Ana Botín, Banco Santander executive chair. Source: Santander

Santander Wealth and Insurance gained €2,259m ($2,352m) profit before tax in 2024, a year-on-year rise of 13.3%.

Total income was €3,661m in 2024, 14% up from Santander’s arm in 2023 with net operating income of €2,348m.

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Furthermore, private banking customers increased by 13.7% to hit 299,000 in 2024 for Santander.

Santander Group in 2024

The bank showed a profit of €12,574m (up 14%) in 2024, exceeding all targets for the year.

In addition, revenue was up 8% to hit €62.2bn and net interest income increased by 8%, driven by net customer growth of eight million to 173 million.

Operating expenses grew by 2%, reflecting the bank’s transformation (ONE Transformation) towards a simpler, more digital and integrated model. As a result, efficiency improved by over two percentage points to 41.8%.

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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 €10bn in buybacks from 2025 and 2026 earnings and the anticipated excess capital, in addition to our standard cash dividend distribution.”