 70,424,167 
Tax Liabilities10.c6,673,424 3,935,237 13,313,813 11,036,979 
Stockholders' Equity2090,105,019 85,913,641 90,743,958 86,084,331 
Capital20.a65,000,000 55,000,000 65,000,000 55,000,000 
Capital Reserves20.c636,170 600,931 642,915 607,676 
Profit Reserves20.c32,067,079 34,974,116 32,453,507 34,823,270 
Adjustment to Fair Value (6,713,523)(3,554,623)(6,467,757)(3,239,832)
(-) Treasury Shares20.d(884,707)(1,106,783)(884,707)(1,106,783)
Non Controlling Interest20.e- - 1,249,939 1,160,688 
Total Stockholders' Equity90,105,019 85,913,641 91,993,897 87,245,019 
Total Liabilities and Stockholders' Equity1,349,919,257 1,159,075,748 1,335,237,634 1,153,196,431 
The accompanying notes from Management are an integral part of these financial statements



*Values expressed in thousands, except when indicated.
Statement of Income
BankConsolidated
Explanatory Notes07/01 to01/01 to07/01 to01/01 to 07/01 to01/01 to 07/01 to01/01 to
12/31/202412/31/202412/31/202312/31/202312/31/202412/31/202412/31/202312/31/2023
Income From Financial Operations99,075,577199,288,866 62,678,904 105,552,506 104,021,044 210,251,535 68,211,847 117,513,391 
Loan Operations41,989,47783,498,995 35,180,407 66,418,784 51,506,848 101,698,878 42,392,683 80,738,474 
Leasing Operations- - - - 263,202 472,923 234,544 451,366 
Results of Securities Transactions 6.a.V43,695,78286,382,912 23,018,023 35,614,151 39,112,640 80,764,234 25,967,877 34,208,228 
Results with Derivatives Transactions7,952,14216,469,342 (729,607)(7,775,051)7,682,691 14,343,890 (5,611,906)(9,216,635)
Results of Foreign Exchange Operations1,028,3364,563,359 787,044 2,565,019 1,028,335 4,563,358 787,044 2,565,019 
Results of Compulsory Deposits4,409,8408,374,258 4,423,037 8,729,603 4,427,328 8,408,252 4,441,605 8,766,939 
Expenses From Financial Operations(86,009,659)(176,472,348)(54,156,382)(92,638,138)(84,334,019)(174,707,294)(53,166,058)(91,009,544)
Funding Operations Market16.c(61,783,117)(121,416,497)(39,899,170)(69,871,635)(58,500,588)(116,275,220)(37,280,862)(65,063,945)
Results of Borrowings and Onlendings Operations(16,044,638)(34,612,896)(3,034,221)1,758,453 (16,062,816)(34,652,814)(3,055,224)1,698,601 
Results of Operations of Sale or Transfer of Financial Assets(534,781)(1,111,666)(71,591)159,320 (558,455)(1,351,484)(26,776)673,157 
Provision for Associated Expected Losses7.e(7,647,123)(19,331,289)(11,151,400)(24,684,276)(9,212,160)(22,427,776)(12,803,196)(28,317,357)
Gross Income Related to Financial Operations13,065,91822,816,518 8,522,522 12,914,368 19,687,025 35,544,241 15,045,789 26,503,847 
Other Operating Revenues (Expenses)(5,382,923)(11,203,414)(5,915,197)(8,931,324)(9,119,049)(18,504,175)(9,614,992)(17,918,719)
Banking Service Fees226,691,01313,032,839 6,417,910 11,796,214 8,550,156 16,662,866 7,989,397 14,810,446 
Income From Banking Fees222,492,4264,813,465 2,379,189 4,690,934 3,069,596 5,905,149 2,844,549 5,532,996 
Personnel Expenses 23(3,281,788)(6,764,112)(3,441,418)(6,817,427)(4,680,912)(9,525,947)(4,663,427)(9,191,970)
Other Administrative Expenses 24(7,633,718)(14,755,058)(7,566,969)(14,503,176)(6,958,560)(13,511,973)(7,026,008)(13,557,922)
Tax Expenses (1,540,776)(2,937,013)(1,642,608)(3,281,447)(2,581,932)(4,934,013)(2,590,948)(5,094,821)
Result From Investments in Affiliates and Subsidiaries13.b4,452,6827,765,180 3,840,676 8,312,900 128,032 217,499 91,480 173,007 
Other Operating (Expenses) Income25(6,562,762)(12,358,715)(5,901,977)(9,129,322)(6,645,429)(13,317,756)(6,260,035)(10,590,455)
Operational Income7,682,99511,613,104 2,607,325 3,983,044 10,567,976 17,040,066 5,430,797 8,585,128 
Non-Operating Income2673,3762,049,411 76,011 145,824 74,381 2,071,370 72,964 1,281,607 
Income Before Taxes on Income and Profit Sharing10.d7,756,37113,662,515 2,683,336 4,128,868 10,642,357 19,111,436 5,503,761 9,866,735 
Income Tax and Social Contribution 184,7051,216,253 2,738,991 6,242,820 (1,806,702)(2,820,603)435,658 1,349,056 
Provision for Income Tax498,847(88,809)(85,930)(107,697)(485,387)(2,374,518)(1,406,390)(2,810,010)
Provision for Social Contribution Tax 367,913(91,039)(73,327)(87,594)(10,160)(1,159,533)(761,696)(1,385,556)
Deferred Tax Assets(682,055)1,396,101 2,898,248 6,438,111 (1,311,155)713,448 2,603,744 5,544,622 
Profit Sharing(987,146)(1,843,316)(741,121)(1,507,458)(1,430,306)(2,623,232)(1,084,481)(2,098,640)
Non Controlling Interest 20.e—- - - (111,665)(190,211)(91,572)(143,494)
Net Income6,953,93013,035,452 4,681,206 8,864,230 7,293,684 13,477,390 4,763,366 8,973,657 
Number of Shares (Thousands)20.a7,498,5317,498,531 7,498,531 7,498,531 
Net Income per Thousand Shares (R$)927.371,738.40 624.28 1,182.13 
The accompanying notes from Management are an integral part of these financial statements

*Values expressed in thousands, except when indicated.
Statement of Comprehensive Income
BankConsolidated
07/01 to01/01 to 07/01 to01/01 to 01/07 to01/01 to 07/01 to01/01 to
12/31/202412/31/202412/31/202312/31/202312/31/202412/31/202412/31/202312/31/2023
Profit for the Period6,953,930 13,035,452 4,681,206 8,864,230 7,293,684 13,477,390 4,763,366 8,973,657 
Other Comprehensive Income that will be subsequently reclassified for profit or loss when specific conditions are met:(898,980)(2,395,351)319,558 1,576,071 (1,003,873)(2,464,376)365,281 1,575,335 
Available-for-sale financial assets(1,219,586)(2,581,630)133,800 947,119 (1,324,479)(2,650,655)179,523 946,383 
Available-for-sale financial assets(2,473,172)(4,714,110)150,617 1,480,055 (2,628,299)(5,003,145)242,831 1,633,014 
Related Companies(38,851)(185,469)9,753 120,981 — — — — 
Taxes1,292,437 2,317,949 (26,570)(653,917)1,303,820 2,352,490 (63,308)(686,631)
Cash flow hedges320,606 186,279 185,758 628,952 320,606 186,279 185,758 628,952 
Cash flow hedges611,348 355,207 354,214 1,199,318 611,348 355,207 354,214 1,199,318 
Taxes(290,742)(168,928)(168,456)(570,366)(290,742)(168,928)(168,456)(570,366)
Other Comprehensive Income that won't be reclassified for Net income:(661,969)(763,549)(203,709)(626,273)(661,970)(763,549)(203,709)(626,273)
Defined Benefits Plan(653,637)(488,083)(203,709)(626,273)(653,637)(488,083)(203,709)(626,273)
Own(1,246,469)(940,944)(296,484)(994,304)(1,246,470)(940,944)(296,484)(994,304)
Taxes592,833 452,861 92,775 368,031 592,833 452,861 92,775 368,031 
Other Equity Valuation Adjustments(8,332)(275,466)— — (8,333)(275,466)— — 
 Goodwill on acquisitions of subsidiaries17,798 (256,937)— — 17,798 (256,937)— — 
 Others(26,130)(18,529)— — (26,131)(18,529)— — 
Comprehensive Income for the Period5,392,981 9,876,552 4,797,055 9,814,028 5,627,841 10,249,465 4,924,938 9,922,719 
Attributable to parent company5,516,176 10,059,254 4,833,366 9,779,225 
Attributable to non-controlling interests 111,665 190,211 91,572 143,494 
Total5,627,841 10,249,465 4,924,938 9,922,719 
The accompanying notes from Management are an integral part of these financial statements

*Values expressed in thousands, except when indicated.
Statement of Changes in Stockholders' Equity - Bank

Profit ReservesAdjustment to Fair Value 
Explanatory
Notes		Capital  Capital ReservesLegal ReserveReserve for
Equalization
of Dividends		OwnAffiliates and SubsidiariesOthers Adjustment to Fair ValueAccrued
Profits		(-)Treasury SharesTotal
Balances on December 31, 2022
55,000,000 436,314 5,888,573 26,364,455 (1,209,880)(410,083)(2,884,458)- (1,219,316)81,965,605 
Benefits Plan for Employees- - - - - - (626,273)- - (626,273)
Treasury Shares20.d- - - - - - - - 112,533 112,533 
Result with Treasury Shares- 27,920 - - - - - - - 27,920 
Reservations for Share - Based Payment- 136,697 - - - - - - - 136,697 
Adjustment to Fair Value - Securities and Derivative Financial Instruments- - - - 1,455,090 120,981 - - - 1,576,071 
Reserve for Dividend Equalization- - - 56,858 - - - - - 56,858 
Net Income- - - - - - - 8,864,230 - 8,864,230 
Destinations:
Legal Reserve20.c- - 443,212 - - - - (443,212)- - 
Interest on Equity20.b- - - - - - - (6,200,000)- (6,200,000)
Reserve for Dividend Equalization20.c- - - 2,221,018 - - - (2,221,018)- - 
Balances on December 31, 202355,000,000 600,931 6,331,785 28,642,331 245,210 (289,102)(3,510,731)- (1,106,783)85,913,641 
Changes in the Exercise- 164,617 443,212 2,277,876 1,455,090 120,981 (626,273)- 112,533 3,948,036 
Balances on December 31, 2023
55,000,000 600,931 6,331,785 28,642,331 245,210 (289,102)(3,510,731)- (1,106,783)85,913,641 
Benefits Plan for Employees (1)19.d.2- - - - - - (488,083)- - (488,083)
Treasury Shares20.d- - - - - - - - 222,076 222,076 
Result of Treasury Shares- 38,068 - - - - - - - 38,068 
Reservations for Share - Based Payment- (2,829)- - - - - - - (2,829)
Adjustment to Fair Value - Securities and Derivative Financial Instruments- - - - (2,209,882)(185,469)- - - (2,395,351)
Equity Valuation Adjustments - Goodwill- - - - - - (256,937)- - (256,937)
Equity Valuation Adjustments - Others- - - - - - (18,529)- - (18,529)
Capital increase10,000,000 - - (10,000,000)- - - - - - 
Prescribed Dividends - - - 57,511 - - - - - 57,511 
Net Income- - - - - - - 13,035,452 - 13,035,452 
Destinations:
Legal Reserve20.c- - 651,773 - - - - (651,773)- - 
Dividends and Interest on Equity20.b- - - - - - - (6,000,000)- (6,000,000)
Reserve for Dividend Equalization- - - 6,383,679 - - - (6,383,679)- - 
Balances on December 31, 2024
65,000,000 636,170 6,983,558 25,083,521 (1,964,672)(474,571)(4,274,280)- (884,707)90,105,019 
Changes in the Exercise10,000,000 35,239 651,773 (3,558,810)(2,209,882)(185,469)(763,549)- 222,076 4,191,378 
(1) Includes the effects of the obligation created as a result of the transaction signed between Banco Santander, BANESPREV, AFABESP and legal advisors on June 27, 2024. See details in note 18, item d.2.
The accompanying notes from Management are an integral part of these financial statements

*Values expressed in thousands, except when indicated.
Statement of Changes in Stockholders' Equity - Bank
Profit ReservesAdjustment to Fair Value
Explanatory
Notes		Capital
Capital ReservesLegal ReserveReserve for
Equalization
of Dividends		OwnAffiliates and SubsidiariesOthers Adjustment to Fair ValueAccrued
Profits		(-)Treasury SharesTotal
Balances on june 30, 202465,000,000510,9856,331,78521,747,152(1,104,542)(435,721)(3,612,311)—(880,182)87,557,166
Benefits Plan for Employees——————(653,637)——(653,637)
Treasury Shares20.d————————(4,525)(4,525)
Result of Treasury Shares—(4,014)———————(4,014)
Reservations for Share - Based Payment—129,199———————129,199
Adjustment to Fair Value - Securities and
Derivative Financial Instruments		————(860,130)(38,850)———(898,980)
Equity Valuation Adjustments - Goodwill——————17,798——17,798
Equity Valuation Adjustments - Others——————(26,130)——(26,130)
Prescribed Dividends———34,212—————34,212
Net Income———————6,953,930—6,953,930
Destinations:—
Legal Reserve20.c——651,773———(651,773)——
Interest on Equity20.b———————(3,000,000)(3,000,000)
Reserve for Dividend Equalization———3,302,157———(3,302,157)——
Others——————————
Balances on december 31, 202465,000,000636,1706,983,55825,083,521(1,964,672)(474,571)(4,274,280)—(884,707)90,105,019
Changes in the Semester—125,185651,7733,336,369(860,130)(38,850)(661,969)—(4,525)2,547,853
The accompanying notes from Management are an integral part of these financial statements


*Values expressed in thousands, except when indicated.
Statement of Changes in Stockholders' Equity - Consolidated


Profit ReservesAdjustment to Fair Value
Explanatory
Notes		Capital
Capital ReservesLegal ReserveReserve for
Dividend
Equalization		OwnOthers Adjustment to Fair ValueAccrued
Profits		(-)Treasury SharesNet EquityMinority
Stockholders Interest		Total Net
Equity
Balances on December 31, 2022
55,000,000 444,969 5,898,768 26,126,387 (1,304,436)(2,884,458)- (1,219,316)82,061,914 1,353,319 83,415,233 
Employee Benefit Plans- - - - - (626,273)- (626,273)- (626,273)
Treasury Shares20.d- - - - - - - 112,533 112,533 - 112,533 
Treasury Shares Result- 27,920 - - - - - - 27,920 - 27,920 
Reserves for Share-Based Payment- 134,787 - - - - - - 134,787 - 134,787 
Equity Valuation Adjustments - Securities and
Derivative Financial Instruments		- - - - 1,575,335 - - - 1,575,335 - 1,575,335 
Prescribed Dividends- - - 56,858 - - - - 56,858 - 56,858 
Net Income- - - - - - 8,973,657 - 8,973,657 - 8,973,657 
Destinations:
Legal Reserve20.c- - 448,683 - - - (448,683)- - - - 
Dividends and Interest on Equity20.b- - - - - - (6,200,000)- (6,200,000)- (6,200,000)
Reserve for Dividend Equalization20.c- - - 2,174,131 - - (2,174,131)- - - - 
Unrealized Profit- - - 150,843 - - (150,843)- - - - 
Result of Minority Stockholders Interest 20.e- - - - - - - - - 143,494 143,494 
Others- - - (32,400)- - - - (32,400)(336,125)(368,525)
Balances on December 31, 202355,000,000 607,676 6,347,451 28,475,819 270,899 (3,510,731)- (1,106,783)86,084,331 1,160,688 87,245,019 
Changes in the Exercise- 162,707 448,683 2,349,432 1,575,335 (626,273)- 112,533 4,022,417 (192,631)3,829,786 
The accompanying notes from Management are an integral part of these financial statements

*Values expressed in thousands, except when indicated.

Statement of Changes in Stockholders' Equity - Consolidated

Profit ReservesAdjustment to Fair Value
Explanatory
Notes		Capital
Capital ReservesLegal ReserveReserve for
Dividend
Equalization		OwnOthers Adjustment to Fair ValueAccrued
Profits		(-)Treasury SharesNet EquityMinority
Stockholders Interest		Total Net
Equity
Balances on December 31, 202355,000,000 607,676 6,347,451 28,475,819 270,899 (3,510,731)- (1,106,783)86,084,331 1,160,688 87,245,019 
Employee Benefit Plans19.d.2- - - - - (488,083)- - (488,083)- (488,083)
Treasury Shares 20.d- - - - - - - 222,076 222,076 - 222,076 
Result of Treasury Shares - 38,068 - - - - - - 38,068 - 38,068 
Reservations for Share - Based Payment- (2,829)- - - - - - (2,829)- (2,829)
Adjustment to Fair Value - Securities and
Derivative Financial Instruments		- - - - (2,464,376)- - - (2,464,376)- (2,464,376)
Equity Valuation Adjustments - Goodwill- - - - - (256,937)- - (256,937)- (256,937)
Equity Valuation Adjustments - Others- - - - - (18,529)- - (18,529)- (18,529)
Prescribed Dividends - - - 57,513 - - - - 57,513 - 57,513 
Capital increase10,000,000 - - (10,000,000)- - - - - - - - - 
Net Income- - - - - - 13,477,390 - 13,477,390 - 13,477,390 
Destinations:
Legal Reserve20.c- - 673,870 - - - (673,870)- - - - 
Dividends and Interest on Equity20.b- - - - - - (6,000,000)(6,000,000)- (6,000,000)
Reserve for Dividend Equalization20.c- - - 6,748,010 - - (6,748,010)- - - - 
Unrealized Profit- - - 150,844 - - (55,510)- 95,334 - 95,334 
Result of Minority Stockholders Interest20.e- - - - - - - - - 190,211 190,211 
Others- - - - - - - - - (100,960)(100,960)
Sale / Merger / Acquisition- - - - - - - - - (109,819)(109,819)
    Others- - - - - - - - - 8,859 8,859 
Balances on December 31, 202465,000,000 642,915 7,021,321 25,432,186 (2,193,477)(4,274,280)- (884,707)90,743,958 1,249,939 91,993,897 
Changes in the Exercise10,000,000 35,239 673,870 (3,043,633)(2,464,376)(763,549)- 222,076 4,659,627 89,251 4,748,878 
(1) Includes the effects of the obligation created based on the transaction signed between Banco Santander, BANESPREV, AFABESP and legal advisors on June 27, 2024. See details in note 10, item b.2.
The accompanying notes from Management are an integral part of these financial statements

*Values expressed in thousands, except when indicated.
Statement of Changes in Stockholders' Equity - Consolidated


Profit ReservesAdjustment to Fair Value
Explanatory
Notes		CapitalCapital
Reserves		Legal
Reserve		Reserve for
Dividend
Equalization		OwnOthers Adjustment to Fair ValueAccrued
Profits		(-)Treasury
Shares		Net EquityMinority
Stockholder
s Interest		Total Net
Equity
Balances on june 30, 202465,000,000 517,729 6,347,451 21,771,946 (1,189,604)(3,612,310)— (880,182)87,955,030 1,131,267 89,086,297 
Employee Benefit Plans—————(653,637)——(653,637)— (653,637)
Treasury Shares20.d———————(4,525)(4,525)— (4,525)
Result of Treasury Shares —(4,014)——————(4,014)— (4,014)
Reservations for Share - Based Payment—129,199——————129,199— 129,199 
Adjustment to Fair Value - Securities and
Derivative Financial Instruments		————(1,003,873)———(1,003,873)— (1,003,873)
Equity Valuation Adjustments - Goodwill—————17,798——17,798— 17,798 
Equity Valuation Adjustments - Others—————(26,131)——(26,131)— (26,131)
Prescribed Dividends———34,212————34,212— 34,212 
Net Income——————7,293,684—7,293,684— 7,293,684 
Destinations:— 
Legal Reserve20.c——673,870———(673,870)——— — 
Dividends and Interest on Equity20.b——————(3,000,000)—(3,000,000)— (3,000,000)
Reserve for Dividend Equalization20.c———3,626,006——(3,626,006)——— — 
Unrealized Profit——————6,192—6,192— 6,192 
Result of Minority Stockholders Interest20.e————————111,665 111,665 
Others———22————227,007 7,029 
Sale / Incorporation / Acquisition—————————5,0675,067 
Others———22————221,940 1,962 
Balances on December 31, 202465,000,000642,9157,021,32125,432,186(2,193,477)(4,274,280)—(884,707)90,743,9581,249,939 91,993,897 
Changes in the Semester—125,186673,8703,660,240(1,003,873)(661,970)—(4,525)2,788,928118,672 2,907,600 
The accompanying notes from Management are an integral part of these financial statements

*Values expressed in thousands, except when indicated.
Statement of Cash Flows
BankConsolidated
Explanatory Notes07/01 to01/01 to01/01 to07/01 to01/01 to01/01 to
12/31/202412/31/202412/31/202312/31/202412/31/202412/31/2023
Operational Activities
Net Income6,953,930 13,035,452 8,864,230 7,293,684 13,477,390 8,973,657 
Adjustment to Net Income(13,322,944)(16,310,212)(7,896,305)(5,677,907)(3,399,838)3,292,479 
Provision for Expected Losses Associated with Credit Risk7.e7,647,123 19,331,289 24,684,276 9,212,160 22,427,776 28,317,357 
Provision for Judicial and Administrative Proceedings and Legal Obligations19.c1,812,096 3,826,877 1,550,432 2,164,315 4,397,314 (274,779)
Monetary Updates of Provisions for Judicial and Administrative Proceedings and Legal Obligations19.c198,335 474,436 434,390 202,374 492,796 459,681 
Deferred Taxes146,668(1,818,504)(6,903,415)1,481,423 (315,996)(5,857,238)
Result of Interests in Affiliates and Subsidiaries13.b(4,452,682)(7,765,180)(8,312,900)(128,032)(217,499)(173,007)
Depreciation and Amortization 241,660,6463,225,626 3,085,308 1,781,408 3,475,694 3,334,064 
Constitution (Reversal) of Provision for Losses on Non-Financial Assets Held for Sale26(28,715)(25,795)(1,518)(28,621)(79,181)(18,564)
Result of Non-Financial Assets Held for Sale26(65,056)(146,343)(86,130)(67,676)(91,046)(87,509)
Result of Investments26- (1,929,980)- 229 (1,929,751)- 
Judicial Deposit Update(263,688)(554,910)(587,128)(326,715)(693,661)(737,560)
Result in Financial Guarantees Provided88,52854,833 137,065 88,528 54,833 137,065 
Update of Taxes to Offset (112,227)(251,452)(505,672)(214,993)(380,219)(559,512)
Effects of Exchange Rate Changes on Cash and Cash Equivalents(4,665)177 11,741 (4,665)177 11,741 
Effects of Exchange Rate Changes on Assets and Liabilities(19,945,294)(30,769,354)(21,430,674)(19,945,294)(30,769,354)(21,430,674)
Others(4,013)38,068 27,920 107,652 228,279 171,414 
Changes in Assets and Liabilities(13,556,182)(24,527,597)6,395,837 (24,092,924)(43,869,595)13,411,556 
Reduction (Increase) in Interbank Liquidity Applications(11,362,434)(35,676,171)(14,448,791)(4,299,973)(26,028,382)397,078 
Reduction (Increase) in Securities and Derivative Financial Instruments(15,873,642)(42,622,398)(26,068,096)(17,730,405)(42,855,751)(36,286,641)
Reduction (Increase) in Credit and Leasing Operations(3,047,360)(29,895,732)(34,571,667)(12,971,692)(48,948,386)(43,865,438)
Reduction (Increase) in Others - Provisions for Expected Losses Associated with Credit Risk(736,002)(460,108)945,897 (699,365)(437,866)944,968 
Reduction (Increase) in Deposits at the Central Bank(5,713,202)(10,148,949)(8,572,160)(5,721,526)(10,171,307)(8,544,410)
Reduction (Increase) in Other Financial Assets(44,315,652)(64,734,811)41,492,581(45,087,970)(67,712,437)40,087,313
Reduction (Increase) in Prepaid Expenses270,213(78,798)193,819 240,874 (156,223)110,113 
Reduction (Increase) in Other Assets(6,096,760)(6,950,772)(18,894,279)(7,069,063)(5,871,921)(10,343,388)
Reduction (Increase) in Current Tax Assets(1,954,559)(1,482,731)(570,194)(2,342,717)(1,771,529)(1,052,608)
Net Change in Other Interbank Relations and Interdependencies(3,754,169)(4,796,528)(928,902)(3,755,279)(4,797,842)(936,777)
Increase (Decrease) in Deposits(1,479,227)19,773,221 53,621,992 (1,746,071)19,626,264 54,773,122 
Increase (Decrease) in Open Market Funding6,086,81820,966,006 24,970,302 6,914,551 15,684,234 25,032,821 
Increase (Decrease) in Obligations for Loans and Onlendings28,668,26935,231,831 1,181,050 28,667,272 35,173,172 1,169,525 
Increase (Decrease) in Other Financial Liabilities5,728,20944,090,386 (64,247,605)3,741,956 45,705,109 (62,924,343)
Increase (Decrease) in Other Liabilities40,380,88351,999,582 52,068,431 38,507,474 49,374,334 51,103,806 
Increase (Decrease) in Current Tax Liabilities(291,883)535,179 414,066 445,620 2,960,975 7,202,653 
Tax Paid(65,684)(276,804)(190,607)(1,186,610)(3,642,039)(3,456,238)
Net Cash Provided by (Used in) Operational Activities(19,925,196)(27,802,357)7,363,762(22,477,147)(33,792,043)25,677,692
Investing Activities
Capital Increase in Equity in Affiliates and Subsidiaries(577,000)(577,000)(429,200)- (5,000)- 
Acquisition of Interests16,172(424,495)(54)- (114,020)(5,054)
Acquisition of Other Investments(443,576)(645,134)(1,040,101)(467,688)(732,036)(1,149,074)
Acquisition of Fixed Assets(593,111)(1,494,819)(2,382,807)(686,856)(1,662,104)(2,846,366)
Investments in Intangible Assets- - 43 - - 174 
Disposal of Interests in Affiliates and Controlled Companies1,863 71,883 20,000,000 - - 138,578 

*Values expressed in thousands, except when indicated.
Dividends and Interest on Equity Received23,453647,232 725,561 35,053 375,236 92,893 
Disposal of Non-Financial Assets Held for Sale(390,875)- 419,970 (413,724)37,510 485,547 
Disposal of Fixed Assets171,114240,740 228,619 226,222 298,090 280,919 
Disposals in Intangible Assets58,085 58,280 (182,293)18,734 81,695 183,441 
Net Cash Originated (Applied) in Investing Activities(1,733,875)(2,123,313)17,339,738 (1,288,259)(1,720,629)(2,818,942)
Financing Activities
Purchase of Own Share20.d(4,525)222,076 112,533 (4,525)222,076 112,532 
Issuance of Long Term Emissions43,090,95649,865,261117,825,48844,717,23152,706,986120,099,857
Issuance of Equity-Eligible Debt Instruments7,600,2007,600,200—7,800,3007,800,300—
Long Term Payments(32,160,177)(41,938,370)(98,054,953)(34,303,473)(41,199,973)(96,998,119)
Dividends and Interest on Capital Paid(2,603,070)(5,162,741)(4,877,044)(2,639,889)(5,618,714)(5,655,046)
Increase (decrease) in Minority Interest———5,066(109,820)(136,603)
Net Cash Provided by (Used in) Financing Activities15,923,38410,586,42615,006,02415,574,71013,800,85517,422,621
Exchange Variation on Cash and Cash Equivalents4,665(177)(11,741)4,665(177)(11,741)
Increase (Decrease) in Cash and Cash Equivalents(5,731,022)(19,339,421)39,697,783(8,186,031)(21,711,994)40,269,630
Cash and Cash Equivalents at the Beginning of the Period4 76,856,79390,465,19250,767,40976,681,73890,207,70149,938,071
Cash and Cash Equivalents at the End of the Period4 71,125,77171,125,77190,465,19268,495,70768,495,70790,207,701
The accompanying notes from Management are an integral part of these financial statements


*Values expressed in thousands, except when indicated.
Statement of Value Added
BankConsolidated
Explanatory
Notes		07/01 to01/01 to01/01 to07/01 to01/01 to01/01 to
12/31/202412/31/202412/31/202312/31/202412/31/202412/31/2023
Revenue from Financial Intermediation99,075,577199,288,866 105,552,506 104,021,044 210,251,535 117,513,391 
Income from Provision of Services and Income from Banking Fees229,183,43917,846,304 16,487,148 11,619,752 22,568,015 20,343,442 
Provision for Expected Losses Associated with Credit Risk7.e(7,647,123)(19,331,289)(24,684,276)(9,212,160)(22,427,776)(28,317,357)
Other Income and Expenses(6,489,386)(10,309,304)(8,983,498)(6,571,048)(11,246,386)(9,308,848)
Expenses From Financial Operations(78,302,432)(155,773,920)(63,596,685)(76,817,008)(152,082,709)(57,170,172)
Third Party Inputs(5,631,983)(10,819,589)(10,562,447)(4,829,204)(9,307,285)(9,348,590)
Material, Energy and Others(131,916)(279,614)(285,028)(143,219)(298,645)(300,354)
Third Party Services, Transport, Security and Financial System24(2,312,815)(4,557,689)(3,458,862)(1,938,593)(3,838,228)(2,762,137)
Others(3,187,252)(5,982,286)(6,818,557)(2,747,392)(5,170,412)(6,286,099)
Gross Value Added10,188,09220,901,06814,212,74818,211,37637,755,39433,711,866
Depreciation and Amortization24(1,660,646)(3,225,626)(3,085,308)(1,781,408)(3,475,694)(3,334,064)
Net Value Added Produced8,527,44617,675,44211,127,44016,429,96834,279,70030,377,802
Added Value Received in Transfer of Result of Interests in Affiliates and Subsidiaries13.b4,452,6827,765,1808,312,900128,032217,499173,007
Total Added Value to Distribute12,980,12825,440,62219,440,34016,558,00034,497,19930,550,809
Distribution of Added Value
Personnel 3,816,3567,705,065 30.3 %7,419,160 38.9 %5,448,972 10,849,075 31.4 %10,044,371 32.9 %
Compensation232,163,2204,246,297 4,117,011 2,891,862 5,704,152 5,338,182 
Benefits231,145,6781,145,678 1,146,901 1,740,047 1,740,047 1,661,441 
Service Time Guarantee Fund (FGTS)194,151386,426 388,034 286,935 572,089 549,538 
Others313,3071,926,664 1,767,214 530,128 2,832,787 2,495,210 
Taxes, fees and contributions1,519,6693,990,262 15.7 %2,301,529 12.1 %3,995,262 9,251,528 26.8 %10,514,019 34.4 %
Federal1,093,3663,167,327 1,540,599 3,412,694 8,132,084 9,505,020 
State986650 601 1,022 667 720 
Municipal425,317822,285 760,329 581,546 1,118,777 1,008,279 
Third Party Capital Compensation - Rentals24341,089709,843 2.8 %855,421 4.5 %347,948 728,994 2.1 %875,268 2.9 %
Own Capital Compensation7,303,01413,035,452 51.2 %8,484,230 44.5 %6,765,818 13,667,602 39.7 %9,117,151 29.8 %
Dividends- 200,000 380,000 - 200,000 380,000 
Interest on Equity20.b3,000,0005,800,000 5,820,000 3,000,000 5,800,000 5,820,000 
Reinvestment of Profits4,303,0147,035,452 2,664,230 3,877,483 7,857,813 3,060,645 
Result of Minority Shareholders' Participations20.e—- - (111,665)(190,211)(143,494)
Total12,980,12825,440,622 100.0 %19,060,340 100.0 %16,558,000 34,497,199 100.0 %30,550,809 100.0 %
The accompanying notes from Management are an integral part of these financial statements
    

*Values expressed in thousands, except when indicated.
1.Operational Context

Banco Santander (Brasil) S.A. (Banco Santander or Bank), directly and indirectly controlled by Banco Santander, S.A., headquartered in Spain (Banco Santander Spain), is the leading institution of the Prudential Conglomerate before the Brazilian Central Bank (Bacen), constituted as a joint-stock company, with headquarters at Avenida Presidente Juscelino Kubitschek, 2041, Cj.281, Bloco A, Cond. Wtorre JK – Vila Nova Conceição – São Paulo - SP. Banco Santander operates as a multiple bank and carries out its operations through commercial, investment, credit, financing and investment, real estate credit, leasing and foreign exchange portfolios. Through controlled companies, it also operates in the payment institution, consortium management, securities brokerage, insurance brokerage, consumer financing, digital platforms, benefits management, management and recovery of non-performing credit, capitalization and private pension markets, and provision and administration of food, meal and other vouchers. Operations are conducted in the context of a group of institutions that operate integrated in the financial market. The benefits and costs corresponding to the services provided are absorbed between them and are realized in the normal course of business and under commutative conditions.

2.Presentation of Financial Statements

a)Presentation of Financial Statements

The individual and consolidated financial statements of Banco Santander, which include its branches abroad (Bank) and the consolidated statements (Consolidated), were prepared in accordance with the accounting practices adopted in Brazil, established by the Brazilian Corporation Law, in conjunction with the standards of the National Monetary Council (CMN), the Brazilian Central Bank (Bacen) and the document model provided for in the Accounting Plan of Institutions of the National Financial System (COSIF), of the Securities and Exchange Commission (CVM), insofar as they do not conflict with the standards issued by BACEN and highlight all relevant information specific to the financial statements, which are consistent with that used by the Administration in its management.

In preparing the individual and consolidated financial statements, equity interests, relevant balances receivable and payable, revenues and expenses arising from transactions between branches in the country, branches abroad and subsidiaries, unrealized results between these companies and highlighted the participation of minority shareholders in net equity and results. These statements include the Bank and its controlled companies, and the investment funds indicated in Note 13, where the Santander Conglomerate companies are the main beneficiaries or holders of the main obligations. The portfolios of these investment funds are classified by type of operation and are distributed in the same categories in which they were originally allocated.

The preparation of financial statements requires the adoption of estimates by Management, impacting certain assets and liabilities, disclosures about provisions and contingent liabilities and revenues and expenses in the periods shown. Since Management's judgment involves estimates relating to the probability of occurrence of future events, the actual amounts may differ from these estimates, the main ones being provision for expected losses associated with credit risk, realization of deferred tax assets, provision for legal proceedings, civil, tax and labor, pension plan and the fair value of financial assets.

The Board of Directors authorized the issuance of individual and consolidated financial statements for the semester ended December 31, 2024, at the meeting held on February 03, 2025.

The Consolidated Financial Statements prepared based on the international accounting standard issued by the International Accounting Standards Board (IASB) for the financial year ended December 31, 2024, will be disclosed, at the electronic address www.santander.com.br/ri.

b)New standards issued, applicable at a future date.

The Bank has adopted the standards and interpretations that came into force on January 1, 2025. The following standards and interpretations are applicable to the Bank:

I - CMN Resolution No. 4,966/2021 and related resolutions

CMN Resolution No. 4,966/2021, considering also the updates of CMN Resolution No. 5,100/2023 and other related regulations, establishes the accounting concepts and criteria applicable to financial instruments, as well as designation and recognition of hedge structures (hedge accounting), converging "COSIF" accounting criteria with the requirements of the international standard IFRS 9 as of January 1, 2025. The main changes refer to: the classification of financial instruments; the recognition of interest in case of delay; the recognition of the effective contractual interest rate; the write-off of losses; and the recognition of the provision based on the expected loss and classification of transactions with credit problems.
The adoption of the aforementioned regulation will be applied prospectively and the differences in the carrying amounts of financial assets and liabilities resulting from its adoption will be recognized in the retained earnings account on January 1, 2025, net of the respective tax impacts.




