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BSBR 6-K

Banco Santander (Brasil) S.A. (BSBR)

6-K 2024-10-30 For: 2024-09-30
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Added on April 11, 2026

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 October, 2024

_____________________________________________

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

Performance Report 3
Condensed Balance Sheet 10
Condensed Statement of Income 12
Condensed Statement of Comprehensive Income 13
Condensed Statement of Changes in Stockholders' equity - Bank 14
Condensed Statement of Changes in Stockholders' equity – Consolidated 15
Condensed Statement of Cash Flows 17
Condensed Statement of Added Value 19
1.    Operational Context 20
2.    Presentation of Financial Statements 20
3.     Main Accounting Policies 21
4.    Cash and Cash Equivalents 21
5.    Interbank Liquidity Investments 22
6.    Securities and Derivative Financial Instruments 23
7.    Credit Portfolio and Provision for Expected Losses Associated with Credit Risk 39
8.     Other Financial Assets 43
9.    Tax Assets and Liabilities 44
10.    Other Assets 50
11.    Information on Dependencies Abroad 51
12.    Interests of Subsidiaries and Affiliates 52
13.    Fixed Assets in Use 55
14.    Intangibles 56
15.    Funding 57
16.    Other Financial Liabilities 60
17.    Other Liabilities 61
18.    Provisions, Contingent Liabilities, Contingent Assets and Legal Obligations - Tax and Social Security 62
19.    Stockholders’ Equity 66
20.    Related Parts 69
21.    Income from Services Rendered and Banking Fees 73
22.    Personnel Expenses 73
23.    Other Administrative Expenses 74
24.    Other Operating Income and Expenses 74
25.    Non-Operational Result 75
26.    Employee Benefits Plan 76
27.    Risk Management, Capital and Sensitivity Analysis 79
28.    Corporate Restructuring 83
29.    Other information 85
30.    Subsequent Events 88
Composition of Management Bodies as of September 30,2024 89
Directors' Statement on the financial statements 91
Directors' Statement on the Independent Auditors' Report 92

*Values expressed in thousands, except when indicated.

Performance Report

To the Shareholders:

We present the Performance Commentary to the Individual and Consolidated Condensed Interim Financial Statements of Banco Santander (Brasil) S.A.. (Banco Santander or Bank) for the period ended September 30 , 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 Central Bank of Brazil (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 Condensed Consolidated Interim Financial Statements prepared based on the international accounting standard issued by the International Accounting Standards Board (IASB) for the period ended September 30, 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 Change in the scenario of the presidential elections in the USA due to the withdrawal of the current president, Joe Biden, and replacement by his vice-president, Kamala Harris.

v Intensification of tensions in the Middle East with the involvement of several nations in the region in conflicts between Israel and the Palestine region.

v Rising interest rates in Japan signal the continuation of the future upward trajectory, significantly impacting asset prices around the globe.

v Reduction in interest rates in the US above the expectations of most markets, raising doubts about the magnitude of the new cuts ahead.

v Announcement of monetary stimuli by the Chinese authorities with the aim of increasing the country's economic growth rate.

In the domestic environment

v Worsening expectations regarding the evolution of Brazilian public debt resulting from frustration with the bimonthly budget review.

Given the involvement of the majority of parliamentarians in the municipal elections, no substantial progress was observed in relevant projects such as the conclusion of the Tax Reform or the proposal to renegotiate state debts.

The slowdown in the evolution of such agendas and the absence of relevant measures in this regard contribute to increased market skepticism regarding the dynamics of public accounts.

Despite tax collection continuing to record robust performance in the third quarter of 2024, public spending also demonstrated a strong pace of growth - and in a more structural way than the evolution of revenues.

This combination reinforces the negative perception of the markets regarding the trajectory of Brazilian public debt for the coming years, a situation worsened by the bimonthly budget review that took place in September, which reduced the amount of contingent expenditure in July, making it difficult to improve the prices of domestic assets.

After fluctuations between R$5.00/US$ and R$5.60/US$ in the second quarter of 2024, the variation range changed level, with the exchange rate of the Brazilian currency against the US dollar fluctuating between R$5.37 /US$ and R$5.86 /US$ in the third quarter. However, the exchange rate ended the period at R$5.59/US$, the same level seen at the end of 1Q24. In Banco Santander's view, the worsening perception regarding Brazilian fiscal dynamics was the main reason for the devaluation of the real, since most of the international highlights that occurred in the period indicated a favorable influence on the real.

Banco Santander assesses that the prospect of additional increases in the Selic rate in the coming months, the maintenance of a very solid performance in foreign trade and the signs that the interest rate cut cycle in the USA is expected to extend throughout 2025 could help the real ahead. For these reasons, we project that the exchange rate will end 2024 at around the level of R$5.40/US$.

*Values expressed in thousands, except when indicated.

v PGDP performance in the 2nd quarter of 2024 above expectations, despite the damage caused by the floods in Rio Grande do Sul.

Signaled by the median of market projections, GDP performance in 2Q24 surprised positively and once again recorded strong growth in the period. In Banco Santander's opinion, the performance continued to be largely the result of the resilience of the labor market together with the extension of fiscal stimuli. This result ended up reinforcing the wave of upward revisions in the projection for GDP growth in 2024. At the end of 2Q24, the median of economic agents' projections regarding the performance of the Brazilian economy indicated Brazilian GDP growth of 2.1% in 2024. At the end of 3Q24, the median projections rose to 3.0%. Banco Santander also revised its projection from 2.0% to 3.0% in the same comparison, with the state of Rio Grande do Sul showing recovery from the impacts of the floods more quickly than imagined.

v Continued deterioration in inflation expectations and climate factors affecting prices in the short term led to the resumption of the interest rate hike cycle.

Although the interannual variation of the IPCA remained at a level below the ceiling of the tolerance margin stipulated by the inflation targeting system, the underlying inflation measures continued to indicate difficulty in converging to the 3.0% target over the relevant time horizon for the monetary policy. Together with the worsening perception of the dynamics of public spending in the months ahead and climatic factors that negatively influenced energy and food prices in the short term, these factors ended up causing inflationary expectations for the coming years to worsen further. At the end of 2Q24, inflation expectations for the years 2024 and 2025 were, respectively, 4.00% and 3.87%. At the end of 3Q24, expectations for the same periods reached 4.36% and 3.97%, respectively. As a result, the Central Bank opted to resume the interest rate hike cycle in September 2024 and, in addition, signaled that it will be necessary to raise the Selic rate level to a level well above the 10.50% it has maintained until then in order for there to be the convergence of the interannual variation of the IPCA towards the target of 3.0%. Although Banco Santander assesses that inflationary dynamics should improve over the next few months, the institution understands that it will be difficult to achieve a substantial improvement in inflationary expectations in light of so many uncertainties present in the domestic and international spheres – a key factor in resuming the reduction process interest rates in Brazil. For this reason, Banco Santander projects that the Selic rate will reach 11.75% p.a. until the end of 2024 and will continue to rise in the first two Copom meetings in 2025, reaching a peak of 12.50% in March of next year.

  1. 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 Profit<br><br>R$10 billion 9H24<br><br>(+39.5% vs 9H23) Expanded Portfolio<br><br>R$ 664 billion<br><br>(6.1% vs Sep/23) Net Interest Income<br><br>R$ 44.8 billion 9H24<br><br>(13.6% vs 9H23)
Managerial Income Statement1
--- --- --- --- --- --- --- --- --- ---
(R million) 3Q24 2Q24 3Q24 x 9H24 9H23 9H24 x
9H23
Net Interest Income 15,227 14,751 3.2 % 44,768 39,399 13.6 %
Fees 5,334 5,182 2.9 % 15,402 13,451 14.5 %
Total Revenues 20,561 19,933 3.2 % 60,170 52,850 13.9 %
Allowance for Loan losses (5,884) (5,896) (0.2) % (17,823) (18,363) (2.9) %
General Expenses (6,457) (6,314) 2.3 % (19,068) (18,131) 5.2 %
Others (3,887) (3,816) 1.9 % (11,500) (9,811) 17.2 %
Managerial Profit Before Taxes 4,333 3,907 10.9 % 11,779 6,545 80.0 %
Taxes and Minority Interest (669) (575) 16.4 % (1,761) 633 (378.2) %
Recurring Managerial Net Profit 3,664 3,332 10.0 % 10,018 7,178 39.5 %
Managerial Net Profit 3,548 3,247 9.2 % 9,731 6,854 42.0 %
1 The table above considers managerial reclassifications pertaining to the Income Statement.

All values are in US Dollars.

*Values expressed in thousands, except when indicated.

  1. 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.

  1. Corporate Governance

The Governance structure of Banco Santander Brasil 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.

  1. Internal Audit

Internal Audit reports directly to the Board of Directors, with the Audit Committee responsible for its supervision.

Internal Audit is a permanent function independent of any other function or unit, whose mission is to provide the Board of Directors and senior management with independent assurance on the quality and effectiveness of internal control and risk management processes and systems (current or emerging) and government, thus contributing to protecting the value of the organization, its solvency and reputation. Internal Audit has a quality certificate issued by the Institute of Internal Auditors (IIA).

To fulfill its functions and coverage risks inherent to Banco Santander's activity, Internal Audit has a set of tools developed internally and which are updated when necessary. Among them, 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 latest audit rating, the degree of compliance with recommendations and their size. The work programs, which describe the audit tests to be carried out, are reviewed periodically.

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

  1. People

Banco Santander continues to strengthen its organizational culture and its obsession with evolving the client and employee experience. Protagonism and autonomy increase in favor of an environment of innovation that accelerates digital transformation and improves the offer for the most diverse segments of society.

There are 55,035 employees, considering the entire group, committed to the ambition of making Santander the main bank for each of its clients.

To this end, Santander values a diverse environment, in which each professional feels valued and builds their career with a long-term vision. Based on 5 pillars of diversity - Female Leadership; Racial Equity; Disabled people; Generational Diversity and LGBTQIA+ and the transformative force of continuous learning, each employee is the protagonist of their development journey, enriched by essential collaboration between peers and leaders, ensuring that growth opportunities are available to everyone. Santander was once again elected as one of the Best Companies to Work for in Brazil by GPTW, occupying 8th position in the national ranking of companies with more than 10,000 employees and 2nd place in the Sector Ranking of Large Banks.

*Values expressed in thousands, except when indicated.

  1. 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 3Q24, we highlight the following results:

Environmental: v We made R$22.6 billion viable in sustainable businesses and achieved a portfolio of R$35.3 billion in green bond issues, clean energy financing and dedicated product options.<br><br>v Among them is Prospera Santander Microfinanças, which since 2002 has been providing financial solutions to entrepreneurs. In the last quarter, we reached approximately R$3.2 billion in portfolio, an increase of 8.22% and we have 1.1 million customers from more than 1,700 communities in the country.<br><br>v We published our Emissions Inventory in the Public Emissions Registry, a Brazilian platform for publishing inventories of greenhouse gas (GHG) emissions from organizations participating in the Brazilian GHG Protocol Program.
Promoting sustainable businesses with a commitment to being Net Zero by 2050
Social: v Through Santander Universities, we registered 108.5 thousand people who benefited from courses and scholarships, which amounted to an investment of R$16.8 million (+19.8%).<br><br>v We are in the new Idiversa B3 portfolio, launched in August. This is the first index focused on diversity in Latin America, of which we have been part since 2022.<br><br>v We have a new Volunteer Program, which mobilizes around 600 employees, who work on financial education, professional development and actions with children, teenagers and the elderly. One example is the training of outsourced service providers in some administrative buildings to work in the marketing of financial products.
--- ---
Contribution to building 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.
--- ---
Promotion of ESG in our culture, through the connection of all Banco Santander businesses.
  1. Independent audit

The operating policy of Banco Santander, including its controlled companies, in contracting services not related to the audit of the Financial Statements by its independent auditors, is based on Brazilian and international auditing standards, which preserve the independence of the auditor. This rationale provides for the following: (i) the auditor should not audit his own work, (ii) the auditor should not perform managerial functions for his client, (iii) the auditor should not promote the interests of his client, and (iv ) need for approval of any services by the Bank's Audit Committee.

In compliance with CVM Instruction 162/2022, Banco Santander informs that in the semester ended September 30, 2024, no services unrelated to the independent audit of the Financial Statements of Banco Santander and controlled companies were provided by PricewaterhouseCoopers. Furthermore. PricewaterhouseCoopers has procedures, policies and controls to ensure its independence, which include the evaluation of the work provided, covering any service that is not independent auditing of the Financial Statements of Banco Santander and controlled companies greater than 5% of the total fees relating to independent audit services. Furthermore, the Bank confirms that PricewaterhouseCoopers has procedures, policies and controls to ensure its independence, which include the evaluation of the work

*Values expressed in thousands, except when indicated.

provided, covering any service that is not independent auditing of the Financial Statements of Banco Santander and controlled companies. This assessment is based on applicable regulations and accepted principles that preserve the auditor's independence.

  1. Other Subjects

Banco Santander 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.

  1. 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 October 28, 2024).

Report on review of parent company

and consolidated condensed interim

financial statements

To the Board of Directors and Stockholders

Banco Santander (Brasil) S.A.

Introduction

We have reviewed the accompanying condensed interim balance sheet of Banco Santander (Brasil) S.A. ("Bank") as at September 30, 2024, and the related condensed statements of income, comprehensive income for the three and nine-months periods then ended, and changes in stockholders' equity and cash flows for the nine-months period then ended, as well as the accompanying consolidated condensed balance sheet of Banco Santander (Brasil) S.A. and its subsidiaries ("Consolidated") as at September 30, 2024, and the related consolidated condensed statements of income, comprehensive income for the three and nine-months periods then ended, and changes in stockholders' equity and cash flows for the nine-months period then ended, and notes, comprising significant accounting policies and other explanatory information.

Management is responsible for the preparation and presentation of these parent company and consolidated condensed interim financial statements in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Banco Santander (Brasil) S.A.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above do not present fairly, in all material respects, the financial position of Banco Santander (Brasil) S.A. and Banco Santander (Brasil) S.A. and its subsidiaries as at September 30, 2024, and the parent company financial performance

for the three and nine-months periods then ended, and its cash flows for the nine-months period then ended, as well as the consolidated financial performance for the three and nine-months periods then ended, and the consolidated cash flows for the nine-months period then ended in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN).

Other matters

Condensed statements of value added

The condensed interim financial statements referred to above include the parent company and consolidated condensed statements of value added for the nine-month period ended September 30, 2024, prepared under the responsibility of the Bank's management and presented as supplementary information for purposes of the Brazilian Central Bank. These statements have been subjected to review procedures performed together with the review of the condensed interim financial statements for the purpose of concluding whether they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated condensed interim financial statements taken as a whole.

São Paulo, October 29, 2024

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*Values expressed in thousands, except when indicated.

Condensed Balance Sheet

Bank Consolidated
Explanatory<br>Notes 09/30/2024 12/31/2023 09/30/2024 12/31/2023
Assets
Current and Non-Current 1,213,467,784 1,091,618,231 1,269,414,618 1,138,640,692
Availability 4 18,518,847 9,911,653 18,566,282 10,109,122
Financial Instruments 1,067,585,435 960,366,683 1,115,394,669 998,193,967
Interbank Liquidity Applications 5 209,330,166 171,248,893 149,638,541 113,860,885
Marketable securities 6.a 246,935,310 226,975,180 267,074,671 248,998,836
Derivative Financial Instruments 6.b 37,713,626 32,019,731 32,146,697 28,066,689
Credit Operations 7 365,346,393 354,093,609 449,704,968 427,599,259
Other Financial Assets 8 208,259,940 176,029,270 216,829,792 179,668,298
Leasing Operations - - 3,264,621 3,164,051
Provisions for Expected Losses Associated with Credit Risk 7.e (30,574,718) (31,163,480) (34,501,919) (35,375,068)
Other Assets 10 103,686,350 103,204,585 107,226,090 106,924,963
Tax Assets 9.a 54,251,870 49,298,790 59,464,875 55,623,657
Permanent 74,099,191 67,457,517 15,937,799 14,555,739
Investments 62,328,925 55,122,785 2,959,780 939,339
Interests in Affiliates and Subsidiaries 12.b 62,325,350 55,119,210 2,956,203 935,762
Other Investments 3,575 3,575 3,577 3,577
Fixed Assets in Use 13 4,561,152 5,251,777 4,966,922 5,654,848
Used Properties 2,362,415 2,385,144 2,603,011 2,617,403
Other Fixed Assets for Use 13,194,226 13,559,747 13,632,325 13,956,282
(Accumulated Depreciation) (10,995,489) (10,693,114) (11,268,414) (10,918,837)
Intangible 14 7,209,114 7,082,955 8,011,097 7,961,552
Goodwill on the Acquisition of Controlled Companies 27,220,515 27,220,515 28,273,815 28,276,124
Other Intangible Assets 15,206,790 14,016,884 15,835,318 14,619,846
(Accumulated Amortizations) (35,218,191) (34,154,444) (36,098,036) (34,934,418)
Total Assets 1,287,566,975 1,159,075,748 1,285,352,417 1,153,196,431
Management's explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

Bank Consolidated
Explanatory<br>Notes 09/30/2024 12/31/2023 09/30/2024 12/31/2023
Liabilities
Current and Non-Current 1,199,141,798 1,073,162,107 1,195,385,222 1,065,951,412
Deposits and Other Financial Instruments 1,108,680,670 994,574,532 1,086,581,326 967,725,045
Deposits 15 496,453,866 475,535,132 495,854,310 475,701,951
Open Market Funding 15 165,003,700 141,939,228 152,924,781 134,793,745
Loan Obligations 15 109,861,349 77,239,162 109,867,198 77,303,201
Obligations for Transfers from the Country - Official Institutions 15 9,148,944 12,332,678 9,148,944 12,332,678
Acceptance and Issuance Resources 15 165,934,254 167,198,665 153,699,315 149,203,270
Derivative Financial Instruments 6.b 37,829,209 30,051,184 31,076,982 25,606,801
Other Financial Liabilities 16.a 124,449,348 90,278,483 134,009,796 92,783,399
Other Liabilities 17 85,513,028 74,652,338 97,684,622 87,189,388
Provision for Tax Risks and Legal Obligations 18.b 2,676,935 2,326,237 2,878,616 2,521,560
Provision for Judicial and Administrative Proceedings - Labor and Civil Suits 18.b 5,954,037 5,734,590 6,608,325 6,188,861
Other Provisions 17 2,609,399 2,667,479 7,977,003 8,054,800
Several 17 74,272,657 63,924,032 80,220,678 70,424,167
Tax Liabilities 9.c 4,948,100 3,935,237 11,119,274 11,036,979
Net Equity 19 88,425,177 85,913,641 88,769,784 86,084,331
Capital Stock 19.a 65,000,000 55,000,000 65,000,000 55,000,000
Capital Reserves 19.c 528,597 600,931 535,342 607,676
Profit Reserves 19.c 28,096,089 34,974,116 28,096,089 34,823,270
Asset Valuation Adjustments (6,347,370) (3,554,623) (6,082,586) (3,239,832)
Retained earnings 2,021,223 - 2,094,301 -
(-) Treasury Shares 19.d (873,362) (1,106,783) (873,362) (1,106,783)
Participation of Minority Shareholders 19.e - - 1,197,411 1,160,688
Total Net Equity 88,425,177 85,913,641 89,967,195 87,245,019
Total Liabilities and Stockholders' Equity 1,287,566,975 1,159,075,748 1,285,352,417 1,153,196,431
Management's explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

Condensed Statement of Income

Bank Consolidated
07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Financial Intermediation Revenue 28,684,352 128,897,641 41,582,155 84,455,757 31,889,225 138,119,716 43,598,122 92,899,666
Credit operations 16,798,900 58,308,418 19,066,153 50,304,530 21,275,622 71,467,652 22,654,344 61,000,135
Leasing Operations - - - - 112,760 322,481 121,025 337,847
Result of Operations with Securities 9,616,483 52,303,613 17,033,625 29,629,753 8,725,631 50,377,225 19,205,426 27,445,777
Result with Derivative Financial Instruments (1,470,936) 7,046,264 2,305,081 (4,740,363) (1,973,419) 4,687,780 (1,569,735) (5,174,464)
Result of Foreign Exchange Operations 1,551,224 5,086,247 869,435 2,647,410 1,551,223 5,086,246 869,435 2,647,410
Result of Compulsory Applications 2,188,681 6,153,099 2,307,861 6,614,427 2,197,408 6,178,332 2,317,627 6,642,961
Financial Intermediation Expenses (22,197,703) (112,660,392) (37,203,433) (75,685,189) (22,202,855) (112,576,130) (35,877,578) (73,721,064)
Market Funding Operations (17,843,177) (77,476,557) (26,939,807) (56,912,272) (17,064,908) (74,839,540) (24,844,206) (52,627,289)
Result of Loan and Onlending Operations (1,375,199) (19,943,457) (4,854,283) (61,609) (1,375,402) (19,965,400) (4,863,859) (110,034)
Result of Operations with Sale or Transfer of Financial Assets (167,974) (744,859) (162,926) 67,985 (172,608) (965,637) (131,816) 568,117
Provision for Associated Expected Losses (2,811,353) (14,495,519) (5,246,417) (18,779,293) (3,589,937) (16,805,553) (6,037,697) (21,551,858)
Gross Result of Financial Intermediation 6,486,649 16,237,249 4,378,722 8,770,568 9,686,370 25,543,586 7,720,544 19,178,602
Other Operating Income (Expenses) (3,039,370) (8,859,861) (2,710,415) (5,726,542) (4,897,000) (14,282,127) (4,658,270) (12,961,997)
Income from Services Rendered 3,286,837 9,628,663 3,072,957 8,451,261 4,236,496 12,349,206 3,823,638 10,644,687
Income from Bank Fees 1,229,682 3,550,721 1,190,024 3,501,769 1,511,725 4,347,278 1,414,908 4,103,355
Personnel Expenses (1,691,643) (5,173,967) (1,694,842) (5,070,851) (2,386,697) (7,231,732) (2,277,512) (6,806,055)
Other Administrative Expenses (3,799,830) (10,921,170) (3,573,344) (10,509,551) (3,465,873) (10,019,286) (3,317,209) (9,849,123)
Tax Expenses (963,218) (2,359,455) (717,881) (2,356,720) (1,463,784) (3,815,865) (1,186,618) (3,690,491)
Result of Interests in Affiliates and Subsidiaries 1,879,203 5,191,701 2,009,694 6,481,918 69,115 158,582 46,679 128,206
Other Operating Income (Expenses) (2,980,401) (8,776,354) (2,997,023) (6,224,368) (3,397,982) (10,070,310) (3,162,156) (7,492,576)
Operational Result 3,447,279 7,377,388 1,668,307 3,044,026 4,789,370 11,261,459 3,062,274 6,216,605
Non-Operating Result 46,715 2,022,750 24,340 94,153 65,891 2,062,880 20,258 1,228,901
Result before Taxation on Profit and Participations 3,493,994 9,400,138 1,692,647 3,138,179 4,855,261 13,324,339 3,082,532 7,445,506
Income Tax and Social Contribution 475,001 1,506,549 1,319,033 4,822,862 (629,830) (1,643,731) 101,819 1,015,217
Provision for Income Tax 542,512 (45,144) 12,098 (9,669) (139,600) (2,028,731) (643,764) (2,047,384)
Provision for Social Contribution Tax 457,579 (1,373) - (14,267) 125,488 (1,023,885) (352,622) (976,482)
Deferred Tax Asset (525,090) 1,553,066 1,306,935 4,846,798 (615,718) 1,408,885 1,098,205 4,039,083
Profit Sharing (447,772) (1,303,942) (355,053) (1,121,390) (638,873) (1,831,799) (517,036) (1,531,195)
Non Controlling Interest - - - - (38,930) (117,476) (23,119) (75,041)
Net Profit 3,521,223 9,602,745 2,656,627 6,839,651 3,547,628 9,731,333 2,644,196 6,854,487
Number of Shares (Thousand) 7,498,531 7,498,531 7,498,531 7,498,531
Net Profit per Lot of Thousand Shares (in R) 469.59 1,280.62 354.29 912.13
Management's explanatory notes are an integral part of the financial statements.

