Santander: A combined exposure to economic growth and cost restructuring
On track to meet its targets
Santander is on track to achieve the targets updated in its October 2017 Investors’ Day, namely (a) cost to income ratio of 45%–47%, (b) 2015–2018 average cost of credit of 1.2%, (c) CET 1 fully loaded higher than 11%, (d) double digit growth of EPS by 2018, (e) 30%–40% cash dividend pay–out and (f) ROTE higher than 11.5%. According to our figures, all the targets should be achieved by 2018 but ROTE that may reach 11.2% in 2018e, only 0.3pp below the target.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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