Shares and dividends

Over the time horizon of the 2018-2021 Business Plan, a cash dividend distribution was envisaged corresponding to a payout ratio, based on the consolidated net income, of 85% for 2018, 80% for 2019, 75% for 2020 and 70% for 2021: 3.4 billion euro dividends were paid for 2018; net income for financial year 2019 was allocated to reserves, in compliance with the ECB recommendation on dividend policy of 27 March 2020, subsequently replaced by the recommendation of 15 December 2020 which remained in force until 30 September 2021; cash dividends of 0.7 billion euro were paid and cash reserves of 1.9 billion euro distributed for 2020; cash interim dividends of 1.4 billion euro were paid and a cash remaining amount of 1.5 billion euro was approved at the Shareholders’ Meeting for 2021.

Over the time horizon of the 2022-2025 Business Plan, a cash dividend distribution was envisaged corresponding to a payout ratio, based on the consolidated net income, of  70% each year of the Plan, and a buyback of 3.4 billion euro (*) was approved at the Shareholders’ Meeting.

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(*) Subject to ECB approval. Amount equivalent to the suspended 2019 dividend.