(AOF) – The Banco Santander share (+2.35% to 4.38 euros) recorded one of the strongest gains in the Ibex 35 index thanks to favorable comments from its president Ana Botin on the start of the year on the occasion of the bank’s general meeting. “The year 2024 started with excellent commercial and business dynamics. We continue to increase the number of customers we serve (+2 million) and will thus increase our revenues by approximately 9% year-on-year in euros common in the first quarter” she declared.
“Costs have now remained stable for three consecutive quarters, resulting in a further improvement in our efficiency ratio to 42.7%, the level at which we expect to close the first quarter, reflecting the impact on costs and revenues of our ongoing transformation.
The banking group’s return on tangible equity is expected to reach 16% in the first quarter.
Santander has indicated that it is on track to achieve its targets for 2024. In this case, based on the bank’s current shareholder remuneration policy, cash dividends and share buybacks would amount to more than 6 Billions of Euro’s.
Reacting to these indications, UBS explains that “the comments on the first quarter appear positive on all key elements of the income statement, which should begin to reassure on the conservative nature of our expectations and the consensus and help investors to focus on the sharp discount of the stock”.
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