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Santander: FY 2023 earnings up 15%

( - Santander has reported 2023 earnings of E11,076m, up 15% y-o-y in current euros.

Q4 net income, group share, rose 42% to E2,933m (+28% in current euros) on Q4 2022.

Santander posted a return on tangible equity (RoTE) of 15.1% (+1.7%). Finally, EPS reached E0.65, up 21.5%.

Santander achieved all its targets for 2023: revenues rose by 13% (meeting the bank's double-digit growth target), its efficiency ratio improved to 44.1% (against a target of 44-45%); RoTE stood at 15.1% (against a target of over 15%) and the CET1 capital ratio at stood at 12.3% (against a target of over 12%).

For 2024, Santander is targeting single-digit sales growth; an efficiency ratio below 43%; a cost of risk of around 1.2%; a RoTE of 16%; and a fully loaded CET1 above 12%, it says.

Our progress in executing our strategy, combined with the strength and diversification of our model, will enable us to continue our growth while further improving our profitability, targeting a RoTE of 16% for 2024 ' said Ana Botín, Banco Santander's executive chairwoman said.

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