Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000031
Chunk: 1

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 1
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 reached 12.8%, up 0.5 percentage points versus last year thanks to strong organic capital generation. • Santander exceeded upgraded targets for 2024: revenue +10% in constant euros (vs target of high-single digit growth); efficiency at 41.8% (vs c.42%); cost of risk of 1.15% (vs c.1.2%); RoTE at 16.3% (vs >16%); and FL CET1 of 12.8% (vs >12%). • In 2025, the bank is targeting c.€62 billion in revenue; mid-high single digit growth in net fee income; lower costs in euros; cost of risk of c.1.15%; RoTE of >17% (c.16.5% post-AT1); and CET1 of 13%. • Santander announces today a new share buyback programme for c.25% of the profit in the second half of 20242. Ana Botín, Banco Santander executive chair, said: “We have announced record results for the third consecutive year as we continue to grow revenue, profitability and returns. During the year, income increased by 8% with eight million new customers; return on tangible equity improving to 16.3%; and cash dividend per share paid in the year up 39%. As one of the largest retail and consumer banks in the world, we have the scale to build our own technology platforms, making it possible to offer customers the best products and services while constantly reducing the cost-to-serve. This is a key competitive advantage and is reflected in our results through continuous improvement in operating leverage. Our track record shows that in a challenging market we outperform peers and in 2025 we expect to grow our bottom line and profitability – with revenue stable and costs falling. And we are only scratching the surface of our potential. As we said at our Investor Day, Santander is in a new era of value creation, and 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 in buybacks from 2025 and 2026 earnings and the anticipated excess capital, in addition to our standard cash dividend distribution2.” 1 Variations are year-on-year unless otherwise stated. 2 Share buyback target from 2025 and 2026 earnings including: i