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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 impacts and PD scenario.
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 impacts from DTAs from tax loss carry forward sustinability test (only for the Group).
Dividend per share
| Dividend | Announcement | Payment date | Value per share | |
|---|---|---|---|---|
| 20221 | 31 January 2023 | 26 April 2023 | 0.99€ |
1. The ordinary shareholders' distribution includes, in addition to the cash dividend component, 3,343m of share buyback already approved from regulators on 28 March 2023 and at Shareholders' meeting on 31 March 2023 (execution started on 03 April 2023 and expected to be completed by the end of 2023).
Archive
| Year | N° of shares eligible for dividend payment | Gross Dividend per ordinary share | Gross Dividend per savings share | EPS(1) |
|---|---|---|---|---|
| 2021 | The Shareholders' Meeting resolved to distribute to shareholders Euro 0.54 gross dividend per ordinary share, which has been paid out on April 21, 2022, the ex-dividend date being on April 19, 2022 (detachment coupon n° 6), through the Intermediaries being part of part of the Monte Titoli centralized management system. The ordinary capital distribution includes, in addition to the cash dividend component, 2.6bn of share buyback (execution completed in the period from 10 May 2022 to 30 November 2022). | |||
| 2,174,728,971 (2) | 0.54€ | - | 1.58€ | |
| 2020 | The Shareholders' Meeting resolved to distribute to shareholders Euro 0.12 gross dividend per ordinary share, which has been paid out on April 21, 2021, the ex-dividend date being on April 19, 2021 (detachment coupon n° 5), through the Intermediaries being part of part of the Monte Titoli centralized management system. The ordinary capital distribution includes, in addition to the cash dividend component, 179m of share buyback (execution completed in the period from 11 May 2021 to 23 June 2021). | |||
| 2,233,870,008 (3) | 0.12€ | - | 0.51€ | |
| 2018 | The Shareholders' Meeting resolved to distribute to shareholders Euro 0.27 gross dividend per ordinary share, which has been paid out on April 25, 2019, the ex-dividend date being on April 23, 2019 (detachment coupon n° 4), through the Intermediaries being part of part of the Monte Titoli centralized management system. | |||
| 2,223,696,442 (4) |
0.27€ | - | 1.71€ | |
| 2017 | The Shareholders' Meeting resolved to distribute to shareholders Euro 0.32 gross dividend per ordinary share, which has been paid out on April 25, 2018, the ex-dividend date being on April 23, 2018 (detachment coupon n° 3), through the Intermediaries being part of part of the Monte Titoli centralized management system. | |||
| 2,220,496,265(5) | 0.32€ | - | 2.79€ | |
(1) EPS based on total number of dividend earning shares.
(2) Total shares concerned by the dividend payment are 2,174,728,971. No. 9,675,640 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
(3) Total shares concerned by the dividend payment are 2,233,870,008. No. 4,760 treasury shares and no. 9,675,640 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
(4) Total shares concerned by the dividend payment are 2,223,696,442. No. 4,760 treasury shares and no. 9,675,640 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
(5) Total shares concerned by the dividend payment are 2,220,496,265. No. 4,760 treasury shares and no. 9,675,640 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
| Year | N° of shares eligible for dividend payment | Gross Dividend per ordinary share | Gross Dividend per savings share | EPS(1) |
|---|---|---|---|---|
| 2015 | The Shareholders' Meeting approved the distribution to shareholders of Euro 0.12 gross dividend per share (savings and ordinary). The payment of the dividend has been implemented in the form of a scrip dividend, which allows the payment of the dividend either with shares or with cash at the choice of the shareholders. The ex-dividend date was April 18, 2016 while the payment date - both via shares or via cash - was May 3, 2016. | |||
| 5,884,848,142(5) | 0.12€ | 0.12€ | 0.27 | |
| 2014 | The Shareholders' Meeting approved the distribution to shareholders of Euro 0.12 gross dividend per share (savings and ordinary). The payment of the dividend has been implemented in the form of a scrip dividend, which allows the payment of the dividend either with shares or with cash at the choice of the shareholders. The ex-dividend date was May 18, 2015 while the payment date - both via shares or via cash - was June 5, 2015. | |||
