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(Sharecast News) - Spain's Santander posted a surge in full-year profits on Wednesday, fuelled by strong performances across its global markets, including the UK.
Total income at the bank, which has operations across the UK, Europe and North and South America, rose 8% in 2024 to 62.2bn, while attributable profits increased 14% to 12.6bn. Analysts had anticipated profits closer to 12.2bn.
Net interest income and net fee income were both 8% higher. A total of 8m net customers were added during the year, to bring the total customer base to 173m.
In the fourth quarter, meanwhile, net profits jumped 11% to 3.27bn, well ahead of expectations for 2.93bn. In the UK, profits rose 10% year-on-year to 331m.
Ana Botin, chief executive, said: "We have announced record results for the third consecutive year, as we continue to grow revenue, profitability and returns.
"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."
She added that Santander now expected to return 10bn to shareholders through buybacks during 2025 and 2026, based on earnings and anticipated excess capital.
Santander's Madrid-listed shares were up nearly 9% as at 0845 GMT, while the London-listed stock was ahead 6% at 445p.
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