Santander Totta to pay dividend of €480 million to parent company
"The bank will resume dividends. The bank remunerates the work and deposits, so it also has to remunerate the investment in capital," said the financial director, Manuel Preto this Wednesday.
Santander Totta will pay €480 million in dividends relating to 2019 results, the bank announced on Wednesday. And it opens the door to give more money to the Spanish parent company throughout this year.
“The bank will resume dividends. The bank remunerates the work and deposits, so it also has to remunerate the investment in capital,” advanced the financial director, Manuel Preto, at the results presentation conference.
“We did not pay dividends in 2020 or in 2021, relating to the financial years of 2019 and 2020, as a result of the European Central Bank (ECB) recommendation. This caused the Tier 1 ratio to rise above 25%, which it makes no sense to maintain. Our first proposal for the general meeting on February 28 concerns the 2019 result, which was around €480 million. That is the dividend,” the official added.
During the press conference, Manuel Preto also stressed that the bank will assess whether there is “capacity and interest to distribute more dividends” throughout the year.
The bank posted a net profit of €296 million in 2020 and €298 million in 2021.
