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Banco Santander reduces 2018 profitability target

BancoSantander SA on Sept. 30 reaffirmed that it is on course to hit key2018 financial and nonfinancial targets, including annual EPS anddividend-per-share increases every year under its 2016-2018 strategy.

During the Spanish lender's strategy update Sept. 30, GroupExecutive Chairman Ana Botín said the bank's yields remain predictable andsustainable.

Among the various targets that Santander expects to achieveby 2018 is a fully loaded common equity Tier 1 ratio of more than 11%;double-digit EPS growth; a cash dividend of between 30% and 40%; as well asincreases in the number of loyal customers to 18.5 million from 14.4 millionand of digitally active customers to 30 million from 19.1 million. Its targetfor average cost of risk for the period remains at 1.2%.

Meanwhile, the bank reduced its return on tangible equity2018 target to 11%, against its objective set in 2015 of approximately 13%. Thebank also adjusted its cost-to-income ratio target to a range of between 45%and 47%, compared toless than 45% previously.

The bank also noted that Santander UK Plc is continuing to grow small andmedium-sized enterprise lending at an above-market rate of 5%. At , thelender has been maintaining a nonperforming loan ratio along the lines of otherprivate banks in Brazil.