*Values expressed in thousands, except when indicated.
The effects of the estimated impacts of the initial adoption of this Resolution and related ones are:

1. Effects of category change: reflect the impacts of remeasurement resulting from reclassification between categories, in accordance with art. 4 of CMN Resolution No. 4,966/2021:

I - From "Available for Sale" to "Amortized Cost": Banco Santander estimates a reduction of R$ 216,137 in the value of assets and in the Equity, resulting from the reversal of mark-to-market adjustments on reclassified securities.

2. Expected effects of adopting the model for expected losses associated with credit risk (art. 40 of CMN Resolution No. 4,966/2021) - Banco Santander estimates an increase in the provision of approximately R$ 4,362 million (equivalent to an increase of approximately 11% over the balance of the provision existing on December 31, 2024), which includes the minimum required provision, additional provision, in addition to provisions for securities and financial guarantees provided. For measurement purposes, the following parameters were considered:

I - The probability of the instrument being characterized as an asset with credit recovery problems, considering the expected term of the financial instrument, as well as the current economic situation and reasonable and justifiable forecasts of possible changes in economic and market conditions that affect the credit risk of the instrument, during its expected term, including due to the existence of possible guarantees or collateral linked to the financial instrument;

II - The expectation of recovery of the financial instrument, considering the costs of recovery of the instrument, the characteristics of any guarantees or collateral, such as type, liquidity and probable present value of realization, historical recovery rates in financial instruments with similar characteristics and credit risk, among others.

III - Provision for losses incurred associated with credit risk for defaulted financial assets, in accordance with art.76 of BCB Resolution No. 352/2023, applying the percentages defined in Annex II of this Resolution, observing the period of delay.

The effect of the initial adoption of the model for expected losses associated with credit risk will be recognized in equity in the amount of R$ 2,521 million, after tax effects.

3. Regarding tax aspects related to the application of the accounting criteria established in CMN Resolution No. 4,966/2021, Law No. 14,467/2022 (amended by Law No. 15,078/2024) established the tax treatment for the receipt of credits arising from the activities of financial institutions and others authorized to operate by BACEN. As of January 1, 2025, institutions will be able to deduct, when determining their real profit and the calculation basis for the Social Contribution on Net Income (CSLL), losses incurred in the receipt of credits arising from activities related to defaulted transactions, regardless of the date of their contracting, and transactions with a legal entity in bankruptcy proceedings or under judicial recovery, as of the date of the bankruptcy decree or the granting of judicial recovery. The tax deduction established must observe the loss incurred according to the percentages established based on the period of default.

Losses determined on credits that were in default on December 31, 2024, and not yet deducted for tax purposes up to that date, may be excluded from net income, when determining real income and the CSLL calculation, on a monthly basis of 1/84 (one eighty-fourth) for each month of the calculation period, starting in January 2026. Institutions are also allowed to choose, by December 31, 2025, irrevocably and irreversibly, to make deductions at the rate of 1/120 per month.

The effects arising from the application of Law No. 14,467/2022 on the expectation of realization of deferred tax credits and liabilities are reflected in explanatory Note 10.b.2.

4. Other changes related to first adoption effects, such as effective interest rate and remeasurements of financial instruments for which the accrual was interrupted (“stop accrual”) until 2024, December 31st, won´t produce any impact, since Bank will prospectively apply them.

II - CMN Resolution No. 4,975/2021 and updates brought by CMN Resolution No. 5,101/2023

Establishes compliance with the Technical Pronouncement of the Accounting Pronouncements Committee (CPC) 06 (R2) - Leases, in the recognition, measurement, presentation and disclosure of leasing transactions as of January 1, 2025.

Banco Santander will prospectively adopt the application of the aforementioned rule, in accordance with § 5 of the aforementioned Resolution, for contracts to be signed from January 2025 onwards.








*Values expressed in thousands, except when indicated.

III - CMN Resolution No. 5,185/2024

Adoption by CMN Resolution No. 5,185/2024 of the Sustainability Pronouncement Committee – CBPS regarding the disclosure as an integral part of the consolidated financial statements of the report on financial information related to Sustainability – CBPS 01 and CBPS 02, with mandatory disclosure starting in fiscal year 2026. Banco Santander is evaluating the impacts of complying with this standard.


c)Functional and Presentation Currency

The financial statements are presented in Reais, the functional currency, including Banco Santander, and its subsidiaries, and its branches abroad.

Transactions in foreign currency, upon initial recognition, are converted using the exchange rate on the date of the transaction.

Exchange rate variations on these transactions and on the conversion of Assets and Liabilities in foreign currency into the functional currency are recognized in the Income Statement. Exchange rate variations related to Cash Flow Hedge are recognized in stockholders Equity.

3. Main Accounting Policies

a) Cash and Cash Equivalents

For the purposes of the cash flow statement, cash equivalents correspond to the balances of interbank investments with immediate convertibility, subject to an insignificant risk of change in value and with an original term equal to or less than ninety days.

b)  Interbank Investments and Remunerated Credits Linked to Bacen

They are stated at realizable and/or payable values, including income, charges and monetary or exchange variations earned and/or incurred up to the balance sheet date, calculated on a daily pro rata basis.

b.1) Repurchase agreements

Sale with Repurchase Commitment

Own fixed income securities used to back repo operations are highlighted in asset-specific accounts (linked securities) on the date of the operation, at the updated average book value, by type and maturity of the paper. The difference between the repurchase and sale values represents the operation expense.

The Bank also uses third-party guarantees to raise funds in sales operations with repurchase commitments, such funds are recorded as a financed position.

Purchase with Resale Commitment

Financing granted against fixed income securities (from third parties) are recorded in the bank position at the settlement value. The difference between the resale and purchase values represents the operation's income. Securities acquired with resale commitment are transferred to the financed position when used to back sales transactions with repurchase commitment.

Repurchase Operations Carried Out with Free Movement Agreement

For transactions with a free movement clause, at the time of the definitive sale of securities acquired with a resale commitment, the liability relating to the obligation to return the title must be valued at the market value of the title.

c) Bonds and Securities

According to Bacen Circular No. 3,068/2001, the bonds and securities portfolio is classified into the following categories:
I - Securities for trading, where securities acquired with the purpose of being actively and frequently traded are registered. They are recorded at acquisition cost plus income earned, adjusted to market value (fair value) as a contra entry to the result for the period;

II - Securities available for sale, where securities that can be traded but were not acquired with the purpose of being actively and frequently traded are registered. They are recorded at acquisition cost plus income earned, adjusted to market value (fair value) as a corresponding entry to the separate equity account. Adjustments to market value, when made, are transferred to income for the period; and

*Values expressed in thousands, except when indicated.

III - securities held to maturity, where securities are registered for which there is the Bank's intention and financial capacity to keep them in the portfolio until maturity. They are recorded at acquisition cost plus income earned.

Permanent losses in the realizable value of securities classified in the categories available-for-sale securities and held-to-maturity securities are recognized in the income statement for the period.


d) Derivative Financial Instruments

Derivative financial instruments are classified according to Management's intention to use them as instruments intended for hedging or not, in accordance with Bacen Circular No. 3,082/2002. Operations carried out at the request of clients, on their own account, or that do not meet hedge accounting criteria, mainly derivatives used in the management of global risk exposure, are accounted for at market value, with realized and unrealized gains and losses, recognized in profit or loss for the period.

Derivative financial instruments designated as part of a risk protection structure (hedge) can be classified as:

I - market risk hedge, where the appreciation or devaluation is recorded against the appropriate income or expense account, net of tax effects, in the result for the period; and

II - cash flow hedge, where the appreciation or depreciation of the effective portion is recorded as a contra entry to the separate equity account, net of tax effects.

Some hybrid financial instruments are composed of a derivative financial instrument and a non-derivative asset or liability. In these cases, the derivative financial instrument represents an embedded derivative. Embedded derivatives are recorded separately in relation to the contract to which they are linked.


e) Credit Portfolio and Provision for Expected Losses Associated with Credit Risk

The credit portfolio includes lending operations, leasing operations, advances on foreign exchange contracts and other credits with credit granting characteristics. It is stated at its present value, considering the agreed indexers, interest rate and charges, calculated pro rata daily until the balance sheet date. For operations overdue after 60 days, recognition in revenue will only occur upon actual receipt.

Normally, the Bank writes off loans for losses when they are more than 360 days late. In the case of long-term credit operations (over 3 years) they are written off when they are 540 days past due. The credit operation written off as a loss is recorded in a clearing account for a minimum period of 5 years and until all collection procedures have been exhausted.

Credit assignments without risk retention result in the write-off of the financial assets subject to the operation, which are then kept in a clearing account. The result of the assignment is fully recognized when it is carried out.

Credit assignments with substantial risk retention now have their results recognized over the remaining terms of the operations, and the financial assets subject to the assignment remain recorded as credit operations and the amount received as obligations for sales or transfer operations of financial assets.

Provisions for credit operations are based on analyzes of open credit operations (overdue and falling due), past experience, future expectations and specific portfolio risks and on Management's risk assessment policy when setting up provisions, as established by CMN Resolution No. 2,682/1999.


f) Non-Financial Assets Held for Sale and Other Securities and Goods

Non-financial assets held for sale include the carrying value of individual items, disposal groups, or items that are part of a business unit intended for disposal (discontinued operations), the sale of which in their current condition is highly probable and the occurrence of which is expected to occur within one year.

Other values and assets refer mainly to non-financial assets, basically composed of properties and vehicles received in settlement of financial instruments with difficult or doubtful resolution not intended for one's own use.

Non-financial assets held for sale and other valuables and assets are recorded and valued at the lower of; the net book value and the fair value net of selling expenses, on the date they are classified in this category and are not depreciated.

*Values expressed in thousands, except when indicated.


g) Other Operating Income

Substantially represented by revenue from services provided and banking fees, they are recognized when the Bank provides the service to customers. To recognize these revenues, the Bank applies the 5-step model in compliance with CPC 47, as determined by CMN Resolution No. 4,924/2021: I) Identify the contract(s) with a customer; II) Identify performance obligations; III) Determine the transaction price; IV) Allocate the transaction price to the performance obligations in the contract; and V) Recognize revenue when, or as, the entity satisfies a performance obligation.

h) Prepaid Expenses

Applications of resources in advance payments are accounted for, the benefits or provision of services of which will occur in subsequent years and are appropriate to profit or loss, in accordance with the terms of the respective contracts.

h.1) Commissions Paid to Banking Correspondents

According to CMN Resolution No. 4,935/2021 and Bacen Circular No. 3,693/2013, commissions paid to intermediary agents for the origination of new credit operations are limited to the maximum percentages of (i) 6% of the value of the new operation originated and (ii) 3 % of the value of the operation subject to portability.

Said commissions must be fully recognized as an expense when incurred.

i) Investments

Investments in affiliated and controlled companies are initially recognized at their acquisition cost and subsequently measured using the equity method, and the results obtained are recognized as income from equity interests in affiliated and controlled companies. Other investments are measured at cost, reduced to recoverable value, when applicable.

Change in Scope of Consolidation – Consists of the disposal, acquisition or change of control of a given investment.

j) Fixed Assets in Use

It is stated at acquisition cost, net of respective accumulated depreciation and is subject to assessment of recoverable value in annual periods.

Depreciation of fixed assets is carried out using the straight-line method, based on the following annual rates: buildings - 4%, installations, furniture, equipment for use and security and communications systems - 10%, data processing systems and vehicles -20% and improvements to third-party properties - 10% or until the expiration of the lease contract.

k) Intangible

The goodwill on the acquisition of controlled and associated companies is amortized over up to 10 years, subject to the expectation of future results and is subject to assessment of the recoverable value in annual periods or more frequently if conditions or circumstances indicate the possibility of loss of its value.

The rights for acquisition of payrolls are accounted for by the amounts paid in the acquisition of rights to provide payment services for salaries, earnings, wages, salaries, retirements, pensions and similar, from public or private entities, and amortized in accordance with the validity of the respective contracts.

Software acquisition and development costs are amortized over a maximum period of 5 years.


l) Technical Provisions Related to Pension and Capitalization Activities

Technical provisions are constituted and calculated in accordance with the determinations and criteria established in the regulations of the National Private Insurance Council (CNSP) and the Private Insurance Superintendency (Susep).

l.1) Technical Pension Provisions

Technical provisions are mainly constituted in accordance with the criteria below:


*Values expressed in thousands, except when indicated.
•Mathematical Provisions for Benefits to be Granted and Granted (PMBaC and PMBC)
PMBaC is constituted from contributions collected through the financial capitalization regime. The PMBC represents the obligations assumed in the form of continued income plans, being constituted through actuarial calculations for traditional types of plans.

•Supplementary Coverage Provision (PCC)

The PCC must be created when insufficient technical provisions are observed as a result of carrying out the Liabilities Adequacy Test (TAP).

l.2) Technical Capitalization Provisions

Technical provisions are constituted in accordance with the criteria below:

•Mathematical provision for redemption results from the accumulation of applicable percentages on payments made, capitalized with the interest rate provided for in the plan and updated using the Basic Reference Rate (TR);

•The provision for redemption of anticipated securities is constituted upon cancellation due to non-payment or request for redemption of the security, based on the value of the mathematical redemption provision constituted at the time of cancellation of the security and the provision for redemption of overdue securities is constituted after the expiration of the title;

•The provision for draws to be carried out is constituted based on a percentage of the installment paid and aims to cover the draws for which the titles will compete, but which have not yet been carried out. The provision for draws to be paid is created for titles drawn but that have not yet been paid; and

•Provision for administrative expenses aims to reflect the present value of future expenses of capitalization bonds whose validity extends after the date of their constitution.

m) Employee Benefits Plan

Post-employment benefit plans comprise commitments made by the Bank to: (i) complement the benefits of the public pension system; and (ii) medical assistance, in the event of retirement, permanent disability or death for those eligible employees and their direct beneficiaries.

Defined Contribution Plan

Defined contribution plan is the post-employment benefit plan through which the Bank and its subsidiaries as sponsoring entities pay fixed contributions to a pension fund during the duration of the beneficiary employee's employment contract, with no legal or constructive obligation to pay additional contributions if the fund does not have sufficient assets to honor all benefits related to services provided in the current period and in previous periods.

Contributions made in this regard are recognized as personnel expenses in the income statement.

Defined Benefit Plans

Defined benefit plan is a post-employment benefit plan that is not a defined contribution plan and is presented in Note 27. For this type of plan, the obligation of the sponsoring entity is to provide the benefits agreed with the employees, assuming the potential actuarial risk that the benefits will cost more than estimated.

Banco Santander applies the Technical Pronouncement of the Accounting Pronouncements Committee (CPC) 33 (R1) which establishes full recognition in a liability account when unrecognized actuarial losses (actuarial deficit) occur, as a counterpart to a separate equity account (other asset valuation adjustments).


Main Definitions

- The present value of a defined benefit obligation is the present value, without deducting any plan assets, of the expected future payments necessary to settle the obligation resulting from the employee's service in the current and past periods.

- Deficit or surplus is: (a) the present value of the defined benefit obligation; less (b) the fair value of plan assets.

- The sponsoring entity may recognize the plan's assets in the balance sheet when they meet the following characteristics: (i) the fund's assets are sufficient to fulfill all employee benefit obligations of the plan or sponsoring entity; or (ii) the assets are returned to the sponsoring entity with the intention of reimbursing it for benefits already paid to employees.

*Values expressed in thousands, except when indicated.

- Actuarial gains and losses are changes in the present value of the defined benefit obligation resulting from: (a) adjustments for experience (effects of differences between the actuarial assumptions adopted and what actually occurred); and (b) effects of changes in actuarial assumptions.

- Current service cost is the increase in the present value of the defined benefit obligation resulting from service provided by the employee in the current period.

- Past service cost is the change in the present value of the defined benefit obligation for services provided by employees in previous periods, resulting from a change in the plan or a reduction in the number of covered employees.

Post-employment benefits are recognized in profit or loss under other operating expenses - actuarial losses - retirement plans (Note 27) and personnel expenses (Note 23).

Defined benefit plans are registered based on an actuarial study, carried out annually by an external specialized consultancy entity and approved by Management, at the end of each year, effective for the subsequent period.

n) Share-Based Remuneration

The Bank has long-term compensation plans with conditions for acquisition. The main conditions for acquisition are: (1) service conditions, as long as the participant remains employed during the term; (2) performance conditions, the number of shares to be delivered to each participant will be determined according to the result of measuring a Bank performance parameter: comparison of the Total Shareholder Return (RTA) of the Santander Conglomerate with the RTA of the Group's main global competitors and (3) market conditions, since some parameters are conditioned on the market value of the Bank's shares. The Bank measures the fair value of the services provided by reference to the fair value of the equity instruments granted on the grant date, taking into account market conditions for each plan when estimating the fair value.

Settlement in Shares

The Bank measures the fair value of the services provided by reference to the fair value of the equity instruments granted on the grant date, taking into account market conditions for each plan when estimating the fair value. For the purpose of recognizing personnel expenses against capital reserves over the term, as services are received, the Bank considers the treatment of service conditions and recognizes the amount for services received during the term. term, based on the best assessment of the estimate for the number of equity instruments expected to be granted.

Cash Settlement

For share-based payments settled in cash (in the form of share appreciation), the Bank measures the services provided and the corresponding liability incurred at fair value. This procedure consists of capturing the appreciation of shares between the grant and settlement date. The Bank reassesses the fair value of the liability at the end of each reporting period, any changes in this amount are recognized in profit or loss for the period. In order to recognize personnel expenses against provisions in “salaries payable” throughout the validity period, reflecting how services are received, the Bank records the total liability that represents the best estimate of the amount of valuation rights of the shares that will be acquired at the end of the validity period and recognizes the value of the services received during the validity period, based on the best available estimate. Periodically, the Bank analyzes its estimate of the number of share appreciation rights that will be acquired at the end of the grace period.

Variable Remuneration Referenced to Shares

In addition to administrators, all employees in a risk management position receive at least 40% of their variable remuneration deferred over at least three years and 50% of the total variable remuneration in shares (SANB11), conditional on the participant remaining in the Group throughout the term of the plan.

The plan is subject to the application of Malus and Clawback clauses, according to which deferred installments of variable remuneration may be reduced, canceled or returned in cases of non-compliance with internal rules and exposure to excessive risks.

The fair value of the shares is calculated by the average of the final daily price of the shares in the last 15 (fifteen) trading sessions immediately preceding the first business day of the month of grant.





*Values expressed in thousands, except when indicated.
o) Funding, Emissions and Other Liabilities

Fundraising instruments are initially recognized at their fair value, basically considered to be the transaction price. They are subsequently measured at amortized cost with the inherent expenses recognized as a financial cost (Note 16).

Among the criteria for initial recognition of liabilities, it is worth mentioning those instruments of a compound nature, which are classified as such, given the existence of a debt instrument (liability) and an embedded equity component (derivative).

The registration of a compound instrument consists of the combination of (i) a main instrument, which is recognized as a genuine liability of the entity (debt) and (ii) a component of equity (derivative of convertibility into common shares).

Hybrid capital and debt instruments represent obligations of issuing financial institutions and must be recorded in specific liability accounts and updated according to agreed rates and adjusted for the effect of exchange rate variation, when denominated in foreign currency. All remuneration relating to these instruments, such as interest and exchange variation (difference between the functional currency and the currency in which the instrument was denominated) must be accounted for as expenses for the period, on an accrual basis.

In relation to the equity component, it is recorded at the initial moment due to its fair value, if it is different from zero.

The details pertaining to the issuance of instruments of a composite nature are described in Note 16.

p) Provisions, Contingent Liabilities, Contingent Assets and Legal Obligations - Tax and Social Security

Banco Santander and its subsidiaries are party to judicial and administrative proceedings of a tax, labor and civil nature, arising in the normal course of their activities.

Provisions are reassessed at the end of each reporting period to reflect the best current estimate and may be totally or partially reversed, reduced or supplemented when there is a change in risk in relation to outflows of resources and obligations relevant to the process, including the expiration of legal deadlines, the final judgment of cases, among others.Provisions are recognized when the risk of loss is assessed as probable and the amounts involved can be measured with sufficient certainty, based on the nature, complexity and history of the actions and the opinion of internal and external legal advisors and the best available information. For processes in which the risk of loss is possible, provisions are not constituted, and the information is disclosed in the explanatory notes (Note 19.e) and for processes in which the risk of loss is remote, no disclosure is made.

Contingent assets are not recognized in accounting, except when there are real guarantees or favorable court decisions, over which no further appeals can be made, characterizing the gain as practically certain. Contingent assets with probable success, when existing, are only disclosed in the financial statements.

In the case of final and unappealable decisions in favor of Banco Santander, the counterparty has the right, if specific legal requirements are met, to file a rescission action within a period determined by current legislation. Termination actions are considered new actions and will be evaluated for contingent liability purposes if and when they are filed.

q) Social Integration Program (PIS) and Contribution to Social Security Financing (COFINS)

PIS (0.65%) and COFINS (4.00%) are calculated on revenue from the legal entity's main activity or object. For financial institutions, the deduction of funding expenses is allowed when determining the calculation basis. PIS and COFINS expenses are recorded in tax expenses. For non-financial companies, the rates are 1.65% for PIS and 7.6% for COFINS.

r) Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL)

The IRPJ charge is calculated at the rate of 15%, plus an additional 10%, applied to the profit, after making the adjustments determined by tax legislation. CSLL is calculated at the rate of 15% for financial institutions and private insurance and capitalization legal entities and 9% for other companies, levied on profit, after taking into account the adjustments determined by tax legislation. The CSLL rate, for banks of any type, is 20% in accordance with article 32 of Constitutional Amendment 103/2019.

Deferred tax credits and liabilities are basically calculated on temporary differences between accounting and tax results, tax losses, negative basis of social contribution and adjustments to the market value of securities and derivative financial instruments. The recognition of tax credits and deferred liabilities is carried out at the rates applicable to the period in which the realization of the asset and/or the settlement of the liability is estimated.


*Values expressed in thousands, except when indicated.
In accordance with current regulations, tax credits are recorded to the extent that their recovery is considered likely based on the generation of future taxable profits. The expectation of realizing tax credits, as demonstrated in Note 10.b.2, is based on projections of future results and based on a technical study.

s) Interest on Equity
Interest on Equity is recognized as a liability from the moment it is declared or proposed, in accordance with CMN Resolution No. 4,872/2020.

t) Reduction in Recoverable Value of Assets

Financial and non-financial assets are evaluated at the end of each period, with the aim of identifying evidence of devaluation in their book value. If there is any indication, the entity must estimate the recoverable value of the asset and such loss must be recognized immediately in the income statement. The recoverable value of an asset is defined as the greater of its fair value, net, selling expenses and its value in use.

u) Financial Guarantees Provided

According to CMN Resolution No. 4,512/2016, losses associated with the probability of future disbursements linked to financial guarantees provided are evaluated in accordance with recognized credit risk management models and practices and based on consistent, verifiable information and criteria. The provision must be sufficient to cover probable losses throughout the term of the guarantee provided and are evaluated periodically.

v) Recurring/Non-Recurring Results

According to BCB Resolution No. 2/2020, non-current results for the year are those that:

I - is unrelated or incidentally related to the typical activities of the institution; and
II - is not expected to occur frequently in future years.

The nature and financial effect of events considered non-recurring are shown in Note 30.h.

w) Subsequent Events

Corresponds to the event that occurred between the base date of the financial statements and the date on which the issuance of these statements was authorized and is composed of:

•Events that give rise to adjustments: are those that highlight conditions that already existed on the base date of the financial statements; and

•Events that do not give rise to adjustments: are those that reveal conditions that did not exist on the base date of the financial statements.























*Values expressed in thousands, except when indicated.

4.Cash and Cash Equivalents
Bank
12/31/202412/31/202312/31/2022
Cash17,482,523 9,911,653 14,352,187 
interbank investments53,643,248 80,553,539 36,415,222 
Investments in the Open Market28,103,405 65,766,340 27,344,519 
Investments in Interbank Deposits5,007,501 1,007,830 1,241,815 
Investments in Foreign Currencies20,532,342 13,779,369 7,828,888 
Total71,125,771 90,465,192 50,767,409 
Consolidated
12/31/202412/31/202312/31/2022
Cash17,504,978 10,109,122 14,420,204 
interbank investments50,990,729 80,098,579 35,517,867 
Investments in the Open Market28,103,405 65,766,340 27,344,519 
Investments in Interbank Deposits2,354,982 552,870 344,460 
Investments in Foreign Currencies20,532,342 13,779,369 7,828,888 
Total68,495,707 90,207,701 49,938,071 

Information relating to December 31, 2023 and December 31, 2022, are presented to inform the composition of the opening balances of Cash and Cash Equivalents presented in the Cash Flow Statements.











*Values expressed in thousands, except when indicated.

5.Interbank Investments

Bank
12/31/202412/31/2023
Up to 3 MonthsFrom 3 to 12 MonthsMore than 12 months TotalTotal
Investments in Open Market 82,066,780 - - 82,066,780 91,456,976 
Own Resources 2,882,903 - - 2,882,903 11,381,408 
National Treasury Bills - LTN159,531 - - 159,531 4,162,832 
National Treasury Notes - NTN451,345 - - 451,345 6,443,780 
Financial Treasury Bills - LFT2,272,027 - - 2,272,027 774,796 
Financed Position 41,188,086 - - 41,188,086 62,025,096 
National Treasury Bills - LTN10,588,105 - - 10,588,105 20,784,154 
National Treasury Notes - NTN20,591,455 - - 20,591,455 31,558,586 
Financial Treasury Bills - LFT10,008,526 - - 10,008,526 9,682,356 
Short Position37,995,791 - - 37,995,791 18,050,472 
National Treasury Bills - LTN13,470,913 - - 13,470,913 5,429,226 
National Treasury Notes - NTN24,524,878 - - 24,524,878 12,621,246 
Investments in Interbank Deposits12,748,387 37,224,283 27,442,981 77,415,651 66,012,548 
Investments in Foreign Currency 20,532,342 - - 20,532,342 13,779,369 
Total115,347,509 37,224,283 27,442,981 180,014,773 171,248,893 
Consolidated
12/31/202412/31/2023
Up to 3 MonthsFrom 3 to 12 MonthsMore than 12 months TotalTotal
Investments in Open Market82,121,992 - - 82,121,992 91,886,844 
Own Resources 2,938,114 - - 2,938,114 11,381,409 
National Treasury Bills - LTN161,112 - - 161,112 4,162,832 
National Treasury Notes - NTN496,136 - - 496,136 6,443,780 
Financial Treasury Bills - LFT2,280,866 - - 2,280,866 774,797 
Financed Position 41,188,086 - - 41,188,086 62,454,963 
National Treasury Bills - LTN10,588,105 - - 10,588,105 20,784,306 
National Treasury Notes - NTN20,591,455 - - 20,591,455 31,988,301 
Financial Treasury Bills - LFT10,008,526 - - 10,008,526 9,682,356 
Short Position37,995,792 - - 37,995,792 18,050,472 
National Treasury Bills - LTN13,470,913 - - 13,470,913 5,429,226 
National Treasury Notes - NTN24,524,879 - - 24,524,879 12,621,246 
Investments in Interbank Deposits2,521,671 2,738,318 2,867,094 8,127,083 8,194,672 
Investments in Foreign Currency 20,532,342 - - 20,532,342 13,779,369 
Total105,176,005 2,738,318 2,867,094 110,781,417 113,860,885 

*Values expressed in thousands, except when indicated.
6.Securities and Derivative Financial Instruments
a) Bonds and Securities
I) Portfolio Summary by Categories
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Adjustment to Market ValueAdjustment to Market Value
Amortized Cost ValueResult Net EquityBook Value Book Value Amortized Cost ValueResult Net EquityBook Value Book Value
Securities for Trading105,795,791 (3,574,927)- 102,220,864 77,473,966 115,127,107 (3,878,869)- 111,248,238 88,768,509 
Public Securities86,676,165 (2,629,374)- 84,046,791 66,080,225 93,288,053 (2,706,948)- 90,581,105 74,663,588 
Private Securities19,119,626 (945,553)- 18,174,073 11,393,741 21,839,054 (1,171,921)- 20,667,133 14,104,921 
Securities Available for Sale156,325,349 (711,565)(3,808,309)151,805,475 120,585,604 166,450,531 (711,565)(4,739,761)160,999,205 131,314,717 
Public Securities88,587,733 (682,528)(4,240,701)83,664,504 56,076,980 98,381,830 (682,528)(5,224,087)92,475,215 65,580,863 
Private Securities67,737,616 (29,037)432,392 68,140,971 64,508,624 68,068,701 (29,037)484,326 68,523,990 65,733,854 
Securities held until maturity16,110,388 - - 16,110,388 28,915,610 15,620,339 - - 15,620,339 28,915,610 
Public Securities15,569,827 - - 15,569,827 28,915,610 15,569,827 - - 15,569,827 28,915,610 
Private Securities540,561 - - 540,561 - 50,512 - - 50,512 - 
Total Bonds and Securities278,231,528 (4,286,492)(3,808,309)270,136,727 226,975,180 297,197,977 (4,590,434)(4,739,761)287,867,782 248,998,836 
II) Securities for Trading
Bank
12/31/202412/31/2023By Maturity12/31/2024
Securities for TradingAmortized Cost ValueAdjustment to Market Value - ResultBook ValueBook ValueNo Maturity Up to 3 MonthsFrom 3 to 12 MonthsFrom 1 to 3 YearsMore than 3 Years Total
Public Securities86,676,165 (2,629,374)84,046,791 66,080,225 - 9,406,410 18,593,724 14,353,084 41,693,573 84,046,791 
Financial Treasury Bills - LFT 12,991,467 (1,584)12,989,883 3,884,114 - 947,904 4,703,540 3,327,272 4,011,167 12,989,883 
National Treasury Notes - NTN55,246,423 (2,441,195)52,805,228 45,518,819 - 4,401,706 8,909,986 3,188,719 36,304,817 52,805,228 
National Treasury Bills - LTN17,147,955 (188,337)16,959,618 15,998,947 - 3,317,233 4,430,041 7,835,116 1,377,228 16,959,618 
Agrarian Debt Bonds - TDA3,681 (124)3,557 10,952 - - 1,580 1,977 - 3,557 
Brazilian External Debt Securities298 63 361 359 - - - - 361 361 
US Foreign Debt Securities1,286,341 1,803 1,288,144 667,034 - 739,567 548,577 - - 1,288,144 
Private Securities 19,119,626 (945,553)18,174,073 11,393,741 955,503 148,733 4,598 203,975 16,861,264 18,174,073 
Shares1,058,381 (492,421)565,960 816,300 565,960 - - - - 565,960 
Agribusiness Receivables Certificates - CRA674,400 (4,978)669,422 894,851 - 3,952 2,578 196,935 465,957 669,422 
Real Estate Receivables Certificates - CRI305,429 (4,408)301,021 422,192 - - 1,004 1,454 298,563 301,021 

*Values expressed in thousands, except when indicated.
Investment Fund Shares372,282 17,261 389,543 644,639 389,543 - - - - 389,543 
Debentures16,565,896 (461,603)16,104,293 8,457,618 - 947 1,016 5,586 16,096,744 16,104,293 
Agricultural Deposit Certificate - WA143,238 596 143,834 158,141 - 143,834 - - - 143,834 
Total105,795,791 (3,574,927)102,220,864 77,473,966 955,503 9,555,143 18,598,322 14,557,059 58,554,837 102,220,864 

Consolidated
12/31/202412/31/2023By Maturity12/31/2024
Securities for TradingAmortized Cost ValueAdjustment to Market Value - ResultBook ValueBook ValueNo Maturity Up to 3 MonthsFrom 3 to 12 MonthsFrom 1 to 3 YearsMore than 3 Years Total
Government Securities93,288,053 (2,706,948)90,581,105 74,663,588 - 9,487,095 19,335,841 16,132,052 45,626,119 90,581,107 
National Treasury Bills - LFT16,283,378 51,827 16,335,205 10,249,701 - 1,028,589 4,704,159 4,464,309 6,138,148 16,335,205 
National Treasury Notes - NTN57,248,064 (2,637,272)54,610,792 47,469,734 - 4,401,706 8,909,985 3,188,719 38,110,382 54,610,792 
National Treasury Bills - LTN18,466,291 (123,245)18,343,046 16,265,807 - 3,317,233 5,171,540 8,477,047 1,377,228 18,343,048 
Agricultural Debt Securities - TDA3,681 (124)3,557 10,952 - - 1,580 1,977 - 3,557 
Brazilian Foreign Debt Bonds298 63 361 359 - - - - 361 361 
US Foreign Debt Securities1,286,341 1,803 1,288,144 667,035 - 739,567 548,577 - - 1,288,144 
Private Securities 21,839,054 (1,171,921)20,667,133 14,104,921 2,106,383 148,762 126,455 247,795 18,037,738 20,667,133 
Shares1,878,459 (492,421)1,386,038 1,913,255 1,386,038 - - - - 1,386,038 
Bank Deposit Certificates - CDB42,709 - 42,709 838 - 29 294 41,522 864 42,709 
Agribusiness Receivables Certificates - CRA674,908 (4,978)669,930 894,851 - 3,952 2,578 197,443 465,957 669,930 
Certificates of Real Estate Receivables - CRI305,568 (4,408)301,160 422,192 - - 1,004 1,594 298,562 301,160 
Investment Fund Shares795,550 17,261 812,811 972,573 720,345 - - - 92,466 812,811 
Financial bills - LF1,142 - 1,142 - - - - 1,142 - 1,142 
Debentures17,967,480 (689,678)17,277,802 9,743,071 - 947 122,579 6,094 17,148,182 17,277,802 
Commercial Notes30,000 1,707 31,707 - - - - - 31,707 31,707 
Agricultural Deposit Certificate - WA143,238 596 143,834 158,141 - 143,834 - - - 143,834 
Total115,127,107 (3,878,869)111,248,238 88,768,509 2,106,383 9,635,857 19,462,296 16,379,847 63,663,857 111,248,240 
* For the purposes of Financial Statements, Securities Held for Trading are presented in the Balance Sheet in full in the short term.

*Values expressed in thousands, except when indicated.

III) Securities Available for Sale
Bank
12/31/202412/31/2023By Maturity12/31/2024
Adjustment to Market Value Reflected in:
Securities Available for SaleAmortized Cost ValueResultNet EquityBook ValueBook ValueNo Maturity Up to 3 MonthsFrom 3 to 12 MonthsFrom 1 to 3 YearsMore than 3 Years Total
Public Securities88,587,733 (682,528)(4,240,701)83,664,504 56,076,980 - 6,403,829 3,761,194 37,705,124 35,794,357 83,664,504 
Securitized Credit11 - (11)- - - - - - - - 
Financial Treasury Bills - LFT 44,906,284 - 60,569 44,966,853 26,123,786 - 4,934,099 3,422,969 21,356,716 15,253,069 44,966,853 
National Treasury Bills - LTN25,889,140 (531,797)(1,981,623)23,375,720 10,469,947 - - - 16,348,408 7,027,312 23,375,720 
National Treasury Notes - NTN 16,573,346 (150,731)(2,279,292)14,143,323 11,947,306 - 1,469,730 - - 12,673,593 14,143,323 
Brazilian External Debt Securities1,218,952 - (40,344)1,178,608 960,125 - - 338,225 - 840,383 1,178,608 
Spanish External Debt Bonds- - - - 2,809,952 - - - - - - 
US Foreign Debt Securities- - - - 3,765,864 - - - - - - 
Private Securities67,737,616 (29,037)432,392 68,140,971 64,508,624 6,897,282 6,853,414 12,067,726 19,139,640 23,182,909 68,140,971 
Shares 64,333 - (233)64,100 6 64,100 - - - - 64,100 
Rural Product Certificate - CPR25,423,411 - (416,588)25,006,823 24,664,608 - 2,286,101 8,601,844 8,735,990 5,382,888 25,006,823 
Agribusiness Receivables Certificates - CRA2,259 - (5)2,254 131,711 - - 2,254 - - 2,254 
Real Estate Receivables Certificates - CRI1,684 - (291)1,393 1,762 - - - - 1,393 1,393 
Investment Fund Shares6,833,182 - - 6,833,182 1,317,920 6,833,182 - - - - 6,833,182 
Debentures 23,763,675 (29,037)635,688 24,370,326 32,314,842 - 378,292 1,798,622 6,817,263 15,376,149 24,370,326 
Eurobonds4,164,946 - 219,951 4,384,897 3,265,754 - 3,952,965 - 6,288 425,644 4,384,897 
Commercial Note2,382,812 - (7,949)2,374,863 2,237,675 - - 184,528 854,438 1,335,897 2,374,863 
Promissory Notes - NP 5,101,314 - 1,819 5,103,133 574,346 - 236,056 1,480,478 2,725,661 660,938 5,103,133 
Total156,325,349 (711,565)(3,808,309)151,805,475 120,585,604 6,897,282 13,257,243 15,828,920 56,844,764 58,977,266 151,805,475 


*Values expressed in thousands, except when indicated.

