Spain's Bankinter says will fight rules capping cash dividend
MADRID Oct 24 (Reuters) - Spanish lender Bankinter on Thursday said it did not think it needed to restrict cash dividend payments and would fight any imposition by the Bank of Spain to do so.
"There is a recommendation from the Bank of Spain not to pay more than a 25 percent cash dividend in 2013. We do not agree with these recommendations. We think it is not necessary in our case because we have enough capitalisation with an 11.7 percent Basel 2.5 capital ratio," said Bankinter chief financial officer Gloria Ortiz in a presentation to analysts.
"We don't think we need to restrict dividend payments, so obviously, again, if the Bank of Spain tells us to restrict dividends we will stick to the decision but we will try to give arguments against this recommendation," she said.
Bankinter, which saw its profit for the first nine months of the year more than double to 156 million euros ($215 million), had a payout of more than 45 percent last year, paid fully in cash, a spokesman for the bank said. (Reporting by Julien Toyer and Jesus Aguado; Editing by Sarah White)