01/04/2020
16:21

Announcement about the dividend distribution policy for 2019 financial year

SDIR: REGEM
Finance

Mestre (Venice), 1 April 2020 – At its extraordinary session today, in accordance with the Bank of Italy’s recommendation of 27 March 2020 on dividend policy during the Covid-19 pandemic, the Board of Directors of Banca Ifis decided to act responsibly by following the guidance provided by the Supervisory Authorities, and therefore propose that the distribution of dividends for the 2019 financial year be postponed until at least 1 October 2020.

In accordance with applicable provisions, and without prejudice to the fundamental focus on the Group’s financial solidity, Banca Ifis is confident that it will be able to distribute a dividend as soon as conditions so permit after 1 October 2020. Indeed, the Bank believes that, even in the current economic situation, its proposed dividend is justified by its financial and liquidity situation, even in a stress scenario, and by the strength of its business model. These are the factors that have always allowed the Bank, even in times of crisis, to distribute value to its shareholders and generate benefits for all its stakeholders, with particular focus on its role of providing support to the real economy and small and medium enterprises.

In the last 25 years, Banca Ifis’s equity has grown by approximately 1,5 billion Euro and the Bank has paid approximately 0,4 billion Euro in dividends.

In the last ten years, Banca Ifis has ranked stably in fourth place amongst listed Italian banks in terms of profit generated, without any capital increases.