In the last decade (June 2016-24) we have distributed approx. €5bn to shareholders (including share buybacks) while at the same time maintaining solid capital ratios. In May 2023, with the 2023-26 Strategic Plan "One Brand-One Culture", the Group approved a distribution policy that entails a cash dividend payout ratio of 70% of the profits earned (providing for total dividends of €2.7bn over 3Y). Payment of dividends has been coupled with share buybacks worth an aggregate €1bn with the quantity to be decided on a year-by-year basis. The distribution policy is subject to annual authorization by the ECB and shareholders in general meeting, and is conditional upon a CET1 FL ratio being maintained of above 13.5%.

In February 2025 the distribution for FY 2025-26 was increased, taking the payout for the financial year to 100%, exclusively in cash. The increase took the cumulative dividend distributed over the period covered by the Strategic Plan from €3.7bn to approx.€4bn.
 
In May 2024 an interim dividend was introduced, with the balance payable in November.

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

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
CASH DPS 0,15 0,25 0,27 0,37 0,47 0,47 0 0,66 0,75 0,85 1,07
ANNUAL CASH DPS 127 213 231 320 413 410 0 569 629 719 885
STATED PAYOUT 27 36 38 43 48 50 0 70 70 70 70
SHARE BUYBACK 0 0 0 0 0 163 105 0 241 0 198
GROUP NET PROFIT 465 590 605 750 864 823 600 808 907 1027 1,273
CET1(%) 11,1 12 12,1 13,3 14,2 14,1 16,1 16,3 15,7 15,9 15,2
NO. SHARES (M) 861 867 871 881 887 887 887 887 865 849 833
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
CASH DPS 0,15 0,25 0,27 0,37 0,47 0,47 0 0,66 0,75 0,85 1,07
ANNUAL CASH DPS 127 213 231 320 413 410 0 569 629 719 885
STATED PAYOUT 27 36 38 43 48 50 0 70 70 70 70
SHARE BUYBACK 0 0 0 0 0 163 105 0 241 0 198
GROUP NET PROFIT 465 590 605 750 864 823 600 808 907 1027 1,273
CET1(%) 11,1 12 12,1 13,3 14,2 14,1 16,1 16,3 15,7 15,9 15,2
NO. SHARES (M) 861 867 871 881 887 887 887 887 865 849 833