United Bulgarian Bank reports substantial 2016 profit
20 April 2017
Almost the entire net profit of BGN 111 million will be allocated as shareholder dividend
At its annual General Meeting of Shareholders, held today, United Bulgarian Bank (UBB or the Bank) has reported net profit for 2016 of BGN 111.3 million. Along with its traditionally high liquidity of 36 percent the Bank also registers one of the best indicators for 2016 in the entire Bulgarian banking sector – Return on Equity of 10.3 percent and as regards efficiency – Operating Cost/Income ratio of 37.8 percent.
Mr. Stilian Vatev – Chief Executive Officer of the Bank: „To us – the Executive Management and the Board of Directors of UBB - the year 2016 is yet another successful year, during which the Bank has irrefutably proved its position as one of the leading banking institutions in Bulgaria -displaying upward growth trend and high level of shareholder profitability. Our main objectives for the years ahead remain unchanged – service quality perfection, development of ever increasing number of new products, while persistently enhancing the Bank’s significance to both the expansion of this country’s economy, as well as to Bulgarian households“.
The General Meeting of UBB Shareholders has approved the allocation as shareholder dividend of the 2016 net profit’s larger portion, amounting to BGN 97.9 million and the distribution of the remaining over BGN 13 million to the Retained Earnings Reserve.
The General Meeting of Shareholders has released from responsibility all members of the Board of Directors as regards their activity for managing the Bank over the period 1st January – 31st December, 2016.
Dividends’ payment will be launched after 02.05.2017. The needed info is available to UBB shareholders at the especially designed page in the Bank’s corporate website.