The total amount returned to shareholders as 2024 interim remuneration will be around €3,050 million, with half paid in the form of a cash dividend of 10 euro cents per share (+23%), and half through the share repurchase programme launched last month.
The 2024 interim shareholder remuneration represents an equivalent annualised yield of nearly 9%1.
Madrid, 24 September 2024.
The board of directors of Banco Santander today announced its decision to pay an interim cash dividend against 2024 results of 10 euro cents per share, an increase of 23% compared to the same dividend last year.
The total amount returned to shareholders as 2024 interim remuneration will be around €3,050 million, around 50% of Santander’s first-half attributable profit. Approximately half will be paid in the form of a cash dividend of 10 euro cents per share from 1 November 2024, and the remaining half distributed through the share repurchase programme launched last month. The final distribution from 2024 earnings is expected to be decided and announced in the first quarter of 20252.
The 2024 interim shareholder remuneration represents an equivalent annualised yield of nearly 9%1. Since 2021 and after finalizing the current repurchase programme, Santander will have repurchased approximately 12.5% of its outstanding shares through share buybacks.
Santander continues to generate sustainable, profitable growth and the 23% increase in our interim cash dividend per share for 2024 reflects the strength of our model and strategy. We are committed to generating value for shareholders and delivering on our recently upgraded targets for 2024. This would result in over €6 billion returned to shareholders from 2024 earnings, with over 12% of outstanding shares bought back since 2021 after this year’s interim remuneration.
Santander achieved an attributable profit of €6,059 million in the first half of 2024, up 16% versus the same period last year. The group continued to increase profitability and shareholder value creation, with a return on tangible equity (RoTE) of 16.3% if the impact of the temporary banking levy in Spain was distributed evenly across the year, and tangible net asset value (TNAV) per share of €4.94 at the end of the first half. Including the cash dividend paid in November 2023 and the final dividend paid in May, total value creation (TNAV plus cash dividend per share) increased 12%.
1 Per Banco Santander's market capitalization on 24 September 2024.
2 The target payout will be approximately 50% of the group net attributable profit (excluding non-cash, non-capital ratios impact items), split approximately 50% in cash dividends and 50% in share buybacks. Implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.