Santander's Executive Chair, Ana Botin, received 13.77 million euros ($14.32 million) in 2024, marking a 13% increase from her 2023 remuneration, the bank disclosed in its annual report on Friday. This increase followed the bank's reporting of net profit in 2024, making it the largest lender in the euro zone by market value.

The bank's board had previously proposed an increase in the total for 2024. Santander recently announced plans to elevate earnings and excess capital between 2025 and 2026, along with its standard cash dividend distribution.

Botin's compensation includes a cash component of 7.938 million euros, reflecting a 7.2% rise from the previous year. Additionally, the bank outlined 3.959 million euros in shares or financial instruments, 1.339 million euros in pension contributions or long-term savings, and 0.54 million euros in other items as part of her remuneration.

Santander’s stock has surged approximately 38% so far this year, surpassing the 23% increase in European banking stocks, driven by the Spanish bank's robust profits and share buybacks. (1$ = 0.9614 euros)