Bankia SA shareholders have agreed to raise the bank's dividend by 5% to €357 million, or 11.576 euro cents per share, the bank said in a statement on March 22.

The Spanish government, which owns 61% of the bank, will receive €219 million, it said.

It also said the payout ratio is 50% in line with the dividend target in Bankia's 2018 to 2020 strategic plan.