Consolidated
12/31/202412/31/2023By Maturity12/31/2024
Adjustment to Market Value Reflected in:
Securities Available for SaleAmortized Cost ValueResult Net EquityBook Value Book Value No Maturity Up to 3 MonthsFrom 3 to 12 MonthsFrom 1 to 3 YearsMore than 3 Years Total
Public Securities98,381,830 (682,528)(5,224,087)92,475,215 65,580,863 - 6,901,418 4,251,502 42,781,930 38,540,365 92,475,215 
Securitized Credit11 - (11)- - - - - - - - 
Financial Treasury Bills - LFT 51,447,846 - 63,210 51,511,056 32,179,254 - 5,096,196 3,913,277 26,328,626 16,172,957 51,511,056 
National Treasury Bills - LTN25,889,140 (531,797)(1,981,623)23,375,720 11,263,902 - - - 16,348,408 7,027,312 23,375,720 
National Treasury Notes - NTN19,825,881 (150,731)(3,265,319)16,409,831 14,601,764 - 1,805,222 - 104,896 14,499,713 16,409,831 
Brazilian External Debt Securities1,218,952 - (40,344)1,178,608 960,125 - - 338,225 - 840,383 1,178,608 
Spanish External Debt Bonds- - - - 2,809,952 - - - - - - 
US Foreign Debt Securities- - - - 3,765,866 - - - - - - 
Private Securities68,068,701 (29,037)484,326 68,523,990 65,733,854 1,299,528 6,853,413 12,067,727 20,377,737 27,925,585 68,523,990 
Shares 538,577 - 61,944 600,521 6 600,521 - - - - 600,521 
Rural Product Certificate - CPR25,423,411 - (416,588)25,006,823 24,664,608 - 2,286,101 8,601,844 8,735,990 5,382,888 25,006,823 
Agribusiness Receivables Certificates - CRA2,259 - (5)2,254 194,205 - - 2,254 - - 2,254 
Real Estate Receivables Certificates - CRI1,684 - (291)1,393 1,762 - - - - 1,393 1,393 
Investment Fund Shares 704,151 - (5,144)699,007 1,238,583 699,007 - - - - 699,007 
Debentures28,765,459 (29,037)630,706 29,367,128 33,282,680 - 378,292 1,798,623 7,459,207 19,731,006 29,367,128 
Eurobonds4,164,946 - 219,951 4,384,897 3,265,754 - 3,952,964 - 6,288 425,645 4,384,897 
Commercial Note3,366,900 - (8,066)3,358,834 2,511,691 - - 184,528 1,450,591 1,723,715 3,358,834 
Promissory Notes - NP 5,101,314 - 1,819 5,103,133 574,346 - 236,056 1,480,478 2,725,661 660,938 5,103,133 
Total166,450,531 (711,565)(4,739,761)160,999,205 131,314,717 1,299,528 13,754,831 16,319,229 63,159,667 66,465,950 160,999,205 


*Values expressed in thousands, except when indicated.

IV) Securities held until maturity
Bank
By Maturity12/31/2024
Amortized/Book Value Cost Up to 3 MonthsFrom 3 to 12 MonthsFrom 1 to 3 YearsMore than 3 Years
Securities held until maturity (1)12/31/202412/31/2023Total
Government Securities15,569,827 28,915,610 5,427,456 7,650,638 1,098,801 1,392,932 15,569,827 
National Treasury Bills - LTN- 11,108,077 - - - - - 
National Treasury Notes - NTN202,066 4,274,359 - - - 202,066 202,066 
Certificates of Salary Variation - CVS10,733 13,402 - - 10,733 - 10,733 
Mexican External Debt Bonds2,071,494 2,548,055 - 2,071,494 - - 2,071,494 
Spanish External Debt Bonds5,579,144 4,925,839 - 5,579,144 - - 5,579,144 
Brazilian External Debt Securities7,706,390 6,045,878 5,427,456 - 1,088,068 1,190,866 7,706,390 
Private Securities540,561 - - - - 540,561 540,561 
Debentures540,561 - - - - 540,561 540,561 
Total16,110,388 28,915,610 5,427,456 7,650,638 1,098,801 1,933,493 16,110,388 

Consolidated
By Maturity12/31/2024
Amortized/Book Value Cost Up to 3 MonthsFrom 3 to 12 MonthsFrom 1 to 3 YearsMore than 3 Years
Securities held until maturity  (1)
12/31/202412/31/2023Total
Public Securities15,569,827 28,915,610 5,427,457 7,650,638 1,098,801 1,392,931 15,569,827 
National Treasury Bills - LTN- 11,108,077 - - - - - 
National Treasury Notes - NTN202,066 4,274,359 - - - 202,066 202,066 
Certificates of Salary Variation - CVS10,733 13,402 - - 10,733 - 10,733 
Mexican External Debt Bonds2,071,494 2,548,055 - 2,071,494 - - 2,071,494 
Spanish Debt Bonds5,579,144 4,925,839 - 5,579,144 - - 5,579,144 
Brazilian External Debt Securities7,706,390 6,045,878 5,427,457 - 1,088,068 1,190,865 7,706,390 
Private Securities50,512 - - - 50,512 - 50,512 
Real Estate Receivables Certificates - CRI50,512 - - - 50,512 - 50,512 
Total15,620,339 28,915,610 5,427,457 7,650,638 1,149,313 1,392,931 15,620,339 
(1) The market value of securities held to maturity is R$ 15,265,228 - (12/31/2023 - R$28,852,011).

For the year ended December 31, 2024, there were no disposals of federal Public Securities and other securities classified in the category of held-to-maturity securities.

In compliance with the provisions of Bacen Circular No 3,068/2001, Banco Santander has the financial capacity and intention to hold securities classified in the held-to-maturity securities category until maturity.

*Values expressed in thousands, except when indicated.

The market value of bonds and securities is determined considering the average quotation of organized markets and their estimated cash flow, discounted to present value according to the corresponding applicable interest curves, considered to be representative of market conditions at the time of the balance sheet calculation.

V) Result of Operations with Securities
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Income From Fixed-Income Securities (1)68,463,125 22,198,039 68,868,693 26,318,891 
Income from Interbank Investments20,567,480 13,231,690 13,546,931 9,148,480 
Result of Variable Income Securities(1,481,578)203,509 (805,340)416,030 
Pension and Capitalization Financial Result— — 57,407 154,040 
Provision for Losses due to Non-Recovery (2)(1,201,461)(378,242)(1,201,461)(611,996)
Others (3)35,346 359,155 298,004 (1,217,217)
Total86,382,912 35,614,151 80,764,234 34,208,228 
(1) Includes revenue from exchange rate variation in the amount of R$47,936,629 in the Bank and Consolidated and the opposite effect on exchange rate variation with Funding note 16.c. (12/31/2023 - revenue of R$3,220,752).
(2) Corresponds to the record of permanent loss, referring to securities classified as available for sale.
(3) Includes income from exchange rate variation and net appreciation of investment fund shares and holdings in the amount of R$ 472,985 in the Bank and Consolidated (2023 - expense from exchange rate variation and net appreciation of investment fund shares and holdings in the amount of R$ 267,715 in the Bank and Consolidated).

b) Derivative Financial Instruments

The main risk factors of the derivative instruments assumed are related to exchange rates, interest rates and variable income. In managing this and other market risk factors, practices are used that include measuring and monitoring the use of limits previously defined in internal committees, the value at risk of portfolios, sensitivities to fluctuations in interest rates, exposure exchange rate, liquidity gaps, among other practices that allow the control and monitoring of risks, which can affect Banco Santander's positions in the various markets where it operates. Based on this management model, the Bank has managed, through the use of operations involving derivative instruments, to optimize the risk-benefit relationship even in situations of great volatility.

The fair value of derivative financial instruments is determined through market price quotations. The fair value of swaps is determined using discounted cash flow modeling techniques, reflecting appropriate risk factors. The fair value of forward and futures contracts is also determined based on market price quotations for exchange-traded derivatives or using methodologies similar to those described for swaps. The fair value of options is determined based on mathematical models, such as Black & Scholes, implied volatilities and the fair value of the corresponding Assets. Current market prices are used to price volatilities. For derivatives that do not have prices directly published by exchanges, the fair price is obtained through pricing models that use market information, inferred from published prices of more liquid Assets. From these prices, interest curves and market volatilities are extracted, which serve as input data for the models.







*Values expressed in thousands, except when indicated.

I) Summary of Derivative Financial Instruments

Swap operations are presented by the balances of differences receivable and payable.

Below, composition of the portfolio of Derivative Financial Instruments (Assets and Liabilities) by type of instrument, demonstrated by its market value:

BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
AssetsLiabilitiesAssetsLiabilitiesAssetsLiabilitiesAssetsLiabilities
Swap 25,651,269 25,112,860 16,527,382 17,206,706 17,041,277 16,751,694 12,458,472 13,300,550 
Options7,343,707 7,129,994 2,190,977 2,546,777 4,960,932 4,455,075 2,635,506 2,685,361 
Term Contracts and Others14,011,413 14,238,563 13,301,372 10,297,701 13,075,230 13,741,347 12,972,711 9,620,890 
Total47,006,389 46,481,417 32,019,731 30,051,184 35,077,439 34,948,116 28,066,689 25,606,801 
Current18,935,143 18,584,460 16,617,360 15,408,704 17,592,369 16,934,228 15,200,238 14,245,152 
Non Current28,071,246 27,896,957 15,402,371 14,642,480 17,485,070 18,013,888 12,866,451 11,361,649 


*Values expressed in thousands, except when indicated.
II) Derivatives Recorded in Memorandum Accounts and Balance Sheets
Bank
12/31/202412/31/2023
ReferenceCurveReferenceCurve
NegotiationValue (1)ValueFair ValueValue (1)ValueFair Value
Swap1,185,429,773 432,611 538,409 1,080,128,583 (3,890,121)(679,324)
Assets580,588,912 26,251,984 25,651,269 535,994,426 12,548,437 16,527,382 
Interests314,222,025 21,342,923 17,244,801 269,304,440 6,413,961 8,380,605 
Foreign Currency260,930,253 3,899,867 8,242,181 262,428,400 5,823,911 7,780,989 
Others5,436,634 1,009,194 164,287 4,261,586 310,565 365,788 
Liabilities604,840,861 (25,819,373)(25,112,860)544,134,157 (16,438,558)(17,206,706)
Interests 362,165,897 (16,412,446)(16,720,390)317,621,531 (9,753,936)(10,237,656)
Foreign Currency 238,244,057 (9,232,003)(8,217,762)221,967,981 (6,395,252)(6,592,200)
Others4,430,907 (174,924)(174,708)4,544,645 (289,369)(376,850)
Options587,869,565 (2,756,419)213,713 859,964,525 (1,157,451)(355,800)
Purchase Commitments270,296,393 5,217,589 7,343,707 420,089,089 2,447,416 2,190,977 
Foreign Currency Purchase Options29,171,916 3,359,330 4,547,697 8,705,243 692,136 432,845 
Foreign Currency Selling Options18,885,700 588,543 578,424 5,326,447 408,144 489,785 
Other Purchase Options27,802,886 769,593 2,119,473 89,142,771 661,537 739,628 
Interbank Market6,953,020 420,720 1,046,085 3,729,452 217,219 265,824 
Others (2)20,849,866 348,873 1,073,388 85,413,319 444,318 473,804 
Other Selling Options194,435,891 500,123 98,113 316,914,628 685,600 528,719 
Interbank Market553,161 111,802 80,262 543,157 46,852 30,439 
Others (2)193,882,730 388,321 17,851 316,371,471 638,748 498,280 
Sales Commitments317,573,172 (7,974,008)(7,129,994)439,875,435 (3,604,867)(2,546,777)
Foreign Currency Purchase Options32,414,733 (2,480,198)(3,575,881)3,453,152 (288,349)(466,324)
Foreign Currency Selling Options12,319,102 (795,112)(401,425)5,951,310 (527,978)(431,952)
Other Purchase Options61,458,788 (4,102,991)(2,963,009)113,106,162 (2,029,925)(901,373)
Interbank Market25,104,525 (3,339,121)(1,338,328)17,295,280 (1,479,724)(710,121)
Others (2)36,354,263 (763,870)(1,624,681)95,810,882 (550,201)(191,252)
Other Selling Options211,380,549 (595,707)(189,679)317,364,811 (758,615)(747,128)
Interbank Market1,395,691 (155,776)(29,908)370,221 (24,912)(23,004)
Others (2)209,984,858 (439,931)(159,771)316,994,590 (733,703)(724,124)
Futures Contracts786,370,633 (27,992)- 325,170,914 - - 
Long Position397,273,248 - - 164,682,752 - - 
Exchange Coupon (DDI)143,814,583 - - 41,331,942 - - 
Interest Rates (DI1 and DIA)135,768,788 - - 48,254,715 - - 

*Values expressed in thousands, except when indicated.
Foreign Currency107,515,197 - - 68,838,058 - - 
Indexes (3)7,717,797 - - 5,269,712 - - 
Treasury Bonds/Notes2,456,883 - - 988,325 - - 
Short Position389,097,385 (27,992)- 160,488,162 - - 
Exchange Coupon (DDI)143,814,584 - - 41,331,942 - - 
Interest Rates (DI1 and DIA)138,131,331 - - 48,339,061 - - 
Foreign Currency96,976,790 (27,992)- 64,559,123 - - 
Indexes (3)7,717,797 - - 5,269,712 - - 
Treasury Bonds/Notes2,456,883 - - 988,325 - - 
Term Contracts and Others482,555,256 6,508,308 (227,150)367,004,069 3,312,025 3,003,671 
Purchased Commitment245,713,053 13,800,993 14,011,413 185,200,220 18,046,952 13,301,372 
Currencies186,375,847 5,217,091 5,356,193 138,731,942 17,047,097 4,936,483 
Others59,337,206 8,583,902 8,655,220 46,468,278 999,855 8,364,889 
Sales Commitments236,842,203 (7,292,685)(14,238,563)181,803,849 (14,734,928)(10,297,701)
Currencies187,201,593 (6,042,836)(6,308,063)135,183,330 (13,498,486)(2,119,840)
Others49,640,610 (1,249,849)(7,930,500)46,620,519 (1,236,442)(8,177,861)

Consolidated
12/31/202412/31/2023
ReferenceCurveReferenceCurve
TradingValue (1)ValueFair ValueValue (1)ValueFair Value
Swap870,646,243 (5,416,961)289,583 821,847,697 (2,046,626)(842,078)
Assets428,077,261 11,989,199 17,041,277 407,775,731 9,193,215 12,458,472 
Interests 212,769,602 8,288,494 9,155,517 193,567,208 5,054,833 6,481,014 
Foreign Currency207,863,441 3,593,516 7,449,012 212,970,458 4,136,463 5,977,193 
Others7,444,218 107,189 436,748 1,238,065 1,919 265 
Liabilities442,568,982 (17,406,160)(16,751,694)414,071,966 (11,239,841)(13,300,550)
Interests 300,101,297 (13,645,096)(13,848,264)267,400,407 (9,117,639)(9,754,177)
Foreign Currency 133,470,413 (3,588,425)(2,726,684)143,788,702 (1,907,489)(3,332,851)
Others8,997,272 (172,639)(176,746)2,882,857 (214,713)(213,522)
Options538,580,486 (1,728,092)505,857 857,662,210 (1,112,873)(49,854)
Purchase Commitments248,136,847 2,889,580 4,960,932 419,095,674 2,252,815 2,635,506 
Foreign Currency Purchase Options17,652,928 1,170,432 2,035,001 7,711,827 497,534 426,074 
Foreign Currency Selling Options10,969,754 449,432 297,814 5,326,447 408,144 489,785 
Other Purchase Options25,078,274 769,593 2,530,004 89,142,771 661,537 1,183,085 
Interbank Market4,228,408 420,720 1,456,616 3,729,452 217,219 265,824 
Others (2)20,849,866 348,873 1,073,388 85,413,319 444,318 917,261 

*Values expressed in thousands, except when indicated.
Other Selling Options194,435,891 500,123 98,113 316,914,629 685,600 536,563 
Interbank Market553,161 111,802 80,262 543,157 46,852 30,439 
Others (2)193,882,730 388,321 17,851 316,371,471 638,748 506,124 
Sales Commitments290,443,639 (4,617,672)(4,455,075)438,566,536 (3,365,688)(2,685,361)
Foreign Currency Purchase Options10,516,526 (597,168)(786,707)3,453,152 (288,349)(466,325)
Foreign Currency Selling Options11,046,513 (555,932)(275,212)4,642,411 (288,799)(431,952)
Other Purchase Options57,500,051 (2,868,865)(3,203,477)113,106,162 (2,029,925)(999,258)
Interbank Market21,145,788 (2,104,995)(1,578,796)17,295,280 (1,479,724)(710,121)
Others (2)36,354,263 (763,870)(1,624,681)95,810,882 (550,201)(289,137)
Other Selling Options211,380,549 (595,707)(189,679)317,364,811 (758,615)(787,826)
Interbank Market1,395,691 (155,776)(29,908)370,221 (24,912)(23,004)
Others (2)209,984,858 (439,931)(159,771)316,994,590 (733,703)(764,822)
Futures Contracts785,337,223 (27,992)- 325,170,915 - - 
Long Position396,239,838 - - 164,682,752 - - 
Exchange Coupon (DDI)143,814,583 - - 41,331,942 - - 
Interest Rates (DI1 and DIA)135,768,788 - - 48,254,715 - - 
Foreign Currency106,481,787 - - 68,838,058 - - 
Indexes (3)7,717,797 - - 5,269,712 - - 
Treasury Bonds/Notes2,456,883 - - 988,325 - - 
Short Position389,097,385 (27,992)- 160,488,163 - - 
Exchange Coupon (DDI)143,814,584 - - 41,331,942 - - 
Interest Rates (DI1 and DIA)138,131,331 - - 48,339,061 - - 
Foreign Currency96,976,790 (27,992)- 64,559,123 - - 
Indexes (3)7,717,797 - - 5,269,712 - - 
Treasury Bonds/Notes2,456,883 - - 988,325 - - 
Term Contracts and Others443,722,256 6,675,015 (666,117)330,970,103 3,288,881 3,351,821 
Purchased Commitment226,379,907 13,065,871 13,075,230 167,171,665 17,249,113 12,972,711 
Currencies176,481,430 4,649,383 4,759,269 134,610,617 17,042,331 4,932,718 
Others49,898,477 8,416,488 8,315,961 32,561,048 206,782 8,039,993 
Sales Commitments217,342,349 (6,390,856)(13,741,347)163,798,438 (13,960,232)(9,620,890)
Currencies177,766,056 (5,934,009)(6,151,264)130,779,288 (13,211,003)(1,766,190)
Others39,576,293 (456,847)(7,590,083)33,019,150 (749,229)(7,854,700)
(1) Nominal value of updated contracts.
(2) Includes index options, mainly options involving US Treasury, stocks and stock indices.
(3) Includes Bovespa and S&P indices.



*Values expressed in thousands, except when indicated.

III) Derivative Financial Instruments by Counterparty, Opening by Maturity and Trading Market    
Bank
Reference Value 
CounterpartyOpening by Maturity Trading Market
12/31/202412/31/202312/31/202412/31/2024
RelatedFinancialUp toFrom 3 toMore thanCounter (3)
Clients PartiesInstitutions (1)TotalTotal 3 Months12 Months12 Months
Stock Markets  (2)
Swap248,822,683 735,721,902 200,885,188 1,185,429,773 1,080,128,583 155,348,696 182,774,979 847,306,098 197,794,026 987,635,747 
Options72,193,642 56,996,731 458,679,192 587,869,565 859,964,525 80,264,346 375,497,527 132,107,692 415,336,706 172,532,859 
Futures Contracts13,890,950 4,662,098 767,817,585 786,370,633 325,170,914 415,684,910 197,209,979 173,475,744 781,708,535 4,662,098 
Term Contracts and Others180,609,297 232,117,055 69,828,904 482,555,256 367,004,069 279,916,382 111,279,751 91,359,123 55,754,746 426,800,510 



Consolidated
Reference Value 
CounterpartyOpening by Maturity Trading Market
12/31/202412/31/202312/31/202412/31/2024
RelatedFinancialUp toFrom 3 toOver Counter (3)
Clients PartiesInstitutions (1)TotalTotal 3 Months12 Months12 MonthsStock Markets (2)
Swap248,822,683 408,569,543 213,254,017 870,646,243 821,847,697 131,200,163 142,493,857 596,952,223 167,924,413 702,721,830 
Options72,193,642 7,707,652 458,679,192 538,580,486 857,662,210 80,264,346 375,497,526 82,818,614 415,336,706 123,243,780 
Futures Contracts13,890,950 3,628,688 767,817,585 785,337,223 325,170,915 415,684,910 197,209,979 172,442,334 781,708,535 3,628,688 
Term Contracts and Others180,609,297 193,284,055 69,828,904 443,722,256 330,970,103 273,869,288 104,483,252 65,369,716 55,754,746 387,967,510 
(1) Includes operations that have as counterparty B3 S.A. - Brasil, Bolsa, Balcão and other stock and commodity exchanges.
(2) Includes values traded on B3.
(3) Consists of operations that are included in registration chambers, in accordance with Bacen regulations.









*Values expressed in thousands, except when indicated.
IV) Hedge Accounting

The effectiveness determined for the hedge portfolio is in accordance with the provisions of Bacen Circular No. 3,082/2002. The following accounting hedge structures have been established:

IV.I) Market Risk Hedge

The Bank's market risk hedging strategies consist of structures to protect changes in market risk, receipts and payments of interest related to recognized Assets and Liabilities.
The market risk hedge management methodology adopted by the Bank segregates transactions by risk factor (e.g.: Real/Dollar exchange rate risk, pre-fixed interest rate risk in Reais, Dollar exchange coupon risk, risk of inflation, interest risk, etc.). Transactions generate exposures that are consolidated by risk factor and compared with pre-established internal limits.

To protect the variation in market risk in the receipt and payment of interest, the Bank uses swap contracts and interest rate futures contracts relating to fixed Assets and Liabilities.

The Bank applies market risk hedging as follows:

• Designates Foreign Currency swaps + Coupon versus % CDI and Pre-Real Interest Rate or contracts Dollar futures (DOL, DDI/DI) as a derivative instrument in Hedge Accounting structures, with loan operations in foreign currency as the object.

• The Bank has a portfolio of Assets indexed to the Euro and traded at the branch abroad. In the operation, the value of the Assets in Euro will be converted to Dollars at the rate of the exchange contract at which the operation entered. Upon conversion, the principal value of the transaction, already expressed in dollars, will be adjusted at a floating or pre-fixed rate. The Assets will be covered with Swap Cross Currency,

• For active and passive operations indexed to pre- and inflation rates (hedge object), futures contracts traded on the exchange are used (hedging instrument).

In market risk hedging, the results, both on hedging instruments and on objects (attributable to the type of risk being hedged) are recognized directly in the income statement.

IV.II) Cash Flow Hedge

The Bank's cash flow hedging strategies consist of hedging exposure to changes in cash flows, interest payments and exchange rate exposure, which are attributable to changes in interest rates relating to recognized Assets and Liabilities and changes of exchange rates for unrecognized Assets and Liabilities.

The Bank applies cash flow hedging as follows:

• To protect against the volatility of cash flow variations in operations indexed to foreign currency or post-fixed rates (hedge object), future contracts or interest rate swaps are used as a hedge instrument for predictability of future cash flows.






*Values expressed in thousands, except when indicated.

In cash flow hedging, the effective portion of the change in the value of the hedging instrument is temporarily recognized in stockholders’ equity under the heading of equity valuation adjustments until the expected transactions occur, when this portion is then recognized in the income statement. The ineffective portion of the variation in the value of foreign exchange hedging derivatives is recognized directly in the income statements. As of December 31, 2024 and December 31, 2023, no results were recorded relating to the ineffective portion.



Bank
12/31/202412/31/2023
StrategiesBook ValueNotionalAdjustment to Fair ValueBook ValueNotional
Market Risk HedgeObjectInstrumentObjectInstrumentObject (*) Instrument (*)ObjectInstrumentObjectInstrument
Swap Contracts211,637 253,106 200,658 222,626 10,979 30,480 304,799 288,423 272,805 290,091 
Credit Operations Hedge211,637 253,106 200,658 222,626 10,979 30,480 304,799 288,423 272,805 290,091 
Futures Contracts42,217,962 47,858,409 42,023,997 47,861,608 193,965 (3,199)20,013,827 20,263,142 21,325,623 21,045,909 
Credit Operations Hedge9,962,962 13,394,432 10,017,522 13,238,024 (54,560)156,408 7,098,063 7,322,033 8,339,747 8,103,679 
Securities Hedge22,717,743 25,201,977 22,504,539 25,344,183 213,204 (142,206)1,712,916 2,496,306 1,775,818 2,496,723 
Funding Hedge9,537,257 9,262,000 9,501,936 9,279,401 35,321 (17,401)11,202,848 10,444,803 11,210,058 10,445,507 
Cash Flow Hedge
Swap Contracts- - - - - - 12,712,510 10,260,273 13,176,910 10,807,983 
Securities Hedge- - - - - - 12,712,510 10,260,273 13,176,910 10,807,983 
Futures Contracts77,296,634 79,910,035 77,474,456 79,915,645 (177,822)(5,610)23,474,440 18,881,495 21,507,468 17,409,795 
Credit Operations Hedge738,333 1,566,189 730,322 1,639,466 8,011 (73,277)4,775,959 2,377,994 4,514,260 1,210,499 
Securities Hedge27,613,484 35,677,670 27,556,993 35,717,857 56,491 (40,187)9,820,833 8,593,414 9,525,807 8,228,328 
Funding Hedge48,944,817 42,666,176 49,187,141 42,558,322 (242,324)107,854 8,877,648 7,910,087 7,467,401 7,970,968 


*Values expressed in thousands, except when indicated.

Consolidated
12/31/202412/31/2023
StrategiesBook ValueNotionalAdjustment to Fair ValueBook ValueNotional
Market Risk HedgeObjectInstrumentObjectInstrumentObject (*) Instrument (*)ObjectInstrumentObjectInstrument
Swap Contracts211,637 253,106 200,658 222,626 10,979 30,480 304,799 288,423 272,805 290,091 
Credit Operations Hedge211,637 253,106 200,658 222,626 10,979 30,480 304,799 288,423 272,805 290,091 
Futures Contracts42,217,962 47,858,409 42,023,997 47,861,608 193,965 (3,199)20,013,827 20,263,142 21,325,623 21,045,909 
Credit Operations Hedge9,962,962 13,394,432 10,017,522 13,238,024 (54,560)156,408 7,098,063 7,322,033 8,339,747 8,103,679 
Securities Hedge22,717,743 25,201,977 22,504,539 25,344,183 213,204 (142,206)1,712,916 2,496,306 1,775,818 2,496,723 
Funding Hedge9,537,257 9,262,000 9,501,936 9,279,401 35,321 (17,401)11,202,848 10,444,803 11,210,058 10,445,507 
Cash Flow Hedge
Swap Contracts7,222,492 4,961,929 5,912,456 6,184,415 1,310,036 (1,222,486)18,843,967 15,351,145 18,238,421 15,770,933 
Securities Hedge7,222,492 4,961,929 5,912,456 6,184,415 1,310,036 (1,222,486)18,843,967 15,351,145 18,238,421 15,770,933 
Futures Contracts77,296,634 79,910,035 77,474,456 79,915,645 (177,822)(5,610)23,474,440 18,881,495 21,507,468 17,409,795 
Credit Operations Hedge738,333 1,566,189 730,322 1,639,466 8,011 (73,277)4,775,959 2,377,994 4,514,260 1,210,499 
Securities Hedge27,613,484 35,677,670 27,556,993 35,717,857 56,491 (40,187)9,820,833 8,593,414 9,525,807 8,228,328 
Funding Hedge48,944,817 42,666,176 49,187,141 42,558,322 (242,324)107,854 8,877,648 7,910,087 7,467,401 7,970,968 
(*) The Bank has cash flow hedge strategies, whose objects are assets in its portfolio, which is why we show the liability position of the respective instruments. For structures whose instruments are futures, we show the balance of the notional, recorded in a memorandum account.




















*Values expressed in thousands, except when indicated.


BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Up toFrom 3 toMore than Up toFrom 3 toMore than 
Strategies 3 Months12 Months12 MonthsTotalTotal 3 Months12 Months12 MonthsTotalTotal
Market Risk Hedge
Swap Contracts- - 222,626 222,626 288,766 - - 222,626 222,626 290,091 
Credit Operations Hedge- - 222,626 222,626 288,766 - - 222,626 222,626 290,091 
Futures Contracts3,864,127 7,297,980 36,699,501 47,861,608 25,701,246 3,864,127 7,297,980 36,699,501 47,861,608 21,045,909 
Credit Operations Hedge2,752,355 5,084,066 5,401,603 13,238,024 12,759,016 2,752,355 5,084,066 5,401,603 13,238,024 8,103,679 
Securities Hedge62,726 597,900 24,683,557 25,344,183 2,496,723 62,726 597,900 24,683,557 25,344,183 2,496,723 
Funding Hedge1,049,046 1,616,014 6,614,341 9,279,401 10,445,507 1,049,046 1,616,014 6,614,341 9,279,401 10,445,507 
Cash Flow Hedge
Swap Contracts- - - - (547,710)- - 6,184,415 6,184,415 15,770,933 
Securities Hedge- - - - (547,710)- - 6,184,415 6,184,415 15,770,933 
Futures Contracts21,710,486 13,502,056 44,703,103 79,915,645 393,863 21,710,486 13,502,056 44,703,103 79,915,645 17,409,795 
Credit Operations Hedge1,639,466 - - 1,639,466 2,138 1,639,466 - - 1,639,466 1,210,499 
Securities Hedge11,253,351 - 24,464,506 35,717,857 294,688 11,253,351 - 24,464,506 35,717,857 8,228,328 
Funding Hedge8,817,669 13,502,056 20,238,597 42,558,322 97,037 8,817,669 13,502,056 20,238,597 42,558,322 7,970,968 



V) Information on Credit Derivatives

Banco Santander uses credit derivatives with the aim of managing counterparty risk and meeting the demands of its customers, carrying out purchase and sale protection operations through credit default swaps and total return swaps, primarily related to securities with Brazilian sovereign risk.

Total Return Swaps - TRS

These are credit derivatives in which the return of the reference obligation is exchanged for a cash flow and in which, upon the occurrence of a credit event, the protection buyer usually has the right to receive from the protection seller the equivalent of the difference between the updated value and fair value (market value) of the reference obligation on the contract settlement date.

Credit Default Swaps - CDS

These are credit derivatives where, upon the occurrence of a credit event, the protection buyer has the right to receive from the protection seller the equivalent of the difference between the face value of the CDS contract and the fair value (market value) of the reference obligation on the contract settlement date. In return, the seller receives remuneration for selling the protection.
Below, composition of the Credit Derivatives portfolio demonstrated by its reference value and effect on the calculation of Required Net Equity (PLE).

*Values expressed in thousands, except when indicated.
    
Bank/Consolidated
Nominal Value
12/31/202412/31/2023
Retained Risk - Total Rate of Return SwapTransferred Risk - Credit SwapRetained Risk - Total Rate of Return SwapTransferred Risk - Credit Swap
Credit Swaps4,421,208 16,153,307 3,456,614 10,293,916 
Total4,421,208 16,153,307 3,456,614 10,293,916 

12/31/202412/31/2023
Futures - GrossMore than 12 MonthsTotalMore than 12 MonthsTotal
By Instrument: CDS20,574,515 20,574,515 13,750,530 13,750,530 
By Risk Classification: Below Investment Grade20,574,515 20,574,515 13,750,530 13,750,530 
By Reference Entity: Brazilian Government20,574,515 20,574,515 13,750,530 13,750,530 



VI) Derivative Financial Instruments - Margins Given as Guarantee    
            
The margin given as a guarantee for operations negotiated on B3 with financial instruments derived from Own and third-party companies is made up of federal Public Securities.
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Financial Treasury Bills - LFT17,549,673 14,688,274 23,592,559 20,991,334 
National Treasury Bills - LTN5,508,322 1,061,960 6,891,750 2,122,045 

National Treasury Notes - NTN		2,238,526 2,301,790 4,775,234 4,988,403 
Total25,296,521 18,052,024 35,259,543 28,101,782 

*Values expressed in thousands, except when indicated.
7.Credit Portfolio and Provision for Expected Losses Associated with Credit Risk
a) Credit Portfolio
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Lending Operations366,260,564 354,093,609 455,187,766 427,599,259 
Discounted Loans and Bonds232,562,968 222,773,857 236,417,496 225,733,376 
Financing46,479,366 47,197,805 131,552,040 117,743,936 
Rural and Agroindustrial Financing22,372,599 22,350,907 22,372,599 22,350,907 
Real Estate Financing64,845,631 61,771,040 64,845,631 61,771,040 
Leasing Operations- - 3,343,516 3,164,051 
Advances on Foreign Exchange Contracts (1)6,893,789 4,301,307 6,893,789 4,301,307 
Other Credits77,597,078 77,812,411 84,339,395 81,794,055 
Credits for Honored Guarantees and Guarantees  (Note 9.a.)
649,347 1,450,794 874,161 1,810,543 
Income Receivable from Advances Granted and Imports Financed254,984 157,593 254,984 157,593 
Other Miscellaneous Credits (2)76,692,747 76,204,025 83,210,250 79,825,919 
Total450,751,431 436,207,327 549,764,466 516,858,672 
(1) Advances on foreign exchange contracts are classified as a reduction of other obligations.
(2) Debtors for the purchase of securities and assets and securities and credits receivable (Note 11).

Sale or Transfer Operations of Financial Assets

In accordance with CMN Resolution No. 3,533/2008 and subsequent amendments, credit assignment operations with substantial retention of risks and benefits began to remain recorded in the credit portfolio from January 1, 2012.

(i) With Substantial Transfer of Risks and Benefits
    
At the Bank and Consolidated, during the year ending on December 31, 2024, assignments without recourse were in the amount of R$ 8,131,033 - (12/31/2023 - R$ 7,469,843), with R$ 170,492 in Active Portfolio and R$ 7,960,541 in Loss Portfolio, generating a result of R$ 47,256 (12/31/2023 – R$ 59,386). These amounts referred to operations, substantially, of loans and discounted securities, with no values of this amount with a company in the Group.

(ii) With Substantial Retention of Risks and Benefits    
                    
In December 2011, the Bank assigned credits with recourse relating to real estate financing in the amount of R$ 688,821, which will mature until October 2041. As of December 31, 2024, the present value of the operations assigned is R$ 21,810 - (12/31/2023- R$ 26,696).

