* Spanish bank maintains 2009 profit, payout goal
* Sees no need for acquisitions to boost earnings
* Says 'very positive impressions' on Q2 earnings (Adds more comment, U.S. plans, detail, background, analyst)
By Paul Day and Jesus Aguado
SANTANDER, Spain, June 19 (Reuters) - Spain's Banco Santander, the euro zone's largest bank, said on Friday it was emerging from the global economic crisis in a stronger position and could boost earnings without making acquisitions.
"Santander is coming out of this crisis clearly strengthened. Our balance sheet, our business model and our prudent risk policy have clearly helped us around the worst difficulties," Chairman Emilio Botin said.
"We have been able to continue building a diversified business base which provides ample opportunities for future growth. We have absolutely no need for new acquisitions to increase our results."
Botin ruled out fresh acquisitions in the United States.
He told the bank's annual meeting in the northern city of Santander he believed the worst of the crisis had passed and said the board was looking to the bank's second quarter earnings with optimism.
"The board (has) very positive impressions of our earnings performance in the second quarter," Botin said.
PROFIT GOAL MAINTAINED
Santander kept its core earnings goal for 2009 and said it still aimed to pay out 4.812 billion euros -- or just over half the target figure -- to shareholders.
But meeting its goals would be even harder in 2009 than it was in 2008, Botin said.
On Wednesday, Bank of America-Merrill Lynch raised its recommendation on Santander shares to "buy" from "neutral."
The bank's integration expertise, exposure to structural growth in Latin America, particularly Brazil and its generic provisions supports its superior earnings momentum, the U.S. investment bank said.
"The integration of (Brazil's) Banco Real is exceeding our expectations. The Brazilian economy is coping better than other countries with the economic crisis," Botin said.
On the debate surrounding possible government intervention in troubled Spanish banks, Botin said he believed the need for state action has been minimal in Spain compared to other parts of Europe.
Any intervention should be conducted on a case-by-case basis and the Bank of Spain should be responsible for restructuring plans at the troubled institution.
"The Bank of Spain should have, throughout this process, the ability to act without political interference," Botin said.
The Spanish government plans to propose a fund worth up to 99 billion euros to be used as a last resort by bank in difficulty, and to grant the Bank of Spain full control over banks making use of the fund.
Banco Santander has avoided any capital problems during the global crisis, placing it among the three top global banks in terms of profit, Botin said.
Shareholders approved a capital hike worth 1 billion euros at the general meeting to fund a plan to give shareholders the option of receiving part or all of the bank's second dividend payment in newly issued shares instead of cash.
($1=.7183 Euro)
(Reporting by Paul Day and Jesus Aguado; Editing by Rupert Winchester, John Stonestreet)