Santander reaffirmed its financial goals for the period 2026-2028 on Friday despite global economic uncertainty, highlighting its diversified economic model after a strong start to 2026.
The largest bank in the eurozone by market capitalization stated that it is on track to achieve its 2026 objectives, with positive trends from previous years continuing in the first quarter, driven by growth in customer base and revenue progression. Costs are expected to decrease year-on-year at constant exchange rates.
Executive chairman Ana Botin stated in a pre-speech statement ahead of Friday’s shareholders’ meeting that the group’s balanced presence in different countries would significantly reduce risks by reducing volatility in an increasingly complex global environment.
“The world is now facing a scenario of rising inflation and slowing growth, threats that are becoming more pressing every day. Their severity will depend on the duration of the conflict (in the Gulf) and its impact on global energy supply,” Ms. Botin emphasized in the statement.
In February, Santander indicated it was aiming for higher profits for 2026 compared to the record of 14.1 billion euros (16.24 billion dollars) reached in 2025. Last month, Santander raised its profit target by over 40% to exceed 20 billion euros by 2028 compared to 2025, supported by the effects of the acquisitions of American lender Webster and British TSB.
Santander specified that it had improved its efficiency gains by around 250 basis points in the first quarter, benefiting from its IT transformation.
At 08:50 GMT, Santander’s shares were down 1%.
During the meeting, Santander shareholders will vote on the issuance of more than 334.8 million new shares to finance the Webster operation, funded 65% in cash and 35% in new securities.
Based on Santander’s Thursday closing price, Webster is valued at around $11.6 billion, of which $3.63 billion would be settled in new shares.
Ms. Botin is expected to also clarify that artificial intelligence will contribute to generating over one billion euros in a mix of savings and revenues by 2028.
(1 $ = 0.8680 euro)
