Including dividends, this powerful performance would have transformed a £15,000 investment into almost £30,000.

Even more incredible is the performance since July 2022. Over this period, Santander stock has skyrocketed roughly 360% — enough to turn £15k into approximately £70k!

Why are investors so bullish on the Spanish bank stock? And might it still be worth considering today?

A high-performing bank

Santander operates in 10 core markets across Europe, the US, and Latin America. Like all banks, it has benefitted from higher interest rates. This has boosted its net interest margin (the difference between the interest earned on loans and paid out on deposits). 

In 2025, the lender’s profit rose 12% to €14.1bn, marking the fourth consecutive year of record results. Earnings per share (EPS) jumped by an impressive 17%, boosted by Santander’s meaty share buybacks.

Since 2021, the company has repurchased around 18% of its outstanding shares. And dividend payments have been more generous than in previous years (when Santander was seen as slightly stingy).

Meanwhile, loan-loss provisions are stable, with a solid cost of risk at 1.15% last year, supported by “proactive risk management, low unemployment rates and easing monetary policies in most countries“.

The non-performing loan ratio improved to 2.91%, an historically low level. So while the volatile geopolitical backdrop adds risk, conditions have actually been pretty benign.

During the year, Santander added another 8m customers, bringing the total to 180m. It also snapped up Webster Financial in the US, where it intends to become a major player in retail banking.

Santander estimates this acquisition will nearly double its return-on-tangible-equity (RoTE) ratio, a key measure of profitability, to 18% in the US by 2028. And it will deliver about 7%-8% EPS accretion for the group.

Looking ahead, management expects higher profits in 2026 and 2027, with group RoTE expected to exceed 20% by 2028.

What about the dividend yield?

I’ve been bullish on Santander stock for some time due to its good mix of markets, both mature (US, UK, Spain) and growth (Brazil, Mexico, Chile). I see this geographic diversification as a key strength.

“The US economic outlook is stronger than expected, Europe is gaining momentum and Latin America stands out as a clear winner in terms of competitiveness in the new global context“, said Ana Botín, Santander’s executive chair.

Is Santander still worth a look? It might be for investors who are bullish on Latin America long term. The region is home to tens of millions of unbanked or underbanked people, which should support financial services growth for many years to come.

However, I note Santander’s price-to-tangible-book (P/B) ratio is 1.8. This represents the hard assets of the company, and suggests the valuation might be a tad high right now.

Plus, after the strong share price run, the forecast dividend yield is only 2.8%. From an income perspective, that doesn’t seem attractive to me when I can get Aviva and HSBC on prospective yields of 6.4% and 4.5%, respectively.

Investors can make up their own minds, of course, but I see more potentially lucrative opportunities in other financial stocks today.

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This means anyone who invested £5,000 in the Spanish bank just six months ago would now have about £7,650. Not only that, but a scheduled dividend to be paid on 3 November would add a few more quid to the mix. A bigger final dividend should be paid in May.

The longer-term performance is even more astonishing — Santander stock’s up 108% in 12 months and 420% over five years. Not bad for a 168-year-old bank!

Let’s take a look at this surging stock to see what’s going on.

Very supportive backdrop

Santander isn’t in the FTSE 100 because its primary listing’s in Madrid, though it does have shares trading on the London Stock Exchange. This has undoubtedly helped because Spain’s blue-chip IBEX 35 is the best-performing major stock market index in Europe this year (up 38%).

Indeed, earlier this week it surpassed a previous high set in November 2007. That’s how long it’s taken this bank-heavy index to fully recover from the global financial crisis!

For Santander the business, it’s benefitting from three things. One is that Spain’s economy is really strong right now, boosted by tourism and a strong labour market.

Also, investors like Santander’s exposure to Latin America, where tens of millions are finally gaining access to financial services (largely thanks to smartphones). It has a strong presence in Mexico, Brazil, Chile and Argentina.

Finally, higher interest rates have dramatically boosted profits for all banks, including Santander, which is the euro zone’s largest lender by market value.

Solid Q3

On 29 October, the company reported Q3 net profit hitting a record €3.5 bn, up 8% year on year and beating analyst estimates. Underlying profit jumped 64% in the US, driven by higher lending and corporate banking activity.

This was the the sixth straight quarter of record results. And over the past 12 months, the bank has added more than 7m new customers, bringing the total to 178m worldwide.