These transfer operations were carried out with a co-obligation clause, with compulsory repurchase in certain situations. The compulsory repurchase value will be calculated based on the outstanding credit balance duly updated on the date of the respective repurchase. From the date of assignment, the cash flows from the operations transferred will be paid directly to the transferee entity.

b) Credit Portfolio by Maturity
b.1) Lending Operations and Leasing Operations
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Overdue12,346,986 9,605,843 13,513,061 11,070,469 
Yet to be due:
Up to 3 Months60,780,744 54,140,443 71,047,155 63,866,924 
From 3 to 12 Months78,526,962 80,552,996 106,964,875 106,484,133 
More than 12 Months214,605,872 209,794,327 267,006,191 249,341,784 
Total366,260,564 354,093,609 458,531,282 430,763,310 


*Values expressed in thousands, except when indicated.

b.2) Other Credits and Advances
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Overdue233,859 167,353 272,505 224,963 
Yet to be due:
Up to 3 Months58,339,494 58,690,731 60,244,991 59,645,397 
From 3 to 12 Months23,970,716 21,590,633 28,718,634 24,086,401 
More than 12 Months1,946,798 1,665,001 1,997,054 2,138,601 
Total84,490,867 82,113,718 91,233,184 86,095,362 

c) Credit Portfolio by Activity Sector
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Private Sector447,446,507433,995,618546,452,255514,641,345
Industry79,442,05776,652,00881,446,23178,454,638
Trade52,978,59755,554,56261,307,99262,919,149
Financial Institution1,890,4051,989,794537,5871,726,240
Services and Others (1)61,714,85359,014,39070,515,64765,197,183
Individuals 245,331,144234,815,709323,676,684298,338,615
Credit Card58,973,54150,865,65958,973,54150,865,659
Real Estate Credit62,521,77059,503,13762,521,77059,503,137
Payroll Loans69,373,03666,388,82669,373,03666,388,826
Vehicle Financing and Leasing330,988620,15175,092,72461,027,223
Others (2)54,131,80957,437,93657,715,61360,553,770
Agriculture6,089,4515,969,1558,968,1148,005,520
Public Sector3,304,9242,211,7093,312,2112,217,327
State Government202,846385,611202,846385,611
Municipal Government3,102,0781,826,0983,109,3651,831,716
Total450,751,431436,207,327549,764,466516,858,672
(1) Includes real estate credit activities for construction companies/developers (business plan), transport, health and personal services, among others.
(2) Includes personal credit, special checks, among others.


*Values expressed in thousands, except when indicated.

d) Credit Portfolio and Provision for Expected Losses Associated with Credit Risk Distributed by Corresponding Risk Levels
Bank
12/31/202412/31/2023
Credit PortfolioProvisionCredit PortfolioProvision
Risk Level% Minimum Provision RequiredNormal Cost
Abnormal Cost  (1)
Total (3)RequiredAdditional (2)TotalNormal Cost
Abnormal Cost  (1)
Total (3)RequiredAdditional (2)Total
AA0.0 %192,310,586 - 192,310,586 - - - 185,037,635 - 185,037,635 - - - 
A0.5 %134,726,623 - 134,726,623 673,633 1 673,634 125,473,009 - 125,473,009 627,365 3 627,368 
B1.0 %36,255,755 3,760,232 40,015,987 400,160 36 400,196 36,135,274 3,240,124 39,375,398 393,754 123 393,877 
C3.0 %34,579,637 3,600,677 38,180,314 1,145,409 1,581 1,146,990 32,993,383 2,835,006 35,828,389 1,074,852 1,534 1,076,386 
D10.0 %10,673,388 3,352,482 14,025,870 1,402,587 1,171,209 2,573,796 11,590,372 3,305,289 14,895,661 1,489,566 100,659 1,590,225 
E30.0 %3,676,230 2,999,666 6,675,896 2,002,769 1,105,600 3,108,369 4,749,941 2,373,124 7,123,065 2,136,920 92,052 2,228,972 
F50.0 %2,087,966 2,062,615 4,150,581 2,075,290 707,579 2,782,869 2,367,035 1,995,167 4,362,202 2,181,101 93,570 2,274,671 
G70.0 %3,542,870 2,041,040 5,583,910 3,908,738 1,194,985 5,103,723 6,638,832 2,213,364 8,852,196 6,196,537 1,756,763 7,953,300 
H100.0 %4,491,646 10,482,198 14,973,844 14,973,844 - 14,973,844 4,268,646 10,750,035 15,018,681 15,018,681 - 15,018,681 
Total422,344,701 28,298,910 450,643,611 26,582,430 4,180,991 30,763,421 409,254,127 26,712,109 435,966,236 29,118,776 2,044,704 31,163,480 
Current12,877,876 10,990,008 
Non-Current17,885,545 20,173,472 

Consolidated
12/31/202412/31/2023
Credit PortfolioProvisionCredit PortfolioProvision
Risk Level%Minimum Provision RequiredNormal Cost
Abnormal Cost  (1)
Total (3)RequiredAdditional (2)TotalNormal Cost
Abnormal Cost  (1)
Total (3)RequiredAdditional (2)Total
AA0.0 %214,065,269 - 214,065,269 - - - 203,142,039 - 203,142,039 - - - 
A0.5 %186,463,460 - 186,463,460 932,317 1 932,318 166,591,676 - 166,591,676 832,958 3 832,961 
B1.0 %48,692,644 5,672,789 54,365,433 543,654 36 543,690 45,233,297 4,927,564 50,160,861 501,609 123 501,732 
C3.0 %37,850,167 5,493,074 43,343,241 1,300,297 1,581 1,301,878 35,718,161 4,329,428 40,047,589 1,201,428 1,534 1,202,962 
D10.0 %11,605,103 4,301,969 15,907,072 1,590,707 1,171,209 2,761,916 12,283,076 4,149,299 16,432,375 1,643,238 100,659 1,743,897 
E30.0 %3,816,828 3,603,895 7,420,723 2,226,217 1,105,600 3,331,817 4,899,901 2,959,053 7,858,954 2,357,686 92,052 2,449,738 
F50.0 %2,329,634 2,548,248 4,877,882 2,438,941 707,579 3,146,520 3,107,877 2,492,362 5,600,239 2,800,120 93,570 2,893,690 
G70.0 %3,595,501 2,385,997 5,981,498 4,187,049 1,194,985 5,382,034 6,706,701 2,595,044 9,301,745 6,511,222 1,756,763 8,267,985 
H100.0 %4,822,656 12,409,416 17,232,072 17,232,072 - 17,232,072 4,665,549 12,816,554 17,482,103 17,482,103 - 17,482,103 
Total513,241,262 36,415,388 549,656,650 30,451,254 4,180,991 34,632,245 482,348,277 34,269,304 516,617,581 33,330,364 2,044,704 35,375,068 
Current14,659,229 12,476,411 
Non-Current19,973,016 22,898,657 
(1) Includes due and past due installments.
(2) The additional provision is constituted based mainly on the expectation of realization of the credit portfolio, in addition to the minimum required by current regulations.
(3) At the Bank and at Consolidated, the total credit portfolio includes the value of R$ 108 millions (12/31/2023- R$ 241 millions), referring to the adjustment to market value of credit operations that are subject to protection, registered in accordance with BCB Normative Instruction No. 276/2022 and which are not included in the risk level note.


*Values expressed in thousands, except when indicated.
Emergency Employment Support Program (PESE)
Pursuant to CMN Resolution No. 4,846/2020, we show below the operations related to the Emergency Employment Support Program (PESE), classified by risk level and together with the amount of the provision constituted for each risk level.:
Bank/Consolidated
12/31/202412/31/2023
Risk LevelMinimum % Provision RequiredAssetsProvision Required (1)AssetsProvision Required (1)
D10.0 %— — 79 1 
E30.0 %— — 213 10 
F50.0 %— — 344 26 
G70.0 %— — 357 37 
H100.0 %230 34 8,467 1,394 
Total230 34 9,460 1,468 
(1) Balance of provision constituted on the portion of the credit whose risk belongs to Banco Santander (Brasil) S.A.

e) Movement in the Provision for Expected Losses Associated with Credit Risk
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Initial Balance 31,163,480 30,316,513 35,375,068 34,453,117 
Net Constitutions of Reversals19,331,289 24,684,276 22,427,776 28,317,357 
Write-offs(19,731,359)(23,837,309)(23,170,742)(27,395,406)
Final balance30,763,410 31,163,480 34,632,102 35,375,068 
Recovered Credits2,567,893 3,143,136 3,121,452 3,804,787 

f) Renegotiated Credits
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Renegotiated Credits (1)25,258,733 28,034,135 29,301,596 32,761,140 
Provision for Expected Losses Associated with Credit Risk(14,048,511)(16,032,317)(15,272,791)(17,628,394)
Percentage of Coverage on the Renegotiation Portfolio55.6%57.2%52.1%53.8%
(1) It was considered transactions for which agreements were signed, with 30 days or more in arrears.


g) Credit Concentration
Consolidated
12/31/202412/31/2023
Credit Portfolio with Guarantees and Guarantees (1), Securities (2) and Derivative Financial Instruments (3)Risk %Risk %
Largest Debtor12,874,023 1.6 %9,055,658 1.3 %
10 Largest77,964,475 9.7 %53,202,978 7.6 %
20 Largest106,563,839 13.3 %82,601,115 11.7 %
50 Largest154,914,156 19.4 %134,058,263 19.0 %
100 Largest192,858,180 24.1 %174,946,657 24.8 %
(1) Includes credit installments to be released to construction companies/developers.
(2) Refers to the position of debentures, promissory notes and certificates of real estate receivables - CRI.
(3) Refers to the credit risk of Derivatives.









    
*Values expressed in thousands, except when indicated.


8. Exchange Portfolio


Bank/Consolidated
12/31/202412/31/2023
Assets
Rights to Foreign Exchange Sold80,518,010 24,590,136 
Exchange Purchased Pending Settlement55,142,228 43,427,082 
Advances in Local Currency(226,965)(516,110)
Income Receivable from Advances and Importing Financing (Note 7.a)254,984 157,593 
Currency and Documents Term Foreign Currency- 571 
Total135,688,257 67,659,272 
Liabilities
Exchange Sold Pending Settlement93,549,590 40,391,634 
Foreign Exchange Purchased44,470,630 27,663,172 
Advances on Foreign Exchange Contracts (Note 7.a) (6,893,789)(4,301,307)
Others152 121 
Total131,126,583 63,753,620 
Memorandum Accounts
Outstanding Import Credits – Foreign Currency 1,504,007 1,582,289 
Confirmed Export Credits – Foreign Currency30,968 193,368 
    
*Values expressed in thousands, except when indicated.
9. Other Financial Assets
a) Other Financial Assets
Bank
12/31/202412/31/2023
Foreign Exchange Portfolio135,589,906 67,659,272 
Securities Negotiation and Intermediation3,566,226 1,763,642 
Interbank Relations118,284,820 105,155,562 
Credits for Honored Guarantees and Guarantees (Note 7.a.)649,347 1,450,794 
Total 258,090,299 176,029,270 
Current 256,568,819 168,072,525 
Non-Current 1,521,480 7,956,745 
Consolidated
12/31/202412/31/2023
Foreign Exchange Portfolio135,688,257 67,659,272 
Securities Negotiation and Intermediation9,560,569 4,743,775 
Interbank Relations118,607,637 105,454,708 
Credits for Honored Guarantees and Guarantees (Note 7.a.)874,161 1,810,543 
Total 264,730,624 179,668,298 
Current 249,132,463 168,832,950 
Non-Current 15,598,162 10,835,348 

b) Securities Negotiation and Intermediation
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Assets
Financial Assets and Pending Settlement Transactions912,640 824,002 6,148,777 3,410,828 
Clearinghouse Transactions71,001 2,049 92,001 5,086 
Debtors - Pending Settlement6,469 109,491 649,225 442,332 
Stock Exchanges - Guarantee Deposits1,601,051 473,271 1,601,051 479,274 
Others975,065 354,829 1,069,515 406,255 
Total 3,566,226 1,763,642 9,560,569 4,743,775 
Liabilities
Financial Assets and Pending Settlement Transactions 1,310,153 294,254 3,383,158 1,107,953 
Creditors - Pending Settlement78,765 4,976 307,536 236,854 
Creditors for Loan of Shares- - 1,408,147 1,273,344 
Clearinghouse Transactions- 10,227 332,864 162,694 
Records and Settlement6,498 3,187 8,628 4,554 
Others28,715 436 68,630 542 
Total 1,424,131 313,080 5,508,963 2,785,941 


    
*Values expressed in thousands, except when indicated.
10.Tax Assets and Liabilities

a) Current and Deferred Tax Assets
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Deferred Tax Assets47,719,313 41,271,976 51,654,358 46,196,503 
Taxes and Contributions to be Compensated9,760,997 8,026,814 11,578,902 9,427,154 
Total57,480,310 49,298,790 63,233,260 55,623,657 
Current 2,662,199 3,834,028 2,971,864 4,738,408 
Non-Current54,818,111 45,464,762 60,261,396 50,885,249 

b) Deferred Tax Assets
b.1) Nature and Origin of Deferred Tax Assets
OriginsBank
Balances onBalances on
12/31/202412/31/202312/31/2023Constitution Realization12/31/2024
Provision for Expected Losses Associated with Credit Risk61,686,64155,875,33525,143,9019,427,390(6,812,302)27,758,989
Provision for Judicial and Administrative Proceedings - Civil Suits3,072,3142,856,2921,285,331815,978(718,768)1,382,541
Provision for Tax Risks and Legal Obligations2,588,7432,108,600948,870336,440(120,375)1,164,935
Provision for Judicial and Administrative Proceedings - Labor Suits5,176,3345,825,5672,621,5061,534,889(1,827,044)2,329,351
Goodwill99,039102,01745,909-(1,340)44,569
Adjustment to the Market Value of Securities for Trading and Derivatives6,653,0274,607,1311,318,6421,563,448(468,785)2,413,305
Adjustment to the Market Value of Securities Available for Sale and Cash Flow Hedges (1)7,241,7581,417,322674,0422,961,655(186,664)3,449,033
Provision for the Supplementary Fund for Retirement Allowance (2)375,6141,533,694690,1611,250,819(1,771,955)169,025
Profit Sharing, Bonuses and Staff Gratuities1,338,7241,205,283527,911827,274(769,772)585,413
Other Temporary Provisions (3)7,364,5516,394,1222,781,1303,927,923(3,502,438)3,206,615
Total Deferred Tax Assets on Temporary Differences95,596,74581,925,36336,037,40322,645,816(16,179,443)42,503,776
Tax Losses and Negative Social Contribution Bases11,610,06011,710,7015,227,23547,387(59,085)5,215,537
Social Contribution - MP 2,158/2001-40,7667,338-(7,338)-
Balance of Registered Deferred Tax Assets107,206,80593,676,83041,271,97622,693,203(16,245,866)47,719,313


*Values expressed in thousands, except when indicated.
OriginsConsolidated
Balances onBalances on
12/31/202412/31/202312/31/2023
Constitution 		Realization12/31/2024
Provision for Expected Losses Associated with Credit Risk67,263,30061,738,32527,512,45410,771,953(8,275,574)30,008,833
Provision for Judicial and Administrative Proceedings - Civil Suits3,294,2833,079,6511,374,298884,284(787,628)1,470,954
Provision for Tax Risks and Legal Obligations2,735,9512,233,681997,129360,770(136,006)1,221,893
Provision for Judicial and Administrative Proceedings - Labor Suits5,501,5636,170,5892,746,6691,579,443(1,880,475)2,445,637
Goodwill99,039102,01745,908-(1,340)44,568
Adjustment to the Market Value of Securities for Trading and Derivatives6,859,6187,868,6782,516,8796,683,583(6,706,763)2,493,699
Adjustment to the Market Value of Securities Available for Sale and Cash Flow Hedges (1)8,234,9712,045,533947,9293,222,682(298,845)3,871,766
Provision for the Supplementary Fund for Retirement Allowance (2)391,2471,543,768693,5871,258,408(1,775,208)176,787
Profit Sharing, Bonuses and Staff Gratuities1,867,7831,621,269671,8921,020,202(920,155)771,939
Other Temporary Provisions (3)8,048,8427,313,3673,119,6764,321,823(3,779,566)3,661,933
Total Deferred Tax Assets on Temporary Differences104,296,59793,716,87840,626,42130,103,148(24,561,560)46,168,009
Tax Losses and Negative Social Contribution Bases12,569,04712,897,8215,562,74481,919(158,314)5,486,349
Social Contribution - MP 2,158/2001-40,7667,338-(7,338)-
Balance of Registered Deferred Tax Assets116,865,644106,655,46546,196,50330,185,067(24,727,212)51,654,358
(1) Includes Deferred Tax Assets of IRPJ, CSLL, PIS and COFINS.
(2) Includes Deferred IRPJ and CSLL Tax Assets, on Benefits Plan adjustments to employees.
(3) Composed mainly of provisions of an administrative nature.


On December 31, 2024, unactivated tax credits totaled R$ 55,757 (12/31/2023 – R$108,198) in Consolidated.

The accounting record of Deferred Tax Assets in Santander Brasil's financial statements was carried out at the rates applicable to the expected period of their realization and is based on the projection of future results and a technical study prepared under the terms of CMN Resolution No. 4,842/2020 and BCB Resolution No. 15/2020.

b.2) Expected Realization of Deferred Tax Assets

Bank
12/31/2024
Temporary DifferencesTax Losses - Negative BasisTotal
YearIRPJCSLLPIS/COFINSRegistered
20254,200,242 3,404,277 129,221 450,044 8,183,784 
20264,135,425 3,338,813 129,221 - 7,603,459 
20273,091,290 2,498,002 129,221 308,824 6,027,337 
20282,788,600 2,230,869 129,222 784,211 5,932,902 
20292,767,781 2,214,214 129,222 1,122,831 6,234,048 

*Values expressed in thousands, except when indicated.
2030 to 20346,215,641 4,972,513 - 2,549,629 13,737,783 
After 2035- - - - - 
Total23,198,979 18,658,688 646,107 5,215,539 47,719,313 
Consolidated
12/31/2024
Temporary DifferencesTax Losses - Negative BasisTotal
YearIRPJCSLLPIS/COFINSRecorded
20254,553,392 3,617,885 137,729 601,222 8,910,228 
20264,603,573 3,615,692 137,728 30,649 8,387,642 
20273,476,893 2,712,615 137,727 331,136 6,658,371 
20283,044,510 2,391,950 137,727 791,529 6,365,716 
20293,033,445 2,382,593 137,727 1,129,474 6,683,239 
2030 to 20346,746,164 5,300,659 - 2,578,465 14,625,288 
After 2035- - - 23,874 23,874 
Total25,457,977 20,021,394 688,638 5,486,349 51,654,358 
Due to the differences between accounting, tax and corporate criteria, the expected realization of deferred tax assets considers the tax legislation in force in each period and should not be taken as an indication of the value of future results.
Based on CMN Resolution No. 4,818/2020 and BCB Resolution No. 2/2020, Deferred Tax Assets must be presented in full in the long term, for balance sheet purposes.

The expectation of realization of Deferred Tax Assets considers the impacts arising from the application of Law No. 14,467/2022 (see note 2, item b.3).

b.3) Present Value of Deferred Tax Assets
The present value of the registered deferred tax assets is R$ 36,304,193 (12/31/2023 - R$ 33,321,684) at the Bank and R$ 38,971,505 (12/31/2023 - R$ 37,477,915) at Consolidated, calculated according to the expected realization of temporary differences, tax losses, negative CSLL bases and the average funding rate, projected for the corresponding periods.

c) Current and Deferred Tax Liabilities
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Deferred Tax Liabilities5,207,3862,727,5747,808,7184,850,820
Provision for Taxes and Contributions on Profits411,8207,0991,191,0311,752,117
Taxes and Contributions Payable  (1)
1,054,2181,200,5644,314,0644,434,042
Total6,673,4243,935,23713,313,81311,036,979
Current 722,5471,207,6632,106,2136,186,158

*Values expressed in thousands, except when indicated.
Non-Current5,950,8772,727,57411,207,6004,850,821
(1) Includes the portion equivalent to R$ 2,911,580 in the Bank and affiliates, corresponding to PIS and COFINS lawsuits, referring to the questioning of Law No. 9,718/98, registered due to the STF decision on Topic 372. (See notes 18.e and 25).






c.1) Nature and Origin of Deferred Tax Liabilities

                   Origins
Bank
Balances onBalances on
12/31/202412/31/202312/31/2023RecognitionRealization12/31/2024
Adjustment to Fair Value of Trading Securities and Derivatives6,265,350 3,596,609 1,705,979 17,048,176 (15,724,991)3,029,165 
Adjustment to Fair Value of Available-for-Sale Securities and Cash Flow Hedge (1)3,184,748 1,871,948 893,115 1,096,165 (470,195)1,519,085 
Excess Depreciation of Leased Assets21,158 21,254 5,314 - (24)5,289 
Others (2)1,453,407 274,113 123,166 530,681 - 653,847 
Total10,924,663 5,763,924 2,727,574 18,675,022 (16,195,210)5,207,386 
                   OriginsConsolidated
Balances onBalances on
12/31/202412/31/202312/31/2023RecognitionRealization12/31/2024
Adjustment to Fair Value of Trading Securities and Derivatives 9,294,554 7,776,143 3,254,614 21,409,740 (20,389,443)4,274,911 
Adjustment to Fair Value of Available-for-Sale Securities and Cash Flow Hedge (1)3,499,975 1,966,265 935,587 1,250,696 (510,820)1,675,462 
Excess Depreciation of Leased Assets1,806,597 1,877,592 469,398 2,791 (20,540)451,649 
Others (2)3,576,928 592,670 191,221 1,248,099 (32,625)1,406,696 
Total18,178,054 12,212,670 4,850,820 23,911,326 (20,953,428)7,808,718 
(1) Includes IRPJ, CSLL, PIS and COFINs.
(2) Includes the update of the provision between Banco Santander and Esfera and the recognition of deferred tax liabilities arising from Pluxee.

c.2) Expectation of Demand for Deferred Tax Liabilities
Bank
12/31/2024
Temporary DifferencesTotal
YearIRPJCSLLPIS/COFINSRegistered
2025481,396 375,764 87,886 945,046 
2026481,396 375,764 87,886 945,046 
2027481,396 375,764 87,886 945,046 
2028479,632 375,764 87,886 943,282 
2029479,632 375,764 87,886 943,282 
2030 to 203493,476 74,688 - 168,164 

*Values expressed in thousands, except when indicated.
After 2035176,400 141,120 - 317,520 
Total2,673,328 2,094,628 439,430 5,207,386 







Consolidated
12/31/2024
Temporary DifferencesTotal
YearIRPJCSLLPIS/COFINSRegistered 
20251,020,907 548,347 132,421 1,701,675 
2026960,745 510,283 124,264 1,595,292 
2027726,648 499,334 121,595 1,347,577 
2028715,437 493,343 121,279 1,330,059 
2029715,437 493,343 121,279 1,330,059 
2030 to 2034108,774 77,762 - 186,536 
After 2035176,400 141,120 - 317,520 
Total4,424,348 2,763,532 620,838 7,808,718 

*Values expressed in thousands, except when indicated.
d) Income Tax and Social Contribution
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Income before Taxation on Profit and Participations13,662,515 4,128,868 19,111,436 9,866,735 
Profit Sharing (1)(1,843,316)(1,507,458)(2,623,232)(2,098,640)
Unrealized Result- - (176)(176)
Income Result before Taxes11,819,199 2,621,410 16,488,028 7,767,919 
Total Income Tax and Social Contribution Charge at Rates of 25% and 20%, Respectively (3)(5,318,640)(1,179,635)(7,419,612)(3,495,564)
Result of Interests in Affiliates and Subsidiaries (2)3,494,331 3,740,805 97,874 77,853 
Nondeductible Expenses Net of Non-Taxable Income1,160,552 932,836 1,348,158 1,022,142 
Interest in Equity2,166,757 2,619,000 2,628,593 2,660,040 
IRPJ and CSLL on Temporary Differences and Tax Losses from Previous Years30,057 107,773 (224,038)121,726 
Effect of the CSLL Rate Difference (3)- - 1,441,329 874,860 
Other Adjustments, Including Profits Available Abroad(316,804)22,041 (692,907)87,999 
Income Tax and Social Contribution1,216,253 6,242,820 (2,820,603)1,349,056 
Current Taxes(179,848)(195,291)(3,534,051)(4,195,566)
Income tax and social contribution for the period(179,848)(195,291)(3,534,051)(4,195,566)
Deferred Taxes1,413,638 6,498,898 745,118 5,591,989 
Constitution/realization in the period on temporary additions and exclusions - Result1,413,638 6,498,898 745,118 5,591,989 
Operations in the Period:(59,084)(60,787)(73,216)(49,045)
Negative Social Contribution Base(38,428)(56,140)(44,775)(59,890)
Tax loss(20,656)(4,647)(28,441)10,845 
Constitution in the period on41,547 - 41,546 1,678 
Negative Social Contribution Base18,300 - 18,300 1,678 
Tax loss23,247 - 23,246 - 
Total deferred taxes1,396,101 6,438,111 713,448 5,544,622 
Income tax and social contribution1,216,253 6,242,820 (2,820,603)1,349,056 
(1)The calculation basis is Net Income, after IR and CSLL.
(2)Interest on Equity received and receivable is not included in the result of interests in associates and subsidiaries.
(3)Effect of the difference in the rate for companies that are subject to the social contribution rate of 9% and 15%








*Values expressed in thousands, except when indicated.
e) Tax Expenses

BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Cofins (Contribution for Social Security Financing)1,691,869 2,012,512 3,081,685 3,290,018 
ISS (Tax on Services)716,523 648,497 1,008,545 891,115 
PIS (Tax on Revenue)274,929 327,033 563,864 589,265 
Others253,692 293,405 279,919 324,423 
Total2,937,013 3,281,447 4,934,013 5,094,821 





*Values expressed in thousands, except when indicated.
11.Other Assets
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Securities and Credits Receivable (Note 7.a)
Credit Cards50,960,565 43,318,428 51,029,771 43,318,428 
Credit Rights (1)24,916,863 32,272,330 31,223,209 35,741,687 
Premium or Discount in Financial Asset Sale or Transfer Operations466,309 214,077 466,309 214,077 
Debtors for Guarantee Deposits:
For Filing Tax Appeals5,876,095 5,656,205 7,809,260 7,503,965 
For Filing Labor Appeals1,722,363 1,735,205 1,816,514 1,834,873 
Others - Civil757,299 787,047 952,218 987,175 
Contractual Guarantees from Former Controllers496 496 496 496 
Payments to be reimbursed116,022 93,865 117,017 97,478 
Salary Advances102,350 129,513 396,447 542,314 
Advances on Energy Contracts- - 4,690,938 2,750,937 
Benefits Plan for Employees275,714 272,437 341,013 338,820 
Debtors for Purchase of Securities and Goods (Note 7.a)349,010 399,190 490,961 551,727 
Amounts Receivable from Related Companies (2)15,032,082 44,824 125,415 236,869 
Income Receivable4,027,534 3,399,401 3,371,246 3,156,621 
Other Values and Assets1,099,669 1,036,387 1,112,444 979,728 
Others (3)20,822,069 13,845,180 12,258,459 8,669,768 
Total126,524,440 103,204,585 116,201,717 106,924,963 
Current 100,062,353 91,933,523 86,144,772 92,881,898 
Non-Current26,462,087 11,271,062 30,056,946 14,043,065 
(1) Consists of operations with credit assignment characteristics, substantially composed of "Confirming" operations with legal entities subject to credit risk and analysis of expected losses associated with credit risk by segment, in accordance with the Bank's risk policies.
(2) Amount receivable of R$15.0 billion, for the reduction of the share capital of the company Aymoré Crédito, Financiamento e Investimento S.A.
(3) The balance is mainly made up of prepaid expenses and funds to be settled from structured operations.

*Values expressed in thousands, except when indicated.
12.Information on Dependencies Abroad    
    
Banco Santander is authorized to operate branches in Grand Cayman, the Cayman Islands, and Luxembourg. The agencies are duly authorized to carry out fundraising business in the international banking and capital markets to provide lines of credit to Banco Santander, which are then extended to Banco Santander customers for working capital and foreign trade financing. The agencies also receive deposits in foreign currency from corporate clients and individuals and grant credit to Brazilian and foreign clients, mainly to support commercial operations with Brazil.
The net result for the period of foreign branches, converted at the exchange rate in force on the balance sheet date included in the financial statements without eliminating transactions with affiliates, is:

Grand Cayman Branch (1)Luxembourg Branch (1)
07/01 to01/01 to 01/01 to07/01 to01/01 to01/01 to
12/31/202412/31/202412/31/202312/31/202412/31/202412/31/2023
Result of the Period841,672 1,813,663 1,560,297 1,043,429 2,189,671 1,727,546 

Grand Cayman Branch (1)Luxembourg Branch (1)
12/31/202412/31/202312/31/202412/31/2023
Assets
Current and Long-Term Realizable Assets177,044,610 154,465,424 157,174,133 119,862,991 
Permanent Assets35 28 - - 
Total Assets177,044,645 154,465,452 157,174,133 119,862,991 
Liabilities
Current Liabilities and Long-Term Liabilities133,250,444 121,105,599 131,056,252 100,565,467 
Net Equity43,794,201 33,359,853 26,117,881 19,297,524 
Total Liabilities and Stockholders's Equity177,044,645 154,465,452 157,174,133 119,862,991 
(1) The functional currency is Real.

*Values expressed in thousands, except when indicated.
13.Investments in Affiliates and Subsidiaries

a)Consolidation Perimeter
Number of Shares or Quotas Owned (Thousand)12/31/2024
InvestmentsLine of ActivityCommon Shares and QuotasPreferred SharesInterest of Banco Santander Consolidated Participation
Controlled by Banco Santander 
Aymoré Crédito, Financiamento e Investimento S.A.Financial50,159 - 100.00 %100.00 %
Banco RCI Brasil S.A. Bank81 81 39.89 %39.89 %
Esfera Fidelidade S.A.Services provision10,001 - 100.00 %100.00 %
Return Capital Gestão de Ativos e Participações S.A. (New name for Gira, Gestão Integrada de Recebíveis do Agronegócio S.A.)Collection Management and Credit Recovery486,010 - 100.00 %100.00 %
Em Dia Serviços Especializados em Cobrança Ltda.Collection Management and Credit Recovery257,306 - 100.00 %100.00 %
Rojo Entretenimento S.A.Services provision7,417 - 95.00 %95.00 %
Sanb Promotora de Vendas e Cobrança Ltda.Provision of Digital Media Services71,181 - 100.00 %100.00 %
Sancap Investimentos e Participações S.A.Holding23,538,159 - 100.00 %100.00 %
Santander Brasil Administradora de Consórcio Ltda.Consortium872,186 - 100.00 %100.00 %
Santander Corretora de Câmbio e Valores Mobiliários S.A.Broker14,067,640 14,067,640 100.00 %100.00 %
Santander Corretora de Seguros, Investimentos e Serviços S.A.Broker7,184 - 100.00 %100.00 %
Santander Holding Imobiliária S.A.Others558,601 - 100.00 %100.00 %
Santander Leasing S.A. Arrendamento MercantilLeasing164 - 100.00 %100.00 %
F1RST Tecnologia e Inovação Ltda.Provision of Technology Services241,941 - 100.00 %100.00 %
SX Negócios Ltda.Provision of Call Center Services75,050 - 100.00 %100.00 %
Tools Soluções e Serviços Compartilhados Ltda.Services provision192,000 - 100.00 %100.00 %
Subsidiaries of Aymoré Crédito, Financiamento e Investimento S.A.
Solution 4Fleet Consultoria Empresarial S.A.Technology500,411 - 100.00 %100.00 %
Banco Hyundai Capital Brasil S.A.Bank150,000 - 50.00 %50.00 %
Subsidiaries of Santander Leasing
Banco Bandepe S.A.Bank3,589 - 100.00 %100.00 %
Santander Distribuidora de Títulos e Valores Mobiliários S.A. (Santander DTVM)Distributor461 - 100.00 %100.00 %
Subsidiaries of Sancap
Santander Capitalização S.A.Capitalization64,615 - 100.00 %100.00 %
Evidence Previdência S.A.Pension42,819,564 - 100.00 %100.00 %
Subsidiaries of Santander Holding Imobiliária S.A.
Summer Empreendimentos Ltda.Real Estate17,084 - 100.00 %100.00 %
Subsidiaries of Santander Distribuidora de Títulos e Valores Mobiliários S.A.
Toro Corretora de Títulos e de Valores Mobiliários Ltda. (Toro CTVM)Broker21,559 - 59.64 %59.64 %
Toro Investimentos S.A. (1)Investments44,101 - 13.23 %13.23 %
Subsidiaries of  Toro Corretora de Títulos de Valores Mobiliários Ltda.
Toro Investimentos S.A.Investments289,362 - 86.77 %86.77 %
Joint Subsidiary of Sancap 
Santander Auto S.A. Technology22,452 - 50.00 %50.00 %
Subsidiary of Toro Investimentos S.A.
Toro Asset Management S.A.Investments918,264 - 100.00 %100.00 %
(1) Santander Distribuidora de Títulos e Valores Mobiliários S.A is the controlling shareholder of Toro Investimento S.A.



*Values expressed in thousands, except when indicated.

Number of Shares or Quotas Owned (Thousand)12/31/2024
InvestmentsLine of ActivityCommon Shares and QuotasPreferred SharesInterest of Banco Santander Consolidated Participation
Significant Influence of Banco Santander
Estruturadora Brasileira de Projetos S.A.Others5,076 1,736 11.11 %11.11 %
Gestora de Inteligência de Crédito S.A.Credit Bureau8,144 1,756 15.56 %15.56 %
Significant Influence by Banco Santander
Núclea S.A.Others9,248 - 17.53 %17.53 %
Pluxee BenefÍcios Brasil S.ABenefits191,342 - 20.00 %20.00 %
Joint Subsidiaries of Santander Corretora de Seguros
América Gestão Serviços em Energia S.A.Energy653 - 70.00 %70.00 %
Fit Economia de Energia S.A. Others10,400 - 65.00 %65.00 %
Jointly controlled companies of Santander Corretora de Seguros
Hyundai Corretora de Seguros Ltda.Insurance Broker1,000 - 50.00 %50.00 %
Significant Influence of Santander Corretora de Seguros
CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A.Others22,454 - 20.00 %20.00 %
Tecnologia Bancária S.A.Others743,944 68,771 18.98 %18.98 %
Biomas – Serviços Ambientais, Restauração e Carbono S.A.Others20,000 - 16.66 %16.66 %
Webmotors S.A.Technology 182,197,214 - 30.00 %30.00 %
Subsidiary of Webmotors S.A.
Loop Gestão de Pátios S.A.Services provision23,243 - 51.00 %15.30 %
Car10 Tecnologia e Informação S.A. Technology6,591 - 66.67 %20.00 %
Subsidiary of Car10 Tecnologia e Informação S.A.
Pag10 Fomento Mercantil Ltda.Technology100 - 100.00 %20.00 %
Subsidiary of Tecnologia Bancária S.A.
Tbnet Comércio, Locação e Administração Ltda.Others552,004 - 100.00 %18.98 %
TecBan Serviços Integrados Ltda.Others10,800 - 100.00 %18.98 %
Subsidiary of Tbnet Comércio, Locação e Administração Ltda.
Tbforte Segurança e Transporte de Valores Ltda.Others517,505 - 100.00 %18.98 %
Consolidated Investment Funds
• Santander Fundo de Investimento Amazonas Multimercado Crédito Privado de Investimento no Exterior (Santander FI Amazonas);
•Santander Fundo de Investimento Diamantina Multimercado Crédito Privado de Investimento no Exterior (Santander FI Diamantina);
•Santander Fundo de Investimento Guarujá Multimercado Crédito Privado de Investimento no Exterior (Santander FI Guarujá);
•Santander Fundo de Investimento SBAC Referenciado DI Crédito Privado (Santander FI SBAC);
•Santander Paraty QIF PLC (Santander Paraty) (3);             
•Venda de Veículos Fundo de Investimento em Direitos Creditórios (Venda de Veículos FIDC) (1);     
•Prime 16 – Fundo de Investimento Imobiliário (atual denominação do BRL V - Fundo de Investimento Imobiliário - FII) (2);
•Santander FI Hedge Strategies Fund (Santander FI Hedge Strategies) (3);                     
•Fundo de Investimento em Direitos Creditórios Multisegmentos NPL Ipanema VI - Não Padronizado (Fundo Investimento Ipanema NPL VI) (4);                                     
•Santander Hermes Multimercado Crédito Privado Infraestrutura Fundo de Investimentos;
•Fundo de Investimentos em Direitos Creditórios Atacado – Não Padronizado (4);
•Atual - Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior;
•Fundo de Investimentos em Direitos Creditórios – Getnet;
•Agro Flex Fundo de Investimento em Direitos Creditórios (4);
•San Créditos Estruturados – Fundo de Investimento em Direitos Creditórios Não Padronizado (4);
•D365 – Fundo De Investimento em Direitos Creditórios (4);
•Fundo de Investimento em Direitos Creditórios Tellus (4);
•Fundo de Investimento em Direitos Creditórios Precato IV (4);
•Santander Hera Renda Fixa Fundo Incentivado de Investimento em Infraestrutura Responsabilidade Limitada;
•Ararinha Fundo de Investimento em Renda Fixa Longo Prazo; and
•Hyundai Fundo de Investimento em Direitos Creditórios.

