Banco Santander SA expects to see improved efficiency this quarter and has projected profit growth for the full year 2026. Ana Botín, Executive Chair of the bank, stated that the first quarter of 2026 continued the positive trends of recent years, with growth in both customer numbers and revenue. She also indicated that, on a constant currency basis, costs are expected to decline year-over-year. Botín made these remarks in a prepared speech for the bank's annual general meeting held on Friday. As a result, she anticipates an efficiency improvement of approximately 250 basis points. However, Botín also highlighted increasing economic uncertainties. She pointed out that the world is facing rising inflation and slowing growth, noting that these threats are becoming more probable over time. Earlier this year, Banco Santander agreed to acquire the US lender Webster Financial Corp for $12 billion, marking the largest-ever acquisition of a US financial institution by a European bank. This transaction is the third major deal completed by Botín in less than a year. In April of last year, she sold a majority stake in Santander's Polish business to Erste Group Bank AG for €7 billion (approximately $8.1 billion), and subsequently acquired the UK lender TSB from Banco Sabadell SA. Benefiting from the high-interest-rate environment, the Spanish bank's profitability has surged significantly in recent years. After a prolonged period of underperformance compared to peers, its share price more than doubled in 2025, elevating it to become the continent's most valuable lender by market capitalization.