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Dividends

 

Dividend policy

 

The Strategy Day 2021 and 4Q21 results presentations set out our ambition, for the remainder of the plan "UniCredit Unlocked", to have a shareholder distribution of at least €16bn total for the period 2021-2024 with yearly distributions being consistent with the organic capital generation1 of each relevant year while maintaining or exceeding a robust CET1 ratio target of 12.5-13%.

 

The distribution will be through a mix of cash dividend and share buyback (subject to supervisory and shareholder approval). We will target cash dividends at about 30% of underlying profit2 in 2021 and a 35% payout ratio from 2022 onwards relative to our new definition of net profit3.

 

As these distributions are predicated on returning our net annual capital generation to shareholders we consider them ordinary while obviously dependent on our execution. They do not rely on returning excess capital to shareholders. This is something we could consider to do when appropriate subject to supervisory and shareholder approval.

 

1. Organic capital generation means CET1r evolution deriving from (i) stated (or accounting) net profit excluding DTA from tax loss carry forward contribution and (ii) RWA dynamic net of regulatory headwind.

2. Underlying net profit means stated (or accounting) net profit adjusted for non-operating items.

3. Net profit means stated (or accounting) net profit (for 2021 underlying net profit as defined above) adjusted for AT1, CASHES coupon & impacts from DTAs from tax loss carry forward sustinability test (only for the Group).

 

Dividend per share

Dividend Announcement Payment date Value per share
20211 28 January 2022 21 April 2022 0.54€

1. The ordinary shareholders' distribution includes, in addition to the cash dividend component, 2,580m of share buyback already approved at Shareholders' meeting on 08 April 2022 (execution is subject and will follow regulatory approval).

 

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