MADRID, Feb 27 (Reuters) - Spain’s state-owned lender Bankia said on Tuesday it was planning to repatriate 2.5 billion euros ($3.1 billion) of excess capital to shareholders over the next three years as part of its new strategic plan.
Bankia, which was given a 22.4 billion bailout in 2012 after losses on property loans at the height of Spain’s financial crisis, said it aimed for a profit of 1.3 billion euros in 2020.
As part of its 2018-2020 strategic plan, Bankia is shifting away from mortgage lending and increasing volume growth by segments, such as consumer lending, property development and corporate activities, after the EU lifted some restrictions.
On Tuesday, Spain’s fourth largest bank said it would raise its dividend pay-out ratio to between 45-50 percent in 2018-2020 from a current 41.7 percent, leading to a dividend-per-share of 0.43 euros in 2020 versus 0.26 euros in 2017.
Spain’s bailout fund FROB holds around 61 percent of the bank. ($1 = 0.8116 euros) (Reporting By Jesús Aguado; Editing by Paul Day)