For the full year, management expects to hit its target of €62bn, as well as buying back a load more of its own shares across 2026.

Weakness

It wasn’t all milk and honey in the quarter however. Weakness in its second-biggest market (Brazil) saw underlying net profit there fall 5.9% due to currency issues. Argentina remains extremely volatile too.

Meanwhile, the UK unit has delayed the publication of its Q3 results, citing uncertainty around the mis-sold car finance scandal. It has put aside £295m for this, but there’s still a risk it could end up costing more.

Worth a look?

For me, this highlights the importance of Santander’s geographical diversity. Problems in Brazil and the UK were comfortably offset by strength elsewhere. The balance sheet remains solid.

After the massive rally, the shares aren’t cheap anymore, but I’d say they’re still pretty reasonably valued given the growth potential in Latin America. Over the long term, Santander seems set to benefit from this region’s ongoing digital transformation and growth.

With a 3% dividend yield on offer, I think this bank stock’s still worth considering for long-term investors.

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On top of that, there has been a steady flow of rising dividends since they resumed in 2021 (payouts were paused during the pandemic). Including those, the five-year total return rises to almost £34,000! Lovely.

Solid operational results

Santander’s net interest income — the profit made from core lending and borrowing activities — has been supercharged by higher interest rates in the UK, US, Europe, and parts of Latin America. In 2024, the bank posted a net profit of €12.57bn, up 14% year on year.

The momentum continued in Q1 2025, with profit up 19% to €3.4bn (or 10%, excluding a one-off gain). Strong net interest income in Spain and Mexico offset weaker margins in Brazil and the UK.  

Return on tangible equity — a key profitability metric — rose to a healthy 15.8%, while capital buffers remained strong with a CET1 ratio of 12.9%. The bank also continued share buybacks, and it remains on track to buy back at least €10bn worth of its own shares in 2025 and 2026.

Finally, the company added 9m new customers in the quarter, bringing the total worldwide to a whopping 175m.

UK expansion

That number will likely increase further, because in July, Santander announced the £2.65bn acquisition of TSB from Sabadell. Once completed, the two banks will serve nearly 28m retail and business customers nationwide.

Earnings per share are projected to increase immediately, before adding around 4% by 2028. And the lender expects to generate at least £400m in annual pre-tax cost synergies.

The acquisition further strengthens Santander’s position in one of its core markets, expanding its customer base and lending capacity across the UK.

This acquisition will see Santander become the third-largest bank in the UK by personal current account balances, and number four in the mortgage market. 

Latin America opportunity

One thing I like is Santander’s positioning in Latin America, where millions of previously unbanked people are joining the financial system through digital accounts.

Yet while demand for credit cards, personal loans, and small business financing has exploded, credit penetration is still relatively low versus developed markets. So there’s a long runway for growth ahead, which Santander is well-placed to benefit from.

Nevertheless, it’s still the case that Latin America remains a volatile region. Currency swings, economic instability, and high inflation can weigh on reported earnings.

There’s also mounting competition from nimble digital banks like Nubank (Nu Holdings), Mercado Pago (MercadoLibre), and Revolut. So Santander will have to work hard to stay competitive. 

Should I buy Santander stock?

Despite its strong share price run, Santander looks reasonably valued to me. The stock trades at just 8.2 times forward earnings.

That said, the dividend yield sits around 3.4%, which is lower than FTSE 100 banks like Lloyds (4.9%) and HSBC (5.5%).

I already have HSBC shares in my portfolio for income, as well as fintechs Nu and MercadoLibre for growth in Latin America. I’m not going to add Santander to the mix too. 

However, the stock is reasonably priced, so investors might want to consider Santander for their own portfolios. 

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This surge has outpaced the broader index and reflects a combination of robust earnings growth, strategic restructuring, and renewed investor confidence.

TSB takeover

Santander’s current momentum could be traced to its recent agreement to acquire TSB from Sabadell for £2.65bn. This deal, expected to complete in early 2026 pending shareholder and regulatory approval, will make Santander the third-largest bank in the UK by personal current account balances. It will also add five million TSB customers to Santander UK’s existing 14 million. The acquisition is valued at five times TSB’s projected 2026 earnings and 1.45 times tangible book value as of March.

