Romania’s second biggest bank resumes dividend payments after four-year break
BRD Groupe Societe Generale, the second largest bank in Romania, has proposed EUR 50 million dividends to its shareholders from last year’s profit.
BRD group posted a preliminary consolidated net profit of EUR 105 million last year, seven times higher than in 2014, due to lower risk costs.
The bank’s board proposed a gross dividend per share of RON 0.32, which stands for 3% of the current share price of RON 10.58 (on Friday, March 13). BRD hasn’t paid any dividends since 2012 due to the poor results.
The bank, which is 60% controlled by French group Societe Generale, has a market capitalization of EUR 1.65 billion. Its shares went up by 38% last year but have lost 12% since the beginning of this year due to the volatility in the international markets.
The bank’s biggest minority shareholders include Fondul Proprietatea, which holds 3.64% of BRD’s shares, local investment companies SIF Transilvania (3.48%), SIF Oltenia (2.7%) and SIF Banat-Crisana (1.95%), local pension funds NN (2.15%) and Alico (1.44%), Norway’s Public Pension Fund (2.37%), and international fund managers Aberdeen and Morgan Stanley (around 1% each).
Romanian lender BRD increases down payment for mortgage loans in euro
editor@romania-insider.com