(1)The Renault manufacturer (an entity not belonging to the Santander Conglomerate) sells its duplicates to the Fund. This Fund exclusively purchases duplicates from the Renault manufacturer. In turn, Banco RCI Brasil S.A. holds 100% of its subordinated shares.
(2)Banco Santander appeared as a creditor in certain overdue credit operations that had real estate as collateral. The operation to recover these credits consists of the contribution of properties as collateral for the capital of the Real Estate Investment Fund and the consequent transfer of the Fund's shares to Banco Santander, through payment in payment of the aforementioned credit operations.

*Values expressed in thousands, except when indicated.
(3)Banco Santander, through its subsidiaries, holds the risks and benefits of Santander Paraty and its exclusive fund Santander FI Hedge Strategies, resident in Ireland, and both are fully consolidated in their Consolidated Financial Statements. Santander Paraty does not have its own equity position, with all records coming from the financial position of Santander FI Hedge Strategies.
(4)Fund controlled by Return Capital Gestão de Ativos e Participações S.A.



b) Composition of Investments
Bank
Adjusted Net EquityNet Income (Loss)Value of InvestmentsEquity Income Result
01/01 to01/01 to01/01 to
12/31/202412/31/202412/31/202412/31/202312/31/202412/31/2023
Subsidiaries of Banco Santander 
Aymoré Crédito, Financiamento e Investimento S.A.9,300,7372,412,9689,300,73722,838,7382,412,9682,381,501
Banco RCI Brasil S.A. 1,525,066239,840608,363508,03595,67466,230
Núclea S.A. - - - 503,922 109,223 
Em Dia Serviços Especializados em Cobrança Ltda.214,732516214,732214,216516(49,924)
Esfera Fidelidade S.A.770,085862,042770,085908,089861,996775,650
Return Capital S.A.- - - 7,482,700497,095808,568
Return Capital Gestão de Ativos e Participações S.A. (New name of Gira, Gestão Integrada de Recebíveis do Agronegócio S.A.)9,584,599 110,481 9,609,428 - 122,269 (27,097)
Sancap Investimentos e Participações S.A.1,168,537624,7941,168,5371,223,774624,794662,702
Santander Brasil Administradora de Consórcio Ltda.1,015,589543,4951,015,5891,027,901543,495578,175
Santander Corretora de Câmbio e Valores Mobiliários S.A.1,008,49738,9371,008,497975,59338,93750,516
Santander Corretora de Seguros, Investimentos e Serviços S.A.8,016,1591,568,3998,016,1596,462,2791,568,3992,073,046
Santander Leasing S.A. Arrendamento Mercantil10,065,689731,26710,065,68911,445,416731,267728,033
Tools Soluções e Serviços Compartilhados Ltda.258,81227,672258,812230,24627,67231,793
Toro Participacoes S.A.- - - - 1,863- 
Significant Influence by Banco Santander
Núclea S.A.1,748,554605,590306,521- 106,160- 
Pluxee BenefÍcios Brasil S.A10,181,020265,1952,036,204- 53,039- 
Others1,925,814(77,698)1,442,8231,298,30179,036124,484
Total56,783,8907,953,49845,822,17655,119,2107,765,1808,312,900























*Values expressed in thousands, except when indicated.
Consolidated
Adjusted Net EquityNet Income (Loss)Value of InvestmentsEquity Income Result
01/01 to01/01 to01/01 to
12/31/202412/31/202412/31/202412/31/202312/31/202412/31/2023
Jointly controlled directly and indirectly by Banco Santander
Biomas – Serviços Ambientais, Restauração e Carbono S.A.17,538 (33,978)2,923 3,585 (5,663)(1,415)
CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A.361,385 (7,690)72,276 42,565 (1,538)2 
Estruturadora Brasileira de Projetos S.A.3,483 1,611 387 208 179 18 
Gestora de Inteligência de Crédito S.A.334,971 (28,418)52,088 56,507 (4,419)(5,436)
Hyundai Corretora de Seguros Ltda. 4,614 1,400 2,307 1,607 700 353 
PSA Corretora- - - - - 1,925 
Santander Auto S.A. 112,814 51,576 56,407 36,762 25,788 19,191 
Tecnologia Bancária S.A.982,708 15,111 186,518 183,650 2,868 2,435 
Significant Influence by Santander Corretora de Seguros
Webmotors S.A.526,697 134,617 158,009 106,956 40,385 46,711 
Significant Influence by Banco Santander
Núclea S.A.1,748,554 605,590 306,521 503,922 106,160 109,223 
Pluxee Benefícios Brasil S.A. (1)10,181,020 265,195 2,036,204 - 53,039 - 
Total14,273,784 1,005,014 2,873,640 935,762 217,499 173,007 
(1) The balance of the stake acquisition operation in Pluxee includes its investment in its benefits subsidiary, Pluxee Instituição de Pagamento S.A. (Current name of ”Ben Benefícios e Serviços Instituição de Pagamentos S.A.”) and goodwill generated by expected future profitability, as described in Note 29.d.




*Values expressed in thousands, except when indicated.

14.Fixed Assets
Bank
12/31/202412/31/2023
Cost Accumulated DepreciationNetCostAccumulated DepreciationNet
Real Estate in Use2,354,268 (1,030,513)1,323,755 2,385,144 (991,889)1,393,255 
Land605,122 - 605,122 613,619 - 613,619 
Buildings1,749,146 (1,030,513)718,633 1,771,525 (991,889)779,636 
Other Fixed Assets in Use12,924,670 (9,707,500)3,217,170 13,559,747 (9,701,225)3,858,522 
Installations, Furniture and Equipment5,505,038 (4,264,146)1,240,892 5,641,818 (4,080,962)1,560,856 
Data Processing Equipment2,936,331 (2,079,165)857,166 2,958,597 (1,960,612)997,985 
Improvements to Third Party Properties3,475,404 (2,636,282)839,122 3,946,673 (2,964,733)981,940 
Security and Communications Systems942,673 (691,803)250,870 945,019 (664,032)280,987 
Others65,224 (36,104)29,120 67,640 (30,886)36,754 
Total15,278,938 (10,738,013)4,540,925 15,944,891 (10,693,114)5,251,777 
Consolidated
12/31/202412/31/2023
CostAccumulated DepreciationNetCostAccumulated DepreciationNet
Real Estate in Use2,603,334 (1,097,961)1,505,373 2,617,403 (1,049,217)1,568,186 
Land649,690 - 649,690 658,187 - 658,187 
Buildings1,953,644 (1,097,961)855,683 1,959,216 (1,049,217)909,999 
Other Fixed Assets in Use13,367,852 (9,930,668)3,437,184 13,956,282 (9,869,620)4,086,662 
Installations, Furniture and Equipment5,625,827 (4,357,678)1,268,149 5,693,158 (4,137,663)1,555,495 
Data Processing Equipment3,086,053 (2,099,820)986,233 3,117,011 (1,977,807)1,139,204 
Improvements to Third Party Properties3,643,052 (2,741,343)901,709 4,110,261 (3,055,802)1,054,459 
Security and Communications Systems947,669 (695,696)251,973 949,249 (667,430)281,819 
Others65,251 (36,131)29,120 86,603 (30,918)55,685 
Total15,971,186 (11,028,629)4,942,557 16,573,685 (10,918,837)5,654,848 


*Values expressed in thousands, except when indicated.


15.Intangibles
Bank
12/31/202412/31/2023
CostAccumulated AmortizationNetNet
Goodwill on the Acquisition of Subsidiaries Companies27,220,515 (27,117,154)103,361 303,073 
Other Intangible Assets15,710,323 (8,493,707)7,216,616 6,779,882 
Acquisition and Development of Software10,762,538 (6,217,694)4,544,844 4,104,278 
Payroll Acquisition Rights4,774,406 (2,104,285)2,670,121 2,654,124 
Others173,379 (171,728)1,651 21,480 
Total42,930,838 (35,610,861)7,319,977 7,082,955 
Consolidated
12/31/202412/31/2023
CostAccumulated AmortizationNetNet
Goodwill on the Acquisition of Subsidiaries Companies28,274,123 (27,672,403)601,720 887,252 
Other Intangible Assets16,371,895 (8,852,009)7,519,886 7,074,300 
Acquisition and Development of Software11,423,730 (6,575,994)4,847,736 4,398,186 
Payroll Acquisition Rights4,774,406 (2,104,285)2,670,121 2,654,124 
Others173,759 (171,730)2,029 21,990 
Total44,646,018 (36,524,412)8,121,606 7,961,552 
For the year ended December 31, 2024, there was no impairment of Rights for Acquisition of Payroll and Development of Logics.



*Values expressed in thousands, except when indicated.

16.Funding
a) Opening of Equity Accounts

Bank
12/31/202412/31/2023
No maturityUp to 3 MonthsFrom 3 to 12 MonthsMore than 12 months TotalTotal
Deposits99,711,716 120,980,459 124,150,675 150,465,502 495,308,353 475,535,132 
Demand Deposits42,113,904 - - - 42,113,904 41,280,250 
Savings Deposits57,452,664 - - - 57,452,664 58,111,966 
Interbank Deposits- 365,876 - 5,146,147 5,512,023 4,111,360 
Time Deposits (1)145,149 120,614,583 124,150,675 145,319,356 390,229,762 372,031,556 
Open Market Funding- 124,632,374 12,091,543 26,181,317 162,905,234 141,939,228 
Own Portfolio- 84,087,309 28,202 421 84,115,932 61,343,482 
Public Securities- 70,427,419 - - 70,427,419 39,730,093 
Others- 13,659,890 28,202 421 13,688,513 21,613,389 
Third-Party Portfolio- 40,545,065 - - 40,545,065 62,025,098 
Free Movement Portfolio- - 12,063,341 26,180,896 38,244,237 18,570,648 
Funds from Acceptance and Issuance of Securities- 28,376,720 56,937,444 94,265,640 179,579,804 167,198,665 
Resources for Real Estate, Mortgage, Credit and Similar Letters- 13,474,034 47,641,388 58,711,380 119,826,802 116,770,927 
Real Estate Credit Letters - LCI (2)- 3,648,695 15,252,317 22,263,991 41,165,003 41,677,823 
Agribusiness Letters of Credit - LCA- 4,220,536 15,268,170 17,591,988 37,080,694 36,422,804 
Financial Letters - LF (3)- 2,888,398 12,770,271 8,857,135 24,515,804 22,729,058 
Guaranteed Real Estate Notes - LIG (4)- 2,716,405 4,350,630 9,998,266 17,065,301 15,941,242 
Obligations for Securities Abroad- 14,169,249 5,044,416 23,639,285 42,852,950 38,257,726 
Structured Operations Certificates- 733,437 4,251,640 11,914,975 16,900,052 12,170,012 
 Obligations for Loans and Transfers- 51,113,487 55,137,327 12,470,988 118,721,802 89,571,840 
Obligations for Loans Abroad- 50,263,859 52,807,692 6,714,514 109,786,065 77,239,162 
Export and Import Financing Lines- 29,277,886 41,882,187 - 71,160,073 50,490,555 
Other Lines of Credit- 20,985,973 10,925,505 6,714,514 38,625,992 26,748,607 
Domestic Onlendings - Official Institutions- 849,628 2,329,635 5,756,474 8,935,737 12,332,678 
Total99,711,716 325,103,040 248,316,989 283,383,448 956,515,193 874,244,865 
Current99,711,716 325,103,040 248,316,989 - 673,131,746 599,568,298 
Non-Current- - - 283,383,448 283,383,448 274,676,567 
    








*Values expressed in thousands, except when indicated.






Consolidated
12/31/202412/31/2023
No maturityUp to 3 MonthsFrom 3 to 12 MonthsMore than 12 monthsTotalTotal
Deposits99,168,569 109,447,333 100,881,499 185,830,814 495,328,215 475,701,951 
Demand Deposits41,354,662 - - - 41,354,662 40,967,118 
Savings Deposits57,452,664 - - - 57,452,664 58,111,966 
Interbank Deposits- (11,263,486)(23,240,131)40,578,413 6,074,796 4,263,954 
Term Deposits (1)145,149 120,710,819 124,121,630 145,252,401 390,229,999 372,200,427 
Other Deposits216,094 - - - 216,094 158,486 
Money Market Funding- 112,205,119 12,091,543 26,181,317 150,477,979 134,793,745 
Own Portfolio- 78,518,983 28,202 421 78,547,606 55,967,171 
Public Securities- 64,862,951 - - 64,862,951 34,353,782 
Others- 13,656,032 28,202 421 13,684,655 21,613,389 
Third-Party Portfolio- 33,686,136 - - 33,686,136 60,255,925 
Free Movement Portfolio- - 12,063,341 26,180,896 38,244,237 18,570,649 
Funds from Acceptance and Issuance of Securities- 20,026,206 57,540,188 86,697,568 164,263,962 149,203,270 
Foreign Exchange Acceptance Resources- 124,082 395,257 1,092,961 1,612,300 1,339,088 
Resources for Real Estate, Mortgage, Credit and Similar Letters- 14,264,132 48,912,571 62,723,584 125,900,287 122,082,082 
Real Estate Credit Letters - LCI (2)- 3,648,695 15,252,317 22,263,992 41,165,004 41,677,823 
Agribusiness Letters of Credit - LCA- 4,220,536 15,268,170 17,591,988 37,080,694 36,422,804 
Financial Letters - LF (3)- 3,678,495 14,041,454 12,869,338 30,589,287 28,040,213 
Guaranteed Real Estate Notes - LIG (4)- 2,716,406 4,350,630 9,998,266 17,065,302 15,941,242 
Obligations for Securities Abroad- 4,904,555 3,980,720 10,966,051 19,851,326 13,612,088 
Structured Operations Certificates- 733,437 4,251,640 11,914,972 16,900,049 12,170,012 
Obligations for Loans and Transfers- 51,118,867 55,137,327 12,470,988 118,727,182 89,635,879 
Loan Obligations in the Country- 5,380 - - 5,380 64,039 
Obligations for Loans Abroad- 50,263,859 52,807,692 6,714,514 109,786,065 77,239,162 
Export and Import Financing Lines- 29,277,886 41,882,187 - 71,160,073 50,490,555 
Other Lines of Credit- 20,985,973 10,925,505 6,714,514 38,625,992 26,748,607 
Domestic Onlendings - Official Institutions- 849,628 2,329,635 5,756,474 8,935,737 12,332,678 
Total99,168,569 292,797,525 225,650,557 311,180,687 928,797,338 849,334,845 
Current99,168,569 292,797,525 225,650,557 - 617,616,651 581,902,229 
Non-Current- - - 311,180,687 311,180,687 267,432,616 
(1)They consider the maturities established in the respective applications, with the possibility of immediate withdrawal, in advance of their maturity date.
(2)Real estate credit bills are fixed income securities backed by real estate credits and guaranteed by a mortgage or fiduciary sale of real estate. On December 31, 2024, they have a maturity date between 2025 and 2034.
(3)The main characteristics of financial bills are a minimum term of two years, a minimum nominal value of R$50 and permission for early redemption of only 5% of the amount issued. On December 31, 2024, they have a maturity date between 2025 and 2034.
(4)Guaranteed Real Estate Bills are fixed income securities backed by Real Estate credits guaranteed by the issuer and by a pool of real estate credits separate from the issuer's other Assets. On December 31, 2024, they have a maturity date between 2025 and 2035 (12/31/2023 - with a maturity date between 2024 and 2035).

*Values expressed in thousands, except when indicated.

At the Bank and Consolidated, the export and import financing lines are resources raised from financial institutions abroad, intended for investment in commercial exchange operations, relating to discounting of export bills and pre-financing for export and import, whose Maturities run until the year 2026 (12/31/2023 - until the year 2030) and are subject to financial charges, corresponding to exchange rate variation plus interest ranging from 0.09% to 0.91% p.a. (12/31/2023 - from 0.04% p.a. to 3.02% p.a.).
Onlending obligations from the country - official institutions are subject to financial charges corresponding to the TJLP, exchange variation of the BNDES currency basket or the exchange variation of the US Dollar, plus interest, in accordance with the operational policies of the BNDES System.

b) Obligations for Securities Abroad
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
IssuanceMaturity untilInterest Rate (p.a.)TotalTotalTotalTotal
20182025Up to 6,4% + CDI- 207,098 - - 
20192027Up to 9% + CDI660,286 1,115,221 - - 
20202027Up to 9% + CDI76,703 464,379 - - 
20212031Up to 9% + CDI5,141,417 7,584,269 4,195,534 3,337,315 
20222035Up to 9% + CDI1,941,482 4,950,983 1,459,607 1,918,929 
20232033Up to 9% + CDI9,464,352 23,935,776 3,102,939 8,355,844 
20242035Up to 9% + CDI25,568,710 - 11,093,246 - 
Total42,852,950 38,257,726 19,851,326 13,612,088 
c) Opening of income accounts
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Term Deposits (1) (2)41,511,815 31,989,743 36,290,976 27,331,083 
Savings Deposits3,735,413 4,295,177 3,735,413 4,295,178 
Interbank Deposits496,986 670,027 479,718 544,764 
Fundraising on the Open Market (2)24,603,606 15,277,516 23,592,702 14,283,764 
Updating and Interest on Pension and Capitalization Provisions- - 273,241 314,936 
Funds from Acceptance and Issuance of Securities (2)45,880,407 19,254,941 46,681,789 20,034,911 
Others (3)5,188,270 (1,615,769)5,221,381 (1,740,691)
Total121,416,497 69,871,635 116,275,220 65,063,945 
(1) At the Bank and Consolidated, it includes the recording of interest in the amount of R$ 2,523,206 (2023 - R$ 713,975), referring to the issuance of a Debt Instrument Eligible for Tier I and II Capital (Note 17.b).
(2) Includes exchange rate variation expenses in the amount of R$42,216,182 in the Bank and Consolidated and contrary effects on exchange rate variation with TVM note 6.a.V (2023 - R$6,460,243).
(3) As of December 31, 2024, it mainly refers to exchange rate variation expenses in the Bank and Consolidated.



*Values expressed in thousands, except when indicated.

17.Other Financial Liabilities
a.Composition
Bank
12/31/202412/31/2023
Foreign Exchange Portfolio 131,126,583 63,753,620 
Securities Negotiation and Intermediation1,424,131 313,080 
Equity Eligible Debt Instruments23,137,784 19,626,967 
Collection and Collection of Taxes and Similar130,889 146,792 
Interdependencies and Interfinancial Relations4,621,805 6,438,024 
Total 160,441,192 90,278,483 
Current151,885,172 78,170,338 
Non-Current8,556,020 12,108,145 
Consolidated
12/31/202412/31/2023
Foreign Exchange Portfolio131,126,583 63,753,620 
Securities Negotiation and Intermediation5,508,963 2,785,941 
Equity Eligible Debt Instruments23,341,534 19,626,967 
Collection and Collection of Taxes and Similar162,045 178,846 
Interdependencies and Interfinancial Relations4,621,805 6,438,025 
Total 164,760,930 92,783,399 
Current143,258,163 78,162,872 
Non-Current21,502,767 14,620,527 

b.Debt Instruments Eligible to Capital
The details of the balance of the item Debt Instruments Eligible for Capital referring to the issuance of capital instruments to compose Level I and Level II of the PR due to the Capital Optimization Plan, are as follows:

Bank/Consolidated
12/31/202412/31/2023
Equity Eligible Debt Instruments IssuanceMaturity Issue Value (in Millions)Interest Rate (p.a.)TotalTotal
Level I (1)Nov-18No Maturity (Perpetual)US$1,2507.250 %— 6,116,218 
Financial Bills - Level II (2)Nov-21Nov-31R$5,300CDI+2%7,995,673 7,072,124 
Financial Bills - Level II (2)Dec-21Dec-31R$200CDI+2%301,468 266,647 
Financial Bills - Level II (2)Oct-23Oct-33R$6,000CDI+1.6%6,949,991 6,171,978 
Financial Bills - Level II (2) (4) Nov-24Nov-34R$200CDI+1.15%203,750 — 
Financial Bills - Level I (3)Set-24No Maturity (Perpetual)R$7,000CDI+1.4%7,890,652 — 
Total    23,341,534 19,626,967 
(1)   The issues were made through the Cayman Branch and there is no incidence of Income Tax at Source, and interest is paid semi-annually, starting on May 8, 2019.
(2)   Financial Bills issued in November 2021 to November 2024 have redemption and repurchase options.
(3)   Financial Bills issued in September 2024 have redemption and repurchase options, and interest is paid semi-annually, starting on March 5, 2025.
(4)   Financial Bills issued through Banco RCI. At Banco Santander, therefore, the total amount of debt instruments eligible for capital is R$23,137,784.

Notes have the following common characteristics:

(a) Unit value of at least US$150 thousand and in integral multiples of US$1 thousand when exceeding this minimum value;
(b) The Notes may be repurchased or redeemed by Banco Santander after the 5th (fifth) anniversary from the date of issue of the Notes, at the Bank's sole discretion or due to changes in the tax legislation applicable to the Notes; or at any time, due to the occurrence of certain regulatory events.

*Values expressed in thousands, except when indicated.

18.Other Liabilities

BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Technical Provision for Capitalization Operations- - 4,361,282 4,382,123 
Obligations with Credit Cards52,172,654 44,790,626 52,172,676 45,143,460 
Provision for Tax Risks and Legal Obligations (Note 19.b)2,824,081 2,326,237 3,032,613 2,521,560 
Provision for Judicial and Administrative Proceedings - Labor and Civil Lawsuits (Note 19.b)5,623,701 5,734,590 6,309,615 6,188,861 
Labor Actions2,609,381 3,051,424 2,968,667 3,291,702 
Civil Actions3,014,320 2,683,166 3,340,948 2,897,159 
Provision for Financial Guarantees Provided605,207 550,374 605,207 550,374 
Benefits Plan for Employees (Note 27) (1)1,347,111 2,508,983 1,364,437 2,543,504 
Obligations for Acquisition of Goods and Rights4,223 5,376 4,223 5,376 
Provision for Payments to be Made
Personnel Expenses1,977,507 1,807,154 2,611,016 2,338,857 
Administrative Costs267,205 260,989 716,105 623,225 
Others Payments51,019 48,466 147,862 159,725 
Creditors for Resources to be Released1,252,660 1,053,873 1,252,660 1,053,873 
Obligations for Provision of Payment Service548,677 591,592 548,677 591,592 
Suppliers902,658 802,212 886,377 1,304,360 
Social and Statutory515,056 523,514 575,628 585,339 
Obligations with TVM Foreign Operations4,489,514 3,510,605 4,489,514 3,510,605 
Debts with Insurance Operations- - 1,605,532 1,696,572 
Others (2)17,121,739 10,137,747 20,740,116 13,989,982 
Total89,703,012 74,652,338 101,423,540 87,189,388 
Current16,821,944 12,525,591 27,368,487 23,902,138 
Non Current72,881,068 62,126,747 74,055,053 63,287,250 
(1) The amount includes the effects of the obligation created as a result of the transaction signed between Banco Santander, BANESPREV, AFABESP and legal advisors on June 27, 2024. See details in note 27, item a.
(2) Composed mainly of exchange rate variations relating to Notes, balances arising from the reward program and other commitments for resources to be settled.

a) Provision for Financial Guarantees Provided

The classification of guarantee operations provided to constitute provisioning is based on the estimate of the risk involved. It results from the process of evaluating the quality of customers and operations, using a statistical model based on quantitative and qualitative information or by a specialized credit analyst, which allows them to be classified according to their probability of default, based on objective internal and market variables. (bureaus), previously identified as predictive of the probability of default. After this assessment, the operations are classified according to the provisioning ratings, with reference to CMN Resolution No. 2,682/1999. Through this analysis, the provision values are recorded to cover each operation, considering the type of guarantee provided, in accordance with the requirements of CMN Resolution No. 4,512/2016.
Bank/Consolidated
12/31/202412/31/2023
Type of Financial GuaranteeBalance Guarantees ProvidedProvisionBalance Guarantees ProvidedProvision
Linked to International Merchandise Trade3,995,743 119,000 5,094,679 100,147 
Linked to Bids, Auctions, Provision of Services or Execution of Works17,137,870 14,374 7,020,490 8,909 
Linked to the Supply of Goods2,373,486 1,660 2,768,318 1,985 
Linked to the Distribution of Securities by Public Offer380,000 - - - 
Guarantee in Legal and Administrative Proceedings of Fiscal Nature12,362,581 350,925 13,688,909 327,298 
Other Guarantees61,923 1,858 90,386 1,840 
Other Bank Guarantees20,172,826 102,907 31,184,916 60,216 
Other Financial Guarantees6,260,832 14,483 2,062,860 49,979 
Total62,745,261 605,207 61,910,558 550,374 



*Values expressed in thousands, except when indicated.

Movement of the Provision for Financial Guarantees Provided    
Bank/Consolidated
01/01 to01/01 to
12/31/202412/31/2023
Balance at Beginning550,374 413,437 
Constitution118,513 215,953 
Reversal (1)(63,680)(79,016)
Balance at End605,207 550,374 
(1) Corresponds to honored guarantees, change in rating or provision set up in the Provision for Expected Losses Associated with Credit Risk line.

19.Provisions, Contingent Assets and Liabilities and Legal Obligations - Tax and Social Security

a) Contingent Assets
                                    
In the Bank and in Consolidated, as of December 31, 2024 and December 31, 2023, no contingent assets were recognized in the accounts.

b) Patrimonial Balances of Provisions for Judicial and Administrative Proceedings and Legal Obligations by Nature
BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
Provision for Tax Risks and Legal Obligations (Note 18)2,824,081 2,326,237 3,032,613 2,521,560 
Provision for Judicial and Administrative Proceedings - Labor and Civil Lawsuits (Note 18)5,623,701 5,734,590 6,309,615 6,188,861 
Labor Suits2,609,381 3,051,424 2,968,667 3,291,702 
Civil Suits3,014,320 2,683,166 3,340,948 2,897,159 
Total8,447,782 8,060,827 9,342,228 8,710,421 

c) Movement of Provisions for Judicial and Administrative Proceedings and Legal Obligations
Bank
01/01 to01/01 to
12/31/202412/31/2023
Tax (1)LaborCivilTaxLaborCivil
Initial Balance2,326,237 3,051,424 2,683,166 4,141,393 1,532,949 2,724,425 
Net Reversal Constitution (2)524,166 2,251,457 1,051,254 (1,839,160)2,767,138 622,454 
Restatement138,323 108,733 227,380 146,335 55,322 232,733 
Write-offs by Payment(164,645)(2,802,233)(947,480)(122,331)(1,303,985)(896,446)
Final Balance2,824,081 2,609,381 3,014,320 2,326,237 3,051,424 2,683,166 
Guarantee Deposits - Other Credits1,916,446 521,162 263,533 1,813,686 666,387 305,127 
Guarantee Deposits - Securities 3,589 820 727 2,898 58,462 8 
Total Guarantee Deposits (3)1,920,035 521,982 264,260 1,816,584 724,849 305,135 
Consolidated
01/01 to01/01 to
12/31/202412/31/2023
Tax (1)LaborCivilTaxLaborCivil
Initial Balance2,521,560 3,291,702 2,897,159 6,722,249 1,711,146 2,883,056 
Net Reversal Constitution (2)545,642 2,503,441 1,348,231 (4,054,636)2,908,910 870,947 
Restatement145,688 114,600 232,508 161,312 60,970 237,399 
Write-offs by Payment(180,277)(2,941,076)(1,136,950)(307,365)(1,389,324)(1,094,243)
Final Balance3,032,613 2,968,667 3,340,948 2,521,560 3,291,702 2,897,159 
Guarantee Deposits - Other Credits3,282,428 543,570 271,002 3,111,132 700,987 320,687 
Guarantee Deposits - Securities4,869 820 727 4,079 58,462 8 
Total Guarantee Deposits (3)3,287,297544,390271,7293,115,211759,449320,695
(1) Fiscal risks include the creation of provisions for taxes related to legal and administrative proceedings and legal obligations, recorded in tax expenses.
(2) In 2023, includes the reversal of the provision for PIS and COFINS processes relating to the questioning of Law No. 9,718/98 (See Note 25).
(3) Refer to the amounts of guarantee deposits, limited to the value of the provision for contingencies classified as probable. The value of deposits for other contingencies classified as possible or remote, at the Bank is R$5,648 million and at Consolidated it is R$6,737 million.



*Values expressed in thousands, except when indicated.



d) Tax, Social Security, Labor and Civil Provisions                     

Banco Santander and its subsidiaries are an integral part in legal and administrative proceedings of a tax, social security, labor and civil nature, arising in the normal course of their activities.

Provisions were set up based on the nature, complexity and history of the legal proceedings and the assessment of the loss of the companies' shares based on the opinions of internal and external legal advisors. Banco Santander's policy is to fully provision the value at risk of shares whose assessment is of probable loss.

Management understands that the provisions set up are sufficient to cover possible losses resulting from legal and administrative proceedings as follows:

d.1) Judicial and Administrative Proceedings of a Tax and Social Security Nature

Main legal and administrative proceedings with probable risk of loss

Banco Santander and its controlled companies are parties to legal and administrative proceedings related to tax and social security discussions, which are classified based on the opinion of legal advisors, as a probable risk of loss.

Provisional Contribution on Financial Transactions (CPMF) in Customer Operations - R$ 1,167 million (12/31/2023 - R$ 1,099 million) in the Bank and Consolidated: in May 2003, the Brazilian Federal Revenue Service issued a tax assessment notice on Santander Distribuidora de Títulos e Valores Mobiliários Ltda. (Santander DTVM) and another case at Banco Santander (Brasil) S.A. The object of the case was the collection of CPMF on operations carried out by Santander DTVM in the management of its customers' resources and clearing services provided by the Bank to Santander DTVM, which occurred during the years 2000, 2001 and 2002. The administrative process ended unfavorably for both Companies. On July 3, 2015, Banco and Santander Brasil Tecnologia S.A. (current name of Produban Serviços de Informática S.A. and Santander DTVM) filed a lawsuit seeking to cancel both tax debts. Said action had an unfounded sentence and ruling, which led to the filing of a Special Appeal to the STJ and an Extraordinary Appeal to the STF, which are awaiting judgment. Based on the assessment of legal advisors, a provision was set up to cover the loss considered probable in the legal action.

National Social Security Institute (INSS) - R$ 140 million in the Bank and R$ 142 million in Consolidated (12/31/2023 - R$137 million in the Bank and R$ 138 million in Consolidated): Banco Santander and the controlled companies discuss administratively and judicially the collection of the contribution of social security and education salary on various funds that, according to the assessment of legal advisors, do not have a salary nature.

Service Tax (ISS) - Financial Institutions – R$ 350 million in the Bank and R$ 366 million Consolidated (12/31/2023 - R$365 million in the Bank and R$ 379 million in Consolidated): Banco Santander and the controlled companies are administratively and judicially discussing the requirement, for several municipalities, for the payment of ISS on various revenues arising from operations that are not usually classified as provision of services. Furthermore, other actions involving ISS, classified as possible risk of loss, are described in Note 19.e.

d.2) Judicial and Administrative Proceedings of a Labor Nature    

These are actions filed by Unions, Associations, the Public Ministry of Labor and former employees claiming labor rights that they believe are due, in particular the payment of “overtime” and other labor rights, including processes related to retirement benefits.

For lawsuits considered common and similar in nature, provisions are recorded based on the historical average of closed lawsuits. Actions that do not meet the previous criteria are provisioned in accordance with an individual assessment carried out, with provisions being constituted based on the probable risk of loss, the law and jurisprudence in accordance with the loss assessment carried out by legal advisors.

d.3) Judicial and Administrative Proceedings of a Civil Nature

These provisions generally arise from: (1) actions requesting a review of contractual terms and conditions or requests for monetary adjustments, including alleged effects of the implementation of various government economic plans, (2) actions arising from financing contracts, (3) enforcement actions; and (4) actions for compensation for losses and damages. For civil actions considered common and similar in nature, provisions are recorded based on the historical average of closed cases. Claims that do not meet the previous criteria are provisioned in accordance with an individual assessment carried out, with provisions being constituted based on the probable risk of loss, the law and jurisprudence in accordance with the loss assessment carried out by legal advisors.



*Values expressed in thousands, except when indicated.



The main processes classified as probable loss risk are described below:

Compensation Suits - Refer to compensation for material and/or moral damage, relating to the consumer relationship, mainly dealing with issues relating to credit cards, direct consumer credit, current accounts, billing and loans and other matters. In actions relating to causes considered similar and usual for the business, in the normal course of the Bank's activities, the provision is constituted based on the historical average of closed processes. Actions that do not meet the previous criteria are provisioned in accordance with an individual assessment carried out, with provisions being constituted based on the probable risk of loss, the law and jurisprudence in accordance with the loss assessment carried out by legal advisors.

Economic Plans - They refer to judicial discussions, which plead alleged inflationary purges resulting from Economic Plans (Bresser, Verão, Collor I and II), as they understand that such plans violated acquired rights related to the application of inflationary indices supposedly due to Savings Accounts, Judicial Deposits and Term Deposits (CDBs). The actions are provisioned based on the individual assessment of loss carried out by legal advisors.

Banco Santander is also a party to public civil actions on the same matter, filed by consumer protection entities, the Public Prosecutor's Office or Public Defenders' Offices. The constitution of a provision is only made for cases with probable risk, based on requests for individual executions. The issue is still under analysis by the STF. There is jurisprudence in the STF favorable to Banks in relation to an economic phenomenon similar to that of savings, as in the case of correction of time deposits (CDBs) and corrections applied to contracts (table).

However, the STF's jurisprudence has not yet been consolidated on the constitutionality of the rules that modified Brazil's monetary standard. On April 14, 2010, the Superior Court of Justice (STJ) decided that the deadline for filing public civil actions discussing the purges is 5 years from the date of the plans, but this decision has not yet become final. Therefore, with this decision, most of the actions, as proposed after the 5-year period, will probably be judged unfounded, reducing the amounts involved. The STJ also decided that the deadline for individual savers to qualify for Public Civil Actions is also 5 years, counting from the final judgment of the respective sentence. Banco Santander believes in the success of the theses defended before these courts due to their content and foundation.

At the end of 2017, the Federal Attorney General's Office (AGU), Bacen, the Consumer Protection Institute (Idec), the Brazilian Savers Front (Febrapo) and the Brazilian Federation of Banks (Febraban) signed an agreement that seeks to end the legal disputes over Economic Plans.

The discussions focused on defining the amount that would be paid to each author, according to the balance in the book on the date of the plan. The total value of payments will depend on the number of subscriptions, and also on the number of savers who have proven in court the existence of the account and the balance on the anniversary date of the index change. The agreement negotiated between the parties was approved by the STF.

