MADRID (Reuters) -Spanish bank Santander launched a 1.525 billion euro ($1.7 billion) share buyback programme on Tuesday as part of its shareholder remuneration target of about 50% underlying profit.
The group’s distribution policy is split in roughly equal parts between cash dividends and share buybacks.
In the first half of 2024 Santander booked a record net profit of 6.06 billion euros.
The decision on the interim dividend cash payout against 2024 results will be submitted for board approval on Sept. 24, the bank said.
Implementation of the remainder of the bank’s 2024 shareholder remuneration is subject to regulatory approvals.
Shares in Santander were up 1.7% at 4.40 euros by 0759 GMT, against a 0.25% gain for Spain’s blue-chip Ibex-35 index.
Santander, the euro zone’s second-biggest lender by market value, said that execution of the buyback started on Tuesday and could last until Jan. 3.
($1 = 0.9270 euros)
(Reporting by Jesús AguadoEditing by Inti Landauro and David Goodman)
