Year Payment date Dividend per share (EUR) Dividends (EUR m) Payout ratio
2020(1) 13.12.2021 0.35 20.6 49.8%
2020(1) 01.06.2021 0.18 10.6 25.6%
2018 22.05.2019 0.30 17.7 32.4%
2017 28.05.2018 0.27 15.9 33.1%
2016 22.05.2017 0.38 20.3 33.4%
2015 21.06.2016 0.40 20.3 33.1%
2014 26.06.2015 0.20 10.2 20.2%
2013 30.05.2014 0.20 10.2 26.1%

Subject to the approval by the general shareholders’ meeting, ProCredit targets a dividend payout ratio of one third of the previous year’s annual consolidated profit after tax.

(1) In compliance with recommendations issued by the supervisory authorities in 2020 related to the Covid-19 pandemic, no dividend was paid to shareholders from the profit earned in the 2019 financial year. The Annual General Meeting held in May 2021 resolved to pay a dividend of EUR 0.18 per ordinary share. This amount corresponds to a value of 20 basis points of the Common Equity Tier 1 capital ratio of the ProCredit group and thus to the European Central Bank’s recommended maximum amount for dividend distributions, which was in effect until 30 September 2021. Subsequently, as no recommendations from the supervisory authorities remained in effect, a proposal to make a further dividend payment of EUR 0.35 per ordinary share for the 2020 financial year was presented to the Extraordinary General Meeting held in December 2021; this proposal was approved by the General Meeting. This now means that the cumulative dividend payment for 2019 and 2020 will be equivalent to one third of the consolidated result, which is in accordance with ProCredit Holding’s standard dividend policy.

(2) In May 2022, the Annual General Meeting resolved not to distribute a dividend for the 2021 financial year. The decision was made against the background of the war in Ukraine, where ProCredit Holding is active, and takes into account the resulting high political and economic uncertainties.