In a decision handed down by the STF, there was a national suspension of all processes dealing with the issue for the period of validity of the agreement, with the exception of cases in definitive compliance with a sentence.

On March 11, 2020, the agreement was extended by means of an addendum, with the inclusion of actions that only involve the discussion of the Collor I Plan. This extension has a term of 5 years and the approval of the terms of the addendum occurred on the 3rd June 2020.

Management considers that the provisions constituted are sufficient to cover the risks involved with the economic plans, considering the approved agreement.

e) Contingent Tax and Social Security, Labor and Civil Liabilities Classified as Possible Loss Risk

These are judicial and administrative proceedings of a tax and social security, labor and civil nature classified, based on the opinion of legal advisors, as a possible risk of loss, and are therefore not provisioned.

Tax actions classified as possible loss totaled R$ 36,111 million in Consolidated (12/31/2023 - R$ 34,829 million), with the main processes being as follows:

PIS and COFINS - Legal actions brought by Banco Santander (Brasil) S.A. and other entities of the Group to rule out the application of Law No. 9,718/1998, which changes the calculation basis of the Social Integration Program (PIS) and the Contribution for Social Security Financing (COFINS), extending it to all entities' revenues, and not just revenues arising from the provision of services. In relation to the Banco Santander (Brasil) S.A. case, in 2015 the Federal Supreme Court (STF) admitted the extraordinary appeal filed by the Federal Union in relation to PIS, and dismissed the extraordinary appeal filed by the Federal Public Ministry in relation to the contribution to COFINS, confirming the decision of the Federal Regional Court in favor of Banco Santander (Brasil) S.A. in August 2007. The STF decided, through General Repercussion, Topic 372 and partially accepted the Federal Union's appeal, establishing the thesis that it applies PIS/COFINS on operating revenues arising from typical

*Values expressed in thousands, except when indicated.
activities of financial institutions. With the publication of the ruling, the Bank presented a new appeal in relation to PIS, and is awaiting analysis. Based on the assessment of the legal advisors, the risk prognosis was classified as possible loss, with an outflow of appeal not being likely. As of December 31, 2024, the amount involved is R$ 2,258 million. For other legal actions, the respective PIS and COFINS obligations were established.

INSS on Profit Sharing or Results (PLR) - The Bank and its controlled companies have legal and administrative proceedings arising from questions from the tax authorities, regarding the collection of social security contributions on payments made as a share in profits and results. On December 31, 2024, the value was approximately R$ 9,804 million.

Service Tax (ISS) - Financial Institutions - Banco Santander and its controlled companies are administratively and judicially discussing the requirement, by several municipalities, to pay ISS on various revenues arising from operations that are not usually classified as provision of services. On December 31, 2024, the value was approximately R$ 3,635 million.

Unapproved Compensation - The Bank and its affiliates discuss administratively and judicially with the Federal Revenue Service the non-approval of tax offsets with credits resulting from overpayment or undue payment. On December 31, 2024, the value was approximately R$ 6,527 million.

Losses in Credit Operations - the Bank and its controlled companies contested the tax assessments issued by the Brazilian Federal Revenue alleging the undue deduction of losses in credit operations from the IRPJ and CSLL calculation bases as they allegedly did not meet the requirements of applicable laws. On December 31, 2024, the value was approximately R$ 1,091 million.

Use of CSLL Tax Loss and Negative Base – Assessment notices drawn up by the Brazilian Federal Revenue Service in 2009 and 2019 for alleged undue compensation of tax losses and negative CSLL basis, as a consequence of tax assessments issued in previous periods. Judgment at the administrative level is awaited. On December 31, 2024, the value was approximately R$ 2,522 million.

Amortization of Goodwill from Banco Sudameris Acquisition - The tax authorities issued tax assessment notices to demand payment of IRPJ and CSLL, including late payment charges, related to the tax deduction of the amortization of the goodwill paid in the acquisition of Banco Sudameris, for the base period from 2007 to 2012. Banco Santander filed its respective administrative defenses. The first period assessed is awaiting analysis of an appeal at CARF. Regarding the period from 2009 to 2012, a lawsuit was filed to discuss the IRPJ portion, due to the unfavorable conclusion in the administrative proceeding. For the CSLL portion of this same period, we request the withdrawal of the Special Appeal filed, aiming to take advantage of the benefits established by Law No. 14,689/2023 (quality vote). A lawsuit will be filed for the remaining portion. On December 31, 2024, the amount was approximately R$ 837 million.

IRPJ and CSLL - Capital Gain - the Brazilian Federal Revenue Service issued a tax assessment notice against Santander Seguros (legal successor to ABN AMRO Brasil Dois Participações S.A. (AAB Dois Par) charging income tax and social contribution related to the 2005 fiscal year. The Brazilian Federal Revenue Service claims that the capital gain on the sale of shares in Real Seguros S.A. and Real Vida e Previdência S.A by AAB Dois Par should be taxed at a rate of 34.0% instead of 15.0%. The assessment was administratively challenged with. based on the understanding that the tax treatment adopted in the transaction was in accordance with current tax legislation and the capital gain was duly taxed. The Administrative process ended unfavorably to the Company. In July 2020, the Company filed a lawsuit seeking to cancel the debt. legal action awaits judgment. Banco Santander is responsible for any adverse result in this process as former controller of Zurich Santander Brasil Seguros e Previdência S.A. On December 31, 2024, the amount was approximately R$ 573 million.

IRRF – Overseas Remittance – The Company filed a lawsuit seeking to eliminate the Withholding Income Tax – IRRF, on payments derived from the provision of technology services by companies based abroad, due to the existence of International Treaties signed between Brazil and Chile; Brazil-Mexico and Brazil-Spain, thus avoiding double taxation. A favorable sentence was given and there was an appeal by the National Treasury, to the Federal Regional Court of the 3rd Region, where it awaits judgment. On December 31, 2024, the value was approximately R$ 1,109 million.

Labor claims classified as possible loss totaled R$ 459 million in Consolidated, including the process below:

Adjustment of Banesprev Retirement Supplements by IGPDI – Collective action filed by AFABESP requesting the change of the adjustment index of the social security benefit for retirees and former employees of Banespa, hired before 1975. Initially the action was judged unfavorably to Banco Santander, which appealed this initial decision and on August 23, 2024, was judged in favor of Banco Santander. Following this new decision, on August 30, 2024, AFABESP filed Motions for Clarification which are pending judgment.

Liabilities related to civil actions with possible risk of loss totaled R$ 3,249 million in Consolidated, with the main processes being:

Compensation Action Regarding Custody Services Provided by Banco Santander. The case is in the expert phase and has not yet been sentenced.



*Values expressed in thousands, except when indicated.
20.Stockholders’ Equity

a) Capital        
                                
In accordance with the Bylaws, Banco Santander's Capital may be increased up to the limit of the authorized capital, regardless of statutory reform, upon deliberation by the Board of Directors and through the issuance of up to 9,090,909,090 (nine billion, ninety million, nine hundred and nine thousand and ninety) shares, observing the legal limits established regarding the number of preferred shares. Any capital increase exceeding this limit will require shareholder approval.

At the Ordinary General Meeting held on April 26, 2024, the increase in share capital in the amount of R$10,000,000,000.00 (ten billion reais) was approved, without the issuance of new shares, through the capitalization of part of the balance of the statutory profit reserve.

The Capital, fully subscribed and paid in, is divided into registered-registered shares, with no par value.
In Thousands of Shares
12/31/202412/31/2023
Ordinary PreferredTotalOrdinary PreferredTotal
Country Residents 138,618 164,502 303,120 124,804 150,621 275,425 
Residents Abroad 3,680,077 3,515,334 7,195,411 3,693,891 3,529,215 7,223,106 
Total 3,818,695 3,679,836 7,498,531 3,818,695 3,679,836 7,498,531 
(-) Treasury Shares(19,452)(19,452)(38,903)(27,193)(27,193)(54,386)
Total in Circulation3,799,243 3,660,384 7,459,628 3,791,502 3,652,643 7,444,145 

b) Dividends and Interest on Equity

Statutorily, shareholders are guaranteed minimum dividends of 25% of the Net Income for each year, adjusted in accordance with legislation. Preferred shares do not have voting rights and cannot be converted into common shares, but they have the same rights and advantages granted to common shares, in addition to priority in the distribution of dividends and an additional 10% on dividends paid to common shares, and in the reimbursement of capital, without premium, in the event of the Bank's dissolution.

Dividends were calculated and paid in accordance with the Brazilian Corporation Law.

Before the Annual Shareholders' Meeting, the Board of Directors may decide on the declaration and payment of dividends on profits earned, based on: (i) balance sheets or Profits Reserve existing in the last balance sheet or (ii) balance sheets issued in periods of less than six months, provided that the total dividends paid in each semester of the fiscal year do not exceed the value of the Capital Reserves. These dividends are fully allocated to the mandatory dividend.




Below, we present the distribution of Dividends and Interest on Equity made on December 31, 2024 and December 31, 2023.

12/31/2024
In Thousands Reais per Thousands of Shares/Units
of Brazilian Real GrossNet
OrdinaryPreferredUnitOrdinaryPreferredUnit
Interest on Equity (1)(5)1,500,000 191.84 221.02 412.86 163.06 179.37 342.43 
Interest on Equity (2)(5)1,500,000 191.62 210.78 402.40 162.88 179.16 342.04 
Interest on Equity (3)(5)1,500,000 191.67 210.83 402.50 162.92 179.21 342.13 
Interest on Equity (4)(5)1,300,000 166.10 182.71 348.81 141.18 155.30 296.48 
Interim Dividends (4)(5)200,000 25.55 28.11 53.66 25.55 28.11 53.66 

*Values expressed in thousands, except when indicated.
Total 6,000,000 
(1) Deliberated by the Board of Directors on January 11, 2024, paid on February 8, 2024, without any compensation in the form of monetary adjustment.
(2) Deliberated by the Board of Directors on April 10, 2024, paid on May 15, 2024, without any remuneration as monetary adjustment.
(3) Deliberated by the Board of Directors on July 10, 2024, paid on August 9, 2024, without any remuneration as monetary adjustment
(4) Deliberated by the Board of Directors on October 10, 2024, paid on November 8, 2024, without any remuneration as monetary restatement.
(5) They were fully attributed to the minimum mandatory dividends distributed by the Bank for the fiscal year 2024.



12/31/2023
In Thousands Reais per Thousands of Shares/Units
of Brazilian Real GrossNet
OrdinaryPreferredUnitOrdinaryPreferredUnit
Interest on Equity (1)(5)1,700,000 217.92 239.71 457.63 185.23 203.75 388.98 
Interest on Equity (2)(5)1,500,000 192.03 211.23 403.26 163.22 179.55 342.77 
Interest on Equity (3)(5)1,500,000 192.07 211.28 403.35 163.26 179.58 342.84 
Interest on Equity (4)(5)1,120,000 143.42 157.76 301.18 121.91 134.10 256.00 
Dividends (4)(5)380,000 48.66 53.53 102.19 48.66 53.53 102.19 
Total6,200,000 
(1) Deliberated by the Board of Directors on January 19, 2023, paid on March 6, 2023, without any remuneration as monetary adjustment.
(2) Deliberated by the Board of Directors on April 13, 2023, paid on May 15, 2023, without any remuneration as monetary adjustment.
(3) Deliberated by the Board of Directors on July 13, 2023, paid on August 16, 2023, without any remuneration as monetary adjustment.
(4) Deliberated by the Board of Directors on October 10, 2023, paid on November 10, 2023, without any remuneration as monetary adjustment.
(5) They were fully allocated to the minimum mandatory dividends distributed by the Bank for the 2023 financial year.

c) Profit Reserves

The Net Income calculated, after deductions and legal provisions, will be allocated as follows:

Legal Reserve

In accordance with Brazilian corporate legislation, 5% for the constitution of the Legal Reserve, until it reaches 20% of the capital. This reserve is intended to ensure the integrity of the Capital and can only be used to offset losses or increase capital.

Capital Reserves

The Bank's Capital Reserves are made up of: Goodwill reserve for subscription of shares and other Capital Reserves, and can only be used to absorb losses that exceed Accrued Profits and Profits Reserve; redemption, reimbursement or acquisition of shares issued by us; incorporation into Capital; or payment of dividends to preferred shares in certain circumstances.

Reserve for Dividend Equalization    

After the allocation of dividends, the balance, if any, may, upon proposal from the Executive Board and approved by the Board of Directors, be allocated to the formation of a reserve for dividend equalization, which will be limited to 50% of the value of the Capital. This reserve is intended to guarantee resources for the payment of dividends, including in the form of Interest on Equity, or its anticipations, aiming to maintain the flow of Compensation to shareholders.


d) Treasury Shares

At a meeting held on January 24, 2024, the Board of Directors approved, in continuation of the buyback program that expired on the same date, a new buyback program for Units and ADRs issued by Banco Santander, directly or through its branch in Cayman, for maintenance in the treasury or subsequent disposal.

The Buyback Program covers the acquisition of up to 36,205,005 Units, representing 36,205,005 common shares and 36,205,005 preferred shares, which corresponded, on December 31, 2023, to approximately 1% of the Bank's Capital.
As of December 31, 2024, Banco Santander had 356,245,448 common shares and 384,049,858 preferred shares in circulation.


*Values expressed in thousands, except when indicated.
The repurchase aims to (1) maximize the generation of value for shareholders through efficient management of the capital structure; and (2) enable the payment of administrators, management-level employees and other employees of the Bank and companies under its control, under the terms of the Long-Term Incentive Plans. The term of the Buyback Program is up to 18 months starting on February 6, 2024, ending on August 6, 2025.    

                                    
Bank/Consolidated
In Thousands of Shares
12/31/202412/31/2023
QuantityQuantity
UnitsUnits
Treasury Shares at the Beginning of the Period27,193 31,161 
Share Acquisitions2,770 1,272 
Disposals - Share-Based Compensation(10,511)(5,240)
Treasury Shares at End of the Period 19,452 27,193 
Sub-Total of Treasury Shares in Thousands of ReaisR$882,936 1,105,012 
Issuance Costs in Thousands of ReaisR$1,771 1,771 
Balance of Treasury Shares in Thousands of ReaisR$884,707 1,106,783 
Cost/Share PriceUnitsUnits
Minimum Cost (*)R$7.55 7.55 
Weighted Average Cost (*)R$27.46 27.62 
Maximum Cost (*)R$49.55 49.55 
Share PriceR$24.93 31.00 
 (*) Considering since the beginning of operations on the stock exchange.

e) Non Controlling Interest
Stockholders's EquityNon Controlling Interest
01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Banco RCI Brasil S.A. 916,703 765,526 144,165 99,796 
Banco Hyundai Capital Brasil S.A.322,607 263,562 59,281 45,233 
Banco PSA  - - - 10,457 
Rojo Entretenimento S.A.11,227 8,165 978 697 
Return Capital Gestão de Ativos e Participações S.A. (Nova denominação de Gira, Gestão Integrada de Recebíveis do Agronegócio S.A.)- (9,379)(6,287)(6,774)
Toro Corretora de Títulos e de Valores Mobiliários Ltda. - 112,008 - (3,212)
Toro Investimentos S.A.- 18,764 - 360 
Solution 4Fleet Consultoria Empresarial S.A    - 25 416 (1,785)
Apê11 Tecnologia e Negócios Imobiliários S.A.- 2,017 - (1,278)
Fit Economia de Energia S.A.(4,382)- (7,272)- 
América Gestão Serviços em Energia S.A.3,784 - (1,070)- 
Total1,249,939 1,160,688 190,211 143,494 





21.Related Parts

a) Compensation of Key Administration Personnel

For the period from January to December 2024, the amount proposed by management as global compensation for administrators (Board of Directors and Executive Board) is up to R$500,000,000 (five hundred million reais), covering fixed, variable and based compensation. in shares. The proposal was subject to deliberation at the Ordinary General Meeting (AGO) held on April 26, 2024.


*Values expressed in thousands, except when indicated.
a.1) Long-Term Benefits

The Bank, like Banco Santander Spain, as well as other subsidiaries in the world of the Santander Group, has long-term compensation programs linked to the performance of the market price of its shares, based on the achievement of targets.

a.2) Short-Term Benefits

The following table shows the salaries and fees of the Board of Directors and Executive Board and refers to the amount recognized as an expense in the year ended and December 31, 2024 and 2023. By Banco Santander and its subsidiaries to their Directors for the positions they hold at Banco Santander and other companies of the Santander Conglomerate.

The amounts related to Variable and Share-Based Compensation will be paid in subsequent periods.


01/01 to01/01 to
12/31/202412/31/2023
Fixed Compensation129,128 134,433 
Variable Compensation - In kind110,481 126,802 
Variable Compensation - in shares94,787 91,306 
Others111,000 79,229 
Total Short-Term Benefits445,396 431,770 
Variable Compensation - In kind113,766 99,506 
Variable Compensation - in shares102,388 96,361 
Total Long-Term Benefits216,154 195,867 
Total 661,550 627,637 
Additionally, in 2024 charges were collected on Management Compensation in the amount of R$ 43,592 (12/31/2023 - R$ 41,603).

b) Agreement Termination

The termination of the employment relationship with the Administrators, in the event of non-compliance with obligations or by the contracted party's own will, does not entitle them to any financial compensation and their acquired benefits will be discontinued.

c) Credit Operations

The Bank and its subsidiaries may carry out transactions with related parties, in line with current legislation regarding articles 6 and 7 of CMN Resolution No. 4,693/2018, article 34 of the “Corporations Law” and the Policy for Transactions with Parties Related parties of Santander, published on the Investor Relations website, being considered related parties:

(1) its controllers, natural or legal persons, pursuant to art. 116 of the Corporation Law;
(2) its directors and members of statutory or contractual bodies;
(3) in relation to the people mentioned in items (i) and (ii), their spouse, partner and relatives, blood or related, up to the second degree;
(4) natural persons with qualified corporate participation in their capital;
(5) legal entities with qualified corporate participation in their capital;
(6) legal entities in whose capital, directly or indirectly, a Santander Financial Institution has a qualified shareholding;
(7) legal entities in which a Santander Financial Institution has effective operational control or preponderance in deliberations, regardless of corporate participation; It is
(8) legal entities that have a director or member of the Board of Directors in common with a Santander Financial Institution.



d) Shareholding                                                
The following table shows direct shareholding (common and preferred shares):

*Values expressed in thousands, except when indicated.
Shares in Thousands
12/31/2024
Shareholder Ordinary SharesOrdinary Shares (%)Preferred SharesPreferred Shares (%)Total SharesTotal Shares
(%)
Sterrebeeck B.V. (1)1,809,583 47.4 %1,733,644 47.1 %3,543,227 47.3 %
Grupo Empresarial Santander, S.L. (GES) (1)1,627,891 42.6 %1,539,863 41.9 %3,167,755 42.2 %
Banco Santander, S.A. (1)2,696 0.1 %- 0.0 %2,696 0.0 %
Directors (*)2,828 0.1 %2,828 0.1 %5,655 0.1 %
Others356,245 9.3 %384,050 10.4 %740,295 9.9 %
Total in Circulation3,799,243 99.5 %3,660,385 99.5 %7,459,628 99.5 %
Treasury Shares19,452 0.5 %19,452 0.5 %38,903 0.5 %
Total3,818,695 100.0 %3,679,837 100.0 %7,498,531 100.0 %
Free Float (2)356,245 9.3 %384,050 10.4 %740,295 9.9 %


Shares in Thousands
12/31/2023
Shareholder Ordinary SharesOrdinary Shares (%)Preferred SharesPreferred Shares (%)Total SharesTotal Shares
(%)
Sterrebeeck B.V. (1)1,809,583 47.4 %1,733,644 47.1 %3,543,227 47.3 %
Grupo Empresarial Santander, S.L. (GES) (1)1,627,891 42.6 %1,539,863 41.9 %3,167,754 42.2 %
Banco Santander, S.A. (1)2,696 0.1 %- 0.0 %2,696 0.0 %
Directors (*)3,184 0.1 %3,184 0.1 %6,368 0.1 %
Others348,148 9.1 %375,952 10.2 %724,100 9.7 %
Total in Circulation3,791,502 99.3 %3,652,643 99.3 %7,444,145 99.3 %
Treasury Shares27,193 0.7 %27,193 0.7 %54,386 0.7 %
Total3,818,695 100.0 %3,679,836 100.0 %7,498,531 100.0 %
Free Float (2)348,148 9.1 %375,952 10.2 %724,100 9.7 %
(1) Grupo Santander Spain companies.
(2) Composed of Employees and Others.
(*) None of the members of the Board of Directors and Executive Board hold 1.0% or more of any class of shares.










*Values expressed in thousands, except when indicated.

e) Related Party Transactions
The Bank Santander has a Related Party Transactions Policy approved by the Board of Directors, which aims to ensure that all transactions specified in the policy are carried out with the interests of Banco Santander and its shareholders in mind. The policy defines powers for approval of certain transactions by the Board of Directors. The established rules are also applied to all employees and administrators of Banco Santander and its subsidiaries.
Operations and Compensation of services with related parties are carried out in the normal course of business and under commutative conditions, including interest rates, terms and guarantees, and do not involve greater than normal collection risks or present other disadvantages.

Bank
Controllers (1)Affiliates and Shared Control (2)Key Administration Personnel (3)Total
12/31/202412/31/202312/31/202412/31/202312/31/202412/31/202312/31/202412/31/2023
Assets18,181,287 18,882,619 134,647,488 93,043,683 58,443 36,079 152,887,218 111,962,381 
Availability952,846 1,406,316 385,458 73,688 - - 1,338,304 1,480,004 
Interbank Investments16,099,980 12,295,379 69,628,721 57,817,876 - - 85,728,701 70,113,255 
Marketable Securities- - 7,238,359 1,683,339 - - 7,238,359 1,683,339 
Derivative Financial Instruments - Liquid(334,724)4,426,944 982,645 (117,246)- - 647,921 4,309,698 
Interbank Relations- - 25,546,853 22,628,266 - - 25,546,853 22,628,266 
Credit Operations (4)- - 1,387,754 321,727 35,972 22,729 1,423,726 344,456 
Securities Negotiation and Intermediation1,461,688 391,436 115,444 84,857 - - 1,577,132 476,293 
Income Receivable- - 1,967,557 1,386,170 - - 1,967,557 1,386,170 
Other Assets - Miscellaneous (5)1,497 362,544 27,394,698 9,165,006 - - 27,396,195 9,527,550 
Guarantees and Limits- - - - 22,471 13,350 22,471 13,350 
Liabilities(304,649)(11,217,321)(49,469,720)(41,362,328)(822,188)(400,054)(50,596,558)(52,979,703)
Deposits(11,181)(5,030,951)(5,383,544)(2,241,641)(28,640)(26,451)(5,423,364)(7,299,043)
Repurchase Agreements- - (12,525,178)(7,369,449)- 101 (12,525,178)(7,369,348)
Resources for Acceptance and Issuance of Securities- - (23,520,624)(24,645,638)(39,904)(76,365)(23,560,528)(24,722,003)
Obligations for Loans and Transfers- - (596,956)(227,688)- - (596,956)(227,688)
Debt Instruments Eligible for Capital- (6,116,218)- - - - - (6,116,218)
Other Liabilities - Miscellaneous(293,469)(70,152)(7,443,418)(6,877,912)(753,644)(297,339)(8,490,531)(7,245,403)

01/01 to01/01 to01/01 to01/01 to01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/202312/31/202412/31/202312/31/202412/31/2023
Result(2,953,949)1,588,023 1,379,222 (1,090,694)(605,756)(541,710)(2,180,483)(44,381)
Gross Result of Financial Intermediation(2,518,225)1,869,347 4,391,189 579,060 (3,030)(960)1,869,934 2,447,447 
Other Operating Revenue (Expenses)(435,724)(281,324)(3,011,966)(1,669,754)(602,726)(540,750)(4,050,417)(2,491,828)



*Values expressed in thousands, except when indicated.
Consolidated
Controllers (1)Affiliates and Shared Control (2)Key Administration Personnel (3)Total
12/31/202412/31/202312/31/202412/31/202312/31/202412/31/202312/31/202412/31/2023
Assets18,181,287 18,882,619 28,214,946 24,417,094 58,891 22,729 46,455,123 43,335,792 
Availability952,846 1,406,316 385,458 73,688 - - 1,338,304 1,480,004 
Interbank Investments16,099,980 12,295,379 - - - - 16,099,980 12,295,379 
Marketable Securities- - 67,071 497,304 - - 67,071 497,304 
Derivative Financial Instruments - Liquid(334,724)4,426,944 - - - - (334,724)4,426,944 
Interbank Relations- - 25,532,700 22,559,208 - - 25,532,700 22,559,208 
Credit Operations (4)- - 22,680 45,427 36,420 22,729 59,100 68,156 
Securities Negotiation and Intermediation1,461,688 391,436 115,444 84,857 - - 1,577,132 476,293 
Income Receivable- - 1,883,917 977,598 - - 1,883,917 977,598 
Other Assets - Miscellaneous1,497 362,544 207,676 179,012 - - 209,173 541,556 
Guarantees and Limits- - - - 22,471 13,350 22,471 13,350 
Liabilities(304,649)(11,217,321)(11,850,239)(8,837,305)(826,988)(400,054)(12,981,877)(20,454,680)
Deposits(11,181)(5,030,951)(3,167,248)(1,152,179)(29,246)(26,451)(3,207,675)(6,209,581)
Marketable securities- - (197,911)(223,966)- 101 (197,911)(223,865)
Resources for Acceptance and Issuance of Securities- - (527,550)- (39,904)(76,365)(567,454)(76,365)
Obligations for Loans and Transfers- - (596,956)(227,688)- - (596,956)(227,688)
Debt Instruments Eligible for Capital- (6,116,218)- - - - - (6,116,218)
Other Liabilities - Miscellaneous(293,469)(70,152)(7,360,574)(7,233,472)(757,838)(297,339)(8,411,881)(7,600,963)
01/01 to01/01 to01/01 to01/01 to01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/202312/31/202412/31/202312/31/202412/31/2023
Result(2,953,949)1,588,023 2,002,968 1,445,355 (666,702)(630,918)(1,617,684)2,402,460 
Gross Result of Financial Intermediation(2,518,225)1,869,347 (280,840)(93,695)(2,833)(611)(2,801,898)1,775,041 
Other Operating Revenue (Expenses)(435,724)(281,324)2,283,807 1,555,773 (663,869)(630,307)1,184,214 644,142 
(1) Controller - Banco Santander is indirectly controlled by Banco Santander Spain (Note 1), through the subsidiaries GES and Sterrebeeck B.V.
(2) Companies listed in Note 13.
(3) Refers to the registration in clearing accounts of Guarantees and Limits on Credit Operations with Key Management Personnel.    
(4) In addition to the balance of credit operations shown, the group has R$4,875 in limits granted to its affiliates (R$6,058 on 12/31/2023).  (5) Amount receivable of R$15.0 billion, for the reduction of the share capital of the company Aymoré Crédito, Financiamento e Investimento S.A.
    



*Values expressed in thousands, except when indicated.

22.Income from Services Rendered and Banking Fees
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Resource Administration464,973 461,676 1,552,513 1,402,547 
Current Account Services4,249,740 4,042,093 4,250,887 4,057,207 
Lending Operations and Income from Guarantees Provided1,459,164 1,281,263 2,467,537 2,042,633 
Lending Operations 521,389 540,702 1,523,151 1,295,149 
   Income from Guarantees Provided937,775 740,561 944,386 747,484 
Insurance Commissions2,631,335 2,349,362 4,298,092 3,750,674 
Cards (Credit and Debit) and Acquiring Services6,388,290 5,562,892 6,463,004 5,697,139 
Billing and Collections1,190,316 1,286,325 1,220,657 1,307,177 
Securities Placement, Custody and Brokerage1,339,140 1,390,894 1,692,329 1,691,591 
Others123,346 112,643 622,996 394,474 
Total17,846,304 16,487,148 22,568,015 20,343,442 

23.Personnel Expenses
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Compensation4,246,297 4,117,011 5,704,152 5,338,182 
Charges1,326,109 1,508,283 1,947,933 2,042,512 
Benefits 1,145,678 1,146,901 1,740,047 1,661,441 
Training46,028 45,229 68,461 67,736 
Others- 3 65,354 82,099 
Total6,764,112 6,817,427 9,525,947 9,191,970 








*Values expressed in thousands, except when indicated.
24.Other Administrative Expenses
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Depreciation and Amortization3,225,626 3,085,308 3,475,694 3,334,064 
Third-party services, Transport, Security and Financial System4,557,689 4,463,496 3,838,228 3,896,943 
Communications276,139 298,187 293,011 332,165 
Data Processing3,418,388 3,134,820 2,882,167 2,665,108 
Advertising, Promotions and Publicity520,938 628,492 680,990 783,940 
Rentals709,843 855,421 728,994 875,268 
Maintenance and Conservation of Assets270,516 297,533 299,396 320,762 
Water, Energy and Gas169,035 170,629 180,435 179,948 
Material110,579 114,399 118,210 120,406 
Others1,496,305 1,454,891 1,014,848 1,049,318 
Total14,755,058 14,503,176 13,511,973 13,557,922 

25.Other Operating Income and Expenses
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Monetary Updates (1)429,321 869,425 555,152 994,017 
Commissions(2,294,097)(2,436,825)(4,433,170)(3,950,729)
Brokerages and Fees(84,602)(88,833)(85,970)(88,978)
Expenses with Notary Offices(7,419)(9,690)(368,827)(288,937)
Business Formalization Expense(167,049)(158,247)(167,049)(158,247)
Legal Expenses and Costs(281,717)(224,589)(283,379)(227,937)
Expenses with Serasa and Credit Protection Service (SPC)(131,026)(116,355)(133,530)(120,073)
Actuarial Losses - Retirement Plans(179,422)(161,340)(187,119)(166,730)
PIS and COFINS (Law No. 9,718/98) (2)- 1,373,463 - 1,550,412 
Tax (2)(122,135)(146,025)(143,612)(180,992)
Labor(2,251,457)(2,767,139)(2,503,441)(2,908,910)
Civil(1,051,254)(622,454)(1,348,230)(870,946)
Net Revenue from Pension and Capitalization Income- - 706,652 596,549 
Result with Cards(4,089,802)(3,928,634)(2,177,603)(2,691,103)
Recovery of Charges and Expenses 576,753 839,431 788,276 709,973 
Others (3)(2,704,809)(1,551,510)(3,535,906)(2,787,824)
Total(12,358,715)(9,129,322)(13,317,756)(10,590,455)

*Values expressed in thousands, except when indicated.
(1) For the years ended December 31, 2024 and 2023, mainly includes monetary restatement on provisions for legal and legal obligations, provisions.
(2) In 2023, it refers to the effects of movements arising from PIS and COFINS actions related to the challenge of Law No. 9,718/1998 described in Notes 18 and 10.
(3) For the years ended December 31, 2024 and 2023, mainly includes on provisions for the benefit guarantee fund, exchange rate variation and other provisions.

26.Non-Operating Income
BankConsolidated
01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Result on the sale of investments (1)1,929,980 — 1,929,751 1,104,645 
Result on the Sale of Securities and Assets146,343 86,130 91,046 87,509 
Reversal (Constitution) of Provision for Losses in Other Values and Assets25,795 1,518 79,181 18,564 
Expenses for Goods Not in Use(65,192)(49,688)(69,827)(49,807)
Capital Gains (Loss)(21,618)(1,643)7,851 9,118 
Other Income (Expenses)34,103 109,507 33,368 111,578 
Total2,049,411 145,824 2,071,370 1,281,607 
(1) In 2024, effects of the results from the acquisition of Pluxee, as described in Note 29.d. In 2023, results from the sale of 40% of Webmotors in accordance with Note 29.L.


*Values expressed in thousands, except when indicated.


27.Employee Benefits Plan

a) Supplementary Retirement Plan
Banco Santander and its subsidiaries sponsor closed supplementary pension entities and welfare funds, with the purpose of granting retirement and pensions complementary to those granted by Social Security, as defined in the basic regulations of each plan.

•Banesprev - Banespa Social Security Fund (Banesprev)

The defined and variable benefit plans administered by Benesprev are: Plan I, Plan II, Plan III, Plan IV, Plan V, Retirement and Pension Supplement Plan – Pre-75, Sanprev Plan I, Sanprev Plan II, Sanprev Plan III, DCA, DAB and CACIBAN. All plans are closed to new members.

•Former Banespa Employees.

The class action lawsuit filed by AFABESP (an association of retired and former employees of Banespa), seeking payment of a semi-annual bonus provided for in the old BANESPA bylaws, resulted in a final decision unfavorable to Banco Santander. As a result, each beneficiary of the decision may file an individual lawsuit to receive the amount due.

As the judgments adopted different positions for each case, a procedure called Incident of Resolution of Repetitive Demands (IRDR) was instituted before the Regional Labor Court (TRT) with the objective of establishing objective criteria regarding the theses defended by the Bank, mainly the prescriptive term and payment limitations until December 2006 (regarding the establishment of Plan V). On March 11, 2024, the IRDR incident was admitted for future judgment and the suspension of all lawsuits that are in the second instance (TRT) and filed in São Paulo (Capital) and other cities that are part of the jurisdiction of the TRT of São Paulo was determined.

Finally, due to the divergence in interpretation of the labor statute of limitations provided for in the Federal Constitution, an Action for Allegation of Non-Compliance with a Fundamental Precept (ADPF) was also filed, so that the Federal Supreme Court (STF) can resolve the issue and indicate the correct term to be used in the individual cases filed.

On June 27, 2024, a transaction was signed between Banco Santander, BANESPREV, AFABESP and legal advisors establishing criteria and conditions for the settlement of individual lawsuits. By August 23, 2024 (end of the adhesion period), approximately 90% of eligible beneficiaries had formalized their adhesions to said transaction, which were subsequently approved by court decision, and the respective individual lawsuits will be extinguished. Banco Santander registered an obligation related to the amounts effectively due for payment of the transaction. The amounts due for the installments settled to date, equivalent to R$2,187 million, were contributed by Banco Santander to the respective plans administered by Banesprev, responsible for administering the supplementary pension plans and for paying the transaction to the respective beneficiaries. The remaining installments will be contributed to Banesprev until May 2026 (note 18), updated in accordance with the criteria and the benefit adjustment index provided for in the regulations of the plans to which each holder is linked.

The other individual processes, whose beneficiaries did not adhere to the aforementioned transaction, are pending a final decision regarding the controversial legal issues, which will be resolved when the IRDR and ADPF are judged.

•Sanprev – Santander Associação de Previdência (Sanprev)
Closed supplementary pension entity that managed three benefit plans, two in the Defined Benefit modality and one in the Variable Contribution modality, whose management transfer process for these plans to Banesprev took place in January 2017. According to PREVIC Ordinance 389, of May 8, 2018, the termination of Sanprev's operating authorization was approved.




*Values expressed in thousands, except when indicated.


•Bandeprev - Bandepe Previdência Social (Bandeprev)
Defined benefit plan sponsored by Banco Bandepe S.A. and Banco Santander, administered by Bandeprev. The plans are divided into a basic plan and a special supplementary retirement plan, with differences in eligibility, contributions and benefits for subgroups of participants. The plans have been closed to new members since 1999 for employees of Banco Bandepe S.A. and for others since 2011.

SantanderPrevi - Private Pension Company (SantanderPrevi): is a closed supplementary pension entity, whose objective is to establish and implement pension benefit plans, complementary to the general social security regime, in accordance with current legislation.
SantanderPrevi's Retirement Plan is structured in the Defined Contribution modality and closed to new members since July 2018, as approved by PREVIC, with contributions shared between the sponsoring companies and the plan participants. The amounts appropriated by the sponsors for the fiscal year ended December 31, 2024 were R$ 55,289 (12/31/2023 - R$ 49,739) in the Bank and R$ 62,076 (12/31/2023 - R$ 55,452) in the Consolidated.
There are 10 cases of benefits granted with lifetime income from a previous plan.