All values are in US Dollars.

*Values expressed in thousands, except when indicated.

Condensed Statement of Comprehensive Income

Bank Consolidated
07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Net Profit of the Period 3,521,223 9,602,745 2,656,627 6,839,651 3,547,628 9,731,333 2,644,196 6,854,487
Other Comprehensive Income that will be subsequently reclassified for profit or loss when specific conditions are met: 165,758 (1,330,615) (451,351) 805,162 79,883 (1,380,622) (417,496) 792,558
Financial Assets Available for Sale 53,365 (1,308,681) (492,682) 320,637 (32,510) (1,358,688) (458,827) 308,033
Own (56,790) (2,297,729) (878,330) 451,108 (168,069) (2,556,916) (869,209) 520,974
From Associated 21,227 (125,392) (51,342) 59,886 — — — —
Taxes 88,928 1,114,440 436,990 (190,357) 135,559 1,198,228 410,382 (212,941)
Cash Flow Hedge 112,393 (21,934) 41,331 484,525 112,393 (21,934) 41,331 484,525
Own 214,316 (41,825) 78,813 923,917 214,316 (41,825) 78,813 923,917
Taxes (101,923) 19,891 (37,482) (439,392) (101,923) 19,891 (37,482) (439,392)
Other Comprehensive Results that will not be reclassified to Net Income: (1,360,554) (1,462,132) (17,735) (440,299) (1,360,554) (1,462,132) (17,735) (440,299)
Benefits Plan (1,335,244) (1,169,690) (17,735) (440,299) (1,335,244) (1,169,690) (17,735) (440,299)
Own (2,433,474) (2,127,948) (244) (698,064) (2,433,474) (2,127,948) (244) (698,064)
Taxes 1,098,230 958,258 (17,491) 257,765 1,098,230 958,258 (17,491) 257,765
Other Asset Valuation Adjustments (25,310) (292,442) — — (25,310) (292,442) — —
Goodwill on acquisitions of subsidiaries 17,797 (256,937) — — 17,797 (256,937) — —
Others (43,107) (35,505) — — (43,107) (35,505) — —
Comprehensive Result for the Period 2,326,427 6,809,998 2,187,541 7,204,514 2,266,957 6,888,579 2,208,965 7,206,746
Attributable to parent company 2,228,027 6,771,103 2,185,846 7,131,705
Attributable to Minority Stockholders 38,930 117,476 23,119 75,041
Total 2,266,957 6,888,579 2,208,965 7,206,746
Management’s explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

Condensed Statement of Changes in Stockholders' equity - Bank

Profit Reserves Asset Valuation Adjustments
Explanatory <br>Notes Capital <br>Stock Capital Reserves Legal Reserve Reserve for<br>Equalization<br>of Dividends Own Affiliates and Subsidiaries Other Asset Valuation Adjustments Accrued <br>Profits (-)Treasury Shares Total
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 - - - - - - (440,299) - - (440,299)
Treasury Shares 19.d - - - - - - - - 111,185 111,185
Result with Treasury Shares - 27,275 - - - - - - - 27,275
Reservations for Share - Based Payment - 65,776 - - - - - - - 65,776
Equity Valuation Adjustments - Securities and Derivative Financial Instruments - - - - 745,276 59,886 - - - 805,162
Reserve for Dividend Equalization - - - 51,959 - - - - - 51,959
Net Profit - - - - - - - 6,839,651 - 6,839,651
Destinations:
Legal Reserve 19.c - - 209,152 - - - - (209,152) - -
Interest on Equity 19.b - - - - - - - (4,700,000) - (4,700,000)
Reserve for Dividend Equalization 19.c - - - 773,873 - - - (773,873) - -
Balances as of September 30, 2023 55,000,000 529,365 6,097,725 27,190,287 (464,604) (350,197) (3,324,757) 1,156,626 (1,108,131) 84,726,314
Changes in the Period - 93,051 209,152 825,832 745,276 59,886 (440,299) 1,156,626 111,185 2,760,709
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) 18.d.2 - - - - - - (1,169,690) - - (1,169,690)
Treasury Shares 19.d - - - - - - - - 233,421 233,421
Result of Treasury Shares - 38,409 - - - - - - - 38,409
Reservations for Share - Based Payment - (110,743) - - - - - - - (110,743)
Equity Valuation Adjustments - Securities and Derivative Financial Instruments - - - - (1,205,223) (125,392) - - - (1,330,615)
Equity Valuation Adjustments - Goodwill - - - - - - (256,937) - - (256,937)
Equity Valuation Adjustments - Others - - - - - - (35,505) - - (35,505)
Capital increase 10,000,000 - - (10,000,000) - - - - - -
Prescribed Dividends - - - 40,451 - - - - - 40,451
Net Profit - - - - - - - 9,602,745 - 9,602,745
Destinations:
Legal Reserve - - 480,137 - - - - (480,137) - -
Dividends and Interest on Equity 19.b - - - - - - - (4,500,000) - (4,500,000)
Reserve for Dividend Equalization - - - 2,601,385 - - - (2,601,385) - -
Balances as of September 30, 2024 65,000,000 528,597 6,811,922 21,284,167 (960,013) (414,494) (4,972,863) 2,021,223 (873,362) 88,425,177
Changes in the Period 10,000,000 (72,334) 480,137 (7,358,164) (1,205,223) (125,392) (1,462,132) 2,021,223 233,421 2,511,536
(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.
Management’s explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

Condensed Statement of Changes in Stockholders' equity – Consolidated

Profit Reserves Asset Valuation Adjustments
Explanatory <br>Notes Capital <br>Stock Capital Reserves Legal Reserve Reserve for<br>Dividend<br>Equalization Own Other Asset Valuation Adjustments Accrued <br>Profits (-)Treasury Shares Net Equity Minority<br>Stockholders Interest Total Net<br>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 - - - - - (440,299) - (440,299) - (440,299)
Treasury Shares 19.d - - - - - - - 111,185 111,185 - 111,185
Treasury Shares Result - 27,276 - - - - - - 27,276 - 27,276
Reserves for Share-Based Payment - 63,865 - - - - - - 63,865 - 63,865
Equity Valuation Adjustments - Securities and<br>Derivative Financial Instruments - - - - 792,558 - - - 792,558 - 792,558
Prescribed Dividends - - - 51,959 - - - - 51,959 - 51,959
Net profit - - - - - - 6,854,487 - 6,854,487 - 6,854,487
Destinations:
Legal Reserve 19.c - - 342,724 - - - (342,724) - - - -
Dividends 19.b - - - - - - - - - - -
Interest on Capital 19.b - - - - - - (4,700,000) ; - (4,700,000) - (4,700,000)
Reserve for Dividend Equalization 19.c - - - 655,137 - - (655,137) - - - -
Unrealized Profit - - - 242,482 - - (242,482) - - - -
Result of Minority Stockholders Interest 19.e - - - - - - - - 75,041 75,041
Others - - - (29,445) - - - - (29,445) (259,043) (288,488)
Balances as of September 30, 2023 55,000,000 536,110 6,241,492 27,046,520 (511,878) (3,324,757) 914,144 (1,108,131) 84,793,500 1,169,317 85,962,817
Changes in the Period - 91,141 342,724 920,133 792,558 (440,299) 914,144 111,185 2,731,586 (184,002) 2,547,584
Management’s explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

Profit Reserves Asset Valuation Adjustments
Explanatory <br>Notes Capital <br>Stock Capital Reserves Legal Reserve Reserve for<br>Dividend<br>Equalization Own Other Asset Valuation Adjustments Accrued <br>Profits (-)Treasury Shares Net Equity Minority<br>Stockholders Interest Total Net<br>Equity
Balances on December 31, 2023 55,000,000 607,676 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 Plans 18.d.2 - - - - - (1,169,690) - - (1,169,690) - (1,169,690)
Treasury Shares 19.d - - - - - - - 233,421 233,421 - 233,421
Result of Treasury Shares - 38,409 - - - - - - 38,409 - 38,409
Reservations for Share - Based Payment - (110,743) - - - - - - (110,743) - (110,743)
Adjustment to Fair Value - Securities and<br>Derivative Financial Instruments - - - - (1,380,622) - - - (1,380,622) - (1,380,622)
Equity Valuation Adjustments - Goodwill - - - - - (256,937) - - (256,937) - (256,937)
Equity Valuation Adjustments - Others - - - - - (35,505) - - (35,505) - (35,505)
Prescribed Dividends - - - 40,453 - - - - 40,453 - 40,453
Capital increase 10,000,000 - - (10,000,000) - - - - - - - - -
Net Income - - - - - - 9,731,333 - 9,731,333 - 9,731,333
Destinations:
Legal Reserve - - 486,567 - - - (486,567) - - - -
Dividends and Interest on Equity 19.b - - - - - - (4,500,000) (4,500,000) - (4,500,000)
Reserve for Dividend Equalization - - - 2,594,955 - - (2,594,955) - - - -
Unrealized Profit - - - 150,844 - - (55,510) - 95,334 - 95,334
Result of Minority Stockholders Interest 19.e - - - - - - - - - 117,476 117,476
Others - - - - - - - - - (80,753) (80,753)
Sale / Merger / Acquisition - - - - - - - - - (101,413) (101,413)
Others - - - - - - - - - 20,660 20,660
Balances as of September 30, 2024 65,000,000 535,342 6,834,018 21,262,071 (1,109,723) (4,972,863) 2,094,301 (873,362) 88,769,784 1,197,411 89,967,195
Changes in the Period 10,000,000 (72,334) 486,567 (7,213,748) (1,380,622) (1,462,132) 2,094,301 233,421 2,685,453 36,723 2,722,176
(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.
Management’s explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

Condensed Statement of Cash Flows

Bank Consolidated
Explanatory Notes 01/01 to 01/01 to 01/01 to 01/01 to
09/30/2024 09/30/2023 09/30/2024 09/30/2023
Operational Activities
Net Profit 9,602,745 6,839,651 9,731,333 6,854,487
Adjustment to Net Income (16,636,974) 22,325,612 (8,072,006) 30,653,111
Provision for Expected Losses Associated with Credit Risk 7.e 14,495,519 18,779,293 16,805,553 21,551,858
Provision for Judicial and Administrative Proceedings and Legal Obligations 18.c 2,934,329 590,021 3,360,489 (1,308,268)
Monetary Updates of Provisions for Judicial and Administrative Proceedings and Legal Obligations 18.c 363,657 343,770 384,636 365,147
Deferred Taxes (2,510,532) (5,192,829) (1,902,172) (4,203,352)
Result of Interests in Affiliates and Subsidiaries 12.b (5,191,701) (6,481,918) (158,582) (128,206)
Depreciation and Amortization 23 2,391,093 2,312,076 2,582,439 2,501,847
Constitution (Reversal) of Provision for Losses on Non-Financial Assets Held for Sale 25 6,438 3,905 (47,088) (22,487)
Result of Non-Financial Assets Held for Sale (139,198) (48,765) (80,404) (50,021)
Result of Investments 25 (1,929,980) - (1,929,751) -
Judicial Deposit Update (412,166) (464,769) (521,394) (568,615)
Result in Financial Guarantees Provided (18,169) 111,638 (18,169) 111,638
Update of Taxes to Offset (185,842) (390,503) (224,356) (435,199)
Effects of Exchange Rate Changes on Cash and Cash Equivalents 405 (5,764) 405 (5,764)
Effects of Exchange Rate Changes on Assets and Liabilities (26,479,185) 12,742,182 (26,479,185) 12,742,182
Others 38,358 27,275 155,573 102,351
Changes in Assets and Liabilities 32,451,633 24,889,563 15,945,275 22,067,930
Reduction (increase) in Interbank Liquidity Applications (23,188,909) 1,286,494 (22,187,997) (2,797,103)
Reduction (increase) in Securities and Derivative Financial Instruments (21,230,210) (22,760,572) (20,813,895) (29,636,107)
Reduction (increase) in Credit and Leasing Operations (24,924,247) (25,513,172) (38,469,509) (28,811,670)
Reduction (increase) in Others - Provisions for Expected Losses Associated with Credit Risk (450,895) 316,310 (462,675) 316,311
Reduction (increase) in Deposits at the Central Bank (10,886,464) (10,311,266) (10,911,374) (10,279,637)
Reduction (increase) in Other Financial Assets (16,421,585) 36,285,322 (21,325,270) 34,932,710
Reduction (increase) in Prepaid Expenses (245,102) (186,765) (309,861) (255,236)
Reduction (increase) in Other Assets (184,270) (7,482,026) 2,045,670 (2,704,719)
Reduction (increase) in Current Tax Assets (404,448) (575,974) (319,236) (999,062)
Net Change in Other Interbank Relations and Interdependencies 1,504,120 (200,499) 1,501,890 (206,743)
Increase (decrease) in Deposits 20,918,734 46,614,178 20,152,359 44,598,803
Increase (decrease) in Open Market Funding 23,064,472 26,668,250 18,131,036 26,097,284
Increase (decrease) in Obligations for Loans and Onlendings 27,472,335 11,079,417 27,414,145 11,061,343
Increase (decrease) in Other Financial Liabilities 19,551,731 (52,081,795) 26,607,264 (52,761,069)
Increase (decrease) in Other Liabilities 37,581,435 21,417,196 35,021,651 30,316,709
Increase (decrease) in Current Tax Liabilities 571,740 525,072 2,926,839 6,208,567
Tax Paid (276,804) (190,607) (3,055,762) (3,012,451)
Net Cash Originated (Applied) in Operational Activities 25,417,404 54,054,826 17,604,602 59,575,528
Investing Activities
Capital Increase (Decrease) in Equity in Affiliates and Subsidiaries (577,000) (49,200) (5,000) -
Acquisition of Interests (424,495) (54) (114,020) (5,054)
Acquisition of Fixed Assets (318,001) (739,198) (393,995) (876,529)
Investments in Intangible Assets (1,642,941) (1,112,358) (1,825,994) (1,240,001)
Net Cash Received on Disposal of Investments - - - 132
Disposal of Interests in Affiliates and Subsidiaries 71,883 - - 137,821
Dividends and Interest on Equity Received 647,232 725,560 374,292 89,775
Disposal of Non-Financial Assets Held for Sale 540,482 287,136 590,708 355,919
Disposal of Fixed Assets 149,883 144,312 192,591 259,013
Disposal of Intangible Assets 13,055 (561,931) 111,570 (510,125)
Net Cash Originated (Applied) in Investing Activities (1,539,902) (1,305,733) (1,069,848) (1,789,049)

*Values expressed in thousands, except when indicated.

Financing Activities
Acquisition and Sale of Own Shares 19.d 233,421 111,185 233,421 111,185
Issuance of Equity-Eligible Debt Instruments 7,600,200 — 7,600,200 —
Long-Term Bond Issuances 11,835,282 44,962,725 13,375,638 46,219,163
Long-Term Obligation Payments (16,200,167) (30,234,288) (11,328,112) (35,251,221)
Dividends and Interest on Capital Paid (3,846,275) (3,641,131) (4,267,263) (4,270,481)
Increase (decrease) in Minority Participation — — (101,414) (136,603)
Net Cash Originated (Applied) in Financing Activities (377,539) 11,198,491 5,512,470 6,672,043
Exchange Variation on Cash and Cash Equivalents (405) 5,764 (405) 5,764
Net Increase (Decrease) in Cash and Cash Equivalents 23,499,558 63,953,348 22,046,819 64,464,286
Cash and Cash Equivalents at the Beginning of the Period 4 90,465,192 50,767,409 90,207,701 49,938,071
Cash and Cash Equivalents at the End of the Period 4 113,964,750 114,720,757 112,254,520 114,402,357
Management’s explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

Condensed Statement of Added Value

Bank Consolidated
Explanatory<br>Notes 01/01 to 01/01 to 01/01 to 01/01 to
09/30/2024 09/30/2023 09/30/2024 09/30/2023
Revenue from Financial Intermediation 128,897,641 84,455,757 138,119,716 92,899,666
Income from Provision of Services and Income from Bank Fees 21 13,179,384 11,953,030 16,696,484 14,748,042
Provision for Expected Losses Associated with Credit Risk 7.e (14,495,519) (18,779,293) (16,805,553) (21,551,858)
Other Income and Expenses (6,753,604) (6,130,215) (8,007,430) (6,263,675)
Financial Intermediation Expenses (96,831,216) (53,281,286) (94,724,024) (48,032,944)
Third Party Inputs (7,985,941) (7,542,677) (6,874,972) (6,678,965)
Material, Energy and Others (211,290) (207,956) (223,197) (219,601)
Third Party Services, Transport, Security and Financial System 23 (3,458,338) (2,428,045) (2,936,148) (1,919,074)
Others (4,316,313) (4,906,676) (3,715,627) (4,540,290)
Gross Value Added 16,010,745 10,675,316 28,404,221 25,120,266
Depreciation and Amortization 23 (2,391,093) (2,312,076) (2,582,439) (2,501,847)
Net Value Added Produced 13,619,652 8,363,240 25,821,782 22,618,419
Added Value Received in Transfer of Result of Interests in Affiliates and Subsidiaries 12.b 5,191,701 6,481,918 158,582 128,206
Total Added Value to Distribute 18,811,353 14,845,158 25,980,364 22,746,625
Distribution of Added Value
Personnel 5,796,393 30.8 % 5,519,487 37.2 % 8,089,359 31.1 % 7,417,600 32.6 %
Compensation 22 3,330,331 3,047,677 4,423,085 3,935,514
Benefits 22 859,366 864,918 1,297,359 1,242,531
Service Time Guarantee Fund (FGTS) 282,299 287,184 421,247 407,161
Others 1,324,397 1,319,708 1,947,668 1,832,394
Taxes, fees and contributions 2,868,079 15.2 % 1,831,222 12.3 % 7,480,321 28.8 % 7,731,186 34.0 %
Federal 2,261,462 1,288,500 6,657,419 7,009,117
State 494 417 523 532
Municipal 606,123 542,305 822,380 721,537
Third Party Capital Compensation - Rentals 23 544,136 2.9 % 654,798 4.4 % 561,875 2.2 % 668,311 2.9 %
Own Capital Compensation 9,602,745 51.0 % 6,839,651 46.1 % 9,848,809 37.9 % 6,929,528 30.5 %
Interest on Equity 19.b 4,500,000 4,700,000 4,500,000 4,700,000
Reinvestment of Profits 5,102,745 2,139,651 5,466,285 2,304,569
Result of Minority Shareholders' Participations 19.e - - (117,476) (75,041)
Total 18,811,353 100.0 % 14,845,158 100.0 % 25,980,364 100.0 % 22,746,625 100.0 %
Management’s explanatory notes are an integral part of the financial statements.

*Values expressed in thousands, except when indicated.

1.Operational Context

Banco Santander (Brasil) S.A. (Banco Santander or Banco), 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 Central Bank of Brazil (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 Central Bank of Brazil (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 September 30, 2024, at the meeting held on October 28, 2024.

The Consolidated Interim Financial Statements prepared based on the international accounting standard issued by the International Accounting Standards Board (IASB) for the semester ended September 30, 2024, will be disclosed, at the electronic address www.santander.com.br/ri.

b)New standards issued with future validity.

CMN Resolution No. 4,966/2021, and updated brought by Resolution No. 5,100/2023, distributed the tax concepts and criteria applicable to financial instruments, as well as for the designation and recognition of protection relationships (hedge accounting) , harmonizing the COSIF accounting criteria to the requirements of the international standard IFRS 9 as of January 1, 2025. Among the main changes is the classification of financial instruments, recognition of interest in case of delay, calculation of the contractual effective rate, write-off of losses and recognition of provision and classification of operations with credit problems.

The adoption of CMN Resolution No. 4,966/2021, Law No. 14,467/2022 and other related regulations, including the reformulation of the list of COSIF accounts, are contained in Banco Santander's Implementation Plan. The Implementation Plan for the aforementioned regulations at Banco Santander is segregated into three pillars: (i) Organization and Governance: Forums and Committees made up of different hierarchical levels dedicated to defining and monitoring implementation; (ii) Processes and Systems: Mapping impacts and implementing changes to processes and systems; and (iii) Models and Criteria: Review and update of models and criteria used in accounting estimates.

Law No. 14,467/2022 changed the tax treatment applicable to losses incurred when receiving credits arising from the activities of financial institutions and others authorized to operate by BACEN. This law will come into force from January 1, 2025.

The Implementation Plan schedule is in progress, and still depends on standards to be issued by BACEN. The impacts on the Financial Statements will be disclosed in a timely manner after the complete definition of the regulatory framework.

*Values expressed in thousands, except when indicated.

CMN Resolution No. 4,975/2021, and updates brought by 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 operations from January 1, 2025. Banco Santander evaluated the impacts and does not expect relevant changes. The effects will the necessary to comply with this standard. The effects will be opportunely disclosed after the definition of the regulatory framework.

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.

  1. Main Accounting Policies

There were no significant changes in the accounting practices and policies adopted by the Bank for the period ended September 30, 2024. With the exception of the changes mentioned in the following paragraphs, the other accounting practices adopted by the Bank are described in explanatory note 3 of the individual financial statements and consolidated as of June 30, 2024.