Santander expects the TSB deal to generate a return on invested capital of over 20%, with cost synergies of at least £400m. That’s equivalent to 13% of the combined cost base. The bank projects that the transaction will be earnings accretive from the first year, contributing to a 4% increase in group earnings per share by 2028. Importantly, the acquisition won’t disrupt Santander’s distribution policy or its ambitious targets for buybacks and capital returns.

Trading in line

Santander’s valuation is attractive on paper but broadly trades in line with other banking peers. The forward price-to-earnings (P/E) ratio’s projected at 8.5 times for 2025, 7.8 times for 2026, and 6.9 times for 2027. These multiples are well below the industry average, suggesting the shares are still attractively priced relative to expected earnings growth.

This is happening because the earnings forecasts show a clear acceleration. Analysts expect EPS to rise from €0.77 in 2024 to €0.84 in 2025, €0.92 in 2026, and €1.04 in 2027. This represents annual growth rates of 9.9% for 2025, 9.5% for 2026, and 12.7% for 2027. The group’s restructuring initiatives have already delivered four consecutive quarters of record profits. Net profit was up 19% year-on-year in the first quarter of 2025.

Yield lower but room for growth

It remains a reliable dividend payer. The dividend yield forecast for 2025 is 3.2%, rising to 3.3% in 2026, and 3.8% in 2027. Dividend cover’s very strong, with payout ratios around 26%, indicating that distributions are well supported by earnings. While this yield may be a little lower than some peers, there’s room for growth, and the company’s aiming to conduct €10bn in share buybacks for 2025 and 2026 earnings.

The bottom line

The shares have delivered exceptional returns over the past year, driven by accelerating earnings. This has been complemented by a disciplined approach to capital allocation, and what may prove to be a transformative UK acquisition.

The stock appears to trade in line with peers on forward earnings. However, the acquisition may prove game-changing. It also provides exposure to growth-oriented markets such as Brazil and Mexico, which we don’t typically find from UK-listed banking stocks. Although it’s worth noting that developing economy exposure is also a risk as well as a benefit.

Personally, I think it’s worthy of consideration as an investment. I’ll be taking a closer look although I’m already well stocked up on banks.

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Indeed, it’s up 27.3% in just two months, powering to an 11-year high after the early-April sell-off. This means anyone who invested £10,000 in Santander shares just two months ago would now have £12,730 on paper.

Not only that, a dividend was paid last month, which would have added another roughly £166 to the mix. Nice.

Very impressive Q1

Santander operates in 10 core markets across Europe, the US, and Latin America. This geographical spread served it well in Q1, as strong performance in Spain, Poland, and the US offset weakness in the UK, Mexico, and parts of Brazil.

Revenue rose 1% year on year to €15.5bn, with the bank adding 9m new customers, bringing the total to 175m. There was a 19% increase in net profit, which reached a record €3.4bn. Adjusting for a one-time Spanish bank tax last year, the growth figure would have been 10%.

Impressively, Santander’s non-performing loan ratio fell below 3% (2.99%) for the first time in more than 15 years. And the full-year dividend was hiked by 19%.

Santander has also been buying back a load of its shares. Since 2021, it will have spent €9.5bn on buybacks and repurchased 14% of its outstanding shares. 

Looking ahead, Santander is on track to meet its 2025 targets, which include €62bn in revenue, mid- to high-single-digit growth in net fee income, and a return on tangible equity (RoTE) of about 16.5%. 

Fintech rivals

One risk here is the Latin American markets where Santander operates. Granted, they have great long-term growth potential, but they can also be very volatile. For example, Argentina is recovering from hyperinflation, while Mexico is suffering from tariff-related uncertainties.

Plus, Santander is facing rising competition in Latin America from nimble fintechs like Nu Holdings (Nubank) and MercadoLibre. The latter has applied for a full banking licence in Mexico, Brazil, and Argentina.

MercadoLibre recently announced: “We are building the largest digital bank in Latin America. In a region that still faces challenges in accessing quality services, we want to change the way users interact with the financial system with a digital bank where everyone wins.”

Finally, Santander is operating in an environment of falling interest rates. This is expected to put a bit of pressure on its net interest margin, which is how much the bank will earn from lending money after paying interest on deposits.

Should I buy Santander stock?

Turning to valuation, the stock’s trading at just 8.1 times forecast earnings for 2025. So it doesn’t appear overvalued on this metric.

