UniCredit to Increase Shareholder Returns From 2019; Adjusts NPE Targets
12 Dezembro 2017 - 6:21AM
Dow Jones News
By Pietro Lombardi
Italian lender UniCredit SpA (UCG.MI) said Tuesday that it would
increase its shareholder returns from 2019 and announced the
self-funded full rundown of its non-core non-performing exposures
by 2025.
Italy's largest lender by assets said would increase its 2019
dividend payout--to be paid in 2020--to 30% from 20%. After that,
the bank may increase the payout ratio to up to 50%.
The bank said it now expects to beat its 2019 gross NPEs
reduction target, with gross NPEs now expected to fall by an
additional 4 billion euros ($4.72 billion). The bank now targets
gross NPEs of EUR40.3 billion in 2019, compared with EUR77.8
billion in 2015.
Non-core gross NPEs are expected to decline to EUR17.2 billion
in 2019, it said. The previous target was EUR19.2 billion.
"Today, we are also announcing the self-funded full rundown of
our non core NPEs portfolio by the end of 2025," Chief Executive
Jean Pierre Mustier said.
"UniCredit's Transform 2019 plan is fully on track and is
yielding early positive results underpinned by renewed commercial
dynamics throughout the Group," Mr. Mustier added.
UniCredit confirmed its key targets for 2019, including a return
on tangible equity--or RoTE--of at least 9% and revenues of EUR20.6
billion.
The bank also confirmed it is targeting a fully loaded capital
equity tier 1 ratio--a key measure of capital strength--of at least
12.5% in 2019.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
December 12, 2017 03:06 ET (08:06 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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