4.Cash and Cash Equivalents

Bank
09/30/2024 12/31/2023 09/30/2023 12/31/2022
Availabilities 18,518,847 9,911,653 13,237,565 14,352,187
Interbank Liquidity Investments 95,445,903 80,553,539 101,483,192 36,415,222
Investments in the Open Market 77,879,453 65,766,340 89,106,436 27,344,519
Investments in Interbank Deposits 2,774,555 1,007,830 539,180 1,241,815
Investments in Foreign Currencies 14,791,895 13,779,369 11,837,576 7,828,888
Total 113,964,750 90,465,192 114,720,757 50,767,409
Consolidated
09/30/2024 12/31/2023 09/30/2023 12/31/2022
Availabilities 18,566,282 10,109,122 13,250,112 14,420,204
Interbank Liquidity Investments 93,688,238 80,098,579 101,152,245 35,517,867
Investments in the Open Market 77,879,453 65,766,340 89,106,436 27,344,519
Investments in Interbank Deposits 1,016,890 552,870 208,233 344,460
Investments in Foreign Currencies 14,791,895 13,779,369 11,837,576 7,828,888
Total 112,254,520 90,207,701 114,402,357 49,938,071

Information relating to September 30, 2023 and December 31, 2022 is 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 Liquidity Investments

Bank
09/30/2024 12/31/2023
Up to 3 Months From 3 to 12 Months More than 12 months Total Total
Investments in Open Market 126,565,844 999,995 - 127,565,839 91,456,976
Own Resources 6,510,850 - - 6,510,850 11,381,408
National Treasury Bills - LTN 1,349,462 - - 1,349,462 4,162,832
National Treasury Notes - NTN 883,748 - - 883,748 6,443,780
Financial Treasury Bills - LFT 4,277,640 - - 4,277,640 774,796
Financed Position 89,286,971 999,995 - 90,286,966 62,025,096
National Treasury Bills - LTN 36,665,289 150,000 - 36,815,289 20,784,154
National Treasury Notes - NTN 30,957,645 849,995 - 31,807,640 31,558,586
Financial Treasury Bills - LFT 21,664,037 - - 21,664,037 9,682,356
Short Position 30,768,023 - - 30,768,023 18,050,472
National Treasury Bills - LTN 11,925,629 - - 11,925,629 5,429,226
National Treasury Notes - NTN 18,842,394 - - 18,842,394 12,621,246
Investments in Interbank Deposits 12,868,709 28,922,202 25,181,521 66,972,432 66,012,548
Investments in Foreign Currency 14,791,895 - - 14,791,895 13,779,369
Total 154,226,448 29,922,197 25,181,521 209,330,166 171,248,893
Consolidated
09/30/2024 12/31/2023
Up to 3 Months From 3 to 12 Months More than 12 months Total Total
Investments in Open Market 127,688,194 - - 127,688,194 91,886,844
Own Resources 6,633,205 - - 6,633,205 11,381,409
National Treasury Bills - LTN 1,469,161 - - 1,469,161 4,162,832
National Treasury Notes - NTN 884,403 - - 884,403 6,443,780
Financial Treasury Bills - LFT 4,279,641 - - 4,279,641 774,797
Financed Position 90,286,966 - - 90,286,966 62,454,963
National Treasury Bills - LTN 36,815,289 - - 36,815,289 20,784,306
National Treasury Notes - NTN 31,807,640 - - 31,807,640 31,988,301
Financial Treasury Bills - LFT 21,664,037 - - 21,664,037 9,682,356
Short Position 30,768,023 - - 30,768,023 18,050,472
National Treasury Bills - LTN 11,925,629 - - 11,925,629 5,429,226
National Treasury Notes - NTN 18,842,394 - - 18,842,394 12,621,246
Investments in Interbank Deposits 1,859,203 2,371,070 2,928,179 7,158,452 8,194,672
Investments in Foreign Currency 14,791,895 - - 14,791,895 13,779,369
Total 144,339,292 2,371,070 2,928,179 149,638,541 113,860,885

*Values expressed in thousands, except when indicated.

6.Securities and Derivative Financial Instruments

a) Bonds and Securities

I) Portfolio Summary by Categories

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Adjustment to Market Value Adjustment to Market Value
Amortized Cost Value Result Net Equity Book Value Book Value Amortized Cost Value Result Net Equity Book Value Book Value
Securities for Trading 86,988,757 (956,826) - 86,031,931 77,473,966 98,462,358 (15,453) - 98,446,905 88,768,509
Public titles 72,743,728 (1,157,161) - 71,586,567 66,080,225 80,671,853 (124,224) - 80,547,629 74,663,588
Private Securities 14,245,029 200,335 - 14,445,364 11,393,741 17,790,505 108,771 - 17,899,276 14,104,921
Securities Available for Sale 134,144,216 (19,860) (1,227,329) 132,897,027 120,585,604 143,195,845 (135,636) (1,924,522) 141,135,687 131,314,717
Public titles 69,860,183 - (1,812,522) 68,047,661 56,076,980 79,873,555 - (2,566,490) 77,307,065 65,580,863
Private Securities 64,284,033 (19,860) 585,193 64,849,366 64,508,624 63,322,290 (135,636) 641,968 63,828,622 65,733,854
Securities held until maturity 28,006,352 - - 28,006,352 28,915,610 27,492,079 - - 27,492,079 28,915,610
Public titles 27,481,574 - - 27,481,574 28,915,610 27,481,574 - - 27,481,574 28,915,610
Private Securities 524,778 - - 524,778 - 10,505 - - 10,505 -
Total Bonds and Securities 249,139,325 (976,686) (1,227,329) 246,935,310 226,975,180 269,150,282 (151,089) (1,924,522) 267,074,671 248,998,836

II) Securities for Trading

Bank
09/30/2024 12/31/2023 Opening by Maturity 09/30/2024
Securities for Trading Amortized Cost Value Adjustment to Market Value - Result Book Value Book Value No Maturity Up to 3 Months From 3 to 12 Months From 1 to 3 Years More than 3 Years Total
Public Securities 72,743,728 (1,157,161) 71,586,567 66,080,225 - 8,912,776 9,896,100 11,066,615 41,711,076 71,586,567
Financial Treasury Bills - LFT 9,710,625 6,958 9,717,583 3,884,114 - - 2,686,801 1,420,139 5,610,643 9,717,583
National Treasury Notes - NTN 44,951,825 (1,117,556) 43,834,269 45,518,819 - 174,206 3,340,530 5,593,197 34,726,336 43,834,269
National Treasury Bills - LTN 17,232,313 (49,387) 17,182,926 15,998,947 - 8,736,031 3,022,757 4,050,907 1,373,231 17,182,926
Agrarian Debt Bonds - TDA 6,229 (20) 6,209 10,952 - 2,539 786 2,372 512 6,209
Brazilian External Debt Securities 286 68 354 359 - - - - 354 354
North American External Debt Securities 842,450 2,776 845,226 667,034 - - 845,226 - - 845,226
Private Securities 14,245,029 200,335 14,445,364 11,393,741 1,231,566 45,899 6,608 115,967 13,045,324 14,445,364
Shares 1,028,294 (199,304) 828,990 816,300 828,990 - - - - 828,990
Agribusiness Receivables Certificates - CRA 500,876 (3,127) 497,749 894,851 - 2,873 4,104 112,519 378,253 497,749
Real Estate Receivables Certificates - CRI 206,857 (5,046) 201,811 422,192 - - 557 1,173 200,081 201,811

*Values expressed in thousands, except when indicated.

Investment Fund Shares 379,803 22,773 402,576 644,639 402,576 - - - - 402,576
Eurobonds 1,076 138 1,214 - - - - - 1,214 1,214
Debêntures 12,093,505 377,347 12,470,852 8,457,618 - 854 1,947 2,275 12,465,776 12,470,852
Agricultural Deposit Certificate - WA 34,618 7,554 42,172 158,141 - 42,172 - - - 42,172
Total 86,988,757 (956,826) 86,031,931 77,473,966 1,231,566 8,958,675 9,902,708 11,182,582 54,756,400 86,031,931
Consolidated
--- --- --- --- --- --- --- --- --- --- ---
09/30/2024 12/31/2023 By Maturity 09/30/2024
Securities for Trading Amortized Cost Value Adjustment to Market Value - Result Book Value Book Value No Maturity Up to 3 Months From 3 to 12 Months From 1 to 3 Years More than 3 Years Total
Government Securities 80,671,853 (124,224) 80,547,629 74,663,588 - 8,912,776 10,779,860 16,063,875 44,791,118 80,547,629
National Treasury Bills - LFT 14,383,050 1,101,940 15,484,990 10,249,701 - - 3,286,290 5,319,070 6,879,630 15,484,990
National Treasury Notes - NTN 46,889,187 (1,243,864) 45,645,323 47,469,734 - 174,206 3,340,529 5,593,197 36,537,391 45,645,323
Letras do Tesouro Nacional - LTN 18,550,651 14,876 18,565,527 16,265,807 - 8,736,031 3,307,029 5,149,236 1,373,231 18,565,527
Agricultural Debt Securities - TDA 6,229 (20) 6,209 10,952 - 2,539 786 2,372 512 6,209
Brazilian Foreign Debt Bonds 286 68 354 359 - - - - 354 354
North American Foreign Debt Notes 842,450 2,776 845,226 667,035 - - 845,226 - - 845,226
Private Securities 17,790,505 108,771 17,899,276 14,104,921 3,296,048 48,246 7,162 305,698 14,242,122 17,899,276
Shares 2,743,911 (199,304) 2,544,607 1,913,255 2,544,607 - - - - 2,544,607
Bank Deposit Certificates - CDB 16,934 - 16,934 838 - 132 47 16,578 177 16,934
Agribusiness Receivables Certificates - CRA 501,154 (3,127) 498,027 894,851 - 2,894 4,105 112,548 378,480 498,027
Certificates of Real Estate Receivables - CRI 207,172 (5,046) 202,126 422,192 - - 557 1,174 200,395 202,126
Eurobonds 1,076 138 1,214 - - - - - 1,214 1,214
Investment Fund Shares 790,676 22,773 813,449 972,573 751,441 - - - 62,008 813,449
Financial bills - LF 3,884 - 3,884 - - 2,169 505 593 617 3,884
Debentures 13,461,055 284,747 13,745,802 9,743,071 - 854 1,948 174,805 13,568,195 13,745,802
Commercial Notes 30,000 1,036 31,036 - - - - - 31,036 31,036
Structured Operations Certificate - COE 25 - 25 - - 25 - - - 25
Agricultural Deposit Certificate - WA 34,618 7,554 42,172 158,141 - 42,172 - - - 42,172
Total 98,462,358 (15,453) 98,446,905 88,768,509 3,296,048 8,961,022 10,787,022 16,369,573 59,033,240 98,446,905
* 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
09/30/2024 12/31/2023 Opening by Maturity 09/30/2024
Adjustment to Market Value Reflected in:
Securities Available for Sale Amortized Cost Value Result Net Equity Book Value Book Value No Maturity Up to 3 Months From 3 to 12 Months From 1 to 3 Years More than 3 Years Total
Public Securities 69,860,183 - (1,812,522) 68,047,661 56,076,980 - - 9,896,868 37,719,605 20,431,188 68,047,661
Securitized Credit 11 - (11) - - - - - - - -
Financial Treasury Bills - LFT 32,883,318 - 79,855 32,963,173 26,123,786 - - 8,140,638 20,804,436 4,018,099 32,963,173
National Treasury Bills - LTN 22,986,293 - (609,117) 22,377,176 10,469,947 - - - 16,915,169 5,462,007 22,377,176
National Treasury Notes - NTN 12,909,760 - (1,285,025) 11,624,735 11,947,306 - - 1,457,638 - 10,167,097 11,624,735
Brazilian External Debt Securities 1,080,801 - 1,776 1,082,577 960,125 - - 298,592 - 783,985 1,082,577
Spanish External Debt Bonds - - - - 2,809,952 - - - - - -
North American External Debt Securities - - - - 3,765,864 - - - - - -
Private Securities 64,284,033 (19,860) 585,193 64,849,366 64,508,624 7,230,167 2,273,186 16,429,587 14,188,417 24,728,009 64,849,366
Shares 28,419 - (15,646) 12,773 6 12,773 - - - - 12,773
Rural Product Certificate - CPR 25,670,670 - (264,012) 25,406,658 24,664,608 - 2,048,838 9,223,758 8,624,126 5,509,936 25,406,658
Agribusiness Receivables Certificates - CRA 18,704 - (45) 18,659 131,711 - 11,322 - 7,337 - 18,659
Real Estate Receivables Certificates - CRI 1,851 - (337) 1,514 1,762 - - - - 1,514 1,514
Investment Fund Shares 7,217,394 - - 7,217,394 1,317,920 7,217,394 - - - - 7,217,394
Debentures 23,605,652 (19,860) 708,677 24,294,469 32,314,842 - 170,522 3,348,933 3,441,378 17,333,636 24,294,469
Eurobonds 3,519,290 - 136,536 3,655,826 3,265,754 - - 3,406,140 5,674 244,012 3,655,826
Commercial Note 2,841,868 - (9,002) 2,832,866 2,237,675 - - 113,741 1,445,476 1,273,649 2,832,866
Promissory Notes - NP 1,380,185 - 29,022 1,409,207 574,346 - 42,504 337,015 664,426 365,262 1,409,207
Total 134,144,216 (19,860) (1,227,329) 132,897,027 120,585,604 7,230,167 2,273,186 26,326,455 51,908,022 45,159,197 132,897,027

*Values expressed in thousands, except when indicated.

Consolidated
09/30/2024 12/31/2023 Opening by Maturity 09/30/2024
Adjustment to Market Value Reflected in:
Securities Available for Sale Amortized Cost Value Result Net Equity Book Value Book Value No Maturity Up to 3 Months From 3 to 12 Months From 1 to 3 Years More than 3 Years Total
Public Securities 79,873,555 - (2,566,490) 77,307,065 65,580,863 - 10,649 11,583,020 43,179,576 22,533,820 77,307,065
Securitized Credit 11 - (11) - - - - - - - -
Financial Treasury Bills - LFT 39,716,252 - 84,505 39,800,757 32,179,254 - 10,649 9,499,894 26,156,680 4,133,534 39,800,757
National Treasury Bills - LTN 22,986,293 - (609,117) 22,377,176 11,263,902 - - - 16,915,169 5,462,007 22,377,176
National Treasury Notes - NTN 16,090,198 - (2,043,643) 14,046,555 14,601,764 - - 1,784,534 107,727 12,154,294 14,046,555
Brazilian External Debt Securities 1,080,801 - 1,776 1,082,577 960,125 - - 298,592 - 783,985 1,082,577
Spanish External Debt Bonds - - - - 2,809,952 - - - - - -
North American External Debt Securities - - - - 3,765,866 - - - - - -
Private Securities 63,322,290 (135,636) 641,968 63,828,622 65,733,854 1,679,134 2,273,186 16,429,913 16,172,172 27,274,217 63,828,622
Shares 713,321 - 40,423 753,744 6 753,744 - - - - 753,744
Rural Product Certificate - CPR 25,670,670 - (264,012) 25,406,658 24,664,608 - 2,048,838 9,223,758 8,624,126 5,509,936 25,406,658
Agribusiness Receivables Certificates - CRA 18,704 - (45) 18,659 194,205 - 11,322 - 7,337 - 18,659
Real Estate Receivables Certificates - CRI 1,851 - (337) 1,514 1,762 - - - - 1,514 1,514
Investment Fund Shares 1,129,312 - (1,917) 1,127,395 1,238,583 925,390 - - 202,005 - 1,127,395
Debentures 27,458,501 (135,636) 708,086 28,030,951 33,282,680 - 170,522 3,348,934 4,631,714 19,879,781 28,030,951
Eurobonds 3,519,290 - 136,536 3,655,826 3,265,754 - - 3,406,140 5,674 244,012 3,655,826
Commercial Note 3,420,493 - (5,788) 3,414,705 2,511,691 - - 113,741 2,027,316 1,273,648 3,414,705
Promissory Notes - NP 1,380,185 - 29,022 1,409,207 574,346 - 42,504 337,015 664,426 365,262 1,409,207
Bank Deposit Certificates - CDB 9,963 - - 9,963 - - - 325 9,574 64 9,963
Structured Operations Certificate - COE - - - - 219 - - - - - -
Total 143,195,845 (135,636) (1,924,522) 141,135,687 131,314,717 1,679,134 2,283,835 28,012,933 59,351,748 49,808,037 141,135,687

*Values expressed in thousands, except when indicated.

IV) Securities held until maturity

Bank
Opening by Maturity 09/30/2024
Amortized/Book Value Cost Up to 3 Months From 3 to 12 Months From 1 to 3 Years More than 3 Years
Securities held until maturity (1) 09/30/2024 12/31/2023 Total
Government Securities 27,481,574 28,915,610 20,553,911 4,707,124 986,752 1,233,787 27,481,574
National Treasury Bills - LTN - 11,108,077 - - - - -
National Treasury Notes - NTN 202,096 4,274,359 - - - 202,096 202,096
Certificates of Salary Variation - CVS 11,990 13,402 - - 11,990 - 11,990
Mexican External Debt Bonds 2,550,679 2,548,055 2,550,679 - - - 2,550,679
Spanish External Debt Bonds 18,003,232 4,925,839 18,003,232 - - - 18,003,232
Brazilian External Debt Securities 6,713,577 6,045,878 - 4,707,124 974,762 1,031,691 6,713,577
Private Titles 524,778 - - - - 524,778 524,778
Debêntures 524,778 - - - - 524,778 524,778
Total 28,006,352 28,915,610 20,553,911 4,707,124 986,752 1,758,565 28,006,352
Consolidated
--- --- --- --- --- --- --- ---
Opening by Maturity 09/30/2024
Up to 3 Months From 3 to 12 Months From 1 to 3 Years More than 3 Years
Securities held until maturity  (1) 12/31/2023 Total
Public Securities 28,915,610 20,553,911 4,707,124 986,752 1,233,787 27,481,574
National Treasury Bills - LTN 11,108,077 - - - - -
National Treasury Notes - NTN 4,274,359 - - - 202,096 202,096
Certificates of Salary Variation - CVS 13,402 - - 11,990 - 11,990
Mexican External Debt Bonds 2,548,055 2,550,679 - - - 2,550,679
Spanish Debt Bonds 4,925,839 18,003,232 - - - 18,003,232
Brazilian External Debt Securities 6,045,878 - 4,707,124 974,762 1,031,691 6,713,577
Private Titles - - - 10,505 - 10,505
Real Estate Receivables Certificates - CRI - - - 10,505 - 10,505
Total 28,915,610 20,553,911 4,707,124 997,257 1,233,787 27,492,079
(1) The market value of securities held to maturity is R27,355,462 - (12/31/2023 - R28,852,011).

All values are in US Dollars.

For the period ended September 30, 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 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 as representative of market conditions at the time of calculation of the securities. balance sheets.

V) Result of Operations with Securities

Bank Consolidated
01/01 to 01/07 to 01/01 to 01/07 to 01/01 to 01/07 to 01/01 to
09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Income From Fixed-Income Securities (1) 40,369,841 12,155,066 19,692,714 5,762,916 40,882,707 15,987,243 22,188,796
Income from Interbank Liquidity Applications 13,767,674 4,894,382 9,999,385 2,452,002 8,374,885 3,867,738 6,510,250
Result of Variable Income Securities (1,210,475) (45,971) 113,056 (573,436) (577,655) (108,905) 225,775
Pension and Capitalization Financial Result — — — 12,392 45,448 37,376 126,537
Provision for Losses due to Non-Recovery (2) (968,515) (41,513) (426,384) (377,224) (968,515) (41,513) (426,384)
Others (3) 345,088 71,661 250,982 1,448,981 2,620,355 (536,513) (1,179,197)
Total 52,303,613 17,033,625 29,629,753 8,725,631 50,377,225 19,205,426 27,445,777
(1) Includes revenue from exchange variation in the amount of R22,523,210 (2023 - revenue of R3,790,247).
(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 R420,856 in the Bank and Consolidated (2023 - expense from exchange rate variation and net appreciation of investment fund shares and holdings in the amount of R267,715 in the Bank and Consolidated).

All values are in US Dollars.

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:

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Swap 17,353,651 17,049,673 16,527,382 17,206,706 11,868,126 11,308,369 12,458,472 13,300,550
Options 3,409,395 3,442,207 2,190,977 2,546,777 3,752,379 2,921,814 2,635,506 2,685,361
Term Contracts and Others 16,950,580 17,337,329 13,301,372 10,297,701 16,526,192 16,846,799 12,972,711 9,620,890
Total 37,713,626 37,829,209 32,019,731 30,051,184 32,146,697 31,076,982 28,066,689 25,606,801
Current 21,430,014 21,474,343 16,617,360 15,408,704 20,052,028 20,447,513 15,200,238 14,245,152
Non Current 16,283,612 16,354,866 15,402,371 14,642,480 12,094,669 10,629,469 12,866,451 11,361,649

*Values expressed in thousands, except when indicated.

II) Derivatives Recorded in Memorandum Accounts and Balance Sheets

Bank
09/30/2024 12/31/2023
Reference Curve Reference Curve
Negotiation Value (1) Value Fair Value Value (1) Value Fair Value
Swap 1,206,676,431 (52,181) 303,978 1,080,128,583 (3,890,121) (679,324)
Assets 603,312,125 15,984,778 17,353,651 535,994,426 12,548,437 16,527,382
Interests 319,230,422 11,342,119 10,447,020 269,304,440 6,413,961 8,380,605
Foreign Currency 278,566,430 3,473,931 5,784,646 262,428,400 5,823,911 7,780,989
Others 5,515,273 1,168,728 1,121,985 4,261,586 310,565 365,788
Liabilities 603,364,306 (16,036,959) (17,049,673) 544,134,157 (16,438,558) (17,206,706)
Interests 369,351,455 (10,884,143) (10,458,074) 317,621,531 (9,753,936) (10,237,656)
Foreign Currency 227,521,598 (4,259,409) (5,632,395) 221,967,981 (6,395,252) (6,592,200)
Others 6,491,253 (893,407) (959,204) 4,544,645 (289,369) (376,850)
Options 602,839,211 (1,439,705) (32,812) 859,964,525 (1,157,451) (355,800)
Purchase Commitments 288,103,442 3,163,808 3,409,395 420,089,089 2,447,416 2,190,977
Foreign Currency Purchase Options 16,562,055 1,402,341 1,388,337 8,705,243 692,136 432,845
Foreign Currency Selling Options 11,594,667 579,635 381,770 5,326,447 408,144 489,785
Other Purchase Options 19,926,431 720,709 1,504,323 89,142,771 661,537 739,628
Interbank Market 4,131,958 381,749 846,825 3,729,452 217,219 265,824
Others (2) 15,794,473 338,960 657,498 85,413,319 444,318 473,804
Other Selling Options 240,020,289 461,123 134,965 316,914,628 685,600 528,719
Interbank Market 374,459 63,802 31,246 543,157 46,852 30,439
Others (2) 239,645,830 397,321 103,719 316,371,471 638,748 498,280
Sales Commitments 314,735,769 (4,603,513) (3,442,207) 439,875,435 (3,604,867) (2,546,777)
Foreign Currency Purchase Options 6,336,740 (423,109) (303,587) 3,453,152 (288,349) (466,324)
Foreign Currency Selling Options 10,717,565 (694,398) (466,551) 5,951,310 (527,978) (431,952)
Other Purchase Options 36,921,550 (2,900,688) (2,394,035) 113,106,162 (2,029,925) (901,373)
Interbank Market 20,170,995 (2,262,766) (1,761,407) 17,295,280 (1,479,724) (710,121)
Others (2) 16,750,555 (637,922) (632,628) 95,810,882 (550,201) (191,252)
Other Selling Options 260,759,914 (585,318) (278,034) 317,364,811 (758,615) (747,128)
Interbank Market 1,190,685 (153,495) (43,854) 370,221 (24,912) (23,004)
Others (2) 259,569,229 (431,823) (234,180) 316,994,590 (733,703) (724,124)
Futures Contracts 516,487,466 - - 325,170,914 - -
Long Position 256,714,638 - - 164,682,752 - -
Exchange Coupon (DDI) 84,534,592 - - 41,331,942 - -
Interest Rates (DI1 and DIA) 89,802,384 - - 48,254,715 - -

*Values expressed in thousands, except when indicated.

