Santander: share buybacks send stock up

(CercleFinance.com) - Santander shares climbed over 2% on the Madrid Stock Exchange on Tuesday, following the announcement of a E1,525m share buyback program.


The Spanish banking group states that the share buybacks, which are intended to reduce its capital, will take place from today and are likely to continue until January 2025.

In a financial notice, Santander states that this program - carried out in accordance with a resolution adopted by its Annual General Meeting on 31 March - corresponds to the distribution of around 25% of its H1 net profit.

The Madrid-based company - which says that it intends to remunerate its shareholders by paying out 50% of its net profit - says that the dividend payment will be determined in September, with the remainder of its distribution policy to be established thereafter.

At noon, Santander shares were up around 2.5%, posting the biggest rise in the pan-European Euro STOXX 50 index.


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