Spanish firm Bankia has planned to distribute more than €2.5bn to its shareholders in the next three years, more than double €1.16bn disbursed in the last four years.

The decision was set out in the bank’s Strategic Plan 2018-2020 in an attempt to boost the ordinary cash dividend pay-out to 45%-50% of its profits and to return capital above 12% CET1 Fully Loaded.

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Bankia also aims to register a profit of more than €1.3bn by 2020, nearly 62% higher than in 2017.

Bankia chairman José Ignacio Goirigolzarri said: “We are beginning this new plan with great expectations because the solid balance sheet and commercial drive that mark our starting point are now being strengthened by the end of European Union restrictions and by the momentum from our merger with BMN.

“This project we are now beginning is much different from the one we embarked on five years ago, but both share two common starting points: we will continue making great efforts to achieve sound corporate governance and keep managing the Bank with our principles and values clearly in view.”

In a step to increase its revenues, the bank has planned to increase its retail customer base by 5% and business customers by 20%.

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The plan also aims to strengthen the bank’s market share in mortgage origination, business lending, consumer loans, investment funds and in payment services.

At the same time, the Bankia also stated to continue with its cost control policy of recent years and reduce its expenditure by an additional 2.5%.

It will help to raise the synergies projected from the merger with BMN from €155m to €190m.