Santander on Wednesday announced 10 billion euros ($10.40 billion) in share buybacks for 2025 and 2026 and forecast higher profitability on the back of stronger growth in its U.S. consumer unit and efficiency gains.

Santander has said that it intends to return €10bn to investors over the next two years through buybacks after reporting record annual profits.

Spanish banking giant Santander announced record annual profits for a third consecutive year on Wednesday as a strong commercial performance offset the impact of falling interest rates.

The bank achieves a 13.5% profit increase and plans major share buybacks for 2025 and 2026. It attributes its growth to rising interest income, new customers, and improved efficiency. Record-breaking earnings have positioned Banco Santander for another strong year,