Hasta mañana

23 September 2015 By Fiona Maharg-Bravo

The Spanish bank is aiming at a core Tier 1 capital ratio above 11 pct by 2018. Boss Ana Botin has already raised capital this year, and can make a case for a gradual buildup of solvency levels. But many of Santander’s rivals are already where it wants to be right now.

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Santander outlined a three-year strategic plan on Sept. 23. The Spanish bank aims to increase earnings per share, reaching double-digit growth by 2018. It said it would reach a fully loaded core Tier 1 capital ratio of above 11 percent by 2018, up from 9.83 percent at the end of June.

The bank said it was looking to reach a return on tangible equity (ROTE), a measure of profitability, of around 13 percent by 2018. It had previously aimed for ROTE by 2017 of between 12 percent and 14 percent.

Santander hiked its cost savings target to 3 billion euros by 2018, from the 2 billion euros it had previously set for 2016.

Santander shares were down 1.1 percent at 4.8 euros by 1602 GMT.

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