Foreign Currency 72,683,668 - - 68,838,058 - -
Indexes (3) 5,972,177 - - 5,269,712 - -
Treasury Bonds/Notes 3,721,817 - - 988,325 - -
Short Position 259,772,828 - - 160,488,162 - -
Exchange Coupon (DDI) 84,534,592 - - 41,331,942 - -
Interest Rates (DI1 and DIA) 92,291,477 - - 48,339,061 - -
Foreign Currency 74,168,046 - - 64,559,123 - -
Indexes (3) 5,056,896 - - 5,269,712 - -
Treasury Bonds/Notes 3,721,817 - - 988,325 - -
Term Contracts and Others 394,054,683 (447,563) (386,749) 367,004,069 3,312,025 3,003,671
Purchased Commitment 198,048,107 3,018,615 16,950,580 185,200,220 18,046,952 13,301,372
Currencies 141,775,199 2,326,689 2,381,974 138,731,942 17,047,097 4,936,483
Others 56,272,908 691,926 14,568,606 46,468,278 999,855 8,364,889
Sales Commitments 196,006,576 (3,466,178) (17,337,329) 181,803,849 (14,734,928) (10,297,701)
Currencies 142,194,504 (2,745,994) (2,841,898) 135,183,330 (13,498,486) (2,119,840)
Others 53,812,072 (720,184) (14,495,431) 46,620,519 (1,236,442) (8,177,861)
Consolidated
--- --- --- --- --- --- ---
09/30/2024 12/31/2023
Reference Curve Reference Curve
Trading Value (1) Value Fair Value Value (1) Value Fair Value
Swap 925,128,276 (1,601,499) 559,757 821,847,697 (2,046,626) (842,078)
Assets 461,831,213 9,857,045 11,868,126 407,775,731 9,193,215 12,458,472
Interests 229,092,057 6,914,155 6,725,968 193,567,208 5,054,833 6,481,014
Foreign Currency 231,619,957 2,897,431 5,087,478 212,970,458 4,136,463 5,977,193
Others 1,119,199 45,459 54,680 1,238,065 1,919 265
Liabilities 463,297,063 (11,458,544) (11,308,369) 414,071,966 (11,239,841) (13,300,550)
Interests 314,547,777 (9,205,862) (8,692,799) 267,400,407 (9,117,639) (9,754,177)
Foreign Currency 145,239,619 (1,606,081) (1,967,052) 143,788,702 (1,907,489) (3,332,851)
Others 3,509,667 (646,601) (648,518) 2,882,857 (214,713) (213,522)
Options 599,158,696 (1,044,803) 830,565 857,662,210 (1,112,873) (49,854)
Purchase Commitments 286,985,513 2,944,815 3,752,379 419,095,674 2,252,815 2,635,506
Foreign Currency Purchase Options 15,444,126 1,183,348 1,266,000 7,711,827 497,534 426,074
Foreign Currency Selling Options 11,594,667 579,635 381,770 5,326,447 408,144 489,785
Other Purchase Options 19,926,431 720,709 1,946,382 89,142,771 661,537 1,183,085
Interbank Market 4,131,958 381,749 1,288,884 3,729,452 217,219 265,824
Others (2) 15,794,473 338,960 657,498 85,413,319 444,318 917,261

*Values expressed in thousands, except when indicated.

Other Selling Options 240,020,289 461,123 158,227 316,914,629 685,600 536,563
Interbank Market 374,459 63,802 54,508 543,157 46,852 30,439
Others (2) 239,645,830 397,321 103,719 316,371,471 638,748 506,124
Sales Commitments 312,173,183 (3,989,618) (2,921,814) 438,566,536 (3,365,688) (2,685,361)
Foreign Currency Purchase Options 6,336,740 (423,109) (303,587) 3,453,152 (288,349) (466,325)
Foreign Currency Selling Options 9,444,975 (455,219) (299,842) 4,642,411 (288,799) (431,952)
Other Purchase Options 35,631,554 (2,525,972) (1,975,764) 113,106,162 (2,029,925) (999,258)
Interbank Market 18,880,999 (1,888,050) (1,343,136) 17,295,280 (1,479,724) (710,121)
Others (2) 16,750,555 (637,922) (632,628) 95,810,882 (550,201) (289,137)
Other Selling Options 260,759,914 (585,318) (342,621) 317,364,811 (758,615) (787,826)
Interbank Market 1,190,685 (153,495) (108,441) 370,221 (24,912) (23,004)
Others (2) 259,569,229 (431,823) (234,180) 316,994,590 (733,703) (764,822)
Futures Contracts 514,673,249 - - 325,170,915 - -
Long Position 255,799,357 - - 164,682,752 - -
Exchange Coupon (DDI) 84,534,592 - - 41,331,942 - -
Interest Rates (DI1 and DIA) 89,802,384 - - 48,254,715 - -
Foreign Currency 72,683,668 - - 68,838,058 - -
Indexes (3) 5,056,896 - - 5,269,712 - -
Treasury Bonds/Notes 3,721,817 - - 988,325 - -
Short Position 258,873,892 - - 160,488,163 - -
Exchange Coupon (DDI) 84,534,592 - - 41,331,942 - -
Interest Rates (DI1 and DIA) 92,291,477 - - 48,339,061 - -
Foreign Currency 73,269,110 - - 64,559,123 - -
Indexes (3) 5,056,896 - - 5,269,712 - -
Treasury Bonds/Notes 3,721,817 - - 988,325 - -
Term Contracts and Others 364,348,256 (142,599) (320,607) 330,970,103 3,288,881 3,351,821
Purchased Commitment 183,279,551 2,634,788 16,526,192 167,171,665 17,249,113 12,972,711
Currencies 136,753,887 2,257,900 2,290,180 134,610,617 17,042,331 4,932,718
Others 46,525,664 376,888 14,236,012 32,561,048 206,782 8,039,993
Sales Commitments 181,068,705 (2,777,387) (16,846,799) 163,798,438 (13,960,232) (9,620,890)
Currencies 137,094,934 (2,598,948) (2,684,288) 130,779,288 (13,211,003) (1,766,190)
Others 43,973,771 (178,439) (14,162,511) 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
Counterparty Opening by Maturity Trading Market
09/30/2024 12/31/2023 09/30/2024 09/30/2024
Related Financial Up to From 3 to More than Counter (3)
Clients Parties Institutions (1) Total Total 3 Months 12 Months 12 Months Stock Markets  (2)
Swap 231,904,658 594,538,722 380,233,051 1,206,676,431 1,080,128,583 159,025,382 222,825,898 824,825,151 173,903,398 1,032,773,033
Options 51,297,243 9,073,284 542,468,684 602,839,211 859,964,524 270,962,452 254,818,025 77,058,734 491,282,520 111,556,691
Futures Contracts 8,505,577 5,006,804 502,975,085 516,487,466 325,170,915 250,720,972 113,390,367 152,376,127 509,130,038 7,357,428
Term Contracts and Others 182,703,780 141,362,150 69,988,753 394,054,683 367,004,069 176,978,026 159,595,247 57,481,410 42,667,029 351,387,654
Consolidated
--- --- --- --- --- --- --- --- --- --- ---
Reference Value
Counterparty Opening by Maturity Trading Market
09/30/2024 12/31/2023 09/30/2024 09/30/2024
Related Financial Up to From 3 to Over Counter (3)
Clients Parties Institutions (1) Total Total 3 Months 12 Months 12 Months Stock Markets (2)
Swap 231,904,658 299,929,378 393,294,240 925,128,276 821,847,697 137,447,716 188,449,892 599,230,668 147,524,039 777,604,237
Options 51,297,243 5,392,769 542,468,684 599,158,696 857,662,209 270,962,452 254,818,025 73,378,219 491,282,520 107,876,176
Futures Contracts 8,505,577 3,192,587 502,975,085 514,673,249 325,170,915 250,720,972 113,390,365 150,561,912 509,130,036 5,543,213
Term Contracts and Others 182,703,780 111,520,074 70,124,402 364,348,256 330,970,103 171,457,995 150,129,198 42,761,063 42,667,029 321,681,227
(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 September 30, 2024 and December 31, 2023, no results were recorded relating to the ineffective portion.

Bank
09/30/2024 12/31/2023
Strategies Book Value Notional Adjustment to Fair Value Book Value Notional
Market Risk Hedge Object Instrument Object Instrument Objects (1) Instruments (1) Object Instrument Object Instrument
Swap Contracts 174,992 269,662 172,376 195,870 2,616 73,792 304,799 288,423 272,805 290,091
Credit Operations Hedge 174,992 269,662 172,376 195,870 2,616 73,792 304,799 288,423 272,805 290,091
Futures Contracts 21,621,094 23,247,398 21,522,430 23,371,724 98,664 (124,326) 20,013,827 20,263,142 21,325,623 21,045,909
Credit Operations Hedge 7,794,595 9,566,541 7,907,014 9,639,605 (112,419) (73,064) 7,098,063 7,322,033 8,339,747 8,103,679
Securities Hedge 4,480,925 4,581,230 4,233,041 4,641,556 247,884 (60,326) 1,712,916 2,496,306 1,775,818 2,496,723
Funding Hedge 9,345,574 9,099,627 9,382,375 9,090,563 (36,801) 9,064 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 Contracts 54,172,966 50,217,924 53,652,772 50,044,720 520,194 173,204 23,474,440 18,881,495 21,507,468 17,409,795
Credit Operations Hedge 489,292 1,531,780 394,338 1,421,400 94,954 110,380 4,775,959 2,377,994 4,514,260 1,210,499
Securities Hedge 23,358,322 21,492,889 22,769,753 21,493,282 588,569 (393) 9,820,833 8,593,414 9,525,807 8,228,328
Funding Hedge 30,325,352 27,193,255 30,488,681 27,130,038 (163,329) 63,217 8,877,648 7,910,087 7,467,401 7,970,968

*Values expressed in thousands, except when indicated.

Consolidated
09/30/2024 12/31/2023
Strategies Book Value Notional Adjustment to Fair Value Book Value Notional
Market Risk Hedge Object Instrument Object Instrument Objects (1) Instruments (1) Object Instrument Object Instrument
Swap Contracts 174,992 269,662 172,376 195,870 2,616 73,792 304,799 288,423 272,805 290,091
Credit Operations Hedge 174,992 269,662 172,376 195,870 2,616 73,792 304,799 288,423 272,805 290,091
Futures Contracts 21,621,094 23,247,398 21,522,430 23,371,724 98,664 (124,326) 20,013,827 20,263,142 21,325,623 21,045,909
Credit Operations Hedge 7,794,595 9,566,541 7,907,014 9,639,605 (112,419) (73,064) 7,098,063 7,322,033 8,339,747 8,103,679
Securities Hedge 4,480,925 4,581,230 4,233,041 4,641,556 247,884 (60,326) 1,712,916 2,496,306 1,775,818 2,496,723
Funding Hedge 9,345,574 9,099,627 9,382,375 9,090,563 (36,801) 9,064 11,202,848 10,444,803 11,210,058 10,445,507
Cash Flow Hedge
Swap Contracts 7,449,358 6,228,165 5,934,765 6,158,420 1,514,593 69,745 18,843,967 15,351,145 18,238,421 15,770,933
Securities Hedge 7,449,358 6,228,165 5,934,765 6,158,420 1,514,593 69,745 18,843,967 15,351,145 18,238,421 15,770,933
Futures Contracts 54,172,966 50,217,924 53,652,772 50,044,720 520,194 173,204 23,474,440 18,881,495 21,507,468 17,409,795
Credit Operations Hedge 489,292 1,531,780 394,338 1,421,400 94,954 110,380 4,775,959 2,377,994 4,514,260 1,210,499
Securities Hedge 23,358,322 21,492,889 22,769,753 21,493,282 588,569 (393) 9,820,833 8,593,414 9,525,807 8,228,328
Funding Hedge 30,325,352 27,193,255 30,488,681 27,130,038 (163,329) 63,217 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.
Bank Consolidated
--- --- --- --- --- --- --- --- --- --- ---
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Up to From 3 to More than Up to From 3 to More than
Strategies 3 Months 12 Months 12 Months Total Total 3 Months 12 Months 12 Months Total Total
Market Risk Hedge
Swap Contracts - - 195,870 195,870 290,091 - - 195,870 195,870 290,091
Credit Operations Hedge - - 195,870 195,870 290,091 - - 195,870 195,870 290,091
Futures Contracts 2,238,398 6,029,121 15,104,205 23,371,724 21,045,909 2,238,398 6,029,121 15,104,205 23,371,724 21,045,909
Credit Operations Hedge 2,235,399 3,065,039 4,339,167 9,639,605 8,103,679 2,235,399 3,065,039 4,339,167 9,639,605 8,103,679
Securities Hedge - 373,403 4,268,153 4,641,556 2,496,723 - 373,403 4,268,153 4,641,556 2,496,723
Funding Hedge 2,999 2,590,679 6,496,885 9,090,563 10,445,507 2,999 2,590,679 6,496,885 9,090,563 10,445,507
Cash Flow Hedge
Swap Contracts - - - - 10,807,983 - - 6,158,420 6,158,420 15,770,933
Securities Hedge - - - - 10,807,983 - - 6,158,420 6,158,420 15,770,933
Futures Contracts - 26,330,185 23,714,535 50,044,720 17,409,795 - 26,330,185 23,714,535 50,044,720 17,409,795

*Values expressed in thousands, except when indicated.

Credit Operations Hedge - 1,421,400 - 1,421,400 1,210,499 - 1,421,400 - 1,421,400 1,210,499
Securities Hedge - 10,968,764 10,524,518 21,493,282 8,228,328 - 10,968,764 10,524,518 21,493,282 8,228,328
Funding Hedge - 13,940,021 13,190,017 27,130,038 7,970,968 - 13,940,021 13,190,017 27,130,038 7,970,968

In the Bank and Consolidated, the effect of marking to market of active swap and futures contracts was settled on 12/31/2023 (the value on 12/31/2023 - R$337).

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).

Bank/Consolidated
Valor Nominal
09/30/2024 12/31/2023
Retained Risk - Total Rate of Return Swap Transferred Risk - Credit Swap Retained Risk - Total Rate of Return Swap Transferred Risk - Credit Swap
Credit Swaps 3,889,860 14,007,548 3,456,614 10,293,916
Total 3,889,860 14,007,548 3,456,614 10,293,916
09/30/2024 12/31/2023
--- --- --- --- ---
Futures - Gross More than 12 Months Total More than 12 Months Total
By Instrument: CDS 17,897,408 17,897,408 13,750,530 13,750,530
By Risk Classification: Below Investment Grade 17,897,408 17,897,408 13,750,530 13,750,530
By Reference Entity: Brazilian Government 17,897,408 17,897,408 13,750,530 13,750,530

*Values expressed in thousands, except when indicated.

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.

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Financial Treasury Bills - LFT 15,263,472 14,688,274 21,283,483 20,991,334
National Treasury Bills - LTN 2,611,271 1,061,960 3,993,870 2,122,045
National Treasury Notes - NTN 1,715,290 2,301,790 4,274,553 4,988,403
Total 19,590,033 18,052,024 29,551,906 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

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Credit operations 365,346,393 354,093,609 449,704,968 427,599,259
Discounted Loans and Bonds 232,729,849 222,773,857 234,609,979 225,733,376
Financing 45,347,801 47,197,805 127,826,246 117,743,936
Rural and Agroindustrial Financing 23,621,841 22,350,907 23,621,841 22,350,907
Real Estate Financing 63,646,902 61,771,040 63,646,902 61,771,040
Leasing Operations - - 3,264,621 3,164,051
Advances on Foreign Exchange Contracts (1) 5,774,564 4,301,307 5,774,564 4,301,307
Other Credits 72,618,271 77,812,411 77,407,613 81,794,055
Credits for Honored Guarantees and Guarantees  (Note 8.a.) 505,781 1,450,794 738,746 1,810,543
Income Receivable from Advances Granted and Imports Financed 227,155 157,593 227,155 157,593
Other Miscellaneous Credits (2) 71,885,335 76,204,025 76,441,712 79,825,919
Total 443,739,228 436,207,327 536,151,766 516,858,672
(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 10).

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 period ended September 30, 2024, assignments without recourse were in the amount of R$ 6,463,413 - (12/31/2023 - R$ 7,469,843), with R$ 127,723 in Active Portfolio and R$ 6,335,690 in Loss Portfolio, generating a result of R$ 16,762 (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 September 30, 2024, the present value of the operations assigned is R$22,214 - (12/31/2023- R$ 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) Credit and Leasing Operations

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Overdue 11,505,652 9,605,843 12,642,413 11,070,469
Yet to be due:
Up to 3 Months 60,215,202 54,140,443 72,301,234 63,866,924
From 3 to 12 Months 79,591,693 80,552,996 107,719,242 106,484,133
More than 12 Months 214,033,846 209,794,327 260,306,700 249,341,784
Total 365,346,393 354,093,609 452,969,589 430,763,310

*Values expressed in thousands, except when indicated.

b.2) Other Credits and Advances

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Overdue 199,268 167,353 238,513 224,963
Yet to be due:
Up to 3 Months 52,272,706 58,690,731 53,083,855 59,645,397
From 3 to 12 Months 23,794,491 21,590,633 26,538,416 24,086,401
More than 12 Months 2,126,369 1,665,001 3,321,392 2,138,601
Total 78,392,834 82,113,718 83,182,176 86,095,362

c) Credit Portfolio by Activity Sector

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Private Sector 440,320,076 433,995,618 532,723,761 514,641,345
Industry 78,773,551 76,652,008 80,754,696 78,454,638
Trade 50,400,033 55,554,562 58,007,643 62,919,149
Financial Institution 2,060,095 1,989,794 1,980,626 1,726,240
Services and Others (1) 60,289,932 59,014,390 67,277,027 65,197,183
Individuals 242,717,221 234,815,709 317,442,701 298,338,615
Credit Card 53,637,472 50,865,659 53,637,472 50,865,659
Real Estate Credit 61,333,156 59,503,137 61,333,156 59,503,137
Payroll Loans 71,818,051 66,388,826 71,818,051 66,388,826
Vehicle Financing and Leasing 396,218 620,151 71,824,068 61,027,223
Others (2) 55,532,324 57,437,936 58,829,954 60,553,770
Agriculture 6,079,244 5,969,155 7,261,068 8,005,520
Public Sector 3,419,152 2,211,709 3,428,005 2,217,327
State Government 215,603 385,611 215,603 385,611
Municipal Government 3,203,549 1,826,098 3,212,402 1,831,716
Total 443,739,228 436,207,327 536,151,766 516,858,672

(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
09/30/2024 12/31/2023
% Credit Portfolio Provision Credit Portfolio Provision
Risk Level Minimum Provision Required Normal Cost Abnormal Cost  (1) Total (3) Required Additional (2) Total Normal Cost Abnormal Cost  (1) Total (3) Required Additional (2) Total
AA 0.0 % 189,929,837 - 189,929,836 - - - 185,037,635 - 185,037,635 - - -
A 0.5 % 133,017,475 - 133,017,475 665,087 1 665,088 125,473,009 - 125,473,009 627,365 3 627,368
B 1.0 % 35,684,314 3,823,837 39,508,151 395,082 46 395,128 36,135,274 3,240,124 39,375,398 393,754 123 393,877
C 3.0 % 33,105,406 3,344,360 36,449,766 1,093,493 1,335 1,094,828 32,993,383 2,835,006 35,828,389 1,074,852 1,534 1,076,386
D 10.0 % 10,673,016 3,189,744 13,862,760 1,386,276 1,206,985 2,593,261 11,590,372 3,305,289 14,895,661 1,489,566 100,659 1,590,225
E 30.0 % 3,534,632 2,488,742 6,023,374 1,807,012 1,065,660 2,872,672 4,749,941 2,373,124 7,123,065 2,136,920 92,052 2,228,972
F 50.0 % 2,136,196 1,905,063 4,041,259 2,020,629 687,847 2,708,476 2,367,035 1,995,167 4,362,202 2,181,101 93,570 2,274,671
G 70.0 % 3,485,406 2,153,505 5,638,911 3,947,238 1,224,555 5,171,793 6,638,832 2,213,364 8,852,196 6,196,537 1,756,763 7,953,300
H 100.0 % 4,658,347 10,415,125 15,073,473 15,073,472 - 15,073,472 4,268,646 10,750,035 15,018,681 15,018,681 - 15,018,681
Total 416,224,629 27,320,376 443,545,005 26,388,289 4,186,429 30,574,718 409,254,127 26,712,109 435,966,236 29,118,776 2,044,704 31,163,480
Current 10,832,749 10,990,008
Non-Current 19,741,969 20,173,472
Consolidated
--- --- --- --- --- --- --- --- --- --- --- --- ---
09/30/2024 12/31/2023
Credit Portfolio Provision Credit Portfolio Provision
Risk Level Normal Cost Abnormal Cost  (1) Total (3) Required Additional (2) Total Normal Cost Abnormal Cost  (1) Total (3) Required Additional (2) Total
AA 209,658,048 - 209,658,047 - - - 203,142,039 - 203,142,039 - - -
A 181,964,834 - 181,964,834 909,824 1 909,825 166,591,676 - 166,591,676 832,958 3 832,961
B 47,463,934 5,478,070 52,942,004 529,420 46 529,466 45,233,297 4,927,564 50,160,861 501,609 123 501,732
C 35,966,912 4,901,906 40,868,818 1,226,065 1,335 1,227,400 35,718,161 4,329,428 40,047,589 1,201,428 1,534 1,202,962
D 11,317,966 3,996,901 15,314,867 1,531,487 1,206,985 2,738,472 12,283,076 4,149,299 16,432,375 1,643,238 100,659 1,743,897
E 3,683,547 3,084,152 6,767,699 2,030,310 1,065,660 3,095,970 4,899,901 2,959,053 7,858,954 2,357,686 92,052 2,449,738
F 2,722,549 2,361,058 5,083,607 2,541,804 687,847 3,229,651 3,107,877 2,492,362 5,600,239 2,800,120 93,570 2,893,690
G 3,545,305 2,491,633 6,036,938 4,225,856 1,224,555 5,450,411 6,706,701 2,595,044 9,301,745 6,511,222 1,756,763 8,267,985
H 4,989,769 12,330,959 17,320,729 17,320,724 - 17,320,724 4,665,549 12,816,554 17,482,103 17,482,103 - 17,482,103
Total 501,312,864 34,644,679 535,957,543 30,315,490 4,186,429 34,501,919 482,348,277 34,269,304 516,617,581 33,330,364 2,044,704 35,375,068
Current 12,396,406 12,476,411
Non-Current 22,105,513 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 194,223 (12/31/2023- R 241,091), 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.

All values are in US Dollars.

*Values expressed in thousands, except when indicated.

Emergency Employment Support Program (PESE)

Pursuant to CMN Resolution No. 4.846/20, 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
09/30/2024 12/31/2023
Risk Level Minimum % Provision Required Assets Provision Required<br>Required Assets Provision Required<br>Required
D 10.0% — — 79 1
E 30.0% — — 213 10
F 50.0% — — 344 26
G 70.0% — — 357 37
H 100.0% 280 229 8,467 1,394
Total 280 229 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

Bank Consolidated
01/01 to 01/01 to 01/01 to 01/01 to
09/30/2024 09/30/2023 09/30/2024 09/30/2023
Initial Balance 31,163,480 30,316,513 35,375,068 34,453,117
Net Constitutions of Reversals 14,495,519 18,779,293 16,805,553 21,551,858
Write-offs (15,084,281) (18,452,934) (17,678,702) (21,368,966)
Final balance 30,574,718 30,642,872 34,501,919 34,636,009
Recovered Credits 2,017,114 2,456,733 2,371,132 2,985,075

f) Renegotiated Credits

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Renegotiated Credits (1) 25,399,455 28,034,135 29,537,627 32,761,140
Provision for Expected Losses Associated with Credit Risk (14,357,392) (16,032,317) (15,649,671) (17,628,394)
Percentage of Coverage on the Renegotiation Portfolio 56.5% 57.2% 53.0% 53.8%
(1) It was considered transactions for which agreements were signed, with 30 days or more in arrears.

g) Credit Concentration

Consolidated
09/30/2024 12/31/2023
Credit Portfolio with Guarantees and Guarantees (1), Securities (2) and Derivative Financial Instruments (3) Risk % Risk %
Largest Debtor 12,219,702 1.6 % 9,055,658 1.3 %
10 Largest 65,865,471 8.7 % 53,202,978 7.6 %
20 Largest 95,138,647 12.5 % 82,601,115 11.8 %
50 Largest 143,107,929 18.8 % 134,058,263 19.1 %
100 Largest 180,692,097 23.7 % 174,946,657 24.9 %
(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.

