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This article was published on November 12, 2015 at 7:21.
The last change is the November 12, 2015 at 10:11.
“Capital and profitability.” Federico Ghizzoni these are the two key words of the plan approved yesterday – unanimously – by the board of UniCredit: because the market, says the manager, the bank wants to send a double message: “The capital is now absolutely appropriate and here at 2018 will be generated independently thanks to cost discipline and investments on development: so I wish they were finally dissipated, even if the truth were left few doubts on the need for any increase. ” “For the rest – he said – we have identified a way to sustainable profitability that will enable us to give satisfaction to our shareholders increasing: how and how much, the council will decide.”
Yesterday, however, the reaction of the stock market has been lukewarm: the shares closed virtually unchanged.
When I think of what happened recently at the presentation of the other floors of large banks I am more than satisfied. Also because the first reaction of the stock market was positive, given that the title has come to also earn 3%.
It’s a simple, credible, which I’ll explain tomorrow (today, ed ) in London and next week in the United States: it is normal that the market wants to see in the first to comment detail.
Among the most ambitious goals is to bring the Rote 11%, more than double compared to the current one. How will you?
By reducing costs, yielding activities that are not able to offer returns took. And then through the progressive reduction in provisions on impaired loans, which is a fact: despite the economy is recovering, we are increasing the levels of cover. It is a choice that will pay off in the future.
In the plan we talk about 4.8 billion for cash dividends or 9 in shares by the end of the plan. Why?
Because we want to reiterate our ability to remunerate our shareholders both ways. Anyway, I want to mention that in recent years 75% of the shareholders opted for the scrip dividend.
P Arlate a pay-out of 40%. It is a goal compatible with the demands of the ECB?
Absolutely: net of coupons, we’ve set ourselves CET1 minimum level of 11.5% at the end of the plan. Which in fact gives us a buffer of sufficient capital to cope with any eventuality.
About the capital on Monday came out the criteria for the TLAC set by the Financial Stability Board. Worried?
No, between the costs of the plan we have included a funding strategy that allows us to be in full already in 2018.
Two years ago you were perhaps a bit ‘too optimistic macro environment in terms of growth and inflation, now expect rates to zero until 2018. Why?
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