SniperFx

Archives

  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • September 2022
  • August 2022
  • January 2022
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Bonds
  • Brokers News
  • Crypto
  • Forex
  • Forex Trading
  • News
  • Stocks
  • Technology
  • World
Subscribe
SniperFx SniperFx
SniperFx
  • Latest Updates
  • Bonds
  • Brokers News
  • Crypto
  • Forex
  • Forex Trading
  • Stocks
  • World
  • News

Santander hits three-year high on buyback boost

  • February 28, 2023

Shares in Banco Santander (BME:SAN) hit a three-year high on Tuesday after the Spanish bank announced a new buyback program, raised its dividend and set itself ambitious new targets for the next three years.

At an investor day presentation, Santander said it had received regulatory clearance for a new €921 million (€1=$1.0585) buyback program and approved a final dividend of 5.95c for last year, bringing total dividends for 2022 up to 11.78c. That’s a rise of 18% from the 2021 level and represents a yield of 3.3% on Monday’s closing share price. Combined with last year’s buybacks, total shareholder payouts amounted to a yield of 8% last year, or 40% of last year’s profit. 

Under a new three-year plan, the Spanish-based lender raised its target range for shareholder payouts to between 40% and 50% of net profits. It’s also intending to add some 40 million customers worldwide by 2025, which would grow its current base by around 25%. That will help generate revenue growth of between 7%-8% over the period, it reckons.

Alongside an ongoing efficiency program, the bank expects to generate a return on tangible equity of between 15%-17% between 2023-2025, with its cost-income ratio falling to around 42% by the end of 2025, compared to 45.8% in 2022. Jefferies analysts said the RoTE target – a broad measure of profitability – is “meaningfully” ahead of consensus forecasts. 

Santander is the latest of the big European banks to upgrade its ambitions after a decade in which the euro crisis, the European Central Bank’s negative interest rate policy and the pandemic have hobbled its ability to make a profit.

The ECB is now on course to raise its interest rates to the highest level in the euro’s 24-year history, according to short-term interest rate futures. While that trend may widen banks’ interest margins, it may slow Santander’s lending growth and will also raise the risk of credit losses as the Eurozone economy slows in response. 

According to ECB data, credit to private-sector entities in the Eurozone grew at its slowest rate since April 2021 in January, up only 3.6% on the year. 

By 04:20 ET (09:20 GMT), Santander stock in Madrid was up 2.4%

admin

Previous Article
  • News

ETH – Bullish Megaphone? Update!

  • February 28, 2023
Read More
Next Article
  • Stocks

Adidas shares rise as Berenberg upgrades sportswear group, citing turnaround hopes

  • February 28, 2023
Read More
You May Also Like
Read More
  • News

LG Display flags Q4 turnaround after 5th straight quarterly loss

  • admin
  • July 26, 2023
Federal Reserve Decision
Read More
  • News

Federal Reserve Decision – Expected Pause in June, Potential for July Rate Hike – Date: 13.06.23

  • admin
  • June 13, 2023
NZD USD Reaches Multi Week High Ahead
Read More
  • News
  • Forex Trading

NZD USD Reaches Multi Week High Ahead of US CPI Release – Date: 13.06.23

  • admin
  • June 13, 2023
EUR USD Await FOMC Meeting
Read More
  • Forex
  • News

EUR USD Await FOMC Meeting Irrespective of US CPI Data Commerzbank – Date: 13.06.23

  • admin
  • June 13, 2023
Binance US Counters
Read More
  • Crypto
  • News

Binance US Counters SEC’s Motion to Freeze Funds, Citing Failure of Claims

  • admin
  • June 13, 2023
Exchange Traded Funds
Read More
  • News
  • Forex
  • Forex Trading

Exchange Traded Funds (ETFs): A Comprehensive Guide to Investing and Profit Maximisation

  • admin
  • June 12, 2023
SEC Official
Read More
  • News
  • Crypto

Former SEC Official Predicts Impending DOJ Indictment Against Binance Date: 12.06.23

  • admin
  • June 12, 2023
European Consumer Organization
Read More
  • News
  • Crypto

European Consumer Organization Calls for Stricter Regulation of Crypto Promotion on Social Media Platforms – Date: 12.06.23

  • admin
  • June 12, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts
  • Eicher Motors shares surged following Jefferies’ bullish outlook and upgraded target price.
  • The USD/THB faces some side-line trading in the near term (UOB).
  • The euro extends its decline to fresh six-month lows near 1.0570
  • Bitcoin miners strategize for survival amid rising costs and upcoming halving
  • Awareness of non-banks as an option is on the rise.
SniperFx
  • Home
  • About Us
  • Contact
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
Forex & Crypto Updates

Input your search keywords and press Enter.