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Santander on track to beat last year's record profits

Published 22/03/2024, 14:12
© Reuters Santander on track to beat last year's record profits
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Proactive Investors - Banco Santander (BME:SAN) is expecting to improve on its record profits from 2023, with another beat in the coming year.

More than €6 billion, or £5.2 billion, is expected to be dished out to shareholders as a result.

It comes as the Spanish lender attempts to shift away from traditional practices to become a "digital bank with branches".

Santander said at its AGM on Friday that it's on track to meet its record targets for 2024, with two million new customers having poured in this year.

It means income is expected to be 10% higher in the first quarter.

In 2023, Santander posted profits of €11.1 billion and returned €5.5 billion back to shareholders via share buybacks.

Chairwoman Ana Botin said: “I am very confident that we will deliver a considerably better performance in 2024 than 2023, which was already a record year, and will meet our 2024 targets.”

Read more on Proactive Investors UK

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