Market Ratios - Historical figures

Price/book value
The indicator reflects the value attributed by the market to the Shareholders' equity of a listed company, hence indirectly to the company’s overall assets. The indicator for 2019 is reported in relation to both average figures and year-end figures.

(millions of euro)

	31.12.2019	2019	2018	2017	2016	2015
Market capitalisation	41,122	36,911	44,947	44,820	37,152	51,903
Group's Shareholders' equity	55,968	54,996	53,646	52,558	48,344	46,230
PRICE/BOOK VALUE	0.73	0.67	0.84	0.85	0.77	1.12

Pay-out ratio
The indicator reports the portion of net income paid out as dividends.

(millions of euro)

	2019 (°)	2018	2017	2016	2015
Net income	4,182	4,050	7,316	3,111	2,739
Dividends ^(*)	-	3,449	3,419	2,999	2,361
PAY-OUT RATIO	-	85%	47%	96%	86%

_{(°) The Intesa Sanpaolo Shareholders’ Meeting of 27 April 2020 approved the proposal made by the Board of Directors at its meeting of 31 March 2020, in compliance with the recommendation of the European Central Bank dated 27 March 2020 on dividend policy until 1 October 2020 in the aftermath of the COVID-19 epidemic, to suspend dividend distribution to shareholders and to allocate net income for the financial year 2019 to reserves. Subject to ECB indications which will be announced in respect of dividend distribution after 1 January 2021, new deadline for the aforementioned recommendation following the ECB communication of 28 July 2020, Intesa Sanpaolo intends to obtain approval from the ECB to distribute cash from reserves in 2021 in light of the allocation of the 2019 net income to reserves in 2020, in addition to the envisaged distribution of cash dividends from the 2020 net income.}

Dividend yield
This indicator measures percentage return on the share, calculated as the ratio between dividends for the year and the average annual market price in the reference year.

(euro)

	2019 (°)	2018	2017	2016	2015
Ordinary share
Dividend per share	-	0.197	0.203	0.178	0.140
Average stock price	2.108	2.567	2.678	2.220	3.109
Dividend yield	-	7.67%	7.58%	8.02%	4.50%
(°) The Intesa Sanpaolo Shareholders’ Meeting of 27 April 2020 approved the proposal made by the Board of Directors at its meeting of 31 March 2020, in compliance with the recommendation of the European Central Bank dated 27 March 2020 on dividend policy until 1 October 2020 in the aftermath of the COVID-19 epidemic, to suspend dividend distribution to shareholders and to allocate net income for the financial year 2019 to reserves. Subject to ECB indications which will be announced in respect of dividend distribution after 1 January 2021, new deadline for the aforementioned recommendation following the ECB communication of 28 July 2020, Intesa Sanpaolo intends to obtain approval from the ECB to distribute cash from reserves in 2021 in light of the allocation of the 2019 net income to reserves in 2020, in addition to the envisaged distribution of cash dividends from the 2020 net income.
Savings share
Dividend per share	-	-	0.214	0.189	0.151
Average stock price	-	-	2.517	2.084	2.784
Dividend yield	-	-	8.50%	9.07%	5.42%

Last updated 4 August 2020 at 12:57:00