  1. Other Financial Assets

a) Other Financial Assets

Bank
09/30/2024 12/31/2023
Foreign Exchange Portfolio 86,420,513 67,659,272
Securities Negotiation and Intermediation 2,903,825 1,763,642
Interbank Relations 118,429,821 105,155,562
Credits for Honored Guarantees and Guarantees (Note 7.a.) 505,781 1,450,794
Total 208,259,940 176,029,270
Current 205,067,677 168,072,525
Non-Current 3,192,263 7,956,745
Consolidated
09/30/2024 12/31/2023
Foreign Exchange Portfolio 86,420,513 67,659,272
Securities Negotiation and Intermediation 10,914,427 4,743,775
Interbank Relations 118,756,106 105,454,708
Credits for Honored Guarantees and Guarantees (Note 7.a.) 738,746 1,810,543
Total 216,829,792 179,668,298
Current 201,253,713 168,832,950
Non-Current 15,576,079 10,835,348

b) Securities Negotiation and Intermediation

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Assets
Financial Assets and Pending Settlement Transactions 1,210,327 824,002 8,652,320 3,410,828
Clearinghouse Transactions 5,373 2,049 114,493 5,086
Debtors - Pending Settlement 559,531 109,491 1,019,020 442,332
Stock Exchanges - Guarantee Deposits 458,299 473,271 458,299 479,274
Others 670,295 354,829 670,295 406,255
Total 2,903,825 1,763,642 10,914,427 4,743,775
Liabilities
Financial Assets and Pending Settlement Transactions 524,711 294,254 8,093,413 1,107,953
Creditors - Pending Settlement 43,089 4,976 358,926 236,854
Creditors for Loan of Shares - - 1,584,225 1,273,344
Clearinghouse Transactions 4 10,227 31,842 162,694
Records and Settlement 4,265 3,187 5,953 4,554
Others 85,688 436 96,682 542
Total 657,757 313,080 10,171,041 2,785,941

*Values expressed in thousands, except when indicated.

9.Tax Assets and Liabilities

a) Current and Deferred Tax Assets

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Deferred Tax Assets 45,634,766 41,271,976 49,494,129 46,196,503
Taxes and Contributions to be Compensated 8,617,104 8,026,814 9,970,746 9,427,154
Total 54,251,870 49,298,790 59,464,875 55,623,657
Current 1,798,077 3,834,028 1,800,356 4,738,408
Non-Current 52,453,793 45,464,762 57,664,519 50,885,249

b) Deferred Tax Assets

b.1) Nature and Origin of Deferred Tax Assets

Origins Bank
Balances on Balances on
09/30/2024 12/31/2023 12/31/2023 Constitution Realization 09/30/2024
Provision for Expected Losses Associated with Credit Risk 58,860,720 55,875,335 25,143,901 7,347,839 (6,004,416) 26,487,324
Provision for Judicial and Administrative Proceedings - Civil Suits 3,029,342 2,856,292 1,285,331 667,856 (589,984) 1,363,203
Provision for Tax Risks and Legal Obligations 2,446,318 2,108,600 948,870 243,061 (91,088) 1,100,843
Provision for Judicial and Administrative Proceedings - Labor Suits 5,175,495 5,825,567 2,621,506 1,196,582 (1,489,114) 2,328,974
Goodwill 99,784 102,017 45,909 - (1,005) 44,904
Adjustment to the Market Value of Securities for Trading and Derivatives 4,669,659 4,607,131 1,318,642 628,475 (440,363) 1,506,754
Adjustment to the Market Value of Securities Available for Sale and Cash Flow Hedges (1) 4,008,482 1,417,322 674,042 1,426,574 (183,481) 1,917,135
Provision for the Supplementary Fund for Retirement Allowance (2) 3,793,388 1,533,694 690,161 1,240,576 (223,714) 1,707,023
Profit Sharing, Bonuses and Staff Gratuities 789,317 1,205,283 527,911 583,812 (767,660) 344,063
Other Temporary Provisions (3) 7,411,441 6,394,122 2,781,130 3,307,154 (2,845,285) 3,242,999
Total Deferred Tax Assets on Temporary Differences 90,283,946 81,925,363 36,037,403 16,641,929 (12,636,110) 40,043,222
Tax Losses and Negative Social Contribution Bases 12,406,084 11,710,701 5,227,235 364,309 - 5,591,544
Social Contribution - MP 2,158/2001 - 40,766 7,338 - (7,338) -
Balance of Registered Deferred Tax Assets 102,690,030 93,676,830 41,271,976 17,006,238 (12,643,448) 45,634,766

*Values expressed in thousands, except when indicated.

Consolidated
Balances on Balances on
12/31/2023 12/31/2023 Constitution Realization 09/30/2024
Provision for Expected Losses Associated with Credit Risk 61,828,383 27,512,454 8,342,028 (6,880,924) 28,973,558
Provision for Judicial and Administrative Proceedings - Civil Suits 3,082,592 1,374,298 718,224 (641,199) 1,451,323
Provision for Tax Risks and Legal Obligations 2,229,723 997,129 262,331 (106,321) 1,153,140
Provision for Judicial and Administrative Proceedings - Labor Suits 6,168,408 2,746,669 1,231,128 (1,529,339) 2,448,457
Goodwill 102,017 45,908 - (1,005) 44,903
Adjustment to the Market Value of Securities for Trading and Derivatives 7,830,843 2,516,879 4,236,920 (5,189,724) 1,564,075
Adjustment to the Market Value of Securities Available for Sale and Cash Flow Hedges (1) 2,049,816 947,929 1,588,593 (288,407) 2,248,116
Provision for the Supplementary Fund for Retirement Allowance (2) 1,543,768 693,587 1,241,520 (223,714) 1,711,393
Profit Sharing, Bonuses and Staff Gratuities 1,629,466 671,892 684,690 (900,073) 456,509
Other Temporary Provisions (3) 7,315,138 3,119,676 3,506,662 (3,077,960) 3,548,377
Total Deferred Tax Assets on Temporary Differences 93,780,154 40,626,421 21,812,096 (18,838,666) 43,599,851
Tax Losses and Negative Social Contribution Bases 12,906,909 5,562,744 391,922 (60,388) 5,894,278
Social Contribution - MP 2,158/2001 40,766 7,338 - (7,338) -
Balance of Registered Deferred Tax Assets 106,727,829 46,196,503 22,204,018 (18,906,392) 49,494,129
(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 September 30, 2024, unactivated tax credits totaled R78,723 (12/31/2023 – R108,198) in Consolidated.

All values are in US Dollars.

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.

b.2) Expected Realization of Deferred Tax Assets

Bank
09/30/2024
Temporary Differences Tax Losses - Negative Basis Total
Year IRPJ CSLL PIS/COFINS Registered
2024 2,017,110 1,625,612 20,177 - 3,662,899
2025 4,301,935 3,488,717 80,707 - 7,871,359
2026 2,860,317 2,311,762 80,707 357,761 5,610,547
2027 2,535,662 2,028,520 80,707 410,826 5,055,715
2028 2,370,642 1,896,504 80,707 724,321 5,072,174
2029 a 2033 7,849,348 6,279,471 60,530 4,098,636 18,287,985
After 2034 41,160 32,927 - - 74,087
Total 21,976,174 17,663,513 403,535 5,591,544 45,634,766

*Values expressed in thousands, except when indicated.

Consolidated
09/30/2024
Temporary Differences Tax Losses - Negative Basis Total
Year IRPJ CSLL PIS/COFINS Recorded
2024 2,211,185 1,740,749 21,946 15,090 3,988,970
2025 4,564,082 3,637,599 87,377 74,316 8,363,374
2026 3,312,715 2,572,037 87,268 410,082 6,382,102
2027 2,823,887 2,207,243 87,228 466,277 5,584,635
2028 2,610,645 2,047,487 87,226 769,471 5,514,829
2029 a 2033 8,610,097 6,750,703 65,419 4,128,611 19,554,830
After 2034 41,740 33,219 - 30,430 105,389
Total 24,174,351 18,989,037 436,464 5,894,277 49,494,129
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.<br>Based on CMN Resolution 4818/2020 and BCB Resolution No. 2/2020, Deferred Tax Assets must be presented in full in the long term, for balance sheet purposes.

b.3) Present Value of Deferred Tax Assets

The present value of the registered deferred tax assets is R$35,234,210 (12/31/2023 - R$ 33,321,684) at the Bank and R$ 38,272,055 (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

Bank Consolidated
12/31/2023 09/30/2024 12/31/2023
Deferred Tax Liabilities 2,727,574 5,062,038 4,850,820
Provision for Taxes and Contributions on Profits 7,099 1,709,862 1,752,117
Taxes and Contributions Payable  (1) 1,200,564 4,347,374 4,434,042
Total 3,935,237 11,119,274 11,036,979
Current 1,207,663 3,175,564 6,186,158
Non-Current 2,727,574 7,943,710 4,850,821
(1) Includes the portion equivalent to R2,876,159 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 24).

All values are in US Dollars.

*Values expressed in thousands, except when indicated.

c.1) Nature and Origin of Deferred Tax Liabilities

Origins Bank
Balances on Balances on
09/30/2024 12/31/2023 12/31/2023 Recognition Realization 09/30/2024
Adjustment to Fair Value of Trading Securities and Derivatives 3,643,945 3,596,609 1,705,979 12,900,267 (12,841,086) 1,765,160
Adjustment to Fair Value of Available-for-Sale Securities and Cash Flow Hedge (1) 2,098,704 1,871,948 893,115 522,947 (414,185) 1,001,877
Excess Depreciation of Leased Assets 21,210 21,254 5,314 - (11) 5,303
Others 1,496,325 274,113 123,166 549,995 - 673,161
Total 7,260,184 5,763,924 2,727,574 13,973,209 (13,255,282) 3,445,501
Origins Consolidated
Balances on Balances on
09/30/2024 12/31/2023 12/31/2023 Recognition Realization 09/30/2024
Adjustment to Fair Value of Trading Securities and Derivatives 5,166,110 7,776,142 3,254,614 16,320,786 (17,227,328) 2,348,072
Adjustment to Fair Value of Available-for-Sale Securities and Cash Flow Hedge (1) 2,204,681 1,966,265 935,587 570,741 (454,791) 1,051,537
Excess Depreciation of Leased Assets 1,923,615 1,877,592 469,398 31,238 (19,732) 480,904
Others 2,929,151 592,670 191,221 995,290 (4,986) 1,181,525
Total 12,223,557 12,212,669 4,850,820 17,918,055 (17,706,837) 5,062,038
(1) Includes IRPJ, CSLL, PIS and COFINs.

c.2) Expectation of Demand for Deferred Tax Liabilities

Bank
09/30/2024
Temporary Differences Total
Year IRPJ CSLL PIS/COFINS Registered
2024 75,499 58,753 13,352 147,604
2025 301,995 235,013 53,407 590,415
2026 301,995 235,013 53,407 590,415
2027 301,554 235,013 53,407 589,974
2028 300,228 235,013 53,407 588,648
2029 to 2033 308,421 242,780 40,054 591,255
Until 2034 192,891 154,299 - 347,190
Total 1,782,583 1,395,884 267,034 3,445,501

*Values expressed in thousands, except when indicated.

Consolidated
09/30/2024
Temporary Differences Total
Year IRPJ CSLL PIS/COFINS Registered
2024 175,896 111,657 18,661 306,214
2025 517,778 314,314 69,130 901,222
2026 509,772 308,266 67,657 885,695
2027 500,681 303,452 67,111 871,244
2028 490,536 298,795 67,079 856,410
2029 to 2033 573,258 266,490 50,310 890,058
Until 2034 196,572 154,623 - 351,195
Total 2,964,493 1,757,597 339,948 5,062,038

*Values expressed in thousands, except when indicated.

d) Income Tax and Social Contribution

Bank Consolidated
01/07 to 01/01 to 01/07 to 01/01 to 01/07 to 01/01 to 01/07 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Result before Taxation on Profit and Participations 3,493,994 9,400,138 1,692,647 3,138,179 4,855,261 13,324,339 3,082,533 7,445,506
Profit Sharing (1) (447,772) (1,303,942) (355,053) (1,121,390) (638,873) (1,831,799) (517,036) (1,531,195)
Unrealized Result - - - - - (176) - (176)
Result before Taxes 3,046,222 8,096,196 1,337,594 2,016,789 4,216,388 11,492,364 2,565,497 5,914,135
Total Income Tax and Social Contribution Charge at Rates of 25% and 20%, Respectively (3) (1,370,800) (3,643,288) (601,917) (907,555) (1,897,375) (5,171,564) (1,154,474) (2,661,361)
Result of Interests in Affiliates and Subsidiaries (2) 845,641 2,336,265 904,363 2,916,863 31,102 71,362 21,006 57,693
Nondeductible Expenses Net of Non-Taxable Income 228,163 864,713 390,686 887,420 251,427 792,334 448,288 1,049,069
Interest in Equity 761,061 2,025,000 655,710 2,007,379 761,061 2,185,200 718,709 2,014,379
IRPJ and CSLL on Temporary Differences and Tax Losses from Previous Years 41,814 1,320 181 (69,917) 32,387 (38,404) (9,639) (57,668)
Effect of the CSLL Rate Difference (3) - - - - 215,747 633,348 230,646 698,959
Other Adjustments, Including Profits Available Abroad (30,878) (77,461) (29,990) (11,328) (24,179) (116,007) (152,717) (85,854)
Income Tax and Social Contribution 475,001 1,506,549 1,319,033 4,822,862 (629,830) (1,643,731) 101,819 1,015,217
Current Taxes 1,000,091 (46,517) 12,098 (23,936) (14,112) (3,052,616) (996,386) (3,023,866)
Income tax and social contribution for the period 1,000,091 (46,517) 12,098 (23,936) (14,112) (3,052,616) (996,386) (3,023,866)
Deferred Taxes (1,326,928) 1,194,596 992,029 4,509,787 (1,395,310) 1,089,951 810,588 3,549,680
Constitution/realization in the period on temporary additions and exclusions - Result (1,326,928) 1,194,596 992,029 4,509,787 (1,395,310) 1,089,951 810,588 3,549,680
Operations in the Period: 801,837 358,469 (78,025) (55,920) 436,484 (5,741) (103,919) 72,881
Negative Social Contribution Base 335,770 139,077 (44,380) (24,714) 193,407 (3,201) (65,689) (24,304)
Tax loss 466,068 219,393 (33,645) (31,206) 243,077 (2,540) (38,230) 97,185
Constitution in the period on - - 392,931 392,931 343,108 324,675 391,536 416,522
Negative Social Contribution Base - - 175,731 175,731 157,510 139,077 175,207 175,731
Tax loss - - 217,200 217,200 185,598 185,598 216,329 240,791
Total deferred taxes (525,090) 1,553,066 1,306,935 4,846,798 (615,718) 1,408,885 1,098,205 4,039,083
Income tax and social contribution 475,000 1,506,548 1,319,033 4,822,862 (629,830) (1,643,731) 101,819 1,015,217
(1)The calculation basis is Net Profit, after IR and CSLL.<br><br>(2)Interest on Equity received and receivable is not included in the result of interests in associates and subsidiaries.<br><br>(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.

10.Other Assets

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Securities and Credits Receivable (Note 7.a)
Credit Cards 45,558,947 43,318,428 45,558,947 43,318,428
Credit Rights (1) 25,413,482 32,272,330 29,823,728 35,741,687
Premium or Discount in Financial Asset Sale or Transfer Operations 536,631 214,077 536,631 214,077
Debtors for Guarantee Deposits:
For Filing Tax Appeals 5,880,002 5,656,205 7,789,798 7,503,965
For Filing Labor Appeals 1,714,112 1,735,205 1,819,638 1,834,873
Others - Civil 760,611 787,047 948,650 987,175
Contractual Guarantees from Former Controllers 496 496 496 496
Payments to be reimbursed 102,831 93,865 105,230 97,478
Salary Advances 389,723 129,513 593,176 542,314
Advances on Energy Contracts - - 5,383,562 2,750,937
Benefits Plan for Employees 306,633 272,437 367,462 338,820
Debtors for Purchase of Securities and Goods (Note 7.a) 376,275 399,190 522,406 551,727
Amounts Receivable from Related Companies 48,121 44,824 236,068 236,869
Income Receivable 3,322,586 3,399,401 3,541,048 3,156,621
Other Values and Assets (2) 1,012,487 1,036,387 1,028,431 979,728
Others (2) 18,263,413 13,845,180 8,970,819 8,669,768
Total 103,686,350 103,204,585 107,226,090 106,924,963
Current 92,215,496 91,933,523 93,295,287 92,881,898
Non-Current 11,470,854 11,271,062 13,930,803 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 risk policies from the bank.<br>(2) In 2023, balances relating to prepaid expenses are included in the other line, reclassified from other values and assets for the purpose of better presentation.

*Values expressed in thousands, except when indicated.

11.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)
01/07 to 01/01 to 01/01 to 01/07 to 01/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2024 09/30/2024 09/30/2023
Result of the Period 375,446 1,347,437 654,544 565,353 1,711,595 1,330,693 Grand Cayman Branch (1) Luxembourg Branch (1)
--- --- --- --- ---
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Assets
Current and Long-Term Realizable Assets 185,054,129 154,465,424 143,658,852 119,862,991
Permanent Assets 31 28 - -
Total Assets 185,054,160 154,465,452 143,658,852 119,862,991
Liabilities
Current Liabilities and Long-Term Liabilities 145,695,848 121,105,599 120,056,881 100,565,467
Net Equity 39,358,312 33,359,853 23,601,971 19,297,524
Total Liabilities and Net Equity 185,054,160 154,465,452 143,658,852 119,862,991
(1) The functional currency is Real.

*Values expressed in thousands, except when indicated.

12.Interests of Subsidiaries and Affiliates

a)Consolidation Perimeter

Number of Shares or Quotas Owned (Thousand) 09/30/2024
Investments Line of Activity Common Shares and Quotas Preferred Shares Interest of Banco Santander Consolidated Participation
Controlled by Banco Santander
Aymoré Crédito, Financiamento e Investimento S.A. Financial 50,159 - 100.00 % 100.00 %
Banco RCI Brasil S.A. Bank 81 81 39.89 % 39.89 %
Esfera Fidelidade S.A. Services provision 10,001 - 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 Recovery 446,712 - 100.00 % 100.00 %
Em Dia Serviços Especializados em Cobrança Ltda. Collection Management and Credit Recovery 257,306 - 100.00 % 100.00 %
Rojo Entretenimento S.A. Services provision 7,417 - 94.60 % 94.60 %
Sanb Promotora de Vendas e Cobrança Ltda. Provision of Digital Media Services 71,181 - 100.00 % 100.00 %
Sancap Investimentos e Participações S.A. Holding 23,538,159 - 100.00 % 100.00 %
Santander Brasil Administradora de Consórcio Ltda. Consortium 872,186 - 100.00 % 100.00 %
Santander Corretora de Câmbio e Valores Mobiliários S.A. Broker 14,067,640 14,067,640 100.00 % 100.00 %
Santander Corretora de Seguros, Investimentos e Serviços S.A. Broker 7,184 - 100.00 % 100.00 %
Santander Holding Imobiliária S.A. Holding 558,601 - 100.00 % 100.00 %
Santander Leasing S.A. Arrendamento Mercantil Leasing 164 - 100.00 % 100.00 %
F1RST Tecnologia e Inovação Ltda. Provision of Technology Services 241,941 - 100.00 % 100.00 %
SX Negócios Ltda. Provision of Call Center Services 75,050 - 100.00 % 100.00 %
Tools Soluções e Serviços Compartilhados Ltda. Services provision 192,000 - 100.00 % 100.00 %
Subsidiaries of Aymoré Crédito, Financiamento e Investimento S.A.
Solution 4Fleet Consultoria Empresarial S.A. Technology 500,411 - 100.00 % 100.00 %
Banco Hyundai Capital Brasil S.A. Bank 150,000 - 50.00 % 50.00 %
Subsidiaries of Santander Leasing
Banco Bandepe S.A. Bank 3,589 - 100.00 % 100.00 %
Santander Distribuidora de Títulos e Valores Mobiliários S.A. (Santander DTVM) Distributor 461 - 100.00 % 100.00 %
Subsidiaries of Sancap
Santander Capitalização S.A. Capitalization 64,615 - 100.00 % 100.00 %
Evidence Previdência S.A. Pension 42,819,564 - 100.00 % 100.00 %
Subsidiaries of Santander Holding Imobiliária S.A.
Summer Empreendimentos Ltda. Real Estate 17,084 - 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) Broker 21,559 - 59.64 % 59.64 %
Toro Investimentos S.A. Investments 44,101 - 13.23 % 13.23 %
Subsidiaries of  Toro Corretora de Títulos de Valores Mobiliários Ltda.
Toro Investimentos S.A. Investments 289,362 - 86.77 % 86.77 %
Joint Subsidiary of Sancap
Santander Auto S.A. Technology 22,452 - 50.00 % 50.00 %
Subsidiary of Toro Investimentos S.A.
Toro Asset Management S.A. Investments 918,264 - 100.00 % 100.00 %

*Values expressed in thousands, except when indicated.

