MADRID, Reuters – Spain’s BBVA increased its 2024 goal for the return on tangible equity in 2024 to 14% (from 11.7%) thanks to an increase of commercial activity in Spain and its customer base in its major markets.

In a presentation made to Spanish stock market regulators, the lender revealed a new policy for annual dividend distribution. This is a change from the old policy which distributed between 35% to 40%.

BBVA announced that they would implement a remuneration strategy with the possibility to combine cash distributions as well as share buy-backs.

BBVA shares fell 0.3% versus a 0.06% drop on the European STOXX bank index at midday.

The remote-held investor day occurs just a few short days after BBVA offered the purchase of the remaining Turkish bank Garanti at a price of up to 2.25 million euros ($2.6 billion). This was in response to a fall in the lira, and to strengthen its position in emerging markets.