Dividend
Dividend history
| 2021 | 2020 | 2019 | 2018 | 2017 | |
| Net dividends (in EUR/share) | 1.65 (4) | 0.55 (3) | - | 2.20 | 2.20 |
| Share buyback (EUR/share equivalent) | 1.10 (4) | 0.55 (3) | - | - | - |
| Payout ratio (%) (1) | 50 | - | - | 51.8 | 75.3 |
| Net yield (%) (2) | 9.1 | - | - | 7.9 | 5.1 |
(1) Distribution/ underlying diluted earnings per share since 2020 within the framework of the Group shareholder distribution.
(2) Distribution/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.