Tuesday, October 26, 2021

Santander to pay shareholder remuneration of 1.7 billion euros

MADRID — Spain’s Santander said on Tuesday that its board has decided to make interim distributions from 2021 earnings through a cash dividend and share buybacks of 1.7 billion euros ($2 billion), which will be part of its first-half underlying profit. is equal to 40 percent.

This comes after the ECB said in July that it would lift restrictions on bank dividend remuneration and share buybacks beyond September, rolling back a crisis measure that forced lenders to retain capital during the pandemic.

The board approved the payment of an interim cash dividend against 2021 results of 4.85 euro cents per share, equivalent to 20 per cent of the group’s underlying profits in the first half of 2021.

In addition, it agreed to implement a share repurchase program for approximately 20 percent of the group’s underlying profits in the first half of 2021 for about 841 million euros, for which it received approval from the ECB.

The bank also said that it will announce forward and final distributions of 2021 earnings in the first quarter of 2022.

Read Also:  Granada's late goal denies Osasuna's lead in Spain

“Should the trend continue in the bank’s performance for the first half of the year, this will result in a total cash dividend for 2021 that is in line with the cash dividend paid in 2019, and the total buybacks equal to approximately 3 per cent outstanding. share capital.

Taking into account the current share price, the total buyback would be around €1.6 billion, according to Reuters calculations based on data from Refinitiv.

The bank said that the interim disbursement will be done around November and the final disbursement around May.

The bank had already indicated that it intends to restore the dividend to 50 per cent to 40 per cent of the underlying profit.

Santander said its revised dividend policy reflects its commitment to long-term value and deploying capital to high-profit businesses, while fully loaded CET-1 capital, the strictest measure of solvency, maintains at the top end of his 11-12 percent target.

by jesus aguado



This News Originally From – The Epoch Times

Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -