Banco Santander, the Spanish lender, has reported an increase in net profit for the fourth quarter and expects even higher profitability in 2024. With a target of mid-single digit revenue growth, a fully-loaded common equity Tier 1 ratio above 12%, and a return on tangible equity of 16% in 2024, the bank is optimistic about its future prospects. In 2023, Santander's return on tangible equity stood at 15.6%.
For the fourth quarter, Santander's net profit reached €2.93 billion ($3.18 billion), up from €2.29 billion in the same period of the previous year. Total revenue for the quarter grew to €14.55 billion, compared to €13.52 billion a year earlier. Notably, net interest income, which represents the difference between what banks earn on loans and pay clients for deposits, amounted to €11.12 billion.
Analysts polled by Visible Alpha had predicted Santander's fourth-quarter net profit to be €2.61 billion on total revenue of €14.58 billion.
Banco Santander's positive performance and ambitious goals indicate its determination to prosper in the coming years.
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