Banco Santander, the Spanish multinational financial services company, reported record profits for the fourth quarter of 2024, exceeding analysts' expectations. The bank's net income reached €3.265 billion, a 11% increase compared to the same period last year. The strong performance was driven by growth in revenue and a significant increase in the bank's capital ratio.
Santander's revenue for the quarter totaled €16.03 billion, representing a 10% increase year-on-year. The bank also announced a share buyback program worth €10 billion, spread over 2025 and 2026, in addition to its regular dividend payments. This move reflects the bank's confidence in its future prospects and its commitment to shareholder value.
The share buyback program, which will begin tomorrow, is expected to boost shareholder returns and further strengthen the bank's capital position. The bank's CET1 capital ratio reached 12.8%, exceeding the regulatory requirement and providing ample room for further capital distribution.