Santander says AI made 194 million euros of value in nine months

Some large companies connect AI to results in the third quarter earnings season. On Wednesday, Santander said that AI projects made 194 million euros ($216 million) of business value in the first nine months of 2026. Its chief financial officer said that AI is in all bank procedures and that it is hard to tell how much comes from AI.

What companies say

• Santander says AI removes tasks of low value, and staff do work of more value.
• Novartis says this is the first quarter in which AI starts to help its profit and loss.
• Standard Chartered says its income increases more than its costs, and AI tools help in part.

The numbers

Novartis core operating income rose 10% at constant currencies. It did not tell how much came from AI. Standard Chartered operating income rose 14%.

What is not known

No company shows that AI caused its growth. Carlsberg says that it does not see AI benefits at scale. Its revenue rose 4.9%. Stanford HAI says that corporate AI investment was $581.7 billion in 2025.

Insight: Investors hear AI results before firms can measure them

In a Gartner poll of 2,002 leaders, only 13% report large AI results. 44% of CEOs cannot easily show AI financial results, but 75% plan to increase technology spending. Here, one of four companies gives an AI figure. Earnings reports seem to be a signal to investors that the large AI cost has value, before the proof exists. Leaders must prepare for the same question with numbers for each project.