Commerzbank completes share buyback program | EUROtoday

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DCommerzbank has accomplished its share buyback program. Germany's second-largest industrial financial institution purchased again a complete of 55,554,320 personal shares between January tenth and March fifth, which corresponds to 4.48 p.c of the share capital. At a mean value of 10.80 euros per share, this corresponds to a quantity of greater than 600 million euros. The repurchased shares needs to be withdrawn rapidly.

“The completion of the second share buyback program is an important step for Commerzbank,” mentioned CFO Bettina Orlopp. “The success encourages us in our plan to continue to rely on a combination of share buybacks and dividend payments when returning capital in the future.”

It is the second share buyback program for Commerzbank. In June 2023, it had already purchased again its personal shares value round 122 million euros, at the moment at a mean value of 10.05 euros.

Commerzbank additionally intends to pay a dividend of 35 cents per share for the 2023 monetary yr. Together with the most recent share buyback program, round 1 billion euros will move again to the shareholders. This corresponds to round 50 p.c of the consolidated revenue adjusted for coupon funds for bonds issued. For the 2024 monetary yr, 70 p.c of the end result ought to move again to the shareholders.

European banks are presently making an attempt to develop into extra engaging to traders with massive share buyback applications and better dividends. A share buyback program is presently underway at Deutsche Bank, via which shares value 675 million euros are to be purchased again by July twenty third on the newest.