Spanish financial services Group Banco Santander S.A. (BNC.L,BSBR,SAN) reported Wednesday higher profit in its second quarter with growth in total income. Further, the bank reaffirmed its fiscal 2025 targets.
Santander also announced a new share buyback programme of around 1.7 billion euros, around 25 percent of the profit in the first half.
Looking ahead, Santander is on track to meet its 2025 targets with approximately 62 billion euros revenue, and mid-high single digit growth net fee income in constant euros.
The firm expects to deliver at least 10 billion euros in share buybacks from 2025 and 2026 earnings and excess capital ahead of the initial timetable.
In the second quarter, attributable profit was 3.43 billion euros, a growth of 7 percent from last year. Profit before tax grew 10 percent year-over-year to 5.12 billion euros.
Net operating income increased 4 percent from last year to 9.10 billion euros. Total income was 15.47 billion euros, a growth of 5 percent year-over-year.
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