BRD, the Romanian subsidiary of French group Societe Generale, and the third-biggest local bank, plans to pay a dividend of RON 1.64 per share, which would generate a yield of 13.2% calculated based on the price of the bank’s shares on March 12, Ziarul Financiar reported.

BRD’s Board of Directors convened the shareholders on April 23 to approve the distribution of the profit.

The dividend is similar to the one paid by the bank to its shareholders in the last two years, according to a report on the Bucharest Stock Exchange.

BRD reported a net profit of RON 1.52 billion (EUR 320 mln) for 2019, down 1.1% from the previous year. It was the bank’s second-biggest annual profit, after the RON 1.54 bln posted in 2018.

The bank's assets reached RON 55.8 bln (EUR 11.7 bln) at the end of last year, up by 3.2% compared to 2018. BRD’s shares plunged by 21.8% in the year-to-date period, its market capitalization reaching RON 8.63 bln (EUR 1.8 bln). French group Societe Generale controls 60% of BRD’s shares.

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editor@romania-insider.com