Banco Santander reported record profit for the fourth quarter of 2024 and announced a significant share buyback plan. The lender attributed its success to strong customer activity, robust margin management, and growth across operations.
Banco Santander reported record profit in the fourth quarter of 2024 and announced plans for €10 billion ($10.4 billion) in share buyback s from 2025 and 2026 earnings and anticipated excess capital. The lender attributed this success to a pick-up in customer activity, robust margin management, and growth across operations, particularly in the core retail business. Santander added eight million new customers in 2024, bringing its total customer base to 173 million.
The bank's return on tangible equity (RoTE) — a measure of profitability — rose to 16.3% in 2024 from 15.1% a year earlier.Santander's net profit surged by 11% year-on-year to €3.265 billion in the fourth quarter and by an annual 14% to €12.574 billion across the full-year stretch. Executive Chair Ana Botín highlighted the bank's consistent growth in revenue, profitability, and returns for the third consecutive year. She emphasized Santander's scale and ability to build its own technology platforms, which allows it to reduce cost-to-serve and improve operating leverage. Botín expressed confidence in the bank's ability to outperform peers in challenging markets and expects continued growth in bottom line and profitability in 2025. While Santander has benefited from the post-Covid-19 environment of high interest rates, the bank now faces the potential loss of this support as the European Central Bank continues to ease its monetary policy. For 2025, Santander issued guidance targeting around €62 billion of revenue, mid-high single-digit growth in net income fee, a RoTE above 17%, and a CET1 ratio of 13%, after achieving 12.8% in 2024.
BANKING PROFIT SHARE BUYBACK SANTANDER EUROPE
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