Dividend
History of shareholder distribution
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Cash dividend (in EUR/share) | 0.90(6) | 1.70(5) | 1.65(4) | 0.55(3) | 0.0 |
| Share buyback (EUR/share equivalent) | 0.35(6) | 0.55(5) | 1.10(4) | 0.55(3) | - |
| Payout ratio (%)(1) | 41 | 36.9 | 50 | - | - |
| Net yield (%)(2) | 5.2 | 9.6 | 9.1 | - | - |
(1) Since 2023, the distribution is calculated on the basis of the Group Net Income restated from the interest on deeply and undated subordinated notes and non-cash items that have no impact on the CET 1 ratio.
(2) Based on closing price at end-December.
(3) 2020 shareholder distribution of EUR 1.10 per share, including a dividend in cash of EUR 0.55 per share and a share buyback programme equivalent to EUR 0.55 per share. The dividend per ordinary share and the pay-out rate were fixed on the basis of the 2019 and 2020 results restated for items not affecting the CET1 ratio, pursuant to the European Central Bank’s recommendations. On this basis, the pay-out ratio is 14.2%.
(4) 2021 shareholder distribution of 2.75 euros per share including a dividend in cash of EUR 1.65 per share and a share buyback programme equivalent to EUR 1.10 per share.
(5) 2022 shareholder distribution of EUR 2.25 per share including a cash dividend of EUR 1.70 per share and a share buyback programme, equivalent to EUR 0.55 per share, EUR ~440 million.
(6) Proposed 2023 shareholder distribution of 1.25 euros per share including a dividend in cash of 0.90 euro per share (subject to the General Meeting on 22 May 2024) and a share buyback programme, equivalent to EUR 0.35 per share, ~280 MEUR (conditional on receiving the usual approvals).