Spain’s BBVA raises 2024 profitability target to 14% By Reuters
© Reuters. FILE PHOTO: A woman scans through her phone outside a BBVA bank building in Madrid, Spain, November 15, 2021. REUTERS/Juan Medina/File Photo
MADRID (Reuters) -Spain’s BBVA (MC:) on Thursday raised its 2024 target for return on tangible equity (ROTE) to 14% from 11.7% thanks to an increase in commercial activity and customer base in its main markets.
The lender also unveiled in a presentation to the Spanish stock market supervisor a new annual dividend distribution policy of between 40% and 50% of consolidated ordinary profit, compared to the previous policy of distributing between 35% and 40%.
BBVA said the remuneration policy would be implemented with the possibility of combining cash distributions and share buy-backs.
At midday, BBVA shares were down 0.3% percent against a 0.06% fall on the European STOXX banking index.
The remotely-held investor day comes just a few days after BBVA offered to buy the rest of Turkish bank Garanti for up to 2.25 billion euros ($2.6 billion), taking advantage of a slide in the lira and increasing its grip in emerging markets.
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