Santander to Return $2 Billion to Shareholders With Dividend, Buyback
September 28 2021 - 01:28PM
Dow Jones News
By Joshua Kirby
Banco Santander SA said Tuesday that it will return some 1.7
billion euros ($1.99 billion) to shareholders from earnings this
year, through dividend payments and a share buyback, in light of
the lifting of European Union recommendations on limits to
shareholder remuneration.
The Spanish bank will pay a dividend of 4.85 European cents a
share, and will also buy back shares amounting to EUR841 million.
The total figure of around EUR1.7 billion amounts to 40% of
underlying profit for the first half of the year, the bank said,
adding that a further and final remuneration from 2021 earnings
will be set out in the first quarter next year.
The decision has been taken in light of the lifting of European
Central Bank recommendations limiting shareholder remuneration
until Sept. 30, Santander said.
The cash returns reflect Santander's confidence that investing
in its shares at current valuation offers an "attractive
opportunity" to generate value for shareholders, Executive Chairman
Ana Botin said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
September 28, 2021 13:13 ET (17:13 GMT)
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