Santander has announced a significant profit increase for the year 2024, with attributable profits reaching €12,574 million. This represents a 14% rise compared to the previous year, largely attributed to robust revenue growth across its global operations and an addition of eight million new customers. The bank's revenue climbed by 8%, or 10% in constant euros, totaling €62.2 billion.
The financial institution reported a return on tangible equity (RoTE) of 16.3%, an improvement from the previous year's figure of 15.1%. Additionally, earnings per share (EPS) rose by 18% to €0.77, while the tangible net asset value (TNAV) per share was recorded at €5.24 at year-end.
Santander plans to distribute €10 billion to shareholders through share buybacks from its earnings in 2025 and 2026 and expected excess capital, alongside regular cash dividends.
During the fourth quarter alone, Santander achieved profits of €3,265 million—an increase of 11% over the same period in 2023—marking another record result for three consecutive quarters. Taxation on profits amounted to €5,283 million for the year with an effective tax rate standing at 28%.
Customer funds grew by 4% in constant euros during this period, spurred by a rise in deposits which increased by 2%. Loans also experienced growth of approximately 1%, driven mainly by Consumer, Payments and Wealth sectors.
The bank’s total income increased by around 8%, supported by enhanced customer activity and margin management leading to an equivalent rise in net interest income across all businesses and regions.
Net fee income witnessed an upward trajectory as well with an increase of about 8%, supported predominantly through heightened activities across most global business sectors. Over ninety-five percent of total revenues were customer-related—a testament to the quality and consistency underlying Santander’s results.
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