Sat, Feb 11 2012

Bulgarian banks refrain from dividend payouts for 2008

Wed, Apr 15 2009 00:36 CET

byDnevnik.bg

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Bulgarian banks refrain from dividend payouts for 2008

Photo: Julia Lazarova

Honouring a promise they made to central Bulgarian National Bank, most of Bulgaria’s lenders will retain last year’s profits to strengthen capital positions, showed a poll by Dnevnik.

Bankers say this is a logical and wise decision with respect to the health of the banking sector.

UniCredit Bulbank, which usually distributes dividends, has said this year it would retain its full 2008 profit of 292 million leva, a move aimed at allowing it to make more loans to firms and households.

OTP Bank’s DSK Bank, which is Bulgaria’s second largest lender, will also reinvest its whole after-tax profit of 268.7 million leva.

The shareholders of Hungary’s MKB Bank, which owns Bulgaria’s MKB Unionbank, have also decided to retain the bank’s 14.5 million leva profit for 2008.

The board of directors of Postbank will propose to shareholders at the upcoming general meeting to capitalise its 2008 profit of 90 million leva. At a special general shareholders’ meeting held on Friday, the bank decided to raise the capital by 206.6 million leva.

On May 29, shareholders in First Investment Bank (FIB) will also vote to retain its full 2008 profit of a non-consolidated 50.9 million leva.

ProCredit Bank will vote next month on keeping its profit of 14 million leva.

Bulgarian American Credit Bank will also pass dividend payments for last year, planning to vote on retaining its 54 million leva profit at an April 29 general meeting.

The shareholders of Piraeus Bank Bulgaria will gather for a vote on April 28, and United Bulgarian Bank is yet to hold its general shareholders’ meeting.

(Dnevnik)

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