Speaking ahead of the Spanish lender’s annual shareholder meeting, Botin said lending is expected to have grown 4 percent in constant currency in the first quarter and deposits to 1 million new customers are expected to have grown 6 percent.
On this basis, earnings should have increased in double digits and led to a return on equity of around 14 percent, said the manager. She estimated the equity ratio at 12 percent.
With that in mind, Botin said she is confident that Santander will meet 2023 targets, including double-digit revenue growth and a return on equity of more than 15 percent.
The annual general meeting must decide on a final dividend of 5.95 cents, which means that the total distribution is 18 percent higher than in the previous year. “Our intention is to continue increasing shareholder compensation as earnings increase,” Botin said. Santander plans to release full first quarter results on April 25.
In Madrid, the Santander share temporarily gains 0.04 percent to 3.4535 euros.
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