SANTANDER (dpa-AFX) - Banco Santander SA (SAN) reported higher profit in its fourth quarter and fiscal 2025 with growth in total income. Further, the company projects higher results in 2026. The board has also approved a new 5 billion euros share buyback programme.
Separately, Banco Santander said it agreed to acquire Webster Financial Corp. (WBS) in a cash-and-stock transaction valued at approximately $12.3 billion.
In the fourth quarter, attributable profit was 3.76 billion euros, up 15 percent from the last year. Total income grew 1 percent year-over-year to 16.113 billion euros.
In fiscal 2025, Banco Santander reported an attributable profit of 14.101 billion euros, up 12 percent from last year's 12.574 billion euros. Earnings per share were 0.91 euro, up 17.3 percent from 0.77 euro a year ago.
Net operating income grew 2.2 percent year-over-year to 33.959 billion euros.
Total income was 58.67 billion euros, up 0.5 percent from 58.380 billion euros a year ago. Net interest income, meanwhile, dropped 3.3 percent to 42.348 billion euros.
Total underlying income stood at 62.390 billion euros, flat in euros but up 4 percent in constant euros.
Looking ahead for fiscal 2026, the company is targeting mid-single-digit revenue growth and higher profits, excluding Poland, TSB and Webster.
Following the acquisition of Webster, in 2027 the bank expects double-digit revenue growth, positive operational leverage, and mid teens profit growth in constant euros.
Santander also reiterated its commitment to distribute at least 10 billion euros through share buybacks against 2025 and 2026 earnings and excess capital.
The company plans to share further details on next strategic cycle at Investor Day on February 25.
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