The profits were due to "strong revenue growth" across all businesses and regions in which the bank operates and an increase in the number of customers to 173 million (up 8 million), Santander said in a statement.

At the same time, the bank "maintained good cost control", achieving in 2024 "the best efficiency index in 15" years.

Santander, one of the largest banks in the world, is present in several countries in Europe and America, including Portugal, with 173 million customers, 207 thousand employees and 3.5 million shareholders, according to data from the group itself.

Last year, the group's revenues reached 62,211 million euros (8% more than in 2023).

Customer funds (deposits and mutual funds) grew by 4% in 2024, with deposits increasing by 2%.

Commission income increased by 8% to 13,010 million euros.

Santander's loans rose 1% to €1.02 trillion last year, with the global NPL ratio at 3.05%.

The interest margin (the difference between loans granted and interest paid by the bank) reached 62,211 million euros, 8% more than in 2023.

In the statement, Santander highlighted that "these results, with record levels in interest margin, commission income, total revenue and profit, allowed the group to exceed all the targets" it had set for 2024.

By 2025, Santander said it aims to achieve revenues of approximately €62 billion, with growth in fee income, and continue to reduce its cost base.