Banco Santander Q4 Profit Edges Up, Operating Income Climbs; Sees Growth In FY23

(RTTNews) - Spanish financial services Group Banco Santander S.A. (BNC.L, BSBR, SAN) reported Thursday that its fourth-quarter attributable profit edged up 1 percent from last year to 2.29 billion euros.

Profit before tax was 3.49 billion euros, down 9 percent from last year, while underlying profit grew 1 percent to 2.29 billion euros.

Total income was 13.53 billion euros, up 15 percent from last year on a reported basis and up 11 percent on constant currencies.

Net operating income climbed 18 percent year-over-year to 7.22 billion euros.

Looking ahead for fiscal 2023, the bank said it expects to continue to generate further, profitable growth, targeting double-digit revenue growth, a RoTE of above 15 percent, cost of risk below 1.2 percent, a cost to income ratio of 44-45 percent, and CET1 above 12 percent.

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