Santander lifts profitability objective to 15-17%, pay out-out to 50% in 3-12 months approach

MADRID, Feb 28 (Reuters) – Spain’s Santander mentioned on Tuesday it intends to elevate its return on tangible equity ratio (ROTE) for the time period 2023-2025 to amongst 15%-17% from a present-day 13.37% on the again of larger revenues and interest prices in some of its main marketplaces in Europe, these types of as Spain, and in South The us.

The financial institution also unveiled in a presentation to the Spanish supervisor a new dividend pay out-out coverage for the period of time of 50% of consolidated everyday profit, compared to the previous plan of 40%.

Santander proposed a final dollars dividend of .0595 euros for each share. As a end result, the full funds dividend for each share for 2022 will increase to .1178 euros, a rise of 18% as opposed to 2021. It also declared an added share buy-back programme of 921 million euros ($974.79 million) right after getting regulatory authorization.

The bank’s shareholder remuneration versus 2022 outcomes would increase to 3.84 billion euros, break up in equivalent sections in funds dividend and share buy-backs.