its full-year results on Friday, the Italian bank pledged to hand out a record 3.75 billion euros by paying dividends and buying back shares. That’s nearly a quarter of the 16 billion euros Orcel has promised to give back by 2024.
Even after the handout, UniCredit’s common equity Tier 1 capital ratio will be more than 14%, comfortably above a stated floor of 12.5%.executive took the helm in mid-April, outperforming a 20% return for the STOXX Europe 600 Banks Index. Yet investors remain unconvinced by Orcel’s promise to lift return on tangible equity to 10%, from an underlying 7.3% in 2021. On Friday morning UniCredit shares were trading at less than 60% of tangible book value. Orcel needs to produce more than cash.
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