Outstanding progress in share buybacks
On August 2, CaixaBank announced that it has already implemented almost 2% of its share buyback plan, a project that began on July 31 and has a budget of 500 million euros.
Details of recent acquisitions
Between July 31 and August 1, the bank acquired 1.86 million shares at an average cost of 5.3 euros each, totaling an approximate investment of 9.8 million euros.
Context and perspective of the buyback program
Announced on July 11, the buyback program was set to begin after the entity’s earnings report, reflecting a strategy to increase shareholder value.
Program conditions
CaixaBank specifies that the number of shares to be acquired will be determined by the average market price at the time of the purchases, with a limit of 10% of the total share capital, including own shares.
Goldman Sachs in charge of management
The management of the program has been entrusted to Goldman Sachs, who will decide autonomously when to make the purchases, always respecting the regulations in force.
Restrictions on purchases
The bank has established that at no time can more than 25% of the average daily volume of available shares be acquired on each trading day, considering the last 20 days of transactions.
Negotiation spaces
The shares will be bought through the Spanish Stock Exchange System and other marketplaces such as DXE Europe, Turquoise Europe and Aquis Exchange, guaranteeing a diversified reach.
Relevance of financial results
This buyback announcement comes shortly after the bank revealed an attributable net profit of 2,675 million euros for the first half of 2024, a remarkable increase of 25.2% compared to 2,137 million the previous year, thanks to a positive dynamics in credit and customer resources.
Reflections on the future
With this focus on share buybacks and positive results, CaixaBank is strategically positioned for continuous growth, reaffirming its commitment to shareholders and its solidity in the market.