Santander aims for profit above $23.6 billion by 2028, raises ROTE target

MADRID, Feb 25 (Reuters) - Spain's Santander SAN.MC on Wednesday said it aimed for a profit above 20 billion euros ($23.6 billion) and a profitability ratio above 20% by 2028 on the back of improved efficiencies from its IT transformation and cost synergies from recent deals in the U.S. and Britain.

By end of 2028, it also targeted a cost-to-income ratio of around 36% from 41.2% in 2025, or from 45.3% when including additional costs such as the banking tax and other recurrent operating expenses.

The lower the cost-to-income ratio, the more efficient a bank is, as it indicates lower expenses relative to income.

($1 = 0.8472 euros)