Santander Vows €20 Billion in 2028 Profit After Webster Deal

Banco Santander SA vowed to grow net income to more than €20 billion ($23.6 billion) in 2028, ratcheting up its financial goals shortly after announcing the acquisition of US lender Webster Financial Corp.

The Spanish bank changed the composition of payouts from 2027 results by raising the proportion of cash dividends to 35% of profit, while lowering the buyback share accordingly, according to a statement on Wednesday. The previous split was roughly equal, and a pledge to return half of profits to investors remained unchanged.