(CercleFinance.com) – UniCredit announced on Monday that it planned to redistribute 8.6 billion euros to its shareholders after achieving ‘record’ results for the 2023 financial year.
The Italian banking giant says it recorded a 12th consecutive quarter of profitable growth in the fourth quarter with a net profit of 1.9 billion euros, well above the consensus of 1.2 billion.
Over the entire financial year, its net profit stood at 8.6 billion euros, an increase of more than 50% compared to 2022.
According to Andrea Orcel, its general manager, these good figures demonstrate the success of ‘the unique and winning strategy’ implemented by the group, present in 13 European countries.
For the 2023 financial year, UniCredit says it plans to pay 8.6 billion euros to its shareholders, both in the form of share buybacks (5.6 billion euros) and dividends (three billion euros).
This amount corresponds to a distribution of 100% of its net profit recorded for the financial year.
For 2024, the banking establishment says it is aiming for a redistribution rate of its net profit of at least 90%.
Following all these announcements, UniCredit shares rose by more than 10% on Monday morning on the Milan Stock Exchange.
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