Santander Unveils €1.5 Billion Buyback After Record Profit [BNN Bloomberg (Canada)]
INTESA SANPAOLO S/ADR (ISNPY)
NASDAQ:AMEX Investor Relations:
group.intesasanpaolo.com/scriptisir0/si09/investor_relations/eng_wp_investor_relations.jsp
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Source: BNN Bloomberg
Spain's largest lender has received regulatory approval for the buyback that will be launched on Feb. 20, it said in a regulatory filing Monday. The bank also plans to submit a proposal for a final cash dividend of €0.095 per share at its annual general meeting, it said. The decision increases Santander's payout ratio to 50% from 40%, meeting a pledge it gave at an investor day year ago. Santander achieved its highest profit ever last year as it reported €11.1 billion in net income, underlining how it has become one of the largest beneficiaries of the rate hikes carried out by the European Central Bank. The tailwind is set to fade as the ECB is expected to start cutting rates this year. Still, the bank has forecast that revenue and profitability will continue to rise this year, with Chairman Ana Botin counting on the bank's geographical diversification to compensate the expected top line hit from lower interest rates in some of its main markets. The move means Santander joins
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