Santander Brasil on Wednesday reported a 75% jump in fourth-quarter net profit, sending its shares higher as it surpassed market expectations on the back of stronger margins and increased fees.

Santander has said that it intends to return €10bn to investors over the next two years through buybacks after reporting record annual profits. The Spanish lender posted an 11 per cent increase in quarterly net profit from a year earlier to €3.

Santander Brasil a subsidiary of Spain's Banco Santander, reported on Wednesday a 75% jump in its fourth-quarter net profit, surpassing market expectations on the back of better spreads and increased fees.