Santander SVAR surge lifts IMA RWAs 22%

- By Lorenzo Migliorato
- 19 Jan 2026

Santander’s modelled market risk-weighted assets (RWAs) increased 21.6% in Q3 2025, in stark contrast to the broader trend among European peers.

Total RWAs under the internal models approach (IMA) totalled €9.7 billion ($11.3 billion) as of end-September, up €1.7 billion from three months earlier.

The increase was driven by the stressed value-at-risk (SVAR) component, which ballooned €1.6 billion

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