Banco Santander Announces Record Profits and Buyback

Santander Brasil reported a significant 75% increase in fourth-quarter net profit, driven by improved margins and fees, which surpassed market expectations and led to a 4.5% rise in its shares. The Spanish parent company, Banco Santander, announced record profits for 2024, with a 14% annual increase to €12.57 billion, along with a €10 billion share buyback program. The bank's success is attributed to strong performance in its retail business, particularly in Brazil and Spain, and effective geographical diversification. Meanwhile, Ally Financial, a digital financial services company, reported a solid fourth-quarter performance with EPS beating expectations, and announced the sale of its credit card business to focus on core operations. Ally's strategic divestiture aims to enhance its core business's profitability, despite incurred restructuring costs.