However, the dividend yield is not particularly high after the share price’s 61% rise this year. The forecast yield is just 3.4%, which is less than I can currently get from cash.

Overall though, I’m very impressed with the Spanish bank’s progress. As a long-term Santander account holder myself, I think this is an excellently run company.

I still think the shares might be worth considering for long-term shareholders. However, I already have exposure to the Latin American financial system through large holdings in Nubank and MercadoLibre. So I’m happy with those stocks for now.

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Global X SuperDividend ETF

Largely speaking, share investing remains a great way to generate a large and growing second income. But exchange-traded funds (ETFs) are rapidly growing in popularity with investors seeking dividends. It’s not difficult to see why.

These investment vehicles help to spread risk, as they can still pay decent dividends even if one or two income stocks disappoint. In many cases, they also offer truly stunning dividend yields.

Take the Global X SuperDividend ETF (LSE:SDIP), for example. With investments in 105 global companies across different sectors, it offers exceptional diversification to limit risk. Holdings include Phoenix Group, Brandywine Realty Trust, and British American Tobacco.

As a consequence, I think the fund can be relied upon to provide a stable passive income across the entire economic cycle.

On top of this, SuperDividend’s focus on high-yield stocks means its trailing 12-month dividend yield is a whopping 11.1%. To put that in context, the FTSE 100‘s trailing yield is way back at around 3.5%.

Since the ETF invests in global equities, adverse changes in in foreign exchange rates could impact overall returns. But on balance, I think it’s a great way to target dividend income with risk in mind.

Bano Santander

I’ve not been tempted to buy popular dividend shares Lloyds and NatWest for my portfolio. While they’re tipped to pay large dividends in the short term, their capacity to deliver a huge and growing payout could be impacted by weak growth in the UK economy.

Spanish bank Banco Santander (LSE:BNC) isn’t immune to such pressures. It has significant operations on these shores, as well as across the eurozone where the economic outlook is also gloomy. In total, the bank sources 45% of earnings from Europe.

But its sprawling emerging markets operations could make it a better buy for overall shareholder returns. This could be boosted still further if — as reported — the business exits Britain as part of a wider pivot towards Latin America.

Today, Santander sources around a quarter of profits from this far-flung region. And business is growing rapidly, such as in Brazil where loans and deposits grew 9% and 7%, respectively, between July and September.

With a strong brand name and large presence in heavyweight regional economies including Chile, Mexico, and Argentina, it’s well placed to capitalise on soaring demand for financial products from a growing middle class. Research house Horizon believes Latin America’s banking sector will expand at a compound annual growth rate of 28.3% between 2024 and 2030.

I think this could lead to sustained profits and dividend growth at the bank. For 2025, the total dividend is tipped to increase 7% per year to 20.5 euro cents per share. And so the dividend yield stands at a healthy 4.3%.

While dividends are never guaranteed, Santander’s robust balance sheet means it looks in great shape to hit this target. Its common equity tier 1 (CET1) capital ratio was 12.5% as of September. Dividend cover meanwhile is a rock-solid 3.8 times.

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Since the start of 2024, the Santander share price has risen 10%. Including dividends, that gives a total return of around 14.3%, according to investing platform AJ Bell. This means investors who put five grand into the shares in January are today sitting on about £5,715.

Is that return any good compared with other big banks in London? And should I consider investing in the stock in 2025? Let’s explore.

Very strong year for most lenders

There are currently five banks in the FTSE 100. Compared to their year-to-date share price returns, Santander’s been lagging.

In 2024, Santander has even unperformed Lloyds, which a fair few investors consider to be a value trap. So that’s pretty disappointing for shareholders. The standout winner in 2024 has been NatWest, whose shares are up 81%!

How’s it been doing?

Still, I think there’s a lot to like about Santander on paper. For starters, it has a meaningful presence in 10 core markets in Europe and the Americas. These include Spain, Portugal, Poland, the UK, US, Brazil, Argentina, Chile, and Mexico. I like this geographic mix between mature and developing economies.

In the first nine months of 2024, the bank achieved an attributable profit of €9.3bn, a 14% increase compared to the same period in 2023. Earnings per share (EPS) rose by 19%, while it had 5m more customers than the year before.

The firm’s also prioritising more shareholder returns, and announced a 23% bump in its interim dividend. Including share buybacks, Santander expects to return over €6bn to shareholders in 2024, equating to an annualised yield of 8.9% (relative to its market-cap).

