Dividends

In applying the shareholder remuneration policy for 2021, the second payment of remuneration against 2021 results was approved, which will be made in two parts:

  • A gross cash dividend of EUR 5.15 cents per share, which was paid in May 2022.
     
  • A second share buyback programme that will have a maximum amount of EUR 865 million, equivalent to 20% of the Group's underlying profit in the second half of 2021. The repurchase programme will have the following characteristics:

    - Expected duration from 15 March 2022 to 18 May 2022, however, the Bank reserves the right to terminate the buyback programme if, prior to its expiry date, the maximum monetary amount is reached or if any other circumstances so advise.

    - The average purchase price of shares will not exceed EUR 4.12, corresponding to the tangible book value per share at 31 December 2021.

    - The maximum number of shares that may be acquired will depend on the average price at which they are acquired, but will not exceed 10% of the Bank’s share capital.

As a result, total shareholder remuneration totalled around EUR 3.4 billion, equivalent to a share of approximately 40% of 2021 underlying attributable profit.

Further information on shareholder remuneration can be found in the following sections of this website:

Exercise
Date
Gross
Net
Class
Type
Exercise
Dividend Yield
Ex-dividend Date

1 This total amount has been estimated assuming that, after the execution of the share buy-back programme described below, the number of outstanding shares entitled to receive this dividend will be 16,804,353,202. Therefore, the total dividend will be higher if fewer shares than planned are acquired in the buy-back programme, and will be lower in the opposite scenario.