Number of Shares or Quotas Owned (Thousand) 09/30/2024
Investments Line of Activity Common Shares and Quotas Preferred Shares Interest of Banco Santander Consolidated Participation
Banco Santander's Equity Method
Estruturadora Brasileira de Projetos S.A. Others 5,076 1,736 11.11 % 11.11 %
Gestora de Inteligência de Crédito S.A. Credit Bureau 8,144 1,756 15.56 % 15.56 %
Significant Influence by Banco Santander
Núclea S.A. Others 9,248 - 17.53 % 17.53 %
Pluxee BenefÍcios Brasil S.A Benefits 191,342 - 20.00 % 20.00 %
Joint Subsidiaries of Santander Corretora de Seguros
América Gestão Serviços em Energia S.A. Energy 653 - 70.00 % 70.00 %
Hyundai Corretora de Seguros Ltda. Insurance Broker 1,000 - 50.00 % 50.00 %
Fit Economia de Energia S.A. (1) Others 10,400 0.00 % 65.00 % 65.00 %
Santander Corretora de Seguros Equity Method
Tecnologia Bancária S.A. Others 743,944 - 18.98 % 18.98 %
CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A. Others 22,454 - 20.00 % 20.00 %
Biomas – Serviços Ambientais, Restauração e Carbono S.A. Others 20,000 - 16.66 % 16.66 %
Significant Influence by Santander Corretora de Seguros
Webmotors S.A. Technology 182,197,214 - 30.00 % 30.00 %
Subsidiary of Webmotors S.A.
Loop Gestão de Pátios S.A. Services provision 23,243 - 51.00 % 15.30 %
Car10 Tecnologia e Informação S.A. Technology 6,591 - 66.67 % 20.00 %
Subsidiary of Car10 Tecnologia e Informação S.A.
Pag10 Fomento Mercantil Ltda. Technology 100 - 100.00 % 20.00 %
Subsidiary of Tecnologia Bancária S.A.
Tbnet Comércio, Locação e Administração Ltda. Others 552,004 - 100.00 % 18.98 %
TecBan Serviços Integrados Ltda. Others 10,800 - 100.00 % 18.98 %
Subsidiary of Tbnet Comércio, Locação e Administração Ltda.
Tbforte Segurança e Transporte de Valores Ltda. Others 517,505 - 100.00 % 18.98 %

Consolidated Investment Funds

• Santander Fundo de Investimento Amazonas Multimercado Crédito Privado de Investimento Abroad (Santander FI Amazonas);

• Santander Fundo de Investimento Diamantina Multimercado Private Credit for Investment Abroad (Santander FI Diamantina);

• Santander Fundo de Investimento Guarujá Multimercado Private Credit for Investment Abroad (Santander FI Guarujá);

• Santander Investment Fund SBAC Referenced DI Crédito Privado (Santander FI SBAC);

• Santander Paraty QIF PLC (Santander Paraty) (3);

• Sale of Credit Rights Investment Fund Vehicles (Sale of FIDC Vehicles) (1);

• Prime 16 – Real Estate Investment Fund (current name of BRL V - Real Estate Investment Fund - FII) (2);

• Santander FI Hedge Strategies Fund (Santander FI Hedge Strategies) (3);

• Multisegment Credit Rights Investment Fund NPL Ipanema VI - Non-Standardized (Fundo Investimento Ipanema NPL VI) (4);

• Santander Hermes Multimercado Crédito Privado Infrastructure Investment Fund;

• Wholesale Credit Rights Investment Fund – Non-Standardized (4);

• Current - Multimarket Investment Fund Private Credit Investment Abroad;

• Credit Rights Investment Fund – Getnet ;

• Santander Flex Credit Rights Investment Fund (4);

• San Créditos Estruturados – Non-Standardized Credit Rights Investment Fund (4);

• D365 – Credit Rights Investment Fund (4);

• Tellus Credit Rights Investment Fund (4);

• Precato IV Credit Rights Investment Fund (4);

• Santander Hera Renda Fixa Incentive Fund for Investment in Infrastructure Limited Liability;

• Ararinha Long-Term Fixed Income Investment Fund; and

• Hyundai Credit Rights Investment Fund.

(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 the Santander FI Hedge Strategies Subfund, 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 Equity Adjusted Net Equity Value of Investments Equity Income Result
01/01 to 01/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2024 12/31/2023 09/30/2024 09/30/2023
Subsidiaries of Banco Santander
Aymoré Crédito, Financiamento e Investimento S.A. 24,203,846 1,366,173 24,203,846 22,838,738 1,366,173 1,773,966
Banco RCI Brasil S.A. 1,447,843 140,266 577,558 508,035 55,953 33,026
Em Dia Serviços Especializados em Cobrança Ltda. 250,993 13,849 214,103 214,216 (113) (40,062)
Esfera Fidelidade S.A. 1,569,717 661,674 1,569,717 908,089 661,628 594,446
Return Capital Gestão de Ativos e Participações S.A. (New name of Gira, Gestão Integrada de Recebíveis do Agronegócio S.A.) 8,527,528 501,214 8,512,395 7,482,700 497,726 655,042
Sancap Investimentos e Participações S.A. 1,360,446 452,698 1,227,325 1,223,774 452,698 503,868
Santander Brasil Administradora de Consórcio Ltda. 1,436,592 408,692 1,436,592 1,027,901 408,692 445,462
Santander Corretora de Câmbio e Valores Mobiliários S.A. 999,091 27,827 999,088 975,593 27,824 46,950
Santander Corretora de Seguros, Investimentos e Serviços S.A. 7,518,037 1,042,731 7,503,190 6,462,279 1,042,731 1,796,406
Santander Leasing S.A. Arrendamento Mercantil 11,850,711 536,158 11,850,711 11,445,416 536,158 562,759
Tools Soluções e Serviços Compartilhados Ltda. 250,215 19,891 250,215 230,246 19,891 25,007
Toro Participacoes S.A - 1,863 - - 1,863 -
Significant Influence by Banco Santander
Núclea S.A. 2,172,648 444,270 381,799 503,922 77,880 82,093
Pluxee BenefÍcios Brasil S.A 10,221,350 142,985 2,044,270 - 28,597 -
Others 2,041,489 (20,371) 1,554,541 1,298,301 14,000 2,955
Total 73,850,506 5,739,920 62,325,350 55,119,210 5,191,701 6,481,918
Consolidated
--- --- --- --- --- --- ---
Adjusted Net Equity Adjusted Net Equity Value of Investments Equity Income Result
01/01 to 01/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2024 12/31/2023 09/30/2024 09/30/2023
Jointly controlled directly and indirectly by Banco Santander
Biomas – Serviços Ambientais, Restauração e Carbono S.A. 26,196 (25,314) 4,366 3,585 (4,219) (327)
CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A. 368,280 (6,065) 73,657 42,565 (1,213) (424)
Estruturadora Brasileira de Projetos S.A. 3,510 1,638 390 208 182 13
Gestora de Inteligência de Crédito S.A. 342,174 (21,209) 53,208 56,507 (3,298) (4,601)
Hyundai Corretora de Seguros Ltda. 4,216 1,002 2,108 1,607 501 226
PSA Corretora - - - - - 1,925
Santander Auto S.A. 106,666 36,710 53,333 36,762 18,355 15,228
Tecnologia Bancária S.A. 996,449 28,851 189,126 183,650 5,476 (317)
Significant Influence by Santander Corretora de Seguros
Webmotors S.A. 513,153 121,070 153,946 106,956 36,321 34,390
Significant Influence by Banco Santander
Núclea S.A. 2,177,975 444,267 381,799 503,922 77,880 82,093
Pluxee Benefícios Brasil S.A. (1) 10,221,350 142,985 2,044,270 - 28,597 -
Total 14,759,969 723,936 2,956,203 935,762 158,582 128,206
(1) The balance of the operation to acquire a stake in Pluxee includes its investment in its benefits subsidiary, Pluxee Instituição de Escolha S.A. (Current name of ”Ben Benefícios e Serviços Instituição de Pagos S.A”) and goodwill generated by expected future profitability, as described in Note 29.c.

*Values expressed in thousands, except when indicated.

13.Fixed Assets in Use

Bank
09/30/2024 12/31/2023
Cost Depreciation Net Cost Depreciation Net
Real Estate 2,362,415 (1,022,386) 1,340,029 2,385,144 (991,889) 1,393,255
Land 606,947 - 606,947 613,619 - 613,619
Buildings 1,755,468 (1,022,386) 733,082 1,771,525 (991,889) 779,636
Other Fixed Assets for Use 13,194,226 (9,973,103) 3,221,123 13,559,747 (9,701,225) 3,858,522
Installations, Furniture and Equipment 5,596,827 (4,338,776) 1,258,051 5,641,818 (4,080,962) 1,560,856
Data Processing Equipment 2,875,238 (2,059,233) 816,005 2,958,597 (1,960,612) 997,985
Improvements to Third Party Properties 3,688,911 (2,819,739) 869,172 3,946,673 (2,964,733) 981,940
Security and Communications Systems 966,888 (720,845) 246,043 945,019 (664,032) 280,987
Others 66,362 (34,510) 31,852 67,640 (30,886) 36,754
Total 15,556,641 (10,995,489) 4,561,152 15,944,891 (10,693,114) 5,251,777
Bank
01/01 to 01/01 to
09/30/2024 09/30/2023
Cost Accumulated <br>Depreciation Total Cost Accumulated <br>Depreciation Total
Balance at the Beginning of the Year 15,944,891 (10,693,114) 5,251,777 16,029,469 (10,317,194) 5,712,275
Additions 318,001 - 318,001 739,198 - 739,198
Depreciation - (858,743) (858,743) - (973,876) (973,876)
Write-offs (706,377) 556,494 (149,883) (684,711) 540,399 (144,312)
Transfers 125 (125) - 6,679 (2,827) 3,852
Balance at the End of the Period 15,556,640 (10,995,488) 4,561,152 16,090,635 (10,753,498) 5,337,137
Consolidated
09/30/2024 12/31/2023
Cost Depreciation Net Cost Depreciation Net
Real Estate 2,603,011 (1,086,448) 1,516,563 2,617,403 (1,049,217) 1,568,186
Land 651,514 - 651,514 658,187 - 658,187
Buildings 1,951,497 (1,086,448) 865,049 1,959,216 (1,049,217) 909,999
Others Fixed Assets 13,632,325 (10,181,966) 3,450,359 13,956,282 (9,869,620) 4,086,662
Installations, Furniture and Equipment 5,715,182 (4,422,587) 1,292,595 5,693,158 (4,137,663) 1,555,495
Data Processing Equipment 3,025,646 (2,079,532) 946,114 3,117,011 (1,977,807) 1,139,204
Improvements to Third Party Properties 3,853,217 (2,920,921) 932,296 4,110,261 (3,055,802) 1,054,459
Security and Communications Systems 971,859 (724,389) 247,470 949,249 (667,430) 281,819
Others 66,421 (34,537) 31,884 86,603 (30,918) 55,685
Total 16,235,336 (11,268,414) 4,966,922 16,573,685 (10,918,837) 5,654,848
Consolidated
01/01 to 01/01 to
09/30/2024 09/30/2023
Cost Accumulated Depreciation Total Cost Accumulated Depreciation Total
Balance at the Beginning of the Year 16,573,685 (10,918,837) 5,654,848 16,635,937 (10,520,884) 6,115,053
Additions 393,995 - 393,995 876,529 - 876,529
Depreciation - (872,219) (872,219) - (1,003,492) (1,003,492)
Write-offs (714,545) 521,954 (192,591) (812,237) 553,224 (259,013)
Transfers (17,799) 688 (17,111) 6,679 (2,827) 3,852
Balance at the End of the Period 16,235,336 (11,268,414) 4,966,922 16,706,908 (10,973,979) 5,732,929

*Values expressed in thousands, except when indicated.

14.Intangibles

Bank
09/30/2024 12/31/2023
Cost Amortization Net Net
Goodwill in the Acquisition of Controlled Companies 27,220,515 (27,067,226) 153,289 303,073
Other Intangible Assets 15,206,790 (8,150,965) 7,055,825 6,779,882
Acquisition and Development of Software 10,352,671 (5,953,285) 4,399,386 4,104,278
Payroll Acquisition Rights 4,680,739 (2,030,910) 2,649,829 2,654,124
Others 173,380 (166,770) 6,610 21,480
Total 42,427,305 (35,218,191) 7,209,114 7,082,955
Bank
09/30/2024 12/31/2023
Cost Amortization Net Net
Balance at the Beginning of the Year 41,237,399 (34,154,444) 7,082,955 6,315,142
Additions 1,642,941 - 1,642,941 3,678,961
Amortization - (1,503,727) (1,503,727) (2,018,678)
Write-offs (453,036) 439,981 (13,055) (897,488)
Transfers - - - 5,018
Balance at the End of the Period 42,427,304 (35,218,190) 7,209,114 7,082,955
Consolidated
09/30/2024 12/31/2023
Cost Amortization Net Net
Goodwill in the Acquisition of Controlled Companies 28,273,815 (27,610,814) 663,001 887,252
Other Intangible Assets 15,835,318 (8,487,222) 7,348,096 7,074,300
Acquisition and Development of Software 10,980,821 (6,289,541) 4,691,280 4,398,186
Payroll Acquisition Rights 4,680,739 (2,030,910) 2,649,829 2,654,124
Others 173,758 (166,771) 6,987 21,990
Total 44,109,133 (36,098,036) 8,011,097 7,961,552
Consolidated
09/30/2024 12/31/2023
Cost Amortization Net Net
Balance at the Beginning of the Year 42,895,970 (34,934,418) 7,961,552 7,292,141
Additions 1,825,994 - 1,825,994 3,678,961
Amortization - (1,640,407) (1,640,407) (2,117,080)
Write-offs (545,199) 433,629 (111,571) (897,488)
Transfers (67,632) 43,160 (24,472) 5,018
Balance at the End of the Period 44,109,133 (36,098,036) 8,011,097 7,961,552
(1) Refers to the acquisition of software.

For the period ending in September 30, 2024, there no was impairment of Rights for Acquisition of Payroll and Development of Logics.

*Values expressed in thousands, except when indicated.

15.Funding

a) Opening of Equity Accounts

Bank
9/30/2024 12/31/2023
No maturity Up to 3 Months From 3 to 12 Months More than 12 months Total Total
Deposits 97,371,535 116,661,291 140,796,248 141,624,793 496,453,866 475,535,132
Demand Deposits 40,081,891 - - - 40,081,891 41,280,250
Savings Deposits 57,144,155 - - - 57,144,155 58,111,966
Interbank Deposits - 2,755,357 2,371,178 259,058 5,385,593 4,111,360
Time Deposits (1) 145,489 113,905,934 138,425,070 141,365,735 393,842,228 372,031,556
Open Market Funding - 132,946,967 12,519,485 19,537,248 165,003,700 141,939,228
Own Portfolio - 43,074,273 390,350 3,815 43,468,438 61,343,482
Public Securities - 27,299,556 370,201 - 27,669,757 39,730,093
Others - 15,774,717 20,149 3,815 15,798,681 21,613,389
Third-Party Portfolio - 89,872,694 - - 89,872,694 62,025,098
Free Movement Portfolio - - 12,129,135 19,533,433 31,662,568 18,570,648
Acceptance and Issuance Resources - 22,028,347 53,987,303 89,918,604 165,934,254 167,198,665
Resources for Real Estate, Mortgage, Credit and Similar Letters - 16,100,779 41,777,894 56,658,940 114,537,613 116,770,927
Real Estate Credit Letters - LCI (2) - 3,986,417 14,681,485 22,435,532 41,103,434 41,677,823
Agribusiness Letters of Credit - LCA - 8,063,706 15,258,948 17,093,581 40,416,235 36,422,804
Financial Letters - LF (3) - 4,023,229 6,641,480 5,423,645 16,088,354 22,729,058
Guaranteed Real Estate Notes - LIG (4) - 27,427 5,195,981 11,706,182 16,929,590 15,941,242
Obligations for Securities Abroad - 5,483,755 7,987,254 22,914,260 36,385,269 38,257,726
Structured Operations Certificates - 443,813 4,222,155 10,345,404 15,011,372 12,170,012
Obligations for Loans and Transfers - 52,291,294 52,617,506 14,101,492 119,010,293 89,571,840
Obligations for Loans Abroad - 51,203,409 50,367,762 8,290,177 109,861,348 77,239,162
Export and Import Financing Lines - 19,479,167 42,765,677 238,313 62,483,158 50,490,555
Other Lines of Credit - 31,724,242 7,602,085 8,051,864 47,378,191 26,748,607
Obligations for Country Transfers - 1,087,885 2,249,744 5,811,315 9,148,944 12,332,678
Total 97,371,535 323,927,899 259,920,542 265,182,137 946,402,113 874,244,865
Current 97,371,535 323,927,899 259,920,542 - 681,219,976 599,568,298
Non-Current - - - 265,182,137 265,182,137 274,676,567

*Values expressed in thousands, except when indicated.

Consolidated
09/30/2024 12/31/2023
Up to 3 Months From 3 to 12 Months More than 12 months Total Total
Deposits 116,154,225 140,909,656 142,044,053 495,854,310 475,701,951
Demand Deposits - - - 39,264,065 40,967,118
Savings Deposits - - - 57,144,155 58,111,966
Interbank Deposits 2,034,170 2,517,988 755,449 5,307,607 4,263,954
Term Deposits (1) 114,120,055 138,391,668 141,288,604 393,945,816 372,200,427
Other Deposits - - - 192,667 158,486
Money Market Funding 120,868,048 12,519,485 19,537,248 152,924,781 134,793,745
Own Portfolio 36,015,417 390,350 3,815 36,409,582 55,967,171
Public Securities 20,240,700 370,201 - 20,610,901 34,353,782
Others 15,774,717 20,149 3,815 15,798,681 21,613,389
Third-Party Portfolio 84,852,631 - - 84,852,631 60,255,925
Free Movement Portfolio - 12,129,135 19,533,433 31,662,568 18,570,649
Acceptance and Issuance Resources 19,661,401 53,113,570 80,924,344 153,699,315 149,203,270
Foreign Exchange Acceptance Resources 140,413 404,009 925,978 1,470,400 1,339,088
Resources for Real Estate, Mortgage, Credit and Similar Letters 16,707,750 43,282,650 60,097,251 120,087,651 122,082,082
Real Estate Credit Letters - LCI (2) 3,986,417 14,681,485 22,435,532 41,103,434 41,677,823
Agribusiness Letters of Credit - LCA 8,063,706 15,258,948 17,093,581 40,416,235 36,422,804
Financial Letters - LF (3) 4,630,199 8,146,236 8,861,956 21,638,391 28,040,213
Guaranteed Real Estate Notes - LIG (4) 27,428 5,195,981 11,706,182 16,929,591 15,941,242
Obligations for Securities Abroad 2,369,425 5,204,756 9,555,711 17,129,892 13,612,088
Structured Operations Certificates 443,813 4,222,155 10,345,404 15,011,372 12,170,012
Obligations for Loans and Transfers 52,297,144 52,617,506 14,101,492 119,016,142 89,635,879
Loan Obligations in the Country 5,849 - - 5,849 64,039
Obligations for Loans Abroad 51,203,409 50,367,762 8,290,177 109,861,348 77,239,162
Export and Import Financing Lines 19,479,167 42,765,677 238,313 62,483,158 50,490,555
Other Lines of Credit 31,724,242 7,602,085 8,051,864 47,378,191 26,748,607
Obligations for Country Transfers 1,087,885 2,249,744 5,811,315 9,148,944 12,332,678
Total 308,980,818 259,160,217 256,607,137 921,494,548 849,334,845
Current 308,980,818 259,160,217 - 664,887,411 581,902,229
Non-Current - - 256,607,137 256,607,137 267,432,616
(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 September 30, 2024, they have a maturity date between 2024 and 2034.(3)The main characteristics of financial bills are a minimum term of two years, a minimum nominal value of R50 and permission for early redemption of only 5% of the amount issued. On September 30, 2024, they have a maturity date between 2024 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 September 30, 2024, they have a maturity date between 2024 and 2035 (12/31/2023 - with a maturity date between 2024 and 2035).

All values are in US Dollars.

*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 1,50% to 12,32% a.a. (12/31/2023 - from 0.04% a.a. to 3.02% a.a.).

The country's onlending obligations - official institutions incur 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

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Issuance Maturity until Interest Rate (p.a.) Total Total Total Total
2018 2025 Up to 6,4% + CDI - 207,098 - -
2019 2027 Up to 9% + CDI 719,211 1,115,221 - -
2020 2027 Up to 9% + CDI 283,039 464,379 - -
2021 2031 Up to 9% + CDI 4,645,399 7,584,269 3,645,811 3,337,315
2022 2035 Up to 9% + CDI 2,188,803 4,950,983 1,549,003 1,918,929
2023 2031 Up to 9% + CDI 10,715,109 23,935,776 3,052,066 8,355,844
2024 2035 17,833,708 - 8,883,012 -
Total 36,385,269 38,257,726 17,129,892 13,612,088

c) Opening of income accounts

Bank Consolidated
01/01 to 01/07 to 01/01 to 01/07 to 01/01 to 01/07 to 01/01 to
09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Term Deposits (1) (2) 28,063,658 9,873,299 24,184,465 7,754,285 25,350,765 7,748,088 19,992,945
Savings Deposits 2,790,377 1,100,611 3,327,323 946,121 2,790,377 1,100,612 3,327,324
Interbank Deposits 340,414 149,470 541,233 120,966 317,260 151,223 425,516
Fundraising on the Open Market 11,056,819 4,230,417 11,572,726 3,579,217 10,344,133 3,966,993 10,780,428
Updating and Interest on Pension and Capitalization Provisions - - - 69,536 201,951 82,050 244,231
Resources for Acceptance and Issuance of Securities 32,510,186 10,814,045 17,119,891 4,029,181 33,102,331 11,020,909 17,694,507
Others (3) 2,715,103 771,965 166,634 565,604 2,732,725 774,331 162,338
Total 77,476,557 26,939,807 56,912,272 17,064,908 74,839,540 24,844,206 52,627,289
(1) At the Bank and Consolidated, it includes the recording of interest in the amount of R1,782,772 (2023 - R 713,975), referring to the issuance of a Debt Instrument Eligible for Tier I and II Capital (Note 16.b).(2) Includes exchange rate variation expenses in the amount of R3,372,371 in the Bank and Consolidated (2023 - R 5,414,167).(3) As of September 30, 2024, it mainly refers to exchange rate variation expenses in the Bank and Consolidated.

All values are in US Dollars.

*Values expressed in thousands, except when indicated.

16.Other Financial Liabilities

a.Composition

Bank
09/30/2024 12/31/2023
Foreign Exchange Portfolio 80,256,534 63,753,620
Securities Negotiation and Intermediation 657,757 313,080
Equity Eligible Debt Instruments 29,492,163 19,626,967
Collection and Collection of Taxes and Similar 3,712,955 146,792
Interdependencies and Interfinancial Relations 10,329,939 6,438,024
Total 124,449,348 90,278,483
Current 108,714,269 78,170,338
Non-Current 15,735,079 12,108,145
Consolidated
09/30/2024 12/31/2023
Foreign Exchange Portfolio 80,256,534 63,753,620
Securities Negotiation and Intermediation 10,171,041 2,785,941
Equity Eligible Debt Instruments 29,492,163 19,626,967
Collection and Collection of Taxes and Similar 3,760,119 178,846
Interdependencies and Interfinancial Relations 10,329,939 6,438,025
Total 134,009,796 92,783,399
Current 107,078,078 78,162,872
Non-Current 26,931,718 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
09/30/2024 12/31/2023
Equity Eligible Debt Instruments Issuance Maturity Issue Value (in Millions) Interest Rate (p.a.) Total Total
Notes - Level I (1) November - 18 No Maturity (Perpetual) US$1,250 8.913 % 7,049,547 6,116,218
Financial Bills - Level II (2) November - 21 November - 31 R$5,300 CDI+2% 7,749,179 7,072,124
Financial Bills - Level II (2) December - 21 December - 31 $200 CDI+2% 292,174 266,647
Financial Bills - Level II (2) October - 23 October - 33 $6,000 CDI+1,6% 6,742,504 6,171,978
Financial Bills - Level I (3) September - 24 without term (perpetual) $7,600 CDI+1,4% 7,658,759 -
Total 29,492,163 19,626,967
(1) The issues were made through the Cayman Agency and there is no Income Tax at Source, and interest is paid semi-annually, starting from May 8, 2019.<br>(2) Financial Bills issued in November 2021 and October 2023 have redemption and repurchase options. <br>(3) Financial Bills issued in September 2024 have redemption and repurchase options, and have interest paid semiannually, starting March 5, 2025.

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.

