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Banco Santander Increases 2018 RoTE Target; Confirms Other Targets

Banco Santander (BNC.L,BSBR,SAN) announced it has increased return on tangible equity (ROTE) target for 2018. The target has increased from 11% to over 11.5% due to an improving economic outlook in a number of the Group's core markets. Santander reiterated all its remaining targets for 2018, including targets to reach double digit growth in earnings per share (EPS) by 2018, and grow total and cash dividend per Share (DPS), and tangible net asset value per share annually.

Ana Botín, Banco Santander Executive Chairman, said: "In the last 12 months we have made significant progress in earning customer loyalty and improving the quality of our business. We continue to see excellent growth in Latin America as well as positive trends across both Europe and the US. In the UK, while GDP growth has slowed, performance has been better than we had expected. As a result we have increased our profitability targets for 2018."

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