SBPREV - Santander Brasil Previdência Aberta: as of January 02, 2018, Santander began offering this new optional supplementary pension program for newly hired employees and for employees who are not enrolled in any other pension plan administered by the Closed Supplementary Pension Entities of the Santander Brasil Conglomerate. This new program includes the PGBL- Free Benefits Generating Plan and VGBL-Free Benefits Generating Life modalities administered by Zurich Santander Brasil Seguros e Previdência S.A, an Open Supplementary Pension Entity, open to new members, with their contributions shared between the founding/stipulating-endorsing companies and the plan participants. The amounts appropriated by the sponsors in the year ended December 31, 2024 were R$ 32,505 (12/31/2023 - R$ 28,389) in the Bank and R$ 33,839 (12/31/2023 - R$ 29,348) in the Consolidated.


Determination of Net Actuarial Assets (Liabilities)

Bank
12/31/202412/31/2023
BanesprevSantander-Previ Bandeprev BanesprevSantander-Previ Bandeprev
Conciliation of Assets and Liabilities
Present Value of Actuarial Obligations(21,280,639)(3,925)(1,315,231)(24,263,723)(4,217)(1,518,674)
Fair Value of Plan Assets23,481,670 3,518 2,026,025 24,311,272 3,539 2,345,042 
2,201,031 (407)710,794 47,549 (678)826,368 
Being:
Superávit2,990,012 — 710,794 1,913,863 — 826,368 
Déficit(788,980)(407)— (1,866,314)(678)— 
Amount not Recognized as Assets2,724,305 — 700,788 1,650,318 — 817,476 
Net Actuarial Asset (Note 11)265,708 — 10,006 263,545 — 8,892 
Net Actuarial Liability (Note 18)(788,980)(407)— (1,866,314)(678)— 
Payments Made on the Actuarial Liabilities2,386,428 — 33 210,393 — — 
Revenues (Expenses) Recorded on the Actuarial Liabilities(154,091)(62)674 (106,706)(71)694 
Other Equity Valuation Adjustments(4,642,228)459 8,920 (3,786,700)125 8,513 
Effective Return on Plan Assets1,307,116 635 (151,615)1,731,233 629 449,963 


*Values expressed in thousands, except when indicated.

Consolidated
12/31/202412/31/2023
BanesprevSantander-PreviBandeprevBanesprevSantander-PreviBandeprev
Conciliation of Assets and Liabilities
Present Value of Actuarial Obligations(21,672,293)(3,925)(1,315,231)(24,718,659)(4,217)(1,518,674)
Fair Value of Plan Assets24,123,457 3,518 2,026,025 24,979,781 3,539 2,345,042 
2,451,164 (407)710,794 261,122 (678)826,368 
Being:
Superavit3,246,998 — 710,794 2,161,957 — 826,368 
Deficit(806,306)(407)— (1,900,835)(678)— 
Amount not Recognized as Assets2,915,991 — 700,788 1,832,030 — 817,476 
Net Actuarial Asset (Note 11)331,007 — 10,006 329,927 — 8,893 
Net Actuarial Liability (Note 18)(806,306)(407)— (1,900,835)(678)— 
Payments Made on the Actuarial Liabilities2,386,428 — 33 210,393 — — 
Revenues (Expenses) Recorded on the Actuarial Liabilities(158,666)(62)674 (109,661)(71)694 
Other Equity Valuation Adjustments(4,713,516)459 8,920 (3,826,567)125 8,513 
Effective Return on Plan Assets1,302,867 635 (151,615)1,810,325 629 449,963 



Opening of gains (losses) actuarial from experience, financial assumptions and demographic hypotheses:

Bank
12/31/202412/31/2023
BanesprevSantander-Previ Bandeprev BanesprevSantander-Previ Bandeprev
Experience Plan(2,311,278)(436)(26,531)(549,324)114 (32,443)
Changes in Financial Assumptions3,130,439 413 187,739 (1,518,890)(222)(104,974)
Changes in Demographic Assumptions— — — (180,497)(137)— 
Gain (Loss) Actuarial - Obligation819,161 (23)161,208 (2,248,711)(245)(137,417)
Return on Investment, Return Unlike Implied Discount Rate(801,992)356 (348,167)(432,347)320 258,734 
Gain (Loss) Actuarial - Asset(801,992)356 (348,167)(432,347)320 258,734 
Change in Irrecoverable Surplus(904,119)— 187,400 1,941,430 — (122,196)



*Values expressed in thousands, except when indicated.

Consolidated
12/31/202412/31/2023
BanesprevSantander-PreviBandeprevBanesprevSantander-PreviBandeprev
Experience Plan(2,317,108)(436)(26,531)(553,348)114 (32,443)
Changes in Financial Assumptions3,192,454 413 187,739 (1,547,556)(222)(104,974)
Changes in Demographic Assumptions— — — (177,988)(137)— 
Gain (Loss) Actuarial - Obligation875,346 (23)161,208 (2,278,892)(245)(137,417)
Return on Investment, Return Unlike Implied Discount Rate(836,605)356 (348,167)(386,107)320 258,734 
Gain (Loss) Actuarial - Asset(836,605)356 (348,167)(386,107)320 258,734 
Change in Irrecoverable Surplus(892,218)— 187,400 1,923,889 — (122,196)


The table below shows the duration of the actuarial obligations of the plans sponsored by Banco Santander on December 31, 2024, and December 31, 2023:

Duration (in Years)
Plans12/31/202412/31/2023
Banesprev
Plano I 8.32 9.62 
Plano II 8.64 9.74 
Plano III 7.64 8.79 
Plano IV 8.16 9.69 
Plano V 6.52 7.24 
Pré-757.21 8.22 
Meridional DCA, DAB e CACIBAN4.90/4.61/5.415.51/5.13/6.07
Sanprev
Plano I 5.40 6.14 
Plano II 8.30 9.49 
Plano III 7.80 8.86 
Bandeprev
Plano Básico 7.04 8.01 
Plano Especial I 5.23 5.70 
Plano Especial II 4.69 5.19 
SantanderPrevi
SantanderPrevi 5.36 6.11 





*Values expressed in thousands, except when indicated.



b) Medical and Dental Assistance Plan
Cabesp - Charitable Fund for Employees of the State Bank of São Paulo:

Entity focused on covering medical and dental expenses of employees hired before the privatization of Banespa in 2000, as defined in the entity's Bylaws. The plans administered by the entity are:

•Retirees by HolandaPrevi (previous name of SantanderPrevi);
•Former Employees of Banco Real (Retirees by Circulars).

Retired by Bandeprev:

A health care plan granted to retirees from Banco do Estado de Pernambuco; it is a lifetime benefit. Banco Santander subsidizes 50% of the plan value for those who retired before November 27, 1998. For those who retired after this date, the subsidy is 30%.


Health Plan for Directors:

Directors, Executive Directors, Vice Presidents and Chief Executive Officers may, at their own discretion, opt for lifetime membership in the health insurance plan in the event of termination of employment with Banco Santander or companies in its conglomerate without just cause; provided that they meet the following requirements: have contributed to the health insurance plan for at least 3 (three) years; have served as a director at Banco Santander or companies in its conglomerate for at least 3 (three) years; be 55 years of age or older. The plan will be maintained under the same terms as the director enjoyed at the time of his/her termination, including the payment of his/her share, which must be made by means of a payment slip. Dependents who were active at the time of termination will remain on the same plan as the director, and the inclusion of new dependents will not be permitted under any circumstances.

Life Insurance for Retirees (Life Insurance): granted to Retirees by Circulars: compensation in cases of Natural Death, Disability due to Illness, Accidental Death. The subsidy is 45% of the premium value. This is a closed mass.

Life Insurance Assistance Funds (Life Insurance): In December of 2018, life insurance coverage was included in the insurance for retirees from the DCA, DAB, and CACIBAN plans. This insurance was extended to retirees from the former Banco Meridional, with coverage according to the retiree's selection upon enrollment in the benefit. The Bank provides a subsidy of 50% of the premium for the policyholder, and some retirees have a spouse clause, contributing 100% towards the cost. This is a closed pool.


Sudameris Foundation Medical Assistance:
A free clinical medical assistance plan is offered for life to retirees who have contributed to the Sudameris Foundation for at least 25 years and has a different standard if the user opts for an apartment. The plan is only offered in the ward standard, in which case the cost is 100% borne by the Sudameris Foundation.
In addition, retired employees are guaranteed the right to remain beneficiaries of Banco Santander's health plan, provided they meet certain legal requirements and assume full payment of their respective contributions, under the same conditions of healthcare coverage they enjoyed when their employment contracts were in force. Banco Santander's obligations to retirees are assessed using actuarial calculations based on the present value of current costs.




*Values expressed in thousands, except when indicated.



III. Actuarial techniques
The value of the defined benefit obligations was determined by independent actuaries using the following actuarial techniques:

•Valuation method
Projected unit credit method, which views each year of service resulting in an additional unit of benefit entitlement and measures each unit separately.

Determination of Net Actuarial Assets (Liabilities)

BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
CabespMore PlansCabespMore PlansCabespMore PlansCabespMore Plans
Conciliation of Assets and Liabilities
Present Value of Actuarial Obligations(3,991,336)(557,724)(4,332,719)(641,991)(4,131,673)(557,724)(4,488,343)(641,991)
Fair Value of Plan Assets4,838,622 — 5,377,212 — 5,008,751 — 5,570,353 — 
847,286 (557,724)1,044,493 (641,991)877,078 (557,724)1,082,010 (641,991)
Being:
Superavit847,286 — 1,044,493 — 877,078 — 1,082,010 — 
Deficit— (557,724)— (641,991)— (557,724)— (641,991)
Amount not Recognized as Assets847,286 — 1,044,493 — 877,078 — 1,082,010 — 
Net Actuarial Liability (Note 18)— (557,724)— (641,991)— (557,724)— (641,991)
Payments Made on the Actuarial Liabilities174,624 31,296 170,375 41,074 177,614 31,296 173,335 41,074 
Revenues (Expenses) Recorded on the Actuarial Liabilities5,940 (58,705)7,839 (54,738)5,999 (58,705)7,929 (54,738)
Other Equity Valuation Adjustments(1,742,269)108,609 (1,558,705)(3,068)(1,714,746)108,609 (1,534,182)(3,068)
Actual Return on Plan Assets(270,266)— 842,964 — (280,749)— 858,727 — 



Opening of gains (losses) actuarial from experience, financial assumptions and demographic hypotheses:


*Values expressed in thousands, except when indicated.

BankConsolidated
12/31/202412/31/202312/31/202412/31/2023
CabespMore PlansCabespMore PlansCabespMore PlansCabespCabesp
Experience Plan(446,981)39,190 (123,136)(57,334)(457,883)39,190 (113,774)(57,334)
Changes in Financial Assumptions677,197 72,486 (356,116)(51,150)700,186 72,486 (368,157)(51,150)
Changes in Demographic Assumptions40,739 — 2,173 30,844 41,777 — 2,994 30,844 
Gain (Loss) Actuarial - Obligation270,955 111,676 (477,079)(77,640)284,080 111,676 (478,937)(77,640)
Return on Investment, Return Unlike Implied Discount Rate(744,988)— 388,785 — (772,305)— 387,599 — 
Gain (Loss) Actuarial - Asset(744,988)— 388,785 — (772,305)— 387,599 — 
Change in Irrecoverable Surplus293,469 — (89,920)— 304,661 — (89,852)— 



The table below shows the duration of the actuarial obligations of the plans sponsored by Banco Santander on December 31, 2024 and December 31, 2023:
Duration (in Years)
Plans12/31/202412/31/2023
Cabesp10.44 12.01 
Bandepe8.64 10.39 
Free Clinic8.22 9.32 
Lifelong Directors6.20 6.90 
Health Directors22.60 23.81 
Circular (1)7,98 e 7,369,02 e 8,34
Life Insurance4.75 5.28 

c) Management of Plan Assets
The main asset categories as a percentage of total plan assets as of December 31, 2024, valid for December 31, 2023, are as follows:

Bank/Consolidated
12/31/202412/31/2023
Equity Instruments0.0 %0.0 %
Debt Instruments 93.7 %95.1 %
Real Estate0.2 %0.2 %
Others6.2 %4.7 %






*Values expressed in thousands, except when indicated.

d) Actuarial Assumptions Adopted in Calculations
Below are the actuarial assumptions adopted:
Bank/Consolidated
12/31/202412/31/2023
PensionHealthPensionHealth
Nominal Discount Rate for Actuarial Obligation and Calculation of Interest on Assets, for the Following Fiscal Year10.6 %10.5 %8.7 %8.7 %
Estimated Long-term Inflation Rate3.0 %3.0 %3.0 %3.0 %
Estimated Salary Increase Rate3.5 %N/A3.5 %N/A
Banesprev I, III, Pre75, Sanprev I, III, Santanderprevi, DAB, DCA e Caciban: AT2000 smoothed by 10%
Banesprev I, III,
Pre75, Sanprev I, III,
Santanderprevi, DAB,
DCA e Caciban:
AT2000 smoothed
by 10%
Biometric General Mortality TableOther plans: AT2000                             AT2000Other plans: AT2000                              AT2000

e) Sensitivity Analysis

Assumptions related to significant actuarial assumptions have an effect on the amounts recognized in profit or loss and on the present value of obligations. Changes in the interest rate, mortality table and healthcare costs on December 31, 2024 and December 31, 2023 would have the following effects:

Bank/Consolidated
12/31/202412/31/2023
Effect on Current Service Cost and InterestEffect on the Present Value of ObligationsEffect on Current Service Cost and InterestEffect on the Present Value of Obligations
Discount Rate
(+)0,5%(23,750)(231,019)(27,627)(346,439)
(-)0,5%25,895 251,828 24,768 266,243 
Boards of Mortality— — 
Applied (+) 2 years(48,858)(475,167)(50,263)(611,723)
Applied (-) 2 years50,445 490,605 48,527 544,105 
Cost of Medical Care— — 
(+)0,5%28,376 275,982 26,968 291,763 
(-)0,5%(26,451)(257,258)(30,133)(376,538)





*Values expressed in thousands, except when indicated.


f) Share-Based Compensation
                                    
Banco Santander has long-term compensation programs linked to the performance of the market price of its shares. Members of Banco Santander's Executive Board are eligible for these plans, in addition to participants determined by the Board of Directors, whose choice takes into account seniority in the group. Members of the Board of Directors only participate in said plans when they hold positions on the Executive Board.



ProgramType of Liquidation Vesting PeriodExercise / Liquidation Period 01/01 to01/01 to
12/31/202412/31/2023
LocalSantander (Brasil) Shares01/2021 to 10/20242024R$-R$18,270,000(1)
01/2023 to 12/20262025 e 2026R$750,000(1)R$750,000(1)
01/2024 to 12/20272026, 2027 e 2028R$1,100,000(1)R$—
01/2021 to 12/20232024R$—SANB11 (2)R$292,537SANB11 (2)
01/2021 to 12/20242024R$—SANB11 (2)R$217,291SANB11 (2)
01/2022 to 12/20252025R$118,363SANB11R$118,363SANB11
01/2023 to 12/20262026R$20,263SANB11R$15,637SANB11
GlobalShares and Options on Global Shares2023EUR 3.67R$—R$80,412
2023, with limit for exercising options until 2030R$420,394Global Stock Options (3)R$420,394Global Stock Options (3)
02/2024 EUR 2.685R$117,601Global Stocks (4)R$117,601Global Stocks (4)
02/2024, with limit for exercising options until  02/2029
R$183,840Global Stock Options (4)R$350,839Global Stock Options (4)
2025EUR 3.104R$95,786Global Stocks (4)R$95,786Global Stocks (4)
2025, with limit for exercising options until 2030R$367,827Global Stock Options (4)R$367,827Global Stock Options (4)
2026EUR 3.088R$175,476Global Stocks (4)R$199,680Global Stocks (4)
2026, with limit for exercising options until 2033R$472,469Global Stock Options (4)R$537,637Global Stock Options (4)
2027EUR 63.95R$8,528Global Stocks (4)R$9,095,000Global Stocks (4)
2027, with limit for exercising options until  2032
R$80,476Global Stock Options (4)R$-
2028EUR 71.42R$2,411Global Stocks (4)R$-
2028, with limit for exercising options until  2033
R$9,888Global Stock Options (4)R$-
12/2024, with payment in 2025R$50,419SANB11R$50,419SANB11
12/2025, with payment in 2026R$70,346SANB11R$-
Balance of Plans on December 31, 2024 and 2023
R$1,850,000(1)19,020,000(1)
R$259,391SANB11R$694,247(4)
R$399,802Global Stocks (3) (4)R$493,479SANB11 Shares
R$1,444,530Stock Options Global Stocks (3) (4)R$1,676,697SAN (8) (7)

*Values expressed in thousands, except when indicated.

(1) Plan target in Reais, paid in SANB11 shares according to the achievement of the plan's performance indicators at the end of the vesting period, based on the price of the last 15 trading sessions of the month immediately prior to payment. Throughout 2024, 551,572 gross shares were paid and the amount of R$1,820,000 was canceled due to non-achievement of the contracts' performance indicators.
(2) Long-Term Incentive Plans finalized, with 486,502 shares paid and 23,326 shares canceled throughout 2024.
(3) Plan completed with 100% achievement. The portion equivalent to 80,412 shares was paid in cash in Mar/2024 (after the lockup) and 78,841 shares were canceled. The options may be exercised until the end of the period for exercise in 2030, and during the period we had the cancellation of 412,175 options.
(4) Target of the plan in shares and options on Global shares, to be paid in cash at the end of the vesting period, according to the achievement of the plan's performance indicators.


Our long-term programs are divided into local and global plans, with specific performance indicators and rules in the event of dismissal to be entitled to receive.

Global ILP (Long Term Incentive) Plans)

We currently have 5 global plans launched in 2019, 2020, 2021, 2022 and 2023. Eligible executives have target incentives in global shares and options, with payment after a minimum deferral period of three years and settlement of the sale value of the Assets in reais.

Pricing Model

The pricing model is based on the Local Volatility model or Dupire model, which allows simultaneous calibration of all quoted European options. In addition to this model, there is an extension to deal with uncertainty in dividends, where part of the dividend value is considered confirmed, and the rest is linked to the performance of the underlying. This extended model is integrated into a PDE engine, which numerically solves the corresponding stochastic differential equation to calculate the expected value of the product.
Data and assumptions used in the pricing model, including the weighted average share price, exercise price, expected volatility, option life, expected dividends and the risk-free interest rate

•     The weighted average share price (and exercise price) is €3.104 based on the 15-day weighted average between 01/07/2022 and 01/27/2022
•     The expected volatility used was 33.80
•     Options expire on 02/01/2033
•     Expected dividends range from approximately 6.6 cents in the short term (2022) to approximately 5.75 cents per share per year in the long term (2030)
•     The discount curve used gives a discount of 0.96 for 2030



The exercise price, in all cycles and if the objectives established in the regulations are achieved, will be the market price on the exercise date.

Local ILP Plans (Long-Term Incentive)

Long-term incentive plans may be granted in accordance with the strategy of new companies in the group or specific businesses, generally with a vesting period of 3 years.

Each plan will have a specific contract and its calculation and payment must be approved by the established governance, observing local and global regulatory resolutions.
The reference value of each participant will be converted into SANB11 shares, normally at the price of the last 15 trading sessions of the month immediately preceding the payment of the plan.



*Values expressed in thousands, except when indicated.


At the end of the vesting period, payment of either the resulting shares in the case of local plans or the value equivalent to the shares/options of global plans are made with a 1-year restriction, and this payment is still subject to the application of the Malus/Clawback clauses. , which may reduce or cancel the shares to be delivered in cases of non-compliance with internal regulations and exposure to excessive risks and in cases of material failure to comply with financial reporting requirements, in accordance with Section 10D, of the Exchange Act (SEC) , applicable to companies with shares listed on the NYSE.

a.1) Impact on the Result

The impacts on the result are recorded under the Personnel Expenses heading, as shown below:
Consolidated
01/01 to01/01 to
12/31/202412/31/2023
ProgramType of Liquidation 
LocalSantander Shares (Brazil)6,178 17,097 
GlobalGlobal Stocks and Options6,953 6,380 

a.2) Variable Compensation Referenced to Shares
    
The long-term incentive plan (deferral) determines the requirements for payment of future deferred installments of variable remuneration, considering sustainable long-term financial bases, including the possibility of applying reductions or cancellations depending on the risks assumed and fluctuations of the cost of capital.

The variable remuneration plan with payment referenced in Banco Santander shares is divided into 2 programs: (i) Identified Collective and (ii) Other Employees. The impacts on the result are recorded under the Personnel Expenses heading, as shown below:
BankConsolidated
ProgramParticipantsType of Liquidation 01/01 to01/01 to01/01 to01/01 to
12/31/202412/31/202312/31/202412/31/2023
Identified CollectiveMembers of the Executive Committee, Statutory Directors and other executives who assume significant and responsible risks in areas of control50% in cash indexed to 100% of the CDI and 50% and instruments135,767 152,254 139,470 157,130 
Other Employees Other employees with variable remuneration above an established minimum value50% in cash indexed to 100% of the CDI and 50% instruments173,652 220,592 170,779 224,048 


*Values expressed in thousands, except when indicated.
28.Risk Management, Capital and Sensitivity Ana

a) Risk Management Framework

Banco Santander follows a model based on the prudent management of its risks. It has structures specialized in the management of each of the risks listed below, as well as an area that carries out the Group's Integrated Risk Management, manages the self-assessment of the Risk Profile and controls the Risk Appetite (RAS) - which is approved by the Board of Directors, meeting the requirements of the local regulator and good international practices, aiming to protect capital and guarantee business profitability.

The fundamental principles that govern the risk governance model are:

• All employees are responsible for risk management –(Risk Pro Culture);
• Senior Management involvement encouraging consistent risk management and control;
• Independence between control and risk management functions;
• The risk approach is comprehensive and prospective;
• Risk management and control are based on timely, accurate and sufficiently granular information.

A.    Credit Risk

Credit Risk Management consists of monitoring and proactively evaluating portfolio indicators and new credit operations, with a view to ensuring sustainable growth and the quality of Banco Santander's portfolio. Taking into account the economic scenario, profitability and default projections are constantly prepared, to be considered when redefining credit policies, which affect both the credit assessment for a given customer and for a given profile of customers with similar characteristics. This credit assessment must observe and comply with the Risk Appetite control determined by Banco Santander.

Another important aspect is preventive credit management. This management plays a fundamental role in maintaining the quality of Banco Santander's portfolio. Constant monitoring of the customer base is part of the daily routine of the commercial areas, always counting on the support of the central areas.

Portfolio and customer monitoring is carried out in a timely manner, in order to mitigate events and impacts on companies' liquidity by monitoring the increase in risks in portfolios.

To measure the credit quality of a customer or an operation, Banco Santander uses its own internal score/rating models, relying on an independent Methodology and Validation area.

In credit restructuring and recovery, the Bank uses specific collection teams, which may be:

• Specialized internal teams, working directly with defaulting customers, with greater delays and significant amounts; It is

• External partners specialized in charging, notifying and suing clients according to internal criteria.

The sale of a portfolio of defaulted loans is part of the recovery strategy, being able to maintain relationships and transactional means with assigned customers.

In addition, it constitutes a Provision for Expected Losses Associated with Credit Risk in accordance with the current legislation of Bacen and the National Monetary Council (Note 7.e).

Thus, in line with the resolutions issued by local regulators, during the quarter ended December 31, 2024, temporary criteria were considered that deal with the measures adopted to characterize restructurings and to measure the Provision for Expected Losses Associated with the Risk of Credit, given the impacts of climate events in Rio Grande do Sul. It should be noted that until the date of publication of these statements, no significant impacts had been identified in this portfolio. We will continue to monitor it and implement risk mitigation measures, in a timely manner when necessary.

B.    Market Risk

Market Risk can be summarized as the possibility of loss to an institution resulting from fluctuations in market prices in relation to its positioning in operations subject to exposures in interest rates, indexes, stock prices, exchange rates, commodities, credit spreads, etc.

The Bank Santander's Market Risk Management complies with CMN Resolution No. 4,557/2017 and establishes the management structure for this risk, providing visibility for executive decision-making, dialogue and transparency of positioning, the institution's risk appetite and constant monitoring of the risk profile.

*Values expressed in thousands, except when indicated.

The identification, measurement and monitoring of positions are carried out and disclosed by independent areas of the business units and follow limits established in accordance with the policies and formal governance of Integrated Risk Management. The institution's Market Risk appetite is approved at senior executive levels and is defined based on careful studies that take into account the risk of portfolio strategies, sensitivities arising from market fluctuations, liquidity gaps and other factors that may affect Banco Santander portfolios.

C.    Operational Risk and Internal Controls

The Operational Risk & Internal Controls area's mission before Banco Santander is to support the fulfillment of strategic objectives and the decision-making process, in adapting and meeting mandatory requirements, in maintaining solidity, reliability, reducing and mitigating losses due to risks operations, in addition to the implementation and dissemination of the culture of Operational Risks and Internal Controls.

Santander's operational risk management model is based on best practices and is premised on evaluating, monitoring, controlling and implementing improvements to reduce exposure to risks, aligned with the risk appetite approved by the Board of Directors, in addition to adopting Committee definitions of Basel and the Brazilian Central Bank for operational risks. The Bank's governance model is based on the three lines of governance and has people, structures, policies, methodologies and tools to support adequate operational risk management.

The Internal Control Model is based on the methodology developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), covering the strategic, operational, financial disclosure and Compliance components, complying with the requirements of regulators BACEN, CVM, B3, SUSEP and Sarbanes-Oxley law - SOX (Securities and Exchange Commission).

D.    The Bank's business is highly dependent on the correct functioning of information technology systems

The Bank's business depends largely on the ability of information technology systems to correctly process many transactions efficiently and accurately, and on the Bank's ability to rely on digital technologies, computing and messaging services, software and networks, as well as the secure processing, storage and transmission of confidential and other information on computer and network systems. The proper functioning of the Bank's financial control, risk management, accounting, customer services and other data processing systems is essential to the Bank's activities and its ability to compete effectively.

E.    Compliance and Reputational Risk Management

Compliance risk management aims to supervise adherence to the rules and regulations applicable to the Santander Brasil Group, as well as protecting the institution's image, regulatory compliance and principles of good conduct and values, for the benefit of employees, Customers, shareholders and the community in general.

F.    Financial Crime Prevention Area

Area responsible for defining, implementing, advising and supervising the Financial Crime Prevention program for Banco Santander Brasil in accordance with the requirements of the Santander Group and Brazilian regulations applicable to the topic. Its main pillars are the processes of: Preventing Money Laundering and Combating the Financing of Terrorism and Proliferation of Weapons of Mass Destruction (PLD/CFTP), Anti-Bribery and Corruption Program and International Sanctions Program. Furthermore, it ensures the management of financial crime risks to which Banco Santander is exposed in accordance with the risk appetite defined by the Santander Group, promoting a robust risk culture throughout the organization.

G.    Social-Environmental Risk

In order to promote a more controlled and safe scenario for our operations and also encourage the development of businesses where sustainable practices are adopted, Banco Santander carries out permanent management of the risks that involve our activities and that may have impacts on the Organization, shareholders, customers, society and environment.

In this sense, Banco Santander has a Social, Environmental and Climate Responsibility Policy (PRSAC), which establishes guidelines and consolidates specific policies for social, environmental and climate practices in business and in relationships with interested parties. These practices include the analysis of social, environmental and climate risks, which is guided by the Social, Environmental and Climate Risk Policy (PORSAC), for granting credit to Wholesale customers and the Companies 3 segment of Retail (one of the Legal Entity segments). of the Bank), which have limits or credit risk above R$7 million. These clients, both Wholesale and Retail, fall into 14 attention sectors, segregated into two risk levels: medium and high risk subsectors. This analysis also covers agricultural operations (including individual customers), real estate credit, projects, guarantees, customer acceptance and maintenance and mergers and acquisitions. The Socio-environmental and Climate Risk analysis aims to subsidize and mitigate issues of operational risk, capital risk, credit risk and reputational risk, always with a view of integrated risks.

Since 2009, Santander has been a signatory to the Equator Principles, which are a set of guidelines used to analyze socio-environmental and climate risks when financing large infrastructure and energy projects. The same set of socio-environmental criteria applies to projects that are

*Values expressed in thousands, except when indicated.
not covered by these principles. The aforementioned management structure is aligned with compliance with CMN Resolutions No. 4,943/2021 and No. 4,945/2021, determining that organizations have a more accurate look at managing risks associated with social, environmental and climate issues, in addition to a Social and Environmental Responsibility Policy and Climate (PRSAC) and Social, Environmental and Climate Risk Policy (PORSAC).

H.    Capital Management Framework    

For effective capital management, Santander adopts robust governance that supports all processes related to the topic, aiming:                                            

• Clearly and coherently define the roles of each team involved in capital management;            

• Ensure that the limits of capital metrics established in management, risk appetite and RPA (Risk Profile Assessment) are met    

• Ensure that actions relating to the Bank's strategy take into account the impacts generated in capital allocation;

• Ensure that Management actively participates in management and is regularly informed about the behavior of capital metrics.                            

At Banco Santander, there is an Executive Vice-Presidency responsible for capital management appointed by the Board of Directors; Furthermore, there are institutional capital policies, which act as guidelines for the management, control and reporting of capital (thus complying with all the requirements defined in CMN Resolution No. 4,557/2017).

For more information, see the publication “Risk and Capital Management Structure – Resolution No. 4,557/ BACEN” on the page https://www.santander.com.br/ri/gerenciamento-de-risco.

b) Operational Limits

Bacen determines that financial institutions must maintain a Reference Equity (PR), PR Level I and Main Capital compatible with the risks of their activities, higher than the minimum requirement of the Required Reference Equity, represented by the sum of the credit risk portions, market risk and operational risk.

As established in CMN Resolution No. 4,958/2021, the PR requirement is 11.50%, including 8.00% Minimum Reference Equity, plus 2.50% Capital Conservation Additional and 1.00% Additional Systemic. The PR Level I is 9.50% and the Minimum Principal Capital is 8.00%. Continuing with the adoption of the rules established by CMN Resolution No. 4,955/2021, the calculation of capital indices is calculated in a consolidated manner based on information from the Prudential Conglomerate, the definition of which is established by CMN Resolution No. 4,950/2021, as demonstrated in follow:
12/31/202412/31/2023
Level I Reference Assets85,562.9 81,259.1 
Main Capital77,547.6 75,042.8 
Additional Capital (Note 16.b)8,015.3 6,216.3 
Level II Reference Equity (Note 16.b)15,488.4 13,644.2 
Reference Heritage (Level I and II)101,051.2 94,903.3 
Credit Risk (1)603,286.5 560,780.9 
Market Risk (2)43,523.7 33,002.7 
Operational Risk60,643.3 60,491.1 
Total RWA (3)707,453.5 654,274.7 
Basel Index Level I12.09 12.43 
Basel Core Capital Index10.96 11.48 
Basel Reference Equity Index14.28 14.51 
(1) Credit risk exposures subject to calculation of the capital requirement using a standardized approach (RWACPAD) are based on the procedures established by BCB Resolution 229, of May 12, 2022.
(2) Includes portions for market risk exposures subject to variations in interest rates (RWAjur1), foreign currency coupons (RWAjur2), price indices (RWAjur3), and interest rate coupons (RWAjur4), the price of commodity goods ( RWAcom), the price of shares classified in the trading portfolio (RWAacs), installments for exposure to gold, foreign currency and operations subject to exchange rate variation (RWAcam), and adjustment for derivatives arising from changes in the credit quality of the counterparty (RWAcva).
(3) Risk Weighted Assets or Risk-Weighted Assets.

Banco Santander publishes the Risk Management Report with information relating to risk management, a brief description of the Recovery Plan, capital management, PR and RWA. The report with greater detail on the premises, structure and methodologies can be found at the website www.santander.com.br/ri.

*Values expressed in thousands, except when indicated.
Financial institutions are obliged to maintain the investment of resources in permanent assets in accordance with the adjusted Reference Equity level. The resources invested in permanent assets, calculated on a consolidated basis, are limited to 50% of the value of the Reference Equity adjusted in accordance with CMN Resolution No. 4,957/2021. Banco Santander meets the established requirements..

c) Financial Instruments - Sensitivity Analysis

Risk management is focused on portfolios and risk factors, in accordance with Bacen regulations and good international practices.
Financial instruments are segregated into trading portfolios (Trading Book) and banking portfolio (Banking Book), as carried out in the management of market risk exposure, in accordance with best market practices and operation classification and management criteria. capital of the Brazilian Central Bank. The trading portfolio consists of all transactions with financial instruments and commodities, including derivatives, held with the intention of trading. The banking portfolio consists of structural operations arising from Banco Santander's various business lines and their possible hedges. Therefore, according to the nature of Banco Santander's activities, the sensitivity analysis was divided between the trading and banking portfolios.
Banco Santander carries out sensitivity analysis of financial instruments in accordance with CVM Instruction No. 2/2020, considering market information and scenarios that would negatively affect the Bank's positions.
The summary tables presented below summarize sensitivity values generated by Banco Santander's corporate systems, referring to the trading portfolio and banking portfolio, for each of the portfolio Scenarios on December 31, 2024.

Trading PortfolioConsolidated
Risk FactorDescriptionScenario 1Scenario 2Scenario 3
Interest Rate in ReaisExposures subject to variation in pre-fixed interest rates(7,496)(261,418)(522,835)
Interest Rate CouponExposures Subject to Variation in Interest Rate Coupon Rates(111)(1,638)(3,276)
InflationExposures Subject to Price Index Coupon Rate Variation(8,884)(19,405)(38,809)
Dollar CouponExhibits Subject to Dollar Coupon Rate Variation(4,078)(16,472)(32,944)
Other Currencies CouponExposures subject to variation in foreign currency coupon rates(431)(2,553)(5,107)
Foreign CurrencyExposures subject to Exchange Variation(209)(5,222)(10,443)
Eurobond/Treasury/GlobalExposures subject to variation in interest rates on securities traded on the international market(10,988)(112,284)(224,568)
Stocks and indicesExposures subject to Stock Price Variation(265)(6,613)(13,226)
CommoditiesExhibitions subject to Variation in the Price of Goods (Commodities)(37)(920)(1,841)
Total (1)(32,499)(426,525)(853,049)
 (1) Values net of tax effects.
Scenario 1: Shock of +10bps in interest curves and 1% for price changes (currencies);
Scenario 2: shock of +25% and -25% in all risk factors, considering the largest losses per risk factor.
Scenario 3: shock of +50% and -50% in all risk factors, considering the largest losses per risk factor.
Banking PortfolioConsolidated
Risk FactorDescriptionScenario 1Scenario 2Scenario 3
Interest Rate in ReaisExposures subject to variation in pre-fixed interest rates(87,026)(3,509,633)(7,039,799)
TR and Long-Term Interest Rate (TJLP)Exhibitions subject to TR and TJLP Coupon Variation(36,810)(1,312,615)(2,353,906)
InflationExhibits Subject to Variation in Price Index Coupon Rates(19,327)(328,089)(617,049)
Dollar CouponExhibitions Subject to Dollar Coupon Rate Variation(6,453)(225,401)(415,722)
Other Currencies Coupon
Exposures subject to Changes in Coupon Foreign Currency  Rate
(567)(6,601)(13,150)
International Market Interest RateExposures subject to variation in the interest rate of securities traded on the international market(37,222)(663,043)(1,404,832)
Foreign CurrencyExposures subject to Exchange Variation893 22,318 44,637 
Total (1)(186,512)(6,023,064)(11,799,821)
 (1) Values net of tax effects
Scenario 1: Shock of +10bps in interest curves and 1% for price changes (currencies);
Scenario 2: shock of +25% and -25% in all risk factors, considering the largest losses per risk factor.
Scenario 3: shock of +50% and -50% in all risk factors, considering the largest losses per risk factor.