17.Other Liabilities

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Technical Provision for Capitalization Operations - - 4,288,961 4,382,123
Obligations with Credit Cards 46,731,843 44,790,626 46,731,893 45,143,460
Provision for Tax Risks and Legal Obligations (Note 18.b) 2,676,935 2,326,237 2,878,616 2,521,560
Provision for Judicial Proceedings and Administrative - Labor and Civil Actions (Note 18.b) 5,954,037 5,734,590 6,608,325 6,188,861
Labor Actions 3,017,698 3,051,424 3,382,139 3,291,702
Civil Actions 2,936,339 2,683,166 3,226,186 2,897,159
Provision for Financial Guarantees Provided 532,205 550,374 532,206 550,374
Benefits Plan for Employees (Note 26) (1) 4,763,887 2,508,983 4,791,176 2,543,504
Obligations for Acquisition of Goods and Rights 4,158 5,376 4,158 5,376
Provision for Payments to be Made
Personnel Expenses 1,816,624 1,807,154 2,436,448 2,338,857
Administrative Costs 226,571 260,989 537,667 623,225
Others Payments 33,999 48,466 181,721 159,725
Creditors for Resources to be Released 1,035,580 1,053,873 1,035,580 1,053,873
Obligations for Provision of Payment Service 513,355 591,592 513,355 591,592
Suppliers 956,838 802,212 1,293,344 1,304,360
Social and Statutory 359,806 523,514 370,944 585,339
Obligations with TVM Foreign Operations 3,918,870 3,510,605 3,918,870 3,510,605
Debts with Insurance Operations - - 1,621,828 1,696,572
Others (2) 15,988,320 10,137,747 19,939,530 13,989,982
Total 85,513,028 74,652,338 97,684,622 87,189,388
Current 19,817,589 12,525,591 30,923,402 23,902,138
Non Current 65,695,439 62,126,747 66,761,220 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 18, item d.2.<br>(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
09/30/2024 12/31/2023
Type of Financial Guarantee Balance Guarantees Provided Provision Balance Guarantees Provided Provision
Linked to International Merchandise Trade 3,531,856 110,822 5,094,679 100,147
Linked to Bids, Auctions, Provision of Services or Execution of Works 16,812,366 13,390 7,020,490 8,909
Linked to the Supply of Goods 2,855,241 1,869 2,768,318 1,985
Linked to the Distribution of Securities by Public Offer 2,715,000 - - -
Guarantee in Legal and Administrative Proceedings of Fiscal Nature 13,873,675 352,047 13,688,909 327,298
Other Guarantees 98,066 - 90,386 1,840
Other Bank Guarantees 19,457,815 39,950 31,184,916 60,216
Other Financial Guarantees 5,169,772 12,057 2,062,860 49,979
Total 64,513,791 530,135 61,910,558 550,374

*Values expressed in thousands, except when indicated.

Movement of the Provision for Financial Guarantees Provided

Bank/Consolidated
01/07 to 01/01 to 01/07 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023
Balance at Beginning 550,374 550,374 525,815 413,437
Constitution 15,907 45,659 17,213 155,797
Reversal (1) (381) (63,828) (18,018) (44,224)
Balance at End 565,900 532,205 525,010 525,010
(1) Corresponds to honored guarantees, change in rating or provision set up in the Provision for Expected Losses Associated with Credit Risk line.

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

a) Contingent Assets

In the Bank and not Consolidated, as of September 30, 2024 and December 31, 2023, no assets were recognized in the accounting contingents.

b) Patrimonial Balances of Provisions for Judicial and Administrative Proceedings and Legal Obligations by Nature

Bank Consolidated
09/30/2024 12/31/2023 09/30/2024 12/31/2023
Provision for Tax Risks and Legal Obligations (Note 17) 2,676,935 2,326,237 2,878,616 2,521,560
Provision for Judicial Proceedings and Administrative - Labor and Civil Actions (Note 17) 5,954,037 5,734,590 6,608,325 6,188,861
Labor Suits 3,017,698 3,051,424 3,382,139 3,291,702
Civil Suits 2,936,339 2,683,166 3,226,186 2,897,159
Total 8,630,972 8,060,827 9,486,941 8,710,421

c) Movement of Provisions for Judicial and Administrative Proceedings and Legal Obligations

Bank
01/01 to 01/01 to
09/30/2024 09/30/2023
Labor Civil Tax Labor Civil
Initial Balance 3,051,424 2,683,166 4,141,393 1,532,949 2,724,425
Net Reversal Constitution (2) 1,819,212 734,493 (1,870,958) 1,953,866 507,113
Restatement 96,319 164,035 111,838 41,887 190,045
Write-offs by Payment (1,949,257) (645,355) (91,326) (932,770) (558,319)
Final Balance 3,017,698 2,936,339 2,290,947 2,595,932 2,863,264
Guarantee Deposits - Other Credits 601,690 264,042 1,749,818 787,105 284,166
Guarantee Deposits - Securities 18,796 554 3,088 33,949 9
Total Guarantee Deposits (3) 620,486 264,596 1,752,906 821,054 284,175
Consolidated
01/01 to 01/01 to
09/30/2024 09/30/2023
Labor Civil Tax Labor Civil
Initial Balance 3,291,702 2,897,159 6,722,249 1,711,146 2,883,056
Net Reversal Constitution (2) 2,028,561 936,457 (4,097,466) 2,084,052 705,146
Restatement 107,401 167,671 125,335 46,200 193,612
Write-offs by Payment (2,045,525) (775,101) (267,848) (1,001,688) (721,027)
Final Balance 3,382,139 3,226,186 2,482,270 2,839,710 3,060,787
Guarantee Deposits - Other Credits 630,923 271,683 3,023,370 828,157 298,273
Guarantee Deposits - Securities 18,796 554 3,088 33,949 9
Total Guarantee Deposits (3) 649,719 272,237 3,026,458 862,106 298,282
(1) Tax risks include the constitution of provisions for taxes related to legal proceedings and administrative Assets and legal obligations (until 2022), recorded in other operating income and other operating expenses and IR and CSLL.(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 24).(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 R5,576 million and at Consolidated it is R7,506 million.

All values are in US Dollars.

*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.

The provisions were constituted based on the nature, complexity and history of the actions and the loss assessment of the companies' actions 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 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$1,149 million (12/31/2023 - R$ 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 administrativeAssets 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$141 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 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$ 342 million in the Bank and R$ 360 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, from 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.

Former Banespa Employees.

Class action filed by AFABESP (an association of retired and former employees of Banespa) seeking payment of a semiannual bonus provided for in the former bylaws of BANESPA. The final decision in the action was unfavorable to Banco Santander. Therefore, each beneficiary of the decision may file an individual action 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.

*Values expressed in thousands, except when indicated.

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 adhesion to the aforementioned transaction, which was subsequently approved by court order, and the respective individual lawsuits will be terminated. Banco Santander recorded an obligation related to the amounts actually due for payment of the transaction. (Note 17).

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.

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.

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.

*Values expressed in thousands, except when indicated.

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$34,413 million in Consolidated (12/31/2023 - R$ 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. 9,718/98, 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 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 September 30, 2024, the amount involved is R$2,232 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 September 30, 2024, the value was approximately R$9,680 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 September 30, 2024, the value was approximately R$3,593 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 September 30, 2024, the value was approximately R$5,098 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 September 30, 2024, the value was approximately R$1,437 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 September 30, 2024, the value was approximately R$5,785 million.

Amortization of Banco Sudameris Goodwill - 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 September 30, 2024, the amount was approximately R$827 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 September 30, 2024, the amount was approximately R$567 million.

*Values expressed in thousands, except when indicated.

IRRF – Foreign 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 September 30, 2024, the value was approximately R$1.004 million.

Labor claims classified as possible loss totaled R$452 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$2,899 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.

19.Stockholders’ Equity

a) Capital Stock

In accordance with the Bylaws, Banco Santander's Capital Stock 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 Stock, fully subscribed and paid in, is divided into registered-registered shares, with no par value.

In Thousands of Shares
09/30/2024 12/31/2023
Ordinary Preferred Total Ordinary Preferred Total
Country Residents 142,889 168,617 311,506 124,804 150,621 275,425
Residents Abroad 3,675,806 3,511,219 7,187,025 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 (19,031) (19,031) (38,062) (27,193) (27,193) (54,386)
Total in Circulation 3,799,664 3,660,805 7,460,469 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 Profit 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 September 30, 2024 and December 31, 2023.

*Values expressed in thousands, except when indicated.

09/30/2024
In Thousands Reais per Thousands of Shares/Units
of Brazilian Real Gross Net
Ordinary Preferred Unit Ordinary Preferred Unit
Interest on Equity (1)(4) 1,500,000 191.84 211.02 402.86 163.06 179.37 342.43
Interest on Equity (2)(4) 1,500,000 191.62 210.78 402.40 162.88 179.16 342.04
Interest on Equity (3)(4) 1,500,000 191.67 210.83 402.50 162.92 179.21 342.13
Total 4,500,000
(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.<br>(2) Deliberated by the Board of Directors on April 10, 2024, paid on May 15, 2024, without any remuneration as monetary adjustment.<br>(3) Deliberated by the Board of Directors on July 10, 2024, paid on August 9, 2024, without any remuneration as monetary adjustment<br>(4) They were fully allocated to the minimum mandatory dividends distributed by the Bank for the 2024 financial year.
12/31/2023
--- --- --- --- --- --- --- ---
In Thousands Reais per Thousands of Shares/Units
of Brazilian Real Gross Net
Ordinary Preferred Unit Ordinary Preferred Unit
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
Total 6,200,000
(1) Deliberated by the Board of Directors on January 19, 2023, paid on March 6, 2023, without any remuneration as monetary adjustment.<br>(2) Deliberated by the Board of Directors on April 13, 2023, paid on May 15, 2023, without any remuneration as monetary adjustment.<br>(3) Deliberated by the Board of Directors on July 13, 2023, paid on August 16, 2023, without any remuneration as monetary adjustment.<br>(4) Deliberated by the Board of Directors on October 10, 2023, paid on November 10, 2023, without any remuneration as monetary adjustment.<br>(5) They were fully allocated to the minimum mandatory dividends distributed by the Bank for the 2023 financial year.

c) Profit Reserves

The Net Profit 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 Stock 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 Stock; 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 Stock. 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.

*Values expressed in thousands, except when indicated.

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 Stock. As of September 30, 2024, Banco Santander had 356,452,892 common shares and 384,257,303 preferred shares in circulation.

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
09/30/2024 12/31/2023
Quantity Quantity
Units Units
Treasury Shares at the Beginning of the Period 27,193 31,161
Share Acquisitions 2,331 1,272
Disposals - Share-Based Compensation (10,493) (5,240)
Treasury Shares at End of the Period 19,031 27,193
Sub-Total of Treasury Shares in Thousands of Reais R$ 871,591 1,105,012
Issuance Costs in Thousands of Reais R$ 1,771 1,771
Balance of Treasury Shares in Thousands of Reais R$ 873,362 1,106,783
Cost/Share Price Units Units
Minimum Cost (*) R$ 7.55 7.55
Weighted Average Cost (*) R$ 27.47 27.62
Maximum Cost (*) R$ 49.55 49.55
Share Price R$ 28.39 31.00
(*) Considering since the beginning of operations on the stock exchange.

e) Minority Shareholders Interest

Net Equity Result
01/07 to 01/01 to 01/07 to 01/01 to
09/30/2024 12/31/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Banco RCI Brasil S.A. 870,285 765,526 26,648 84,312 13,047 49,765
Banco Hyundai Capital Brasil S.A. 306,761 263,562 15,189 42,842 11,804 32,893
Banco PSA - - - - 2,959 10,455
Rojo Entretenimento S.A. 8,695 8,165 69 673 199 447
GIRA 8,111 (9,379) (455) (6,811) (2,983) (14,266)
Toro CTVM - 112,008 - - (1,133) (1,908)
Toro Investimentos - 18,764 - - 106 2
Solution 4Fleet - 25 358 (661) (503) (1,316)
Apê11 - 2,017 - - (377) (1,031)
Fit Economia de Energia S.A. (1,138) - (4,028) (4,028) - -
América Gestão Serviços em Energia S.A. 4,697 - 1,149 1,149 - -
Total 1,197,411 1,160,688 38,930 117,476 23,119 75,041

*Values expressed in thousands, except when indicated.

20.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.

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 periods ended September 30, 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 to 01/07 to 01/01 to
09/30/2024 09/30/2023 09/30/2023
Fixed Compensation 104,949 19,810 95,254
Variable Compensation - In kind 86,583 42,826 99,504
Variable Compensation - in shares 73,055 27,623 78,100
Others 81,684 35,337 63,973
Total Short-Term Benefits 346,271 125,596 336,831
Variable Compensation - In kind 90,857 19,374 88,282
Variable Compensation - in shares 86,666 18,778 87,285
Total Long-Term Benefits 177,523 38,152 175,567
Total 523,794 163,748 512,398
Additionally, in 2024 charges were collected on Management Compensation in the amount of R 34,305 (09/30/2023 - R 31,197).

All values are in US Dollars.

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. 4.693/18, 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.

*Values expressed in thousands, except when indicated.

d) Shareholding

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

Shares in Thousands
09/30/2024
Shareholder Ordinary Shares Ordinary Shares (%) Preferred Shares Preferred Shares (%) Total Shares Total Shares <br>(%)
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 (*) 3,041 0.1 % 3,041 0.1 % 6,082 0.1 %
Others 356,453 9.3 % 384,257 10.4 % 740,710 9.9 %
Total in Circulation 3,799,664 99.5 % 3,660,805 99.5 % 7,460,469 99.5 %
Treasury Shares 19,031 0.5 % 19,031 0.5 % 38,062 0.5 %
Total 3,818,695 100.0 % 3,679,836 100.0 % 7,498,531 100.0 %
Free Float (2) 356,453 9.3 % 384,257 10.4 % 740,710 9.9 %
Shares in Thousands
--- --- --- --- --- --- --- --- --- ---
12/31/2023
Shareholder Ordinary Shares Ordinary Shares (%) Preferred Shares Preferred Shares (%) Total Shares Total Shares <br>(%)
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 %
Others 348,148 9.1 % 375,952 10.2 % 724,100 9.7 %
Total in Circulation 3,791,502 99.3 % 3,652,643 99.3 % 7,444,145 99.3 %
Treasury Shares 27,193 0.7 % 27,193 0.7 % 54,386 0.7 %
Total 3,818,695 100.0 % 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.<br>(2) Composed of Employees and Others.<br>(*) 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

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
09/30/2024 12/31/2023 09/30/2024 12/31/2023 09/30/2024 12/31/2023 09/30/2024 12/31/2023
Assets 13,942,841 18,882,619 102,829,148 93,043,683 81,018 36,079 116,853,008 111,962,381
Availability 1,396,130 1,406,316 120,494 73,688 - - 1,516,624 1,480,004
Interbank Liquidity Applications 9,861,061 12,295,379 60,013,981 57,817,876 - - 69,875,042 70,113,255
Marketable Securities - - 7,601,381 1,683,339 - - 7,601,381 1,683,339
Derivative Financial Instruments - Liquid 2,427,285 4,426,944 (365,832) (117,246) - - 2,061,452 4,309,698
Interbank Relations - - 20,898,310 22,628,266 - - 20,898,310 22,628,266
Credit Operations (4) - - 180,455 321,727 61,501 22,729 241,956 344,456
Securities Negotiation and Intermediation 256,869 391,436 100,257 84,857 - - 357,126 476,293
Income Receivable - - 1,387,343 1,386,170 - - 1,387,343 1,386,170
Other Assets - Miscellaneous 1,497 362,544 12,892,759 9,165,006 - - 12,894,256 9,527,550
Guarantees and Limits - - - - 19,517 13,350 19,517 13,350
Liabilities (9,706,652) (11,217,321) (44,410,104) (41,362,328) (747,723) (400,054) (54,864,479) (52,979,703)
Deposits (2,440,374) (5,030,951) (5,424,322) (2,241,641) (39,055) (26,451) (7,903,751) (7,299,043)
Repurchase Agreements - - (12,519,532) (7,369,449) - 101 (12,519,532) (7,369,348)
Resources for Acceptance and Issuance of Securities - - (19,784,275) (24,645,638) (44,656) (76,365) (19,828,931) (24,722,003)
Obligations for Loans and Transfers - - (699,210) (227,688) - - (699,210) (227,688)
Debt Instruments Eligible for Capital (7,049,547) (6,116,218) - - - - (7,049,547) (6,116,218)
Other Liabilities - Miscellaneous (216,731) (70,152) (5,982,764) (6,877,912) (664,012) (297,339) (6,863,507) (7,245,403)
01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to
--- --- --- --- --- --- --- --- ---
09/30/2024 09/30/2023 09/30/2024 09/30/2023 09/30/2024 09/30/2023 09/30/2024 09/30/2023
Result (1,590,269) 591,081 274,808 (1,469,078) (469,572) (457,737) (1,785,034) (1,335,734)
Gross Result of Financial Intermediation (1,259,177) 890,270 2,669,503 (194,241) 1,235 (1,195) 1,411,561 694,834
Other Operating Revenue (Expenses) (331,093) (299,189) (2,394,695) (1,274,837) (470,807) (456,542) (3,196,595) (2,030,568)

*Values expressed in thousands, except when indicated.

Consolidated
Controllers (1) Affiliates and Shared Control (2) Key Administration Personnel (3) Total
09/30/2024 12/31/2023 09/30/2024 12/31/2023 09/30/2024 12/31/2023 09/30/2024 12/31/2023
Assets 13,942,841 18,882,619 22,965,435 24,417,094 50,995 22,729 36,959,271 43,335,792
Availability 1,396,130 1,406,316 120,494 73,688 - - 1,516,624 1,480,004
Interbank Liquidity Applications 9,861,061 12,295,379 - - - - 9,861,061 12,295,379
Marketable Securities - - 174,399 497,304 - - 174,399 497,304
Derivative Financial Instruments - Liquid 2,427,285 4,426,944 - - - - 2,427,285 4,426,944
Interbank Relations - - 20,885,074 22,559,208 - - 20,885,074 22,559,208
Credit Operations (4) - - 86,911 45,427 31,478 22,729 118,389 68,156
Securities Negotiation and Intermediation 256,869 391,436 100,257 84,857 - - 357,126 476,293
Income Receivable - - 1,399,369 977,598 - - 1,399,369 977,598
Other Assets - Miscellaneous 1,497 362,544 198,931 179,012 - - 200,428 541,556
Guarantees and Limits - - - - 19,517 13,350 19,517 13,350
Liabilities (9,706,652) (11,217,321) (11,089,864) (8,837,305) (757,728) (400,054) (21,554,244) (20,454,680)
Deposits (2,440,374) (5,030,951) (3,132,796) (1,152,179) (39,418) (26,451) (5,612,588) (6,209,581)
Marketable securities - - (440,613) (223,966) - 101 (440,613) (223,865)
Resources for Acceptance and Issuance of Securities - - (518,350) - (44,656) (76,365) (563,006) (76,365)
Obligations for Loans and Transfers - - (699,210) (227,688) - - (699,210) (227,688)
Debt Instruments Eligible for Capital (7,049,547) (6,116,218) - - - - (7,049,547) (6,116,218)
Other Liabilities - Miscellaneous (216,731) (70,152) (6,298,895) (7,233,472) (673,654) (297,339) (7,189,279) (7,600,963)
01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to 01/01 to
--- --- --- --- --- --- --- --- ---
09/30/2024 09/30/2023 09/30/2024 09/30/2023 09/30/2024 09/30/2023 09/30/2024 09/30/2023
Result (1,590,269) 591,081 1,861,079 783,196 (514,858) (515,309) (244,048) 858,968
Gross Result of Financial Intermediation (1,259,177) 890,270 (119,788) (71,947) 1,157 (957) (1,377,808) 817,366
Other Operating Revenue (Expenses) (331,093) (299,189) 1,980,868 855,143 (516,015) (514,352) 1,133,760 41,602

(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 12.

(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

*Values expressed in thousands, except when indicated.

21.Income from Services Rendered and Banking Fees

Bank Consolidated
07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Resource Administration 115,962 353,070 134,269 376,102 429,711 1,178,529 360,266 1,048,684
Current Account Services 1,088,494 3,159,681 1,023,043 3,008,097 1,088,785 3,160,511 1,027,784 3,022,885
Credit Operations and Income from Guarantees Provided 334,374 1,029,216 324,008 939,743 615,761 1,776,262 528,173 1,475,525
Credit operations 114,786 376,782 137,471 407,062 394,659 1,118,872 340,176 937,408
Income from Guarantees Provided 219,588 652,434 186,537 532,681 221,102 657,390 187,997 538,117
Insurance Commissions 737,896 2,071,613 724,413 1,572,086 1,173,769 3,348,278 1,061,493 2,612,146
Cards (Credit and Debit) and Acquiring Services 1,606,558 4,593,612 1,384,626 4,036,700 1,616,303 4,659,603 1,415,273 4,136,991
Billing and Collections 293,656 892,658 323,815 973,345 299,097 912,864 336,773 987,741
Securities Placement, Custody and Brokerage 301,622 985,297 335,229 972,213 373,240 1,251,231 409,426 1,195,637
Others 37,957 94,237 13,578 74,744 151,555 409,206 99,358 268,433
Total 4,516,519 13,179,384 4,262,981 11,953,030 5,748,221 16,696,484 5,238,546 14,748,042

22.Personnel Expenses

Bank Consolidated
07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Compensation 1,247,254 3,330,331 998,355 3,047,677 1,610,795 4,423,085 1,276,393 3,935,514
Charges 144,653 951,888 385,183 1,127,365 304,932 1,411,819 520,049 1,517,698
Benefits 285,612 859,366 300,117 864,918 436,843 1,297,359 438,140 1,242,531
Training 14,151 32,382 11,166 30,870 17,165 50,506 14,858 47,452
Others (27) - 21 21 16,962 48,963 28,072 62,860
Total 1,691,643 5,173,967 1,694,842 5,070,851 2,386,697 7,231,732 2,277,512 6,806,055

*Values expressed in thousands, except when indicated.