Valuation and one ongoing issue

Like most European banks, the stock looks great value. It’s trading on a low forward price-to-earnings (P/E) ratio of 5.5, while offering a forward dividend yield of 5.2%.

Meanwhile, the price-to-book (P/B) ratio is just 0.7. This means the market’s valuing the bank’s stock at only 70% of what its assets are worth on paper.

One risk here though is the potentially unlawful commissions that UK banks paid to car dealerships. Santander UK delayed its Q3 results to tot up its possible liabilities. In the end, it set aside £295m.

On the issue, Santander UK commented: “The ultimate financial impact could be materially higher or lower than the amount provided…[However] We remain well capitalised with significant buffers over regulatory requirements“.

But if the scandal mushrooms into something bigger than car loans, it could damage the wider group’s reputation.

Will I invest?

I already have HSBC shares in my portfolio, giving me exposure to the UK and Europe (as well as Asia). It also offers a higher forward yield of 6.6%.

For Latin America, I have a large position in MercadoLibre, the e-commerce and fintech giant. I also recently invested in Nu Holdings, which owns the largest digital bank in Latin America.

So heading into 2025, these three holdings give my portfolio enough exposure to banks.

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Since then though, uncertainty has eased and most bank stocks have bounced back.

So let’s take a look at how much £5,000 worth of Santander shares bought two years ago would be worth now.

Healthy gains

The short answer is that I’d be quids in.

On 25 November 2022, the Santander share price was 242p. Today, it’s at 366p. That translates into a 51.5% gain, meaning my hypothetical £5,000 investment would now be worth £7,575 on paper.

What’s more, shareholders would have banked some dividends over this time, bringing their total return above £8,000. Nice.

This demonstrates how lucrative it can be to invest in the stock market during periods of uncertainty. As billionaire investor Warren Buffett famously advises: “Be fearful when others are greedy and greedy when others are fearful.” 

How’s the bank getting on?

Like most banks, Santander has been benefitting from higher interest rates. Last year, the Spanish bank achieved a record profit of €11.1bn, an 18% increase in constant currency from the previous year.

In the first nine months of 2024, profit rose 14% to €9.3bn, driven by strong revenue growth across its global businesses. Earnings per share (EPS) were up 19% to €0.57, while it added 5m new customers.

Santander’s global reach is something I find attractive. It has firm roots in 10 core markets in Europe, including the UK, of course. But it also continues to expand its presence in Latin America, where it supported 7,850 multinational firms, as of May 2024 (an 11% year-on-year increase).

Naturally, there are risks with the stock. Santander’s UK arm recently set aside £295m to cover possible costs related to the brewing motor finance commissions scandal. The group’s chief financial officer recently said that it’ll cost the bank less than £500m. But it could always end up more, denting profits in the process.

Will I invest in Banco Santander?

The stock is trading on a bargain forward price-to-earnings (P/E) multiple of 5.6. Meanwhile, the price-to-book (P/B) ratio is just 0.7, which indicates that the shares are trading well below the value of the bank’s assets.

However, the forward dividend yield of 5.1% is notably less than HSBC (7.1%) and Lloyds (6.3%).

On balance though, I think the stock offers great value. Santander continues to deliver strong, profitable growth. And while the dividend is never guaranteed, it appears extremely well-covered by forecast earnings.

The only reason I won’t be investing is because I already have plenty of global banking exposure through HSBC shares.

Also, I have a large position in MercadoLibre, known as the Amazon/PayPal of Latin America. And I recently invested in Nu Holdings, which owns the largest digital bank in the region. Together, they give my portfolio a lot of exposure to Latin America’s fast-growing financial sector.

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This briefly made Santander the eurozone’s biggest bank by market value (above BNP Paribas). Since then, however, the share price has fallen back to 340p, representing a 3.3% rise.

This means a £10,000 investment made at the start of January would now be worth £10,334 on paper. There would also have been a dividend in May, taking my return above £10,500.

Is that any good? Not really, I’d argue, particularly when Lloyds‘ share price is up 15.7% year to date, while Barclays has surged 35.3%. Both have also paid dividends.

Plus, Santander’s main listing is in Madrid, where even the IBEX 35 (Spain’s main index) is up 5.7% in 2024. So that’s also disappointing.

What’s been going on?