| 5,785,288,390(4) | 0.12€ | 0.12€ | 0.34 | |
| 2013 | The Shareholders' Meeting approved the distribution to shareholders of Euro 0.10 gross dividend per share (savings and ordinary). The payment of the dividend has been implemented in the form of a scrip dividend, which allows the payment of the dividend either with shares or with cash at the choice of the shareholders. The ex-dividend date was May 19, 2014 while the payment date - both via shares or via cash - was June 6, 2014. | |||
| 5,703,327,951(3) | 0.10€ | 0.10€ | nm | |
| 2012 | The Shareholders' Meeting resolved to distribute to shareholders Euro 0.09 gross dividend per ordinary share and per savings share, which will be paid out on May 23, 2013, the ex-dividend date being on May 20, 2013 (detachment coupon n° 2), through the Intermediaries being part of part of the Monte Titoli centralized management system. | |||
| 5,692,405,713 (2) |
0.09€ |
0.09€ |
0.15€ | |
| 2011 | The Annual General Meeting, held on May 11th 2012, approved the Board of Directors' proposal - concerning the adopted measures on capital position strengthening previously disclosed to the market - not to distribute in 2012 any dividend on 2011 Results neither for ordinary nor for savings shares. | |||
| - |
- | - | - | |
| 2010 | UniCredit's shareholders passed a resolution approving the distribution of a dividend per share of € 0.03 per ordinary share and of € 0.045 per savings share which will be available for payment on May 26 2011, with the share going ex-dividend (detachment coupon n° 32) on May 23 2011. | |||
| 18,330,450,632 | 0.03 € | 0.045 € | 0.06 € | |
| 2009 | UniCredit's shareholders passed a resolution approving distribution of a unitary dividend of € 0.03 per ordinary share and of € 0.045 per savings share. The dividend, as approved by the Shareholders' Meeting, will be available for payment on May 27th 2010, with the share going ex-dividend on May 24th 2010. | |||
| 18,329,541,862 | 0.03 € | 0.045 € | 0.10 € | |
| 2008 | The Extraordinary Shareholders' Meeting approved the assignment of profits to the Shareholders, which will be realized by assigning to shareholders newly issued UniCredit shares ("scrip dividend") deriving from a free capital increase for a total nominal amount of Euro 1,218,815,136.50. In particular an allocation of 29 new ordinary shares for every 159 already owned ordinary shares and 7 new saving shares for every 60 already owned saving shares is envisaged. Please note that the goal of release of dividend per share to the Shareholders can take place in cash or in alternative ways. |
|||
| 21,706,552 (saving shares) | - | 0.025 € | - | |
| 2007 | 13,365,253,495 | 0.260 € | 0.275 € | 0.54 € |
| 2006 | 10,357,930,193 | 0.240 € | 0.255 € | 0.53 € |
| 2005 | 10,390,554,706 | 0.22 € | 0.235 € | 0.37 € |
(1) EPS based on total number of dividend earning shares.
(2) The shares concerned by the dividend payment are 5,692,405,713 ordinary shares. No. 47,600 treasury shares and no. 96,756,406 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
(3) Total shares (ordinary and savings) concerned by the dividend payment are 5,703,327,7951 . No. 47,600 treasury shares and no. 96,756,406 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
(4) Total shares (ordinary and savings) concerned by the dividend payment are 5,785,288,390. No. 47,600 treasury shares and no. 96,756,406 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
(5) Total shares (ordinary and savings) concerned by the dividend payment are 5,884,848,142. No. 47,600 treasury shares and no. 96,756,406 ordinary shares used for the financial instruments known as 'cashes', issued at the time of the February 2009 capital increase, are not included.
| Year | N° of shares eligible for dividend payment | Gross Dividend per ordinary share | Gross Dividend per savings share | EPS(1) |
|---|---|---|---|---|
| 2004 | 6,336,709,283 | 0.205 € | 0.220 € | 0.34 € |
| 2003 | 6,316,336,152 | 0.171 € | 0.186 € | 0.31 € |
| 2002 | 6,296,140,220 | 0.158 € | 0.173 € | 0.29 € |
| 2001 | 5,046,430,118 | 0.141 € | 0.156 € | 0.28 € |
| 2000 | 5,024,205,806 | 250 L | 265 L | 538 L |
| 1999 | 4,976,171,858 | 115 L | 130 L | 390 L |
| 1998 | 2,879,911,387 | 250 L | 265 L | 500 L |
| 1997 | 2,879,911,387 | 80 L | 95 L | 365 L |
| 1996 | 2,242,701,004 | 60 L | 75 L | 126 L |
| 1995 | 2,241,711,775 | 35 L | 50 L | 88 L |
| 1994 | 2,240,000,000 | 35 L | 50 L | 29 L |