Santander FY24 Underlying Attributable Profit Rises; Revenue Up 8%

(RTTNews) - Santander reported an underlying attributable profit of 12.57 billion euros in 2024, a 14% increase from 2023. Earnings per share was 0.77 euros, up 17.9%. Revenue was up 8% or up 10% in constant euros to 62.2 billion euros.

Fourth quarter underlying attributable profit was 3.26 billion euos, up 11% from a year ago. Earnings per share was 0.20 euros, up 16%. Total income was 16.03 billion euros, up 10%.

For 2025, Santander is targeting revenue of approximately 62 billion euros; and mid-high single digit fee income growth in constant euros.

"we are confident that our scale, diversification and the impact of our transformation will enable us to increase profitability again in 2025. Furthermore, because of our strong capital generation, we now plan to return 10 billion euros in buybacks from 2025 and 2026 earnings and the anticipated excess capital, in addition to our standard cash dividend distribution," Ana Botín, Banco Santander executive chair, said.

Santander announced a new share buyback programme for approximately 25% of the profit in the second half of 2024.

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