MADRID, Aug 27 Reuters Spanish bank Santander launched a 1.525 billion euro 1.7 billion share buyback programme on Tuesday as part of its shareholder remuneration target of about 50 underlying profit.

The group39;s distribution policy is split in roughly equal parts between cash dividends and share buybacks.

In the first half of 2024 Santander booked a record net profit of 6.06 billion euros.

The decision on the interim dividend cash payout against 2024 results will be submitted for board approval on Sept. 24, the bank said.

Implementation of the remainder of the bank39;s 2024 shareholder remuneration is subject to regulatory approvals.

Shares in Santander were up 1.7 at 4.40 euros by 0759 GMT, against a 0.25 gain for Spain39;s bluechip Ibex35 index.

Santander, the euro zone39;s secondbiggest lender by market value, said that execution of the buyback started on Tuesday and could last until Jan. 3.

1 0.9270 euros

Reporting by Jesús Aguado Editing by Inti Landauro and David Goodman

Source Reuters