Banco Santander buyback programme and payout
The bank’s remuneration policy, in force since ourInvestor Day,stipulates a payout of around 50% of our underlying profit, split almost evenly between a cash dividend and share buybacks.
In August 2024, we announced a new share buyback programme worth EUR 1.525 billion (some 25% of the Group’s underlying profit for the first half of the year). The programme, which will run until 3 January 2025 at the latest, is part of the first tranche of annual remuneration for our 3.5 million-plus shareholders.
On 24 September, the board of directors will vote on the amount of the interim cash dividend charged against the 2024 results.
Total shareholder remuneration against the 2023 results will reach EUR 5.552 billion (some 50% of the Group’s underlying profit for 2023), split almost equally between a cash dividend and share buyback. That’s the bank’s highest payout since 2014.
