SANTANDER (dpa-AFX) - Spanish financial services Group Banco Santander (BNC.L, BSBR, SAN) reported an attributable profit of 5.24 billion euros in the first half of 2023, up 7% in both constant and current euros versus the same period last year, as strong growth in revenues, particularly in Europe, offset the year-on-year growth in provisions in North and South America. On a per share basis, net income was 0.31 euros up from 0.27 euros in the previous year.
Total income for the period rose to 28.01 billion euros from 25.12 billion euros in the previous year.
Santander said it remains on track to meet its 2023 targets, including double-digit income growth; return on tangible equity or RoTE above 15%; cost-to-income ratio of 44-45%; fully-loaded CET1 above 12%, and cost of risk below 1.2%.
Banco Santander's annual general meeting (AGM) approved a final cash dividend for 2022 of 5.95 euro cents pershare, paid in May 2023, meaning the total cash dividend charged to 2022 was up 18% versus the previous year at 11.78 euro cents per share.
The board has approved a new shareholder remuneration policy, increasing the payout ratio from 40% to 50% of group attributable profit in 2023.
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