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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

# of  shares eligible 

for dividend payment

20221 31 January 2023 26 April 2023 0.99€ 1.898.914.539

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).

 

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