Italian asset manager Banca Mediolanum said on Thursday it would propose to pay out a dividend of 0.78 euro per share after posting a drop of 23% in its 2020 net profit.

The bank, which offers its products and services in Italy, Germany and Spain, posted a net profit of 434.5 million euros ($528 million) last year, mainly due to lower performance fees.

Milan-based Mediolanum added its 2020 assets under management and administration increased 10% to 93.3 billion euros compared with the previous year, thanks to a solid contribution from total net inflows and a positive performance in its markets in the second half of the year.