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The country's three largest private banks distributed R38.8 billion to shareholders in the past year in the form of dividends, equity interest and share repurchases. This figure equates to 61.7% of adjusted net income Itaú Unibanco, Bradesco and Santander together reached 59.695 billion rubles in 2018.
This volume is driven by a new Itaú compensation record to its shareholders intervenes at a time when the government is discussing the possibility of taxing dividends in exchange for a reduction in the corporate tax rate. Itaú Unibanco announced Monday evening that it has paid an additional 16.4 billion rands in dividends and interest on (JCP) refer to 2018 against the expected R $ 6 billion. As a result, the volume distributed to shareholders was R22.9 billion, or 89.2% of net income last year. This is a new record for the bank itself, which the previous year had already returned 83% of its result to investors – the best brand of all time.
The volume paid by Itaú to the shareholders consists of two elements. The largest share, 22 billion rand, came from dividends and JCP, which implies a payment of 87.2% (against 70.6% the previous year). The repurchase of shares, which was another way of remunerating investors, represented another $ 510 million.
The level of money loses far for most electricians and some dealers. However, the figures confirm Itaú's status as the main payer of dividends among the country's leading banks. Bradesco distributed to shareholders 7.29 billion rand linked to 2018 figures, which equates to a payment of 34.2%. The volume increased by 1.32% compared to the previous year, although the recurring profit of the bank grew by 13.4%.
Santander paid A $ 6.6 billion in dividends and interest on equity for the year. Itaú's super-dividends are the result of a policy adopted by the bank to solve a good problem: surplus capital. In order to avoid an even bigger "remainder", the institution announced in September 2017 that the ceiling had been lowered, limiting dividends to 45% of net income.
At the time, Itaú had defined that it required distribution to maintain 13.5% of the capital level 1, level deemed ideal by the bank. With weak credit in recent years and limited by regulators to make acquisitions, Itaú has opted for this path.
At the end of 2018, with 15.9% of tier 1 capital, Itaú returned to the charge and increased. plus the level of dividends paid to shareholders.
The policy is different from that practiced by its main competitors. Bradesco's director of market relations, Carlos Firetti, said last week that 13.5% of the capital in category 1 was the optimal level, but not necessarily a ceiling. "We can accumulate more," said the executive at a conference call with badysts.
BTG Pactual badysts said in a report that the bank's fourth quarter results were causing mixed feelings. Two weeks ago, the Minister of the Economy, Paulo Guedes, confirmed that the government was studying the possibility of reducing from 34% to about 15% of GDP,% the income tax rate and the contribution social enterprise. To compensate for the loss of income, dividends and interest on capital would be taxed.
Santander's president, Sergio Rial, told reporters last week that a possible tax on dividends, as in other countries, is "healthier" than high structural taxation. However, he also defended a revision of the indirect taxes that are now incumbent on companies for an effective improvement of competitiveness.
Yesterday, President of Itaú, Candido Bracher, said that a possible reduction in the tax burden could increase the bank's interest in expanding its operations abroad. Indeed, the institution consolidates its results in Brazil, where the tax burden is about 40%, and does not benefit from the lower rates applied in other countries. For example, he cited the company of Itaú in Chile, where a 27.5% tax is paid.
According to Firetti, director of market relations at Bradesco, the bank expects that the changes discussed by the government do not involve an increase in the current tax burden. . (Collaboration of Sérgio Tauhata)
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