Banca March | BBVA yesterday partially clarified its dividend policy for 2021 which it will present at its General Shareholders’ Meeting. The bank announced it will consider distributing a cash dividend of up to 35% of the group’s profit for the first half of the year, without taking into account extraordinary items. This dividend would be paid in October and would be conditional on the ECB lifting the 15% restriction on the sector until October. We should remember that in its traditional letter to shareholders, BBVA promised to recover the pre-Covid dividend, with a pay out – the percentage of profit allocated to the dividend payment – of between 35% and 40%, with two full cash payments. As regards the dividend payable in 2020, the group’s shareholders will also have to give the green light to the payment of 5.9 euro cents, payable on April 29 and representing a pay-out of 15%, the maximum allowed by the ECB, and a dividend yield of 1.3%. In addition, 3 billion euros for a 10% share buyback after closing the sale of the US subsidiary this year. Prior to this, the bank will redeem some 667 million shares, approximately 10% of its capital, and then proceed with the repurchase.