23.Other Administrative Expenses

Bank Consolidated
07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Depreciation and Amortization 826,113 2,391,093 780,910 2,312,076 888,153 2,582,439 843,607 2,501,847
Third-party services, Transport, Security and Financial System 1,213,464 3,458,338 1,079,358 3,169,700 1,036,513 2,936,148 936,653 2,758,841
Communications 66,848 212,580 78,606 223,959 71,413 225,496 87,696 250,170
Data Processing 873,043 2,451,174 742,560 2,211,402 721,355 2,071,061 622,856 1,926,978
Advertising, Promotions and Publicity 116,819 357,833 167,885 433,934 150,735 464,327 208,580 544,306
Rentals 175,382 544,136 213,650 654,798 180,829 561,875 217,230 668,311
Maintenance and Conservation of Assets 73,612 202,434 75,184 216,028 80,089 222,491 81,885 232,383
Water, Energy and Gas 38,324 129,139 38,097 127,035 41,064 137,188 40,347 133,719
Material 25,268 82,151 27,652 80,921 26,707 86,009 29,152 85,882
Others 390,957 1,092,292 369,442 1,079,698 269,015 732,252 249,203 746,686
Total 3,799,830 10,921,170 3,573,344 10,509,551 3,465,873 10,019,286 3,317,209 9,849,123

24.Other Operating Income and Expenses

Bank Consolidated
07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Monetary Updates (1) 273,210 586,194 302,378 845,855 290,429 639,057 380,762 1,003,814
Commissions (528,591) (1,711,426) (589,593) (1,812,021) (1,101,296) (3,272,642) (974,247) (2,865,019)
Brokerages and Fees (23,053) (64,578) (19,712) (67,969) (23,244) (65,659) (19,748) (68,047)
Expenses with Notary Offices (1,787) (5,983) (2,270) (7,051) (89,502) (277,851) (74,107) (206,826)
Business Formalization Expense (40,467) (122,573) (38,680) (124,700) (40,467) (122,573) (38,680) (124,700)
Legal Expenses and Costs (73,888) (198,175) (66,590) (179,220) (73,756) (199,444) (67,166) (181,911)
Expenses with Serasa and Credit Protection Service (SPC) (26,746) (91,005) (27,686) (89,326) (27,572) (92,937) (28,428) (92,414)
Actuarial Losses - Retirement Plans (41,620) (138,616) (45,821) (116,204) (45,468) (142,435) (48,568) (118,435)
PIS and COFINS (Law No. 9,718/98) (2) - - - 1,985,185 - - - 4,235,643
Tax (2) (10,445) (92,698) (36,875) (279,080) (20,615) (109,438) (41,158) (1,522,956)
Labor (537,389) (1,819,212) (686,273) (1,953,866) (668,880) (2,028,561) (727,021) (2,084,052)
Civil (269,494) (734,493) (218,436) (507,113) (337,700) (936,560) (278,715) (705,146)
Net Revenue from Pension and Capitalization Income (280) (280) - - 158,511 499,417 184,853 493,792
Result with Cards (1,106,787) (3,044,771) (1,532,467) (2,829,514) (698,103) (1,928,140) 2,619 (737,199)
Recovery of Charges and Expenses 26,536 441,960 236,787 726,333 130,828 545,029 205,353 606,039
Others (3) (619,600) (1,780,698) (271,785) (1,815,677) (851,147) (2,577,573) (1,637,905) (5,125,159)
Total (2,980,401) (8,776,354) (2,997,023) (6,224,368) (3,397,982) (10,070,310) (3,162,156) (7,492,576)
(1) In the years ended September 30, 2024 and 2023, mainly includes monetary restatement on provisions for legal and legal obligations, provisions.
(2) Refers to the effects of movements arising from PIS and COFINS actions referring to the questioning of Law No. 9,718/98 described in the notes 18 and 9.
(3) In the years ended September 30, 2024 and 2023, mainly includes on provisions for the benefit guarantee fund, exchange rate variation and other provisions.

*Values expressed in thousands, except when indicated.

25.Non-Operational Result

Bank Consolidated
07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to 07/01 to 01/01 to
09/30/2024 09/30/2024 09/30/2023 09/30/2023 09/30/2024 09/30/2024 09/30/2023 09/30/2023
Result on the sale of investments — 1,929,980 — — (229) 1,929,751 — 1,104,645
Result on the Sale of Securities and Assets 57,911 139,198 33,187 48,765 57,034 80,404 27,505 50,021
Reversal (Constitution) of Provision for Losses in Other Values and Assets (3,518) (6,438) (5,914) (3,905) (3,472) 47,088 1,126 22,487
Expenses for Goods Not in Use (14,310) (45,508) (11,196) (33,417) (14,683) (46,117) (11,219) (33,535)
Capital Gains (Loss) (5,473) (18,684) (181) (1,135) 12,115 3,111 (205) (1,178)
Other Income (Expenses) 12,105 24,202 8,444 83,845 15,126 48,643 3,051 86,461
Total 46,715 2,022,750 24,340 94,153 65,891 2,062,880 20,258 1,228,901

(1) In 2024, effects of the results from the acquisition of Pluxee, as described in note 28.d. In 2023, results from the sale of 40% of Webmotors in accordance with 28.m.

*Values expressed in thousands, except when indicated.

26.Employee Benefits Plan

a) 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.

Program Type of Liquidation Vesting Period 01/01 to
09/30/2024 09/30/2023
Local Santander (Brasil) Shares 01/2021 to 10/2024 R$ 750,000 (1) R$ 18,270,000 (1)
01/2021 to 12/2023 R$ — R$ 700,000 (1)
01/2023 to 12/2025 R$ 200,000 R$ 200,000 -
01/2024 to 12/2027 R$ 750,000 R$ 1,125,000 -
01/2020 to 09/2023 R$ — SANB11 R$ 154,720 SANB11
01/2021 to 12/2022 R$ — SANB11 (1) R$ 316,978 SANB11
01/2021 to 12/2023 R$ — SANB11 R$ 217,291 SANB11
01/2021 to 12/2024 R$ 100,359 SANB11 R$ — SANB11
01/2022 to 12/2025 R$ 50,087 SANB11 R$ 66,323 SANB11
01/2023 to 12/2026 R$ — R$ 50,087
Global Shares and Options on Global Shares 2023 3,67 R$ — Global Stocks (4) R$ 159,253 Global Stocks (5)
2023, with limit for exercising options until 2030 R$ 420,394 R$ 832,569 Opções ações Global Stocks (6)
2023, with a limit for exercising options until 2032 R$ - R$ 9,095,000 PagoNxt stocks and stock options (4)
12/2023 R$ - R$ 106,147 Stocks SA. (9)
02/2024 2,685 R$ 117,601 R$ 124,184 Global Stocks (6)
02/2024, with limit for exercising options until  02/2029 R$ 350,839 R$ 370,477 Opções ações Global Stocks (6)
2025 3,104 R$ 95,786 R$ 150,703 Global Stocks (6)
2025, with limit for exercising options until 2030 R$ 367,827 R$ 578,713 Opções ações Global Stocks (6)
2026 3,088 R$ 199,680 R$ 199,680 Global Stocks (6)
2026, with limit for exercising options until 2033 R$ 537,637 R$ 537,637 Opções ações Global Stocks (6)
2027, with limit for exercising options until  2032 R$ 8,528 R$ - -
2028, with limit for exercising options until  2033 R$ 80,476 R$ - -
12/2024, with payment in 2025 R$ 2,411 R$ - -
2028, with limit for exercising options until  2033 R$ 9,888 R$ -
12/2024, with payment in 2025 R$ 50,419 R$ -
12/2025, with payment in 2026 R$ 70,346 R$ - -

All values are in Euros.

*Values expressed in thousands, except when indicated.

Balance of Plans on September 30, 2024 and 2023 R$ 1,700,000 (1) R$ 20,295,000 (1)
R$ - (8) R$ 9,095,000 (4)
R$ 271,211 SANB11 Shares R$ 805,399 SANB11 Shares
R$ - SAN (6) (7) R$ 633,820 SAN (8) (7)
R$ - Options Shares (2) R$ 2,319,396 Options Shares (3)
R$ - SAM (9) R$ 106,147 SAM (9)
R$ 424,006 Global Stocks (2) R$ - Global Stocks (3)
R$ 1,767,061 Options Global Shares(2) R$ - Options Global Shares(3)
(1) Target of the plan in Reais, to be converted into SANB11 shares according to the achievement of the plan's performance indicators at the end of the vesting period, at the price of the last 15 trading sessions of the month immediately preceding the payment month.
(2) Plan finalized, paid in Feb/2023.
(3) Target of the plan in SAN shares and options, settled in cash with the sale of assets at the end of the vesting period, according to the achievement of the plan's performance indicators.
(4) Target of the plan in PagoNxt shares and options, to be paid in cash at the end of the vesting period, depending on the achievement of the plan's performance indicators.
(5) Plan target in SAN shares and options, settled in cash with the sale of assets at the end of the vesting period, depending on the achievement of the plan's performance indicators.
(6) Plan finalized on 12/31/2021, with performance indicators achieved at 72.25%. On 03/30/2022, 40,403 gross shares were delivered, corresponding to the 2022 installment. On 03/30/2023, the plan was settled with the delivery of the remaining 40,159 gross shares.
(7)Long-Term Incentive Plan finalized, with the delivery of 57,696 gross shares in 03/2023, calculated according to the achievement of the plan's performance indicators.
(8) Plan completed with 100% achievement. The portion equivalent to the shares will be paid in cash in March/2024 (after the lockup) and the options may be exercised until the end of the period for exercise in 2030.
(9) Plan target in SAM shares and options, to be paid in cash at the end of the vesting period, depending on 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 4 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 02/01/2030

•     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.

*Values expressed in thousands, except when indicated.

Local ILP Plans (Long-Term Incentive)

Long-term incentive plans may be granted according to the strategy of new companies in the group or specific businesses.

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.

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 to 01/01 to
09/30/2024 09/30/2023
Program Type of Liquidation
Local Santander Shares (Brazil) 4,384 13,149
Global Global Stocks and Options 4,152 4,638

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:

Bank Consolidated
Program Participants Type of Liquidation 01/01 to 01/01 to 01/01 to 01/01 to
09/30/2024 09/30/2023 09/30/2024 09/30/2023
Identified Collective Members of the Executive Committee, Statutory Directors and other executives who assume significant and responsible risks in areas of control 50% in cash indexed to 100% of the CDI and 50% in shares (UNITS SANB11) 92,456 114,024 96,230 115,843
Other Employees Other employees with variable remuneration above an established minimum value 50% in cash indexed to 100% of the CDI and 50% instruments 119,714 147,400 117,004 149,177

*Values expressed in thousands, except when indicated.

27.Risk Management, Capital and Sensitivity Analysis

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 recently issued by local regulators, during the quarter ended September 30, 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 an institution's loss resulting from the fluctuation of the market price in relation to its positioning in operations subject to exposures in (interest rates, indices, share prices, exchange rates, commodities, market spreads). credit, etc.).

Santander's Market Risk Management complies with CMN Resolution 4,557 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 Central Bank of Brazil for operational risks. The Bank's governance model is based on the three lines of defense 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 not covered by these principles. The aforementioned management structure is aligned with compliance with CMN resolutions No. 4,943 and

*Values expressed in thousands, except when indicated.

No. 4,945, 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:

09/30/2024 12/31/2023
Level I Reference Assets 90,633.1 81,259.1
Main Capital 75,809.0 75,042.8
Additional Capital (Note 16.b) 14,824.0 6,216.3
Level II Reference Equity (Note 16.b) 14,938.1 13,644.2
Reference Heritage (Level I and II) 105,571.2 94,903.3
Credit Risk (1) 585,689.8 560,780.9
Market Risk (2) 44,007.0 33,002.7
Operational Risk 60,643.3 60,491.1
Total RWA (3) 690,340.1 654,274.7
Basel Index Level I 13.13 12.43
Basel Core Capital Index 10.98 11.48
Basel Reference Equity Index 15.29 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 Central Bank of Brazil. 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. 2/20, 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 September 30, 2024.

Trading Portfolio Consolidated
Risk Factor Description Scenario 1 Scenario 2 Scenario 3
Interest Rate in Reais Exposures subject to variation in pre-fixed interest rates (17,204) (521,991) (1,043,982)
Interest Rate Coupon Exposures Subject to Variation in Interest Rate Coupon Rates (73) (1,356) (2,713)
Inflation Exposures Subject to Price Index Coupon Rate Variation (5,721) (14,174) (28,348)
Dollar Coupon Exhibits Subject to Dollar Coupon Rate Variation (4,627) (34,623) (69,246)
Other Currencies Coupon Exposures subject to variation in foreign currency coupon rates (200) (13,150) (26,300)
Foreign Currency Exposures subject to Exchange Variation (2,003) (50,084) (100,168)
Eurobond/Treasury/Global Exposures subject to variation in interest rates on securities traded on the international market (5,378) (44,750) (89,500)
Stocks and indices Exposures subject to Stock Price Variation (1,124) (28,108) (56,216)
Commodities Exhibitions subject to Variation in the Price of Goods (Commodities) (476) (11,894) (23,789)
Total (1) (36,806) (720,130) (1,440,262)
(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 Portfolio Consolidated
Risk Factor Description Scenario 1 Scenario 2 Scenario 3
Interest Rate in Reais Exposures subject to variation in pre-fixed interest rates (74,885) (2,533,473) (5,378,878)
TR and Long-Term Interest Rate (TJLP) Exhibitions subject to TR and TJLP Coupon Variation (27,057) (1,004,356) (2,075,225)
Inflation Exhibits Subject to Variation in Price Index Coupon Rates (45,093) (662,332) (1,213,464)
Dollar Coupon Exhibitions Subject to Dollar Coupon Rate Variation (5,198) (156,017) (288,093)
Other Currencies Coupon Exposures subject to Changes in Coupon Foreign Currency  Rate (1,270) (16,830) (33,630)
International Market Interest Rate Exposures subject to variation in the interest rate of securities traded on the international market (35,125) (579,232) (1,215,507)
Foreign Currency Exposures subject to Exchange Variation 168 4,208 8,416
Total (1) (188,460) (4,948,032) (10,196,381)
(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.

28.Corporate Restructuring

Until the period ended September 30, 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.

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 Corretra’s shares were held by Toro Asset and, therefore, already reflected in an investment account by equivalence.

f)Acquisition of the remaining portion of Return Capital Gestão de Ativos e Participações S.A. (new name of Gira, Integrated Agribusiness Receivables Management 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.

*Values expressed in thousands, except when indicated.

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)Acquisition of the remaining equity interest in Apê11 Tecnologia e Negócios Imobiliários S.A.

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.

k)Total incorporation of Mob Technology Solutions Ltda. by Mobills Labs Technology Solutions 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.

l)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.

m)Venda de parcela da participação acionária da Santander Corretora na Webmotors S.A. para a 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.

29.Other information

a) Co-obligations and risks in guarantees provided to customers, recorded in clearing accounts, reached the value of R$67,648,335 (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$240,444 (12/31/2023 - R$ 11,871,919) and the total of investment funds managed is R$242,038,342 (12/31/2023 - R$291,736,828) recorded in clearing accounts.

c) Insurance in force on September 30, 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 September 30, 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 September 30, 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 3,263/2005 and 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:

09/30/2024 12/31/2023
Up to 1 Year 525,038 582,294
Between 1 to 5 years 1,142,428 1,132,409
More than 5 Years 672,206 734,431
Total 2,339,672 2,449,134

Additionally, Banco Santander has contracts with an indefinite term, in the amount of R$671 (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$284,860 (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 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).

*Values expressed in thousands, except when indicated.

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 Reais 2024
Assets Book Value Maket Value 1 2 3
Interbank Liquidity Applications 149,638,541 149,638,541 14,791,895 127,688,194 7,158,452
Marketable securities 267,074,671 266,948,560 193,825,618 13,468,138 59,654,804
Derivative Financial Instruments 32,146,697 32,146,697 - 31,495,368 651,329
Credit Operations 449,704,968 448,190,581 - - 448,190,581
Total 898,564,877 896,924,379 208,617,513 172,651,700 515,655,166
In Thousands of Brazilian Real 2023
Assets Book Value Maket Value 1 2 3
Interbank Liquidity Applications 113,860,885 113,860,885 13,779,369 91,886,844 8,194,673
Marketable securities 248,998,836 248,880,165 167,411,689 12,550,106 68,918,370
Derivative Financial Instruments 28,066,689 28,066,689 - 26,848,128 1,218,561
Credit Operations 427,599,259 427,516,527 - - 427,516,527
Total 818,525,669 818,324,266 181,191,058 131,285,078 505,848,131

Below we present a comparison between the book values of the Bank's financial liabilities and their respective market values on September 30, 2024 and December 31, 2023:

In Thousands of Brazilian Real 2024
Maket Value
Liabilities Book Value 2 3
Deposits 495,854,310 495,882,383 - 495,882,383
Open Market Funding 152,924,781 152,942,533 152,942,533 -
Obligations for Loans and Transfers 119,016,142 119,016,142 - 119,016,142
Acceptance and Issuance Resources 153,699,315 155,171,049 - 155,171,049
Derivative Financial Instruments 31,076,982 31,076,982 30,590,184 486,798
Equity Eligible Debt Instruments 29,492,163 29,492,163 - 29,492,163
Total 982,063,693 983,581,252 183,532,717 800,048,535
In Thousands of Brazilian Real 2023
Maket Value
Liabilities Book Value 2 3
Deposits 475,701,951 475,680,352 - 475,680,352
Open Market Funding 134,793,745 134,815,044 134,815,044 -
Obligations for Loans and Transfers 89,635,879 89,635,879 - 89,635,879
Acceptance and Issuance Resources 149,203,270 148,380,735 - 148,380,735
Derivative Financial Instruments 25,606,801 25,606,801 24,692,540 914,261
Equity Eligible Debt Instruments 19,626,967 19,626,967 - 19,626,967
Total 894.568.613 893.745.778 159.507.584 734.238.194

h) Recurring/non-recurring results

*Values expressed in thousands, except when indicated.

Bank
2024 2023
Recurring Result Non-Recurring Result 01/01 to Recurring Result Non-Recurring Result 01/01 to
09/30/2024 09/30/2023
Financial Intermediation Revenue 128,897,641 - 128,897,641 84,455,757 - 84,455,757
Financial Intermediation Expenses (112,660,392) - (112,660,392) (75,685,189) - (75,685,189)
Gross Result of Financial Intermediation 16,237,249 - 16,237,249 8,770,568 - 8,770,568
Other Operating Revenue (Expenses) (a) (8,662,837) (197,024) (8,859,861) (5,558,999) (167,543) (5,726,542)
Operational Result 7,574,412 (197,024) 7,377,388 3,211,569 (167,543) 3,044,026
Non-Operational Result 92,770 1,929,980 2,022,750 94,153 - 94,153
Result before Taxation on Profit and Participations 7,667,182 1,732,956 9,400,138 3,305,722 (167,543) 3,138,179
Income Tax and Social Contribution (a) 2,317,530 (810,981) 1,506,549 4,748,182 74,680 4,822,862
Profit Sharing (1,303,942) - (1,303,942) (1,121,390) - (1,121,390)
Net Profit 8,680,770 921,975 9,602,745 6,932,514 (92,863) 6,839,651
Consolidated
2024 2023
Recurring Result Non-Recurring Result 01/01 to Recurring Result Non-Recurring Result 01/01 to
09/30/2024 09/30/2023
Financial Intermediation Revenue 138,119,716 - 138,119,716 92,899,666 - 92,899,666
Financial Intermediation Revenue (112,576,130) - (112,576,130) (73,721,064) - (73,721,064)
Gross Result of Financial Intermediation 25,543,586 - 25,543,586 19,178,602 - 19,178,602
Other Operational Income (Expenses) (a) (13,996,118) (286,009) (14,282,127) (12,688,074) (273,923) (12,961,997)
Operational Result 11,547,468 (286,009) 11,261,459 6,490,528 (273,923) 6,216,605
Non-Operational Result (b) 132,900 1,929,980 2,062,880 124,256 1,104,645 1,228,901
Result before Taxation on Profit and Participations 11,680,368 1,643,971 13,324,339 6,614,784 830,722 7,445,506
Income Tax and Social Contribution (a/b) (845,373) (798,358) (1,643,731) 1,268,245 (253,028) 1,015,217
Profit Sharing (1,831,799) - (1,831,799) (1,531,195) - (1,531,195)
Minority Shareholders' Interests (117,476) - (117,476) (75,041) - (75,041)
Net Profit 8,885,720 845,613 9,731,333 6,276,793 577,694 6,854,487
a)Amortization of goodwill on investment recognized as Other Operating Expenses in the amount before taxes of R197,024 and R286,009 (09/30/2023 R167,543 and R273,923) in the Bank and Consolidated respectively, with a net impact of taxes of R921,876 and R 215,876 (09/30/2023 – R30,717 and R42,622).b)In 2024, effects of the results from the acquisition of Pluxee, as described in note 28.d, with a net tax impact of R1,061,489 in the Bank and Consolidated. In 2023, results from the sale of 40% of Webmotors in accordance with 28.m.

All values are in US Dollars.

*Values expressed in thousands, except when indicated.

30.Subsequent Events

a) Distribution of Interest on Equity

The Board of Directors of Banco Santander, at a meeting held on October 10, 2024, presented the proposal of the Company's Executive Board, ad referendum of the Ordinary General Meetings to be held by April 30, 2025, respectively, for the declaration and payment of Interest on Equity, pursuant to articles 17, item XVIII and 37, § 2 of the Company's Bylaws based on the result for the quarter ended September 30, 2024, in the gross amount of R$1,300,000,000.00 (one billion and three hundred million reais). Interest on Equity will be fully attributed to the mandatory dividends to be distributed by the Company for the fiscal year 2024.

b) Dividend Distribution

The Board of Directors of Banco Santander, at a meeting held on October 10, 2024, presented the proposal of the Company's Executive Board, ad referendum of the Ordinary General Meetings to be held by April 30, 2025, respectively, for the declaration and payment of dividends, in accordance with articles 37, item II of the Company's Bylaws, based on the profit for the fiscal year determined up to the balance sheet ended on September 30, 2024, in the gross amount of R$200,000,000.00 (two hundred million reais).

Composition of Management Bodies as of September 30,2024

Administrative Board

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

* Possession pending approval by the Central Bank of Brazil

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

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

Adriana Marques Lourenço de Almeida

Alessandro Chagas Farias

Alexandre Teixeira de Araujo

Alexandre Guimarães Soares

Ana Paula Neves Granieri Domenici

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

Juliana Improta Cury Simon

Leonardo Mendes Cabral

Luciana de Aguiar Barros

Marilize Ferrazza Santinoni

Murilo Setti Riedel

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

Rogério Magno Panca

Sandro Kohler Marcondes

Sandro Mazerino Sobral

Sandro Rogério da Silva Gamba

Thomaz Antonio Licarião Rocha

Vanessa Alessi Manzi

Vítor Ohtsuki

Accountant

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

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 quarter ended September 30, 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 Central Bank of Brazil 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 September 30, 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

Adriana Marques Lourenço de Almeida

Alessandro Chagas Farias

Alexandre Teixeira de Araujo

Alexandre Guimarães Soares

Ana Paula Neves Granieri Domenici

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

Juliana Improta Cury Simon

Leonardo Mendes Cabral

Luciana de Aguiar Barros

Marilize Ferrazza Santinoni

Murilo Setti Riedel

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

Rogério Magno Panca

Sandro Kohler Marcondes

Sandro Mazerino Sobral

Sandro Rogério da Silva Gamba

Thomaz Antonio Licarião Rocha

Vanessa Alessi Manzi

Vítor Ohtsuki

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 quarter ended September 30, 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 Central Bank of Brazil 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 September 30, 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

Adriana Marques Lourenço de Almeida

Alessandro Chagas Farias

Alexandre Teixeira de Araujo

Alexandre Guimarães Soares

Ana Paula Neves Granieri Domenici

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

Juliana Improta Cury Simon

Leonardo Mendes Cabral

Luciana de Aguiar Barros

Marilize Ferrazza Santinoni

Murilo Setti Riedel

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

Rogério Magno Panca

Sandro Kohler Marcondes

Sandro Mazerino Sobral

Sandro Rogério da Silva Gamba

Thomaz Antonio Licarião Rocha

Vanessa Alessi Manzi

Vítor Ohtsuki

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: October 29, 2024

Banco Santander (Brasil) S.A.
By: /S/ Reginaldo Antonio Ribeiro
Reginaldo Antonio Ribeiro<br>Officer Without Specific Designation
By: /S/ Gustavo Alejo Viviani
--- ---
Gustavo Alejo Viviani<br>Vice - President Executive Officer

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