ANNUAL GENERAL MEETING 2023
2022 was another challenging year, during which, your support and trust in Santander helped us to deliver excellent results.
Our customer focus, scale, and diversification enabled us to grow profitably and sustainably, increasing earnings per share and cash dividend per share by 23% and 18% respectively1.
We did this while acting responsibly, focusing on providing the best service to our customers while generating a greater return for our shareholders and for society.
At our Investor Day on 28 February, we announced plans to build on our success, and begin a new phase of growth.
We will increase the shareholder payout policy (the proportion of profit distributed to shareholders) from c.40% to c.50%2 in 2023-2025 through both cash dividends and share buybacks.
Our aim is to achieve double-digit growth in Tangible Net Asset Value (TNAV) per share plus dividend per share through-the-cycle, a key measure of value creation.
on second call.
10:00 am (CEST).
Santander Group City,
Boadilla del Monte, Madrid.
At the general meeting, matters such as the anual financial statements, corporate management, and the accounts to apply the shareholder remuneration policy will be discussed and submitted for shareholder approval.
Our shareholders’ participation in the general meeting is very important to Santander. You can do so in the following ways:
In real time through the corporate website, which will connect directly to the event.
1. Our 2022 shareholder remuneration policy consists in distributing approximately 40% of the Grupo Santander attributable underlying profit split in approximately equal parts in cash dividend and share buybacks. The dividend against 2022 results has been submitted to the 2023 AGM for approval. In the last two years, we have repurchased 5% of our outstanding shares (includes share buybacks completed in November 2021, May 2022 and January 2023).
2. Target payout will be c.50% of Group reported profit (excluding non-cash, non-capital ratio impact items), distributed in approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.