However, during its annual general meeting today, Botin also warned of uncertainties in the economy.
She said: “During the first months of 2025, we have seen increased geopolitical uncertainty and high volatility in the markets across the world. The current five-year growth forecast for the global economy stands at 3.1%, which is the lowest for 16 years.
“The recent announcements in the US regarding tariffs reflect an escalation in trade tensions. As a bank, our focus is on helping clients navigate the volatility and we are committed to doing that.
“Our markets, however, remain resilient. The employment data – which is the cornerstone of asset quality – is very good.”
Santander has set out to achieve €62bn (£52.6bn) in revenues and reduce its costs in absolute terms, with better-performing markets outperforming others, Botin said.
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She added: “In the first quarter of 2025, we maintained the positive trend seen in previous years by growing customers, with revenues expected to remain flattish and costs to decrease in current euros compared to the same period last year.
“Both, costs and revenues, are in line with our guidance for 2025, and as a result, efficiency improved c.50 basis points. Credit quality remains stable, with the cost of credit within the expected range.”
Botin said as a result, Santander expected to increase profitability in the first quarter relative to 2024. Its profit last year was up 14% annually at €12.5m (£10.6m), while its UK business reported a profit of £1.3bn.
The group has also set out to combine its local leadership to “enhance [the] customer experience while reducing the cost to serve, growing faster and continuing to increase profitability”.
