Banco Santander (SAN) said Wednesday it expects to generate more than 20 billion euros ($23.6 billion) in profit by 2028, driven by revenue growth and cost reductions.

The Spanish lender said it plans to grow revenue at a mid-single-digit pace while cutting total costs each year.

It aims to expand its customer base to more than 210 million by 2028, up from 180 million at the end of 2025, strengthening its presence across Europe and the Americas, the company said.

Executive Chair Ana Botin said customer growth and disciplined execution would help drive higher revenue and structurally lower costs.

Under its shareholder remuneration policy, Banco Santander said it maintains a 50% payout ratio, currently split evenly between cash dividends and shares.

The bank said it plans to increase the cash portion to 35%, with about 15% distributed in shares.

Banco Santander also said it expects to operate with a core tier-1 capital ratio of around 13% in 2028.