Santander to pay dividend of 8.10 cents, 39% more

Banco Santander’s board of directors agreed to make a payment dividend In cash, taking into account the results of 2023 8.10 cents euros per share, i.e. 39% increase compared to last year’s shareholder recount. In addition, the organisation’s governing body has also agreed to launch a share buyback program worth approximately €1,310 million, subject to regulatory approval.

As a result of everything ‘payment (proportion of profit distributed to shareholders) Increases from 40% to 50% The proportion of profits attributed in accordance with the new dividend policy announced at ‘Investor Day’ last February. This measure follows record results of 5 billion 241 million euros, representing a 7% increase achieved in the first half of the year.

Particularly strong revenue growth in Europe offset annual increases in provisions in North and South America. By June, Santander Spain had overtaken Brazil as the biggest contributor to profits, thanks to a rise in interest rates.

According to the 2023 results, the fee to be paid will be approximately 2 billion 620 million euros. cash dividend Payable on November 2, 2023.

Extra pay

The board of directors will agree on additional remuneration based on 2023 results in the first quarter of 2024, subject to relevant internal and regulatory decisions. Pricing based on 2023 results Equivalent to an annual dividend yield of over 9%. Santander has repurchased more than 7% of its outstanding shares through share repurchases since 2021.

Ana BotínThe president of Banco Santander emphasized that “the bank’s results are very good” and that they are on track to achieve their 2023 targets. The latest decision to align the operating model of retail, commercial and individual banking areas with our strategy. We are working to better serve our customers, grow profitably and increase efficiency.

The bank underlines that the total tangible book value (TNAV) per share plus dividends per share has increased by 11% in the last 12 months. The target payout will be approximately 50% of the group’s attributable net profit (excluding non-cash impacts or direct impact on capital ratios), with approximately 50% to be distributed as cash dividends and 50% in share buybacks. Implementation of the shareholder compensation policy is subject to future internal decisions and regulatory approvals.

In response, he was appointed Glenn Hutchins will serve as vice president and coordinator upon the recommendation of the board’s appointments committee. The appointment will be effective on October 1, 2023. Non-executive director José Antonio Álvarez is also vice chairman of Banco Santander.

Hutchins, who joined the Santander board as an external (independent) director in 2022, will replace Bruce Carnegie-Brown, who will retire from the board in 2024 after more than 9 years. Hutchins will replace Carnegie-Brown as chairman of the board’s compensation committee effective October 1, 2023, and Carnegie-Brown will remain a member of the board until the 2024 shareholders’ meeting to ensure an orderly transition. Carnegie-Brown will also continue to chair the nominating committee until the shareholder meeting and is leaving the executive committee and innovation and technology committee.

Source: Informacion


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