Stock Groups

Santander announces interim remuneration of 1.7 billion euros By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO A man strolls outside Santander Totta’s headquarters in Lisbon, Portugal on February 21st 2017. REUTERS/Rafael Marchante/File Photo

By Jesús Aguado

MADRID (Reuters) – Spain’s Santander (MC:) said on Tuesday its board had decided to make an interim distribution from 2021 earnings through a cash dividend and share buyback worth 1.7 billion euros ($2 billion, equivalent to 40% of its first-half underlying profit.

After the ECB announced in July that it would remove restrictions on bank dividend remuneration, share buybacks past September and make an interim distribution from 2021 earnings through a cash dividend and share purchaseback worth 1.7 billion euros ($2 billion), the board made the announcement to regain capital preservation measures implemented by lenders during the crisis.

An interim cash dividend equal to 20% of the group’s underlying profits in 2021 was approved by board members. The payment will take place starting on November 2.

It also agreed to execute a share repurchase program for 20% of its underlying profit for the first half 2021, amounting to approximately 841 millions euros. This was approved by the ECB.

The company stated that it will make an additional announcement describing the terms of its repurchase program before it begins.

($1 = 0.8537 euros)

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