Banco Santander obtained a net profit of almost 3.7 billion euros in Spain in 2024, 58.7% more than the previous year, thanks to higher revenues and lower provisions, in addition to the contribution of results from financial operations.

Santander said on Wednesday it expects to return 10 billion euros ($10.39 billion) to investors through share buybacks from 2025 and 2026 earnings and anticipated excess capital. With the Spanish lender also reporting record quarterly and full-year profits,

Santander has said that it intends to return €10bn to investors over the next two years through buybacks after reporting record annual profits. The Spanish lender posted an 11 per cent increase in quarterly net profit from a year earlier to €3.

Spanish banking giant Santander announced record annual profits for a third consecutive year on Wednesday as a strong commercial performance offset the impact of falling interest rates.