MADRID – Spain’s Santander on Friday said it expected to pay over 6 billion euros ($6.50 billion) in dividends and share buybacks against 2024 results and that it was on track to meet this year’s targets.
The lender’s executive chair Ana Botin is set to tell shareholders at its annual meeting on Friday that the bank expects to reach a 16% return on tangible equity (ROTE), a measure of profitability, in the first quarter, including the impact of the banking tax in Spain.
“(The year) 2024 has started with excellent business and commercial dynamics. We continue growing the number of customers we serve and will increase our income around 9% year-on-year (in current euros) in the first quarter as a result,” Botin said in a statement.
Botin added she was “very confident” that the bank would deliver a “considerably better performance” in 2024 than 2023.
Shareholders are expected to approve a total remuneration of 5.5 billion euros against its record 2023 results.
