Dividends
Our dividend distribution policy aims to achieve a balance between the remuneration of shareholders, which will increase significantly over the term of the 2019-2023 strategic plan, and the maintenance of a high level of capitalisation.
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 |