SAN Banco Santander SA

By Joshua Kirby

Banco Santander SA said it is confident of meeting its targets for 2023 after getting off to a good start to the year.

Ahead of the Spanish lender's annual shareholders' meeting Friday, Executive Chair Ana Botin said lending should grow by 4% in the first quarter on year at constant currency and deposits by 6%, with more than 1 million new customers. Revenue will have grown in the double digits in the same period, Ms. Botin said.

The bank should reach a return on tangible equity of around 14% in the quarter, she said, with a capital ratio at 12%.

On the back of the strong start to the year, Santander is confident of meeting its targets for the 2023, Ms. Botin said, including double-digit revenue growth and a ROTE above 15%.

The AGM is expected to approve a final proposed dividend of 5.95 European cents (6.49 U.S. cents) a share for 2022, leaving the total dividend 18% higher on year.

"Our intention is to continue increasing shareholder remuneration as profit rises," Ms. Botin said.

Santander is slated to publish full results for its first quarter on April 25.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

March 31, 2023 03:08 ET (07:08 GMT)

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