Santander shares jump 7% after lender announces record quarterly profit, 10-billion-euro buyback

Shares of Banco Santander jumped after Spain's largest lender reported record profit in the fourth quarter and announced plans for 10 billion euros ($10.4 billion) in share buybacks from 2025 and 2026 earnings and anticipated excess capital.

The bank's net profit picked up by 11% year-on-year to 3.265 billion euros in the fourth quarter and by an annual 14% to 12.574 billion euros across the full-year stretch, as Santander noted a pick-up in customer activity, robust margin management and growth across operations — particularly in retail. The lender added eight million new customers in 2024 to 173 million.

Shares of the lender were up 7.3% at 08:42 a.m. London time.

"We have announced record results for the third consecutive year as we continue to grow revenue, profitability and returns," said Santander Executive Chair Ana Botín in a statement accompanying the results, stressing the bank's scale to build its own technology platforms allows it to reduce its cost-to-serve and improve its operating leverage.

"Our track record shows that in a challenging market we outperform peers and in 2025 we expect to grow our bottom line and profitability – with revenue stable and costs falling. And we are only scratching the surface of our potential," she said.

This breaking news story is being updated.