Santander Raises 2018 Profitability Target

By Pietro LombardiFeaturesDow Jones Newswires

Banco Santander SA (SAN.MC) on Tuesday raised its 2018 profitability target following the Spanish bank's strategy update.

Santander increased its 2018 target for return on tangible equity--or ROTE--to more than 11.5% from 11%, citing a better outlook in a number of its core markets.

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"We continue to see excellent growth in Latin America as well as positive trends across both Europe and the U.S.," Executive Chairman Ana Patricia Botin said, adding that the bank's performance in the U.K. was more positive than expected despite slowing growth in the country's gross domestic product.

The bank confirmed its other targets, including double-digit growth in earnings-per-share by 2018.

Write to Pietro Lombardi at

(END) Dow Jones Newswires

October 10, 2017 08:41 ET (12:41 GMT)