Santander, Spain's largest lender, saw its shares climb sharply after reporting record profits for 2024 and announcing plans for significant share buybacks. The bank highlighted strong customer growth, robust margin management, and expansion in retail banking as key drivers of its success.
Santander 's shares surged after the Spanish bank reported record profits for the fourth quarter of 2024 and unveiled plans for 10 billion euros ($10.4 billion) in share buybacks from 2025 and 2026 earnings and anticipated excess capital. The bank's net profit climbed by 11% year-on-year to 3.265 billion euros in the fourth quarter and by an annual 14% to 12.574 billion euros across the full year.
Santander attributed this growth to increased customer activity, strong margin management, and expansion across its operations, particularly in retail banking.The lender added eight million new customers in 2024, bringing its total customer base to 173 million. Shares of Santander jumped 7.3% at 08:42 a.m. London time. 'We have announced record results for the third consecutive year as we continue to grow revenue, profitability and returns,' said Santander Executive Chair Ana Botín in a statement accompanying the results. She emphasized the bank's scale, allowing it to build its own technology platforms, which in turn reduces its cost-to-serve and enhances its operating leverage.Botín projected continued growth in 2025, anticipating an increase in both bottom line and profitability. She stated that revenue is expected to remain stable while costs are projected to decline. 'And we are only scratching the surface of our potential,' she added, expressing confidence in Santander's future prospects
Santander Share Buybacks Record Profits Banking Retail Banking
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