September 30, 2016 / 7:21 AM / in 10 months

Spain's Banco Santander trims profitability target for 2018

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MADRID, Sept 30 (Reuters) - Spain's Banco Santander said on Friday it had trimmed its profitability targets for 2018 to just above 11 percent by 2018 in a business environment it described as "significantly worse" than last year.

At its investor day last year the euro zone's biggest bank by market value said it was aiming for a return on tangible equity ratio (ROTE) of around 13 percent by 2018.

The lender also weakened its cost to income ratio to a range of between 45 percent and 47 percent by 2018, against last year's objective of below 45 percent.

The bank's shares were down 3.8 percent against a 3 percent drop against the European banking index.

Reporting By Jesús Aguado and Angus Berwick; Editing by Sarah White

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