October 10, 2017 / 12:09 PM / a year ago

Spain's Santander increases 2018 profitability target to above 11.5 pct

MADRID, Oct 10 (Reuters) - Spain’s Banco Santander said on Tuesday it would increase its return on tangible equity (ROTE) target for 2018 to over 11.5 percent from 11 percent due to a improving economic outlook in its core markets.

“We continue to see excellent growth in Latin America as well as positive trends across both Europe and the US. In the UK, while GDP growth has slowed, performance has been better than we had expected,” Banco Santander’s chairwoman Ana Botin said in a press release.

During the strategy update held in New York, Spain’s leading bank also reiterated its remaining targets for 2018, including targets to reach double digit growth in earnings per share (EPS) and a fully loaded capital target of above 11 percent. (Reporting By Jesús Aguado; Editing by Paul Day)

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