(Finance) – “The solid P&L allows you to increase remuneration of the shareholders. In particular, Banco BPM will increase net profit three times over the plan period (from 2.1 billion euros in 2019-2022 to 6 billion euros in 2023-26), and will increase remuneration to shareholders by 5 times ( from 0.7 billion euros in 2019-2022 to 4 billion euros in 2023-26), maintaining a solid capital position at around 14%”. Giuseppe CastagnaCEO of BPM deskin the presentation of the 2023-2026 Strategic Plan to the financial community.
“All of this leads to a considerable remuneration over the plan period, which is equal to over 50% of the current market cap and approximately 40% of the tangible book value (TBV)”, he added.
With respect to the changes in remuneration, the CEO explained that “an interim dividend will be introduced in 2024“. Furthermore, from 2024 onwards, “the form of remuneration (dividends/buybacks) will be re-evaluated periodically”, while “a further increase in shareholder remuneration through the use of excess capital will be considered based on the full achievement of the plan’s objectives “.
“We will have room to decide what to do with the excess capital that we will have at the end of the plan”, underlined Castagna.