BBVA ends its second share program just one month after its start-up after reaching 422 million -the maximum amount set-. The company based in la vela has acquired more than 64.64 million of its own shares, which represent 1.07% of the share capital, this plan was concluded in the Spanish continuous market and in the DXE Europe, in which the entity is He set a daily target of acquiring 2,500,000 and 500,000 shares, respectively.
This plan is part of the shareholder remuneration corresponding to the 2022 financial year. In total, the entity has allocated 3,015 million euros (47% of the attributable profit of last year) to remunerate investors, adding the cash dividend of 43 gross euro cents per share and this share repurchase. The bank has highlighted that this remuneration is “consistent” with the group’s shareholder remuneration policy, which contemplates distributing between 40% and 50% of the profit for the year annually, with the option of combining the payment in cash with the repurchase of Actions.
This is the second share reward that the entity has carried out in the last two years. Specifically, in August 2022, BBVA completed another 3,160 million euro import share reward program, one of the largest in Europe. In said repurchase, the bank acquired a total of more than 637.7 million shares, representing 9.6% of the entity’s capital at that date. The purpose is to reduce the share capital of BBVA by amortizing the shares acquired.
The entity executed part of this plan in the middle of the stock market turbulence unleashed last month, just when the details of Credit Suisse were known. As this medium has published, the bank has dedicated 250 million euros of a total of 422 million euros to this type of operation and has acquired 39 million securities between the last two weeks of March and the first days of April with an average price of 6.41 euros. This supposes a discount of 13% also against the maximum of March. The firm led by Carlos Torres expected that, at the latest, the program would end on March 12, 2024.
