Banco Santander will pay a cash dividend on account of 2023 earnings of 8.10 euro cents per share, an increase of 39% compared to the same dividend last year, it was announced late on Tuesday. It will also launch a share buyback programme for an approximate amount of €1,310 million, subject to regulatory approval. Since 2021, Santander has repurchased more than 7% of its shares in circulation through share buybacks.
As a result, according to a note from the bank chaired by Ana Botín, the Santander’s payout increased from 40% to 50% of attributable profit, in line with the new shareholder remuneration policy announced at Investor Day in February.
The interim remuneration for the 2023 results will be approximately €2,620 million. The cash dividend will be paid on 2 November 2023. The interim remuneration for the 2023 results is equivalent to an annualised dividend yield of more than 9%.
The board of directors of Banco Santander has also announced the appointment of Glenn Hutchins as deputy chairman and lead director following the recommendation of the board’s nomination committee.