The Spanish bank Santander announced that it is on track to reach the targets for 2022 profits thanks to its strong business performance mainly in the American markets and the recovery in Europe.
Despite rising energy prices, the bank has redefined its target for return on tangible equity to higher than 13% this year.
In 2021 it ended with the percentage at 12.73%.
Santander’s diversification abroad, especially in Latin America, has helped the bank cope with the difficult conditions for banks in Europe in the years following the financial crisis.
“In the first quarter of 2022, commercial activity has remained strong with revenues keeping pace with the last quarter and new lending returning to pre-pandemic levels, showing an increase of approximately 8% from year to year,” she said. Santander, Ana Botin.
Although Santander has said it has no presence in Russia or Ukraine and its immediate exposure is limited to 80 million euros, the conflict could have indirect consequences, especially high energy prices for some of its customers.
Source: Capital
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