March 26, 2020 / 9:03 PM / 7 days ago

Spain's Caixabank slashes dividend to cope with coronavirus crisis

MADRID, March 26 (Reuters) - Spain’s Caixabank will slash its cash dividend for 2019, limit the payout for 2020 and reduce its solvency ratio target to deal with the economic impact of the global coronavirus outbreak, the lender said on Thursday.

Shareholders can now expect a dividend of 0.07 euros ($0.08) per share on 2019 earnings, compared with 0.15 euros previously planned, it said in a bourse filing.

It will limit its cash payout to 30% of reported earnings for 2020, having previously aimed to pay more than 50% of its income, and reduce its CET1 solvency ratio target to 11.5% from 12% previously. ($1 = 0.9063 euros) (Reporting by Isla Binnie; Editing by Sandra Maler)

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