Annotated balance sheet · halal screening

Banco Santander, S.A.

The full balance sheet for SAN, with the line items that feed each halal check marked and explained inline. Read it like a financial report that grades itself.

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Annotated balance sheet · halal screening

Banco Santander, S.A. — Q1 2026

Source: SEC Form 10-Q filed 2026-03-31 · via FMP · USD millions · Open filing

Assets

Current Assets

Cash & cash equivalents①

$157,999

Marketable securities①

Accounts receivable

Inventories

Other current assets

Total current assets

$157,999

Non-current Assets

Property, plant & equipment, net②tangible

$13,518

Operating lease right-of-use assets②tangible

Long-term marketable securities①

$1,894,185

Goodwill

$14,097

Intangible assets, net

$6,070

Other non-current assets

$27,796

Total non-current assets

$1,955,665

TOTAL ASSETS

$2,136,277

CHECK ①

Cash + Securities Ratio

under AAOIFI

1086.3%

✗ FAIL

Threshold≤ 30%Shortfall1056.3 percentage points over the limit

Breach risk

Breached

0%← Pass zone | Fail zone →1195%

Caps how much of a company's value can be held in interest-bearing financial assets — too much suggests the business is more about earning interest than producing real goods/services.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.5.1

Liabilities

Current Liabilities

Accounts payable

Other current liabilities

Deferred revenue

Commercial paper③interest-bearing

Short-term debt③interest-bearing

Total current liabilities

Non-current Liabilities

Long-term debt③interest-bearing

$499,138

Other non-current liabilities

$1,500,989

Total non-current liabilities

$2,000,127

TOTAL LIABILITIES

$2,006,777

CHECK ③

Interest-bearing Debt Ratio

under AAOIFI

264.2%

✗ FAIL

Threshold≤ 30%Shortfall234.2 percentage points over the limit

Breach risk

Breached

0%← Pass zone | Fail zone →291%

Caps how much of a company's value comes from interest-bearing loans. Companies that rely heavily on riba (interest-based debt) fail this check even if their business itself is permissible.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.4.2

Income Statement Excerpt (trailing 12 months)

Total revenue

$81,714

Of which:

Product & services revenue

$81,714

Interest income④non-permissible

$63,754

CHECK ④

Non-permissible Income Ratio

under AAOIFI

78.0%

✗ FAIL

Threshold≤ 5%Shortfall73.0 percentage points over the limit

Breach risk

Breached

0%← Pass zone | Fail zone →86%

Caps what fraction of company revenue can come from non-permissible sources. If your stock passes but interest income is high, you'd 'purify' your share of that income through charity.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.6

Final verdict — under AAOIFI Standard

Not halal

Sector check passes: ✓ yes

Want to verify against the primary document? Open full SEC filing

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