Dividends

From 2020 to 2023, we paid out €2.2 billion to shareholders (including buyback), while maintaining solid capital ratios and achieving BP19-23 target, even if no dividend was distributed in FY19/20 due to the ECB ban on dividend distribution. 

In May 2023, the Group approved its new shareholders distribution policy for the next three years which envisages a cash dividend payout of 70% (for a total dividend amount of €2.7bn in 3Y) and the introduction of the payment of an interim dividend starting from May 2024 (payments in May and November). These distributions is complemented by share buyback and cancellation schemes involving a total of €1bn in 3Y, with the quantity to be decided annually. This distribution policy is subject to the annual authorization by the ECB, the approval by shareholders gathered in Annual General Meeting, and conditional upon CRR III Article 471 being approved definitively (under which application of the “Danish Compromise” will become permanent) and the maintenance of a CET1 FL ratio above 13.5%. 

The Annual General Meeting held on 28th October 2024 approved the distribution of an annual dividend of €1.07 per share (payout 70%), with, given the interim dividend paid in May 2024 (€0.51 per share), the balance of €0.56 per share to be paid in November 2024. The dividend will be payable from 20 November 2024, with record date 19 November 2024 and the shares going ex-rights on 18 November 2024.

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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.