Zero dividends from an Italian bank that has seen its shares bombarded several times by sell-offs on Piazza Affari.
The last time dates back to a few weeks ago, when the shares collapsed by more than 45% on the Milan stock exchange, due to the credit institution’s decision to significantly cut its guidance, launching a profit warning.
BFF Bank, zero dividends for 2025 to shareholders. The drama of shares on Piazza Affari: -50% in one month
The bank is BFF Bankthe news of which has shaken the nerves of Piazza Affari and its shareholders several times. Shareholders who will have been frozen by yet another negative announcement that arrived at the same time as the publication of the accounts.
BFF Bank shares reacted at the start of the trading day on the Milan stock exchange by immediately reporting a loss, and then accelerating further downwards, losing more than 5% to 4.50 euros.
Pay attention to the trend of the shares in the last period, on an annual and YTD basis of BFF Bank after the big stock market shock: in the last five days of trading on the Milan stock exchange, the stock increased by just 1%.
The balance sheet of the last month is dramatic, equal to a collapse of over 51%which brought the trend of the last three months to a red of over 57%.
YTD, i.e. from the beginning of 2026the shares suffered a drop of around 50%, capitulating to a value which, compared to the same period last year, is more than 40% lower.
The official announcement: BFF Bank shareholders left empty-handed. The numbers relating to net profit, revenue and CET1 & Co.
This is what we read in the press release with which BFF Bank announced the 2025 accounts, giving the bad news of the Board of Directors’ decision to propose zero dividends for 2025:
“The Board of Directors decided not to propose a dividend for 2025 to the Shareholders’ Meeting and to capitalize the entire net profit for the period exceeding the threshold of 13% of the CET1 ratio, in order to fully consolidate the de-risking action announced and maximize future value for shareholders. BFF will present the next Strategic Plan in the second half of 2026.”
BFF Bank shareholders will therefore be left empty-handed. But let’s get to the main items of the 2025 budget announced by the group:
- Adjusted net income it stood at €151.7 million, reporting growth of +6% on an annual basis.
- The Adjusted ROE it was about 23%.
- Accounting net profit it stood at €70.2 million.
- The credit portfolio was €5.8 billion, stable on an annual basis, with volumes of €8.9 billion, up 5% on an annual basis.
Among other budget items, the net bad debts of BFF Bank were equal to 0.2% of credits excluding Italian municipalities in difficultypast due amounted to €1.6 billion, down 7% compared to December 2024, while the contagious invoices fell to €269 million, down €75 million year-on-year.
BFF Bank highlighted a CET1 ratio of 14.1%higher than the internal target, also including de-risking actions.
What happens to the dividend policy? The general director of BFF reassures members
As Giuseppe Sica, general director of BFFcommented on the bank’s accounts, highlighting the group’s strengths:
“In 2025 BFF recorded un ROE adjusted superiore al 20%and has demonstrated its ability to generate capital while taking significant actions to support future growth. Our business has benefited from the complementarity of our activities and geographical diversification. In 2025 we recorded a positive performance in growth markets such as France and Poland and a strong contribution from our Transaction Services business. In view of the next BFF Strategic Cycle, we have taken decisive action to de-risk our factoring portfolio and to improve the predictability of future profitability. I would like to thank all colleagues for their contribution and commitment, and I am delighted to take on the role of General Manager as we focus on achieving our financial targets for 2026 and developing the new Strategic Planwhich we will present in the second half of the year”.
During the conference call called to comment on the 2025 accounts and to explain what will happen to the dividends, Sica tried to reassure shareholdersstating that “ BFF’s dividend policy has not changed with the aim of paying a dividend semi-annually”, adding at the same time that “the Board of Directors has today decided not to propose a dividend, retaining the profits for the period, to consolidate the risk reduction actions and maximize future shareholder value ”.
Again, in response to an analyst’s question, the number one of BFF Bank reiterated this:
“I want to solidify the actions announced for the strengthening, We remain committed to the bank’s dividend policy. This was the board’s decision, the market will judge, but I look at the market in the long term and not tomorrow. We have shown that we can generate a lot of capital.”
date: 2026-02-11 08:49:00