The Spanish bank has a globally diversified business model. Its strong presence in Europe provides a stable revenue base, while its growing footprint in Latin America offers exciting growth opportunities.

In the past though, Santander has come under fire from some shareholders for being a bit stingy with its dividend distribution. So in February 2023, it announced that it would increase the payout ratio (the proportion of earnings distributed to shareholders) from 40% to 50%.

Moving towards this policy, it returned more than €5.5bn in dividends and share buybacks last year as net profit hit a record €11.1bn. In Q2, its net profit rose 20% year on year to €3.2bn thanks to solid results in Spain and Brazil.

It appears the stock has fallen lately because investors fear its very strong net interest income (NII) numbers have peaked. NII is the difference between interest earned on loans and that paid out on deposits.

Longer term however, I’m bullish on the bank’s growth prospects in Latin America. As many as 30% of people in Brazil and 50% in Mexico do not even have bank accounts yet. The opportunity is very large.

Of course, the region isn’t without risk. There often seems to be a major economy experiencing difficulties there, with Argentina being the latest example. Such conditions can increase loan defaults.

Should I invest?

I currently have two bank stocks in my portfolio. These are HSBC and Bank of Georgia, which yield 7.4% and 5.5%, respectively. By comparison, Santander’s yield is just 4.1%, even after increasing the payout ratio.

That doesn’t catch my eye, especially when a FTSE 100 index fund offers a 3.6% yield without taking on stock-specific risk.

But what about that lovely Latin America growth opportunity? Well, one of my largest holdings is MercadoLibre, the e-commerce leader across the region. Its Mercado Pago fintech platform now has 52m monthly active users and in Q2 its assets under management grew 86% year on year to $6.6bn.

It has applied for a banking licence in Mexico and wants to become the region’s leading digital bank. This positions it as more of a rival to traditional lenders like Santander.

I’m currently happy to get exposure to the growth of financial services in Latin America through MercadoLibre.

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But that only tells half the story. In 2020, the pandemic sent the share price as low as 133p. Investors who bought at that point would have nearly tripled their money!

So what if I’d put five grand into shares of this global bank just one year ago? How much would I have made so far? Let’s take a look.

An outperformer

Here’s how the stock has done over multiple periods:

As we can see, the shares are up 19.3% over the last year. This means my hypothetical £5,000 would now be worth £5,965 on paper.

What’s more, I’d have collected a couple of cash dividends in this time too. These would have taken my total return above £6,000. Not bad at all.

What’s been going right at Santander?

Strong financial performance

Last year, the bank’s net profit rose 15% year on year to a record €11.1bn. And it met all of its annual targets, with revenue growing 13%, above the 10% target.

Its return on tangible equity (RoTE), a key measure of profitability, was 15.1%, up from 13.37% in 2022.

Meanwhile, the fully-loaded CET1 capital ratio, which measures financial resilience, was 12.3% versus a target of higher than 12%. This shows the company ended the year with a sufficient buffer of high-quality capital to absorb potential losses.

Its diverse global operations served it well. There was strong growth in Europe, which the bank said “more than offset the increase in provisions in North and South America.”

Finally, Santander has increased its payout ratio (the proportion of earnings distributed to shareholders) from 40% to 50%. This meant FY23’s payout was nearly 50% higher than the previous year.

For 2024, the bank is targeting mid-single-digit revenue growth and RoTE of 16%. A €1.5bn share buyback programme also started on 20 February.

Huge Latin America opportunity

While all this is positive, rate cuts are widely anticipated this year. So there’s a risk that the boost to earnings from higher interest rates may have peaked.

If so, I wouldn’t expect another 19% rise in the share price over the next 12 months.

Longer term, however, I’m bullish on Santander. It has an extensive branch network across Latin America, where demand for financial services is tipped to grow for decades.

Indeed, in 2021, around 122m people aged 15 and over in Latin America still lacked access to everyday banking services, according to World Bank figures. So this remains a significant long-term opportunity.

Would I buy Santander shares today?

My issue here is that the dividend yield is only around 3.9%. I could invest in a FTSE 100 tracker fund and aim to bag the same yield without taking on the individual stock-specific risks.

Moreover, HSBC is yielding 7.5% right now. Like Santander, it also has attractive long-term potential in emerging markets that are underbanked. So I’d rather keep buying HSBC shares today.

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