Orcel remunerates shareholders with 3.75 billion in dividends and buyback
the commissions, up by 12,1% a 6.7 billion, give wings to the accounts of UniCredit that beats the guidance of 3.7 billion with a underlying net profit of 3.9 billion, up by 2.6 billion compared to 2020 (Rote 7.5%) and confirms the commitment to a “significant” remuneration of shareholders with the proposal of distribution of 3.75 billion in dividends and buybacks. The performance commercial, explains a bank note led by Andrea Orcel, pushed i total revenues at 4.4 billion in the fourth quarter, up 4.7% yoy, e to 18 billion in 2021, up by 4.8% compared to the previous year, exceeding the target for 2021 of 17.5 billion”.
“This result – UniCredit specifies – is mainly driven by excellent results commissions, up 1.8% on a quarterly basis and 11.7% year on year and attested to a 1.7 billion in the fourth quarter. Commissions for 2021 totaled € 6.7 billion, up 12.1% compared to the previous year. In the fourth quarter the interest margin grew by 6% quarter on quarter reaching 2.4 billion euros, thanks to the benefit of positive non-recurring tax items in Germany and the resumption of demand for loans “.
UniCredit: interest margin down by 4% in 2021
“Also in 2021 – concludes the bank – on net interest income was down by 4% compared to the previous year, settling at € 9.1 billion as a result of lower loan volumes and customer interest rates “. Continuing the analysis of the annual income statement, the cost / income ratio fell to 54.6%. In terms of capital solidity, the Cet1 pro forma is at 14.13%.
For 2022 confirmed the guidance of a net profit adjusted above 3.3 billion
Andrea Orcel, which confirmed the guidance 2022 of a net profit adjusted over € 3.3 billion, puts 3.75 billion euros on the shareholders’ table, to be distributed in the form of cash dividends of approximately 1.17 billion and with share buybacks for approximately 2.58 billion, buyback to commence as soon as possible once relevant approvals have been obtained.
In the fourth quarter alone, dividends were € 114 million, down 32.9% from the previous quarter and 8.2% year-over-year with a lower contribution from Construction loans (-56 million quarterly). Dividends for 2021 rose 25.2% yoy to 520 million, with a higher contribution from Yapi Kredi (+18 million yoy).
(Continued: UniCredit renews its partnership with Allianz until 2027)