CaixaBank cancels the meeting and lowers the dividend

CaixaBank cancels the meeting and lowers the dividend

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Gonzalo Gortazar, CEO of CaixaBank

The advice of CaixaBank yesterday approved the cancellation of the shareholders meeting scheduled for next week, the reduction of the dividend and the reduction of the solvency ratio forecast. The entity reported last night that in order to “accommodate the bank’s position to the new environment, and after considering new regulatory and supervisory aspects, the board has agreed to reduce the solvency ratio target to 11.5%”. The previous forecast was 12%.

Regarding the dividend, the entity’s board reported that “in an exercise of prudence and social responsibility” it had chosen to reduce it from the planned 0.15 euros per share to 0.07 euros. In addition, the entity has decided to modify the distribution forecast for a cash dividend greater than 50% of the reported net profit to one “not greater than 30%”.

A short-term impact by the coronavirus is expected, “but very severe”

In a statement, the CEO of CaixaBank, Gonzalo GortazarHe also indicated his intention to renounce the variable remuneration corresponding to the year 2020.

The entity recalled yesterday that its forecast is that “the expansion of Covid-19 and the measures adopted by the authorities to stop its spread will have an impact on the global economy that is expected to be short in time, but very severe. ”


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