2023-07-25 21:02:56
Deutsche Bank wants to keep promises
Deutsche Bank boss Christian Sewing (left) together with Handelsblatt editor-in-chief Sebastian Matthes at the bank summit: There is more money for the shareholders of the bank.
(Photo: Marc-Steffen Unger for Handelsblatt)
Frankfurt Deutsche Bank intends to buy back its own shares worth EUR 450 million starting in August. “We are very pleased that, with the approval of our supervisory authority, we can continue on our path of returning capital to our shareholders,” said CEO Christian Sewing, according to a statement sent by the institute on Tuesday evening.
In February, the bank had vaguely promised investors share buybacks, but did not provide any details on the timing or volume.
“We stand by the buyback program, but we want to wait and see how the economy develops in the coming months,” said CEO Sewing.
The planned scope of the buyback program is 50 percent above the previous year’s level of EUR 300 million.
Deutsche Bank
The money house wants to distribute a total of eight billion euros to shareholders by 2025.
(Photo: Thomas Berger)
Deutsche Bank announced last year that it would distribute eight billion euros to its shareholders in the form of dividends and share buybacks by 2025.
>>Read an overview here, which dividend policy other German companies operate.
Last year, the institute paid around 400 million euros in dividends and took shares worth 300 million euros off the market. This year, including the dividend paid in May, the bank will have more than one billion euros.
The institute had also announced that it would increase its dividend by 50 percent every financial year and distribute half of its profits from 2025. On Tuesday, the bank confirmed its existing plans.
More: Deutsche Bank wants to distribute eight billion euros to shareholders by 2025
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