Market Leader with Potential for Further Penetration
Capacity for Creating Shareholder Value
Targeted payout ratio of 30-50% on adjusted recurring
profitability1
Expected to distribute cumulatively c.20-35% of current
market cap between 2023-2025
Accruing 30% payout ratio² in 2023 building progressively
to 30-50%
Excess capital of c.30-45%5 of market cap over CET1 ratio
of 15%
€ bn
1.8
1.1
1.1
5
c.30-45%
Capital
excess of
15% CET1
Cumulative
Dividends
c.20-35%
2023-2025
Tangible
Market cap 4
Book Value 3
Shareholder value
as a % of market
cap
Profit after tax before non-recurring items (attributable to the owners of the Group) taking into account distributions under other equity instruments such as the annual AT1 coupon
For compliance with CRR an estimated final dividend at a payout ratio of 30% of the Group's adjusted recurring profitability was accrued in line with the Group's approved dividend policy. Any recommendation for a dividend is subject to
regulatory approval.
1)
2)
3)
As at 31 March 2023
Market capitalisation as at 31 May 2023
5)
For 2025
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