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Banco Santander CEO Saenz Forecasts Strong Recovery in Earnings

Banco Santander (SAN) SA Chief Executive Officer Alfredo Saenz said Spain’s biggest bank expects a “strong recovery” in earnings over the next three or four years as it enters a “new cycle” of profitability.

“We are very close to completing the reinforcement of our balance sheet and entering a new results cycle,” Saenz said at a banking seminar in Madrid today. “We expect the strong recovery of our results over the next three or four years.”

Santander has bolstered its balance sheet since 2008 by cutting the gap between loans and deposits by 130 billion euros ($170 billion), booking 60 billion euros of provisions and accumulating 20 billion euros of capital in a process that leaves the bank prepared to embark on a new period of earnings growth, Saenz said. Santander will report first-quarter earnings on April 25.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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