Dividends

From 2017 to 2019, we paid out roughly €1.3 billion to shareholders (including buyback), due to the results for the period, while maintaining solid capital ratios.


The 2019-23 strategic plan provided for a substantial increase in shareholder remuneration, with up to a cumulative €2.5bn to be distributed in four years, split between dividends and new buybacks and treasury share cancellations. However, following the ECB recommendations asking banks not to pay dividends, for FY 2019-20 no dividend was paid. For FY 2020-21 a dividend distribution policy will be resumed with a 70% payout ratio, subject to removal of ECB restriction, currently in force until 30 September 2021.

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Our group distributes dividends once per year, usually in November (more details in financial timetable), following the approval by the shareholders’ meeting, normally held on 28 October of every year.

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020
CASH DPS 0.05 0 0.15 0.25 0.27 0.37 0.47 0.47 0.00
TOTAL DIVIDEND PAYD 42M 0 127M 213M 231M 320M 413M 410M 0M
STATED PAYOUT 52% 0% 27% 36% 38% 43% 48% 50% 0%
SHARE BUYBACK               163M 105M
GROUP NET PROFIT 81M (176M) 465M 590M 605M 750M 864M 823M 600M
CET1 11.5% 11.7% 11.1% 12.0% 12.1% 13.3% 14.2% 14.1% 16.1%
NO. SHARES (M) 861 861 861 867 871 881 887 887 887

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