2/28, 8:09 AM (Source: TeleTrader)
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Santander to boost shareholder payout to 50% of profits

Banco Santander S.A. announced during its investor day on Tuesday it plans to increase the proportion of profit distributed to shareholders from around 40% to around 50% between 2023 and 2025.

The lender noted it intends to do so through cash dividends, as well as share buybacks and added it got regulatory approval for a share repurchasing program totaling €921 million. Santander also announced other goals for the next three years, which include achieving a return on tangible equity of 15-17% and maintaining a fully-loaded CET1 above 12%.

"Today we set out our plans to enter a new phase of profitable growth, building a digital bank with branches, powered by the Santander network. We have the right team and solid foundations to deliver double-digit average annual growth in tangible net asset value plus dividend per share through the cycle," Santander's executive chair, Ana Botin (pictured), stated.

Baha Breaking News (BBN) / NP