Santander does not expect profit levels to
normalise for up to three years but issued an upbeat assessment of
its prospects in the emerging markets.

At an investor presentation on 29 September,
Santander CEO Alfredo Saenz said that the emerging markets will
provide double digit profit growth in the short and medium
term.

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CEO of Santander’s UK unit, Ana Botin, forecast a
RoTE of at least 16%, but not until 2014.

She said that Santander would, by 2014, be “the
leading UK bank in efficiency and profitability,”

An UK IPO is now likely to be delayed until at
least 2013.

Other forecasts flagged up by Saenz included:

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  • In Spain, net profit to improve in 2012, aiming to recover
    foregone profits by 2014;
  • Santander Consumer Finance: mid-single digit net profit growth
    over the next 2-3 years;
  • Brazil: net profit growth of approx.15% in 2012  and
    2013;
  • Latin Am (excluding Brazil: mid-double digit  net profit
    growth over the next  2-3 years;

For the group as a whole, Saenz said: “We are
able to sustain attractive ROE levels of around 10% in 2011 and
2012.

“Over the medium term (starting in H2
2012-2013), we would expect our profitability to progressively
normalise with an ROE target of around 12-14%.