*Values expressed in thousands, except when indicated.
29.Corporate Restructuring

Until the year ended December 31, 2024 and the year ended December 31, 2023, several corporate movements were implemented with the aim of reorganizing the operations and activities of the entities in accordance with Banco Santander's business plan:

a)Incorporation of Return Capital S.A. by Return Capital Gestão de Ativos e Participações S.A.

On September 30, 2024, Return Capital S.A. (“Return Capital”) was fully incorporated by Return Capital Gestão de Ativos e Participações S.A. (new name of Gira, Gestão Integrada de Recebíveis do Agronegócio S.A.) (“Return Participações”). The incorporation resulted in an increase in the share capital of Return Participações, in the amount of R$8,540,942,366.72 (eight billion, five hundred and forty million, nine hundred and forty-two thousand, three hundred and sixty-six reais and seventy-two centavos), through the issuance of 439,224,359 (four hundred and thirty-nine million, two hundred and twenty-four thousand, three hundred and fifty-nine) new common shares. As a result of the incorporation, Return Capital was extinguished by operation of law, being succeeded by Return Participações in all its rights and obligations.
b)Incorporation of Mobills Labs Soluções Em Tecnologia Ltda by Toro Investimentos S.A.

On June 30, 2024, Mobills Labs Soluções em Tecnologia Ltda. (“Mobills Labs”) was fully incorporated and its equity was absorbed by its direct parent company, Toro Investimentos S.A. (“Toro Investimentos”), in accordance with the conditions established in the Protocol and Justification of the transaction. The implementation of the full incorporation of Mobills Labs did not imply an increase in the share capital of Toro Investimentos, since all of the shares issued by Mobills Labs were held by Toro Investimentos and, therefore, already reflected in the investment account by equivalence.

c)Incorporation of Apê11 Tecnologia e Negócios Imobiliários S.A. by Santander Holding Imobiliária S.A.

On June 28, 2024, Apê11 Tecnologia e Negócios Imobiliários S.A. (“Apê11”) was fully incorporated, with its assets absorbed by its direct parent company, Santander Holding Imobiliária S.A. (“SHI”), in accordance with the conditions established in the Protocol and Justification of the transaction. The implementation of the full incorporation of Apê11 did not imply an increase in SHI’s share capital, since all of Apê11’s shares were held by SHI and, therefore, were already reflected in its equity investment account.

On December 22, 2023, Santander Holding Imobiliária S.A. (“SHI”), a wholly-owned subsidiary of Banco Santander (Brasil) S.A., entered into, together with the shareholders of Apê11 Tecnologia e Negócios Imobiliários S.A. (“Apê11”), a certain Share Purchase and Sale Agreement to acquire the remaining 10% of the share capital of Apê11 (“Transaction”). As a result of the Transaction, SHI now holds 100% of the share capital of Apê11.

d)Joint-Venture between Banco Santander (Brasil) S.A. and Pluxee International and Pluxee Pay Brasil Ltda.

On June 27, 2024, following the completion of the conditions precedent of the transaction announced on July 24, 2023, Banco Santander (Brasil) S.A. concluded the establishment of a Joint Venture with the Pluxee Group (previously called Sodexo).

The economic rationale of the transaction is essentially based on: (i) the synergies arising from the combination of the businesses of Pluxee Instituição de Pagamento Brasil S.A. (current name of “Ben Benefícios e Serviços Instituição de Pagamentos S.A”) with the Pluxee Group in Brazil and (ii) the company's ability to explore Santander's customer base to offer its products and services (i.e. the capillarity of Santander's counter).

For the formation of the Joint Venture, Banco Santander contributed the amount equivalent to R$2,044 million attributed: (i) to its investment in its benefits subsidiary, Pluxee Instituição de Pagamento Brasil S.A. (current name of “Ben Benefícios e Serviços Instituição de Pagamentos S.A”); (ii) to a portion of cash resources; (iii) to the exclusivity agreement for the exploration of its customer base.

As a result of the transaction, Banco Santander and Grupo Pluxee now hold 20% and 80% stakes, respectively, in the share capital of Pluxee Benefícios Brasil S.A. (“Pluxee”), the Joint-Venture’s investment vehicle.

e)Incorporation of Mobills Corretora de Seguros Ltda. by Toro Asset Management S.A.

On May 31, 2024, Mobills Corretora de Seguros Ltda. (“Mobills Corretora”) was fully incorporated and its equity was absorbed by its direct parent company, Toro Asset Management S.A. (“Toro Asset”), in accordance with the conditions established in the Protocol and Justification of the transaction. The implementation of the full incorporation of Mobills Corretora did not imply an increase in Toro Asset’s share capital, since all of Mobills Corretora’s shares were held by Toro Asset and, therefore, already reflected in an investment account by equivalence.




*Values expressed in thousands, except when indicated.
f)Acquisition of the remaining portion of Return Capital Gestão de Ativos e Participações S.A. (new name of Gira, Gestão Integrada de Recebíveis do Agronegócio S.A.) by Return Capital S.A.

On May 17, 2024, Return Capital S.A. (“Return”), a wholly-owned subsidiary of Banco Santander (Brasil) S.A., entered into a Share Purchase and Sale Agreement with the minority shareholders of Return Capital Gestão de Ativos e Participações S.A. (new name of Gira, Gestão Integrada de Recebíveis do Agronegócio S.A.) (“Gira”) to acquire the 20% of Gira’s share capital held by the minority shareholders (“Transaction”). As a result of the Transaction, Banco Santander (Brasil) S.A. indirectly held 100% of Gira’s share capital.

g)Acquisition of stake and investment in América Gestão Serviços em Energia S.A.

On March 12, 2024, Santander Corretora de Seguros, Investimentos e Serviços S.A. (“Santander Corretora”) formalized, together with the shareholders of América Gestão Serviços em Energia S.A. (“América Energia”), a Share Purchase and Sale Agreement and Other Covenants with a view to acquiring 70% of the total and voting share capital of América Energia (“Transaction”). The completion of the Transaction was subject to the fulfillment of certain usual suspensive conditions in similar transactions, including obtaining the relevant regulatory authorizations. On July 4, 2024, with the completion of the Transaction, Santander Corretora came to hold 70% of the share capital of América Energia.

h)Acquisition of stake and investment in Fit Economia de Energia S.A.

On March 6, 2024, Santander Corretora de Seguros, Investimentos e Serviços S.A. concluded, in compliance with the applicable precedent conditions, the transaction for acquisition and investment in Fit Economia de Energia S.A. (“Company”), so that it now holds 65% of the Company's share capital (“Transaction”).

i)Acquisition of the entire shareholding in Toro Participações S.A. and incorporation by Toro Corretora de Títulos e Valores Mobiliários S.A.

On January 3, 2024, after fulfilling the conditions precedent, Banco Santander concluded the transaction to acquire all of the shares of Toro Participações, so that it indirectly held 100% of the share capital of Toro Corretora de Títulos e Valores Mobiliários S.A. and Toro Investimentos S.A. On February 29, 2024, the incorporation of Toro Participações S.A. by Toro Corretora de Títulos e Valores Mobiliários S.A. was approved.

j) Total incorporation of Mob Soluções em Tecnologia Ltda by Mobills Labs Soluções em Tecnologia Ltda.

On October 31, 2023, Mob Soluções em Tecnologia Ltda. (“Mob”) was fully incorporated and its equity was absorbed by its direct parent company, Mobills Labs Soluções em Tecnologia Ltda. (“Mobills”), in accordance with the conditions established in the Protocol and Justification of the transaction. The implementation of the full incorporation of Mob did not imply an increase in Mobills’ share capital, since all of Mob’s shares were held by Mobills and, therefore, already reflected in the equity investment account.

k)Sale of the entire stake held in Banco PSA Finance Brasil S.A. and Stellantis Corretora de Seguros e Serviços Ltda.

On August 31, 2023, Aymoré Crédito, Financiamento e Investimento S.A. (“Aymoré”) and Santander Corretora de Seguros, Investimentos e Serviços S.A. (“Santander Corretora de Seguros”) concluded the transaction for the sale of equity interests held (a) by Aymoré, representing 50% (fifty percent) of the share capital of Banco PSA Finance Brasil S.A. (“Banco PSA”), to Stellantis Financial Service, S.A. and (b) by Santander Corretora de Seguros, representing 50% (fifty percent) of the share capital of Stellantis Corretora de Seguros e Serviços Ltda. (“Stellantis Corretora”), to Stellantis Services Ltd. (“Transaction”).

With the conclusion of the Transaction, Aymoré ceased to hold an equity interest in Banco PSA and Santander Corretora de Seguros ceased to hold an equity interest in Stellantis Corretora.

l)Sale of a portion of Santander Corretora na Webmotors S.A. to Carsales.com Investments PTY LTD.

On April 28, 2023, Santander Corretora de Seguros, Investimentos e Serviços S.A. (“Santander Corretora”) concluded the sale of shares representing 40% of the share capital of Webmotors S.A. (“Webmotors”) to Carsales.com Investments PTY LTD (“Carsales”) (“Transaction”). With the conclusion of the Transaction, Santander Corretora became the holder of 30% and Carsales of 70% of the share capital of Webmotors.










*Values expressed in thousands, except when indicated.


30.Other information

a) Co-obligations and risks in guarantees provided to customers, recorded in clearing accounts, reached the value of R$ 65,102,761 (12/31/2023 - R$64,277,216) at the Bank and Consolidated.

b) The total value of investment funds under the management of the Santander Conglomerate is R$134,133 (12/31/2023 - R$ 11,871,919) and the total of investment funds managed is R$242,852,102 (12/31/2023 - R$291,736,828) recorded in clearing accounts.

c) Insurance in force on December 31, 2024, corresponding to coverage for fires, natural disasters and other risks related to properties, has a coverage value of R$ 9,214,986 (12/31/2023 - R$9,214,986) in Bank and Consolidated. In addition, at the Bank and Consolidated as of December 31, 2024, there are other policies in force to cover risks related to fraud, civil liability and other Assets in the amount of R$ 1,546,050 (12/31/2023 - R$1,546,050).

d) Between December 31, 2024 and December 31, 2023, there were no linked active operations and obligations for linked active operations.

e) Obligation Compensation and Settlement Agreements - Within the scope of CMN Resolutions No. 3,263/2005 and No. 4,018/2011 - Banco Santander has an obligation compensation and settlement agreement within the scope of the National Financial System (SFN), signed with individuals and legal entities that are members or not from the SFN, resulting in greater guarantee of financial settlement, with the parties which have this type of agreement. These agreements establish that payment obligations to Banco Santander, arising from credit and derivative transactions, in the event of default by the counterparty, will be offset against Banco Santander's payment obligations to the counterparty.

f) Other Commitments - Banco Santander has two types of rental contracts: cancellable and non-cancellable. Cancellable properties are properties, mainly used as agencies, based on a standard contract, which can be canceled at will and includes the right to renew an option and readjustment clauses, falling within the concept of operational leasing. The total future minimum payments for non-cancelable operating leases are shown below:

12/31/202412/31/2023
Up to 1 Year469,244 582,294 
Between 1 to 5 years1,004,390 1,132,409 
More than 5 Years139,324 734,431 
Total1,612,958 2,449,134 

Additionally, Banco Santander has contracts with an indefinite term, in the amount of R$431 (12/31/2023 - R$649) corresponding to the monthly rent of contracts with this characteristic. Operating lease payments, recognized as expenses in 2024, were in the amount of R$256,371 (2023 - R$326,745).

Rental contracts will be adjusted annually, in accordance with current legislation, with the highest percentage being in accordance with the variation in the General Market Price Index (IGPM). The lessee is guaranteed the right to unilaterally terminate these contracts, at any time, in accordance with contractual clauses and legislation in force.

g) Market value of Assets and Liabilities - Banco Santander classifies measurements at market value using the market value hierarchy that reflects the model used in the measurement process, and is in accordance with the following hierarchical levels:

Level 1: Determined based on public price quotations (unadjusted) in markets Assets for identical Assets and Liabilities, include public debt securities, shares and listed derivatives. Highly liquid bonds and securities with prices observable in an Assets market are classified at level 1. Most Brazilian Government Securities (mainly LTN, LFT, NTN-B and NTN-F), shares on the stock exchange were classified at this level and other securities traded on the Assets market. Derivatives traded on stock exchanges are classified at level 1 of the hierarchy.

Level 2: Derived from data other than quoted prices included in Level 1 that are observable to Assets or Liabilities, directly (as prices) or indirectly (derived from prices). When price quotations cannot be observed, Management, using its own internal models, makes its best estimate of the price that would be set by the market. These models use data based on observable market parameters as an important reference. The best evidence of the fair value of a financial instrument at initial recognition is the transaction price, unless the fair value of the instrument can be obtained from other market transactions carried out with the same or similar instruments or can be measured using a valuation technique in which the variables used include only observable market data, mainly interest rates. These bonds and securities are classified at level 2 of the fair value hierarchy and are mainly composed of Public Securities (repo, LCI Cancellable and NTN) in a less liquid market than those classified at level 1. For derivatives traded over the counter, for the evaluation of financial instruments (basically swaps and

*Values expressed in thousands, except when indicated.
options), observable market data is normally used, such as exchange rates, interest rates, volatility, correlation between indices and market liquidity. When pricing the financial instruments mentioned, the Black-Scholes model methodology is used (exchange rate options, interest rate index options, caps and floors) and the present value method (discounting future values using curves market).

Level 3: They are derived from valuation techniques that include data for Assets or Liabilities that are not based on observable market variables (unobservable data). When there is information that is not based on observable market data, Banco Santander uses models developed internally, aiming to adequately measure the fair value of these instruments. At level 3, instruments with low liquidity are classified mainly. Derivatives not traded on an exchange and that do not have observable information in an active market were classified as level 3, and are composed, including exotic derivatives.

In Thousands of Brazilian Real2024
AssetsBook Value Market Value123
Interbank Investments110,781,417 110,781,417 20,532,342 82,121,991 8,127,084 
Marketable securities287,867,782 287,512,671 206,915,340 16,488,263 64,109,068 
Derivative Financial Instruments35,077,439 35,077,440 333,273 34,012,678 731,489 
Lending Operations455,187,766 448,546,447 - - 448,546,447 
Total888,914,404 881,917,975 227,780,955 132,622,932 521,514,088 
In Thousands of Brazilian Real2023
AssetsBook ValueMarket Value123
Interbank Investments113,860,885 113,860,885 13,779,369 91,886,844 8,194,673 
Marketable securities248,998,836 248,880,165 167,411,689 12,550,106 68,918,370 
Derivative Financial Instruments28,066,689 28,066,689 - 26,848,128 1,218,561 
Credit Operations427,599,259 427,516,527 - - 427,516,527 
Total818,525,669 818,324,266 181,191,058 131,285,078 505,848,131 

Below we present a comparison between the book values of the Bank's financial liabilities and their respective market values on December 31, 2024 and December 31, 2023:

In Thousands of Brazilian Real2024
Market Value
LiabilitiesBook Value123
Deposits495,328,215 495,407,564 - - 495,407,564 
Open Market Fundraising150,477,979 150,494,832 - 150,494,832 - 
Obligations for Loans and Transfers118,727,182 118,727,182 - - 118,727,182 
Funds from Acceptance and Issuance of Securities164,263,962 166,945,572 - - 166,945,572 
Derivative Financial Instruments34,948,116 34,948,117 332,719 34,106,030 509,368 
Equity Eligible Debt Instruments23,341,534 23,341,534 - - 23,341,534 
Total987,086,988 989,864,801 332,719 184,600,862 804,931,220 
In Thousands of Brazilian Real2023
 Market Value
LiabilitiesBook Value123
Deposits475,701,951 475,680,352 - - 475,680,352 
Open Market Fundraising134,793,745 134,815,044 - 134,815,044 - 
Obligations for Loans and Transfers89,635,879 89,635,879 - - 89,635,879 
Funds from Acceptance and Issuance of Securities149,203,270 148,380,735 - - 148,380,735 
Derivative Financial Instruments25,606,801 25,606,801 - 24,692,540 914,261 
Equity Eligible Debt Instruments19,626,967 19,626,967 - - 19,626,967 
Total894.568.613 893.745.778 - 159.507.584 734.238.194 





*Values expressed in thousands, except when indicated.


h) Recurring/non-recurring results
Bank
202420242023
Recurring ResultNon-Recurring Result 01/01 toRecurring ResultNon-Recurring Result 01/01 to
12/31/202412/31/2023
Income From Financial Operations 199,288,866 - 199,288,866 105,552,506 - 105,552,506 
Expenses From Financial Operations(176,472,348)- (176,472,348)(92,638,138)- (92,638,138)
Gross Income Related to Financial Operations 22,816,518 - 22,816,518 12,914,368 - 12,914,368 
Other Operating Revenue (Expenses)(10,920,560)(282,854)(11,203,414)(8,707,934)(223,390)(8,931,324)
Operational Result11,895,958 (282,854)11,613,104 4,206,434 (223,390)3,983,044 
Non-Operating Income119,431 1,929,980 2,049,411 145,824 - 145,824 
Result before Taxation on Profit and Participations12,015,389 1,647,126 13,662,515 4,352,258 (223,390)4,128,868 
Income Tax and Social Contribution (a)2,008,130 (791,877)1,216,253 6,143,247 99,573 6,242,820 
Profit Sharing(1,843,316)- (1,843,316)(1,507,458)- (1,507,458)
Net Income 12,180,203 855,249 13,035,452 8,988,047 (123,817)8,864,230 
Consolidated
20242023
Recurring ResultNon-Recurring Result 01/01 toRecurring ResultNon-Recurring Result 01/01 to
12/31/202412/31/2023
Income From Financial Operations 210,251,535 - 210,251,535 117,513,391 - 117,513,391 
Expenses From Financial Operations(174,707,294)- (174,707,294)(91,009,544)- (91,009,544)
Gross Income Related to Financial Operations 35,544,241 - 35,544,241 26,503,847 - 26,503,847 
Other Operational Income (Expenses)(18,109,653)(394,522)(18,504,175)(17,559,744)(358,975)(17,918,719)
Operational Result17,434,588 (394,522)17,040,066 8,944,103 (358,975)8,585,128 
Non-Operating Income (a)141,390 1,929,980 2,071,370 176,962 1,104,645 1,281,607 
Result before Taxation on Profit and Participations17,575,978 1,535,458 19,111,436 9,121,065 745,670 9,866,735 
Income Tax and Social Contribution (a)(2,034,013)(786,590)(2,820,603)1,564,049 (214,993)1,349,056 
Profit Sharing(2,623,232)- (2,623,232)(2,098,640)- (2,098,640)
Minority Shareholders' Interests(190,211)- (190,211)(143,494)- (143,494)
Net Income 12,728,522 748,868 13,477,390 8,442,980 530,677 8,973,657 
a) In 2024, effects of the results from the acquisition of Pluxee, as described in note 29.d, with a net impact of taxes of R$1,061,489 in the Bank and in the Consolidated. In 2023, results from the sale of 40% of Webmotors, as described in note 29.l.










*Values expressed in thousands, except when indicated.



31.Subsequent Events

a) Distribution of Interest on Equity

The Board of Directors of Banco Santander, at a meeting held on January 10, 2025, approved the proposal of the Company's Executive Board, ad referendum of the Ordinary General Meetings to be held by April 30, 2025, for the distribution of Interest on Equity, in the amount of R$1,500,000,000.00 (one billion and five hundred million reais), based on the balance of the Company's Dividend Equalization Reserve. Shareholders registered in the Bank's records at the end of January 22, 2025 (inclusive) will be entitled to the Interest on Equity. Therefore, as of January 23, 2025 (inclusive), the Bank's shares will be traded “Ex-Interest on Equity”. The amount of Interest on Equity will be paid from February 12, 2025. The Interest on Equity will be fully attributed to the minimum mandatory dividends to be distributed by the Bank, referring to the fiscal year 2025, without any remuneration as monetary adjustment.








*Values expressed in thousands, except when indicated.

Composition of Management Bodies as of December 31,2024

Board of Directors

Deborah Stern Vieitas – Presidente (independent)
Jose Antonio Alvarez Alvarez – Vice-president
Deborah Patricia Wright – Counselor (independent)
Ede Ilson Viani - Counselor
José de Paiva Ferreira – Counselor (independent)
Javier Maldonado Trinchant – Counselor
Marília Artimonte Rocca - Counselor (independent)
Mario Roberto Opice Leão – Counselor
Cristiana Almeida Pipponzi – Counselor (independent)
Pedro Augusto de Melo - Counselor (independent)
Vanessa de Souza Lobato Barbosa – Counselor

Audit Committee

Pedro Augusto de Melo – Coordinator
Maria Elena Cardoso Figueira – Qualified Technical Member
Andrea Maria Ramos Leonel – Member
René Luiz Grande – Member
Luiz Carlos Nannini – Member

Risk and Compliance Committee

José de Paiva Ferreira – Coordinator
Deborah Stern Vieitas – Member
José Mauricio Pereira Coelho - Member
Jaime Leôncio Singer – Member

Sustainability Committee
Marília Artimonte Rocca – Coordinator
Álvaro Antônio Cardoso de Souza – Member
Vivianne Naigeborin - Member
Tasso Rezende de Azevedo – Member

























Nomination and Governance Committee

Deborah Stern Vieitas – Coordinator
Deborah Patricia Wright – Member
Cristiana Almeida Pipponzi - Member
Jose Antonio Alvarez Alvarez – Member

Compensation Committee
Deborah Patricia Wright – Coordinator
Deborah Stern Vieitas - Member
Luiz Fernando Sanzogo Giorgi – Member
Vanessa de Souza Lobato Barbosa - Member

*Values expressed in thousands, except when indicated.

Executive Board

Chief Executive Officer        
Mario Roberto Opice Leão

Executive Vice President and Investor Relations Director        
Gustavo Alejo Viviani    

Executive Vice President Directors    
Alessandro Tomao
Carlos José da Costa André
Ede Ilson Viani
Franco Raul Rizza
Germanuela de Almeida de Abreu
Luis Guilherme Mattoso de Oliem Bittencourt
Gilberto Duarte de Abreu Filho
Maria Elena Lanciego Perez
Maria Teresa Mauricio da Rocha Pereira Leite
Renato Ejnisman

Directors without Specific Designation    
    
Alessandro Chagas Farias
Alexandre Teixeira de Araujo
Alexandre Guimarães Soares
Ana Paula Vitali Janes Vescovi
André Juaçaba de Almeida
Carlos Aguiar Neto         
Celso Mateus De Queiroz
Cezar Augusto Janikian
Claudia Chaves Sampaio
Claudenice Lopes Duarte
Daniel Mendonça Pareto
Eduardo Alvarez Garrido
Eduardo Luis Sasaki
Enrique Cesar Suares Fragata Lopes
Franco Luigi Fasoli
Geraldo José Rodrigues Alckmin Neto    
Gustavo de Sousa Santos
Izabella Ferreira Costa Belisario
Jean Paulo Kambourakis
Leonardo Mendes Cabral
Luciana de Aguiar Barros
Marilize Ferrazza Santinoni
Paulo César Ferreira de Lima Alves
Paulo Fernando Alves Lima
Paulo Sérgio Duailibi
Rafael Abujamra Kappaz
Ramón Sanchez Santiago    
Reginaldo Antonio Ribeiro
Ricardo Olivare de Magalhães
Richard Flavio Da Silva
Robson de Souza Rezende
Sandro Kohler Marcondes
Sandro Mazerino Sobral
Thomaz Antonio Licarião Rocha         
Vanessa Alessi Manzi
Vítor Ohtsuki



Accountant

Camilla Cruz Oliveira de Souza – CRC Nº 1SP – 256989/O-0

*Values expressed in thousands, except when indicated.

Directors' Statement on the financial statements

For the purposes of complying with the provisions of article 27, § 1, section VI, of Instruction of the Securities and Exchange Commission (CVM) 80, of March 29, 2022, the members of the Executive Board of Banco Santander (Brasil) S.A. (Banco Santander ) declare that they discussed, reviewed and agreed with the Financial Statements prepared according to Banco Santander's BRGAAP criteria, relating to the year ended December 31, 2024, and the documents that compose them, being: Management Report, balance sheets, income statement, statements of comprehensive income, statement of changes in equity, statement of cash flows, statement of added value and explanatory notes, which were prepared in accordance with accounting practices adopted in Brazil, in accordance with Law No. 6,404, of December 14 of 1976 (Corporations Law), the rules of the National Monetary Council, the Brazilian Central Bank in accordance with the model of the Accounting Plan for Institutions of the National Financial System (COSIF) and other applicable regulations and legislation. The aforementioned Financial Statements and the documents that compose them were the subject of an unqualified report by the Independent Auditors and a recommendation for approval issued by the Bank's Audit Committee to the Board of Directors.
Members of the Banco Santander Executive Board on December 31, 2024:

Executive Board
Chief Executive Officer

Mario Roberto Opice Leão

Executive Vice President and Investor Relations Director

Gustavo Alejo Viviani

Executive Vice President Directors

Alessandro Tomao
Carlos José da Costa André
Ede Ilson Viani
Franco Raul Rizza
Germanuela de Almeida de Abreu
Luis Guilherme Mattoso de Oliem Bittencourt
Gilberto Duarte de Abreu Filho
Maria Elena Lanciego Perez
Maria Teresa Mauricio da Rocha Pereira Leite
Renato Ejnisman

Directors without Specific Designation

Alessandro Chagas Farias
Alexandre Teixeira de Araujo
Alexandre Guimarães Soares
Ana Paula Vitali Janes Vescovi
André Juaçaba de Almeida
Carlos Aguiar Neto         
Celso Mateus De Queiroz
Cezar Augusto Janikian
Claudia Chaves Sampaio
Claudenice Lopes Duarte
Daniel Mendonça Pareto
Eduardo Alvarez Garrido
Eduardo Luis Sasaki
Enrique Cesar Suares Fragata Lopes
Franco Luigi Fasoli
Geraldo José Rodrigues Alckmin Neto    
Gustavo de Sousa Santos
Izabella Ferreira Costa Belisario



Jean Paulo Kambourakis
Leonardo Mendes Cabral
Luciana de Aguiar Barros
Marilize Ferrazza Santinoni
Paulo César Ferreira de Lima Alves
Paulo Fernando Alves Lima
Paulo Sérgio Duailibi
Rafael Abujamra Kappaz
Ramón Sanchez Santiago    
Reginaldo Antonio Ribeiro
Ricardo Olivare de Magalhães
Richard Flavio Da Silva
Robson de Souza Rezende
Sandro Kohler Marcondes
Sandro Mazerino Sobral
Thomaz Antonio Licarião Rocha         
Vanessa Alessi Manzi
Vítor Ohtsuki

*Values expressed in thousands, except when indicated.
Directors' Statement on the Independent Auditors' Report
For the purposes of complying with the provisions of article 27, § 1, item VI, of Instruction of the Securities and Exchange Commission (CVM) 80, of March 29, 2022, the members of the Executive Board of Banco Santander (Brasil) S.A. (Banco Santander ) declare that they discussed, reviewed and agreed with the Financial Statements prepared according to Banco Santander's BRGAAP criteria, relating to the year ended December 31, 2024, and the documents that comprise them, namely: Management Report, balance sheets, income statement , statements of comprehensive income, statement of changes in equity, statement of cash flows, statement of added value and explanatory notes, which were prepared in accordance with the accounting practices adopted in Brazil, in accordance with Law No. 6,404, dated 14 December 1976 (Corporations Law), the rules of the National Monetary Council, the Brazilian Central Bank in accordance with the model of the Accounting Plan for Institutions of the National Financial System (COSIF) and other applicable regulations and legislation. The aforementioned Financial Statements and the documents that compose them were the subject of an unqualified report by the Independent Auditors and a recommendation for approval issued by the Bank's Audit Committee to the Board of Directors.
Members of the Executive Board of Banco Santander on December 31, 2024:

Executive Board
Chief Executive Officer

Mario Roberto Opice Leão

Executive Vice President and Investor Relations Director    

Gustavo Alejo Viviani

Executive Vice President Directors
    
Alessandro Tomao
Carlos José da Costa André
Ede Ilson Viani
Franco Raul Rizza
Germanuela de Almeida de Abreu
Luis Guilherme Mattoso de Oliem Bittencourt
Gilberto Duarte de Abreu Filho
Maria Elena Lanciego Perez
Maria Teresa Mauricio da Rocha Pereira Leite
Renato Ejnisman


Directors without Specific Designation    


Alessandro Chagas Farias
Alexandre Teixeira de Araujo
Alexandre Guimarães Soares
Ana Paula Vitali Janes Vescovi
André Juaçaba de Almeida
Carlos Aguiar Neto         
Celso Mateus De Queiroz
Cezar Augusto Janikian
Claudia Chaves Sampaio
Claudenice Lopes Duarte
Daniel Mendonça Pareto
Eduardo Alvarez Garrido
Eduardo Luis Sasaki
Enrique Cesar Suares Fragata Lopes
Franco Luigi Fasoli
Geraldo José Rodrigues Alckmin Neto    
Gustavo de Sousa Santos
Izabella Ferreira Costa Belisario


Jean Paulo Kambourakis
Leonardo Mendes Cabral
Luciana de Aguiar Barros
Marilize Ferrazza Santinoni
Paulo César Ferreira de Lima Alves
Paulo Fernando Alves Lima
Paulo Sérgio Duailibi
Rafael Abujamra Kappaz
Ramón Sanchez Santiago    
Reginaldo Antonio Ribeiro
Ricardo Olivare de Magalhães
Richard Flavio Da Silva
Robson de Souza Rezende
Sandro Kohler Marcondes
Sandro Mazerino Sobral
Thomaz Antonio Licarião Rocha         
Vanessa Alessi Manzi
Vítor Ohtsuki





*Values expressed in thousands, except when indicated.

Audit Committee Report

The Audit Committee of Banco Santander (Brasil) S.A. ("Santander"), lead institution of the Economic and Financial Conglomerate ("Conglomerate”), acts as single entity for all the institutions part of the Conglomerate, including those entities under the supervision of the Superintendence of Private Insurance - Susep.

According to its Charter, available on Santander´s Investors Relations website (www.ri.santander.com.br), the Audit Committee, among its attributions, advises the Board of Directors on the oversight of the reliability of the financial statements, its compliance with the applicable rules and legislation, the effectiveness and independence of the work performed by the internal and independent auditors, as well as on the effectiveness of the internal control system and operational risk management. Besides that, the Audit Committee also recommends amendments and improvements on policies, practices and procedures identified in the course of its duties, whenever deemed necessary.

The Audit Committee is currently composed of five independent members, elected according to resolution approved at the meeting of the Board of Directors held on May 02nd, 2024. It acts through meetings with executives, internal and independent auditors and specialists, conducts analyze based on the reading of documents, and information submitted to it, as well as taking initiatives in relation to other procedures deemed necessary. The Audit Committee's evaluations are primarily based on information received from Senior Management, internal and independent auditors and the areas responsible for monitoring internal controls and operational risks.

The Audit Committee's minutes and reports are regularly sent to the Board of Directors, through regular reports from the Committee coordinator at Board of Directors meetings.

Regarding its attributions, the Audit Committee performed the following activities:

Financial Statements

The Audit Committee reviewed the financial statements of Santander, confirming its adequacy. In this regard, it acknowledged the results recorded in the first semester ended in December 31, 2024, of the Company in Brgaap standard, in addition to the individual and consolidated Financial Statements.

The Audit Committee held meetings with the independent auditors and professionals responsible for the accounting and preparation of the financial statements, prior to their disclosure.

Internals Controls and Operational Risks Management

The Audit Committee received information and held meetings with the Executive Vice-Presidency of Risks (CRO) - including attending meetings of the Risk and Compliance Committee, with the Compliance Directorship, Internal Controls and the relevant professionals responsible for the management, implementation and dissemination of the Conglomerate's internal controls and risk management culture and infrastructure. It also verified cases dealt by the “Canal Aberto” (Whistleblowing Channel) and by the Information Security and Anti-Fraud areas. Such verifications were conducted in accordance with the current regulations.

Internal Audit

The Audit Committee met formally with the Chief Audit Officer and with other Internal Audit representatives on several occasions during the second semester of 2024, in addition to receiving the reports of the work performed, the reports issued and their respective conclusions and recommendations, highlighting (i) the fulfillment of recommendations for improvements in areas which controls were considered "To be improved"; (ii) the results of the improvements applied to monitor and comply with the recommendations and their action plans for continuous progress; and (iii) meeting the demands of regulatory bodies. In several other occasions, Internal Audit professionals attended the meetings of the Audit Committee, providing expert information.

Independent Audit

Regarding the Independent Audit work performed by PricewaterhouseCoopers Auditores Independentes ("PwC"), the Audit Committee met formally on several occasions in the second semester of 2024. At these meetings the following topics were highlighted: discussions involving the financial statements for the semester ended December 31, 2024, accounting practices, the main audit matters (“PAA’s”) and eventual deficiencies and recommendations raised in the internal control report and the detailed report on the revision of “Allowance for Loan Losses”. In addition, the Committee met with the Independent Auditor in executive sessions to discuss topics of interest, such as the Brazilian Tax Reform. The Audit Committee evaluated the proposals submitted by PwC for the performance of other services, to verify the absence of conflicts of interest or potential risk of loss of independence. The Audit Committee met with KPMG Auditores Independentes (“KPMG”), responsible for the audit of Banco RCI Brasil S.A., member of the Conglomerate.


*Values expressed in thousands, except when indicated.

Ombudsman

In accordance with the current regulation, specific works were carried out in the second semester of 2024, which were presented to the Audit Committee that discussed and evaluated them. In addition to the 2024 work reporting, the Committee also took note of the Ombudsman's half-yearly report, both from Banco Santander (Brasil) and its affiliates, and from the companies’ part of the Conglomerate that have their own Ombudsman for the semester ended December 31, 2024.

Regulatory Bodies

The Audit Committee monitors and acts on the results of the inspections and notes of regulatory and self-regulatory bodies and the respective measures adopted by management to comply with such notes, accompanies the new regulations and holds meetings with regulators, whenever requested. In the case of the Brazilian Central Bank, it holds regular meetings with the supervisors of the Banking Supervision Department - Desup and the Conduct Supervision Department - Decon.

Others Activities

Besides the activities described above, as part of the work inherent to its attributions, the Audit Committee met with senior management and several areas of the Conglomerate, furthering its analysis, with emphasis on the following topics: (i) monitoring of regulatory capital; (ii) monitoring inspections report and notes from regulators, ongoing inspections and the correspondent action plans adopted to meet the requests; (iii) monitoring of cybersecurity themes; (iv) monitoring the Sustainability themes, amongst with Sustainability Committee; (v) monitoring of topics related to conduct, PLD/CFT, KYC, policies and action plans for continuous improvements; (vi) monitoring of the activities of the customer relations department, its action plans and results; (vii) monitoring of tax, labor and civil litigation; (viii) review and approval of the Tax Credit Realization Technical Study; and (ix) monitoring of provisions and topics related to PCLD.

During the period, members of the Audit Committee also participated in training, lectures and programs on topics related to its activities, and on regulations of interest and impact to the Conglomerate.

Conclusion

Based on the work and assessments carried out, and considering the context and scope in which it carries out its activities, the Audit Committee concluded that the work carried out is appropriate and provides transparency and quality to the Financial Statements of Banco Santander (Brasil) S.A. for the semester ended in December 31, 2024, recommending their approvals by the Board of Directors of Santander.


São Paulo, February 3rd, 2025.

Audit Committee

Pedro Augusto de Melo – Coordinator
Maria Elena Cardoso Figueira – Financial Expert
René Luiz Grande
Andrea Maria Ramos Leonel
Luiz Carlos Nannini


SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: February 10, 2025

Banco Santander (Brasil) S.A.
By:
/S/ Reginaldo Antonio Ribeiro
Reginaldo Antonio Ribeiro
Officer Without Specific Designation






By:
/S/ Gustavo Alejo Viviani
Gustavo Alejo Viviani
Vice - President Executive Officer