United Bulgarian Bank distributes considerable dividend to its shareholders
05 Decempber 2016
The Bank’s Extraordinary General Meeting of Shareholders has decided to allocate dividends of total amount nearly BGN 260 million
The Extraordinary General Meeting of the Shareholders of United Bulgarian Bank AD (UBB or the Bank) held today, 05.12.2016, has decided the following:
Allocation as shareholders’ dividend of:
а) The Bank’s entire net profit for 2015, amounting to BGN48 906 580.65 and
b) A portion of the retained earnings from previous periods, equaling BGN210 890 579.79.
Thus, as per the made decision, the total amount of the dividend, to be paid to the Bank’s shareholders, equals BGN 259 797 160.44, or BGN 3.42 per share.
The Extraordinary General Meeting of Shareholders has also decided to allocate into Retained Earnings reserve the amount of BGN 840 035.44, representing earnings from previous periods.
Mr. Stilian Vatev – UBB’s Chief Executive Officer, revealed: „This decision implements some components of the Bank’s strategy for optimizing the shareholder’s capital, without impacting on its capital resilience. The institution’s capital adequacy, following the successful results from the carried out 2016 Asset Quality Review process,stands at 29 percent - a rather untypical and high level for a banking institution. The made decision achieves a better level of the managed capital, as well as a capital adequacy ratio of 20 percent. Notwithstanding that this ratio continues to be far above the threshold, set by the Bulgarian National Bank and the prudent banking practices worldwide, it thoroughly corresponds to the bank and its shareholders’ policy, aimed at guaranteeing UBB’s capital stability over the forthcoming years, as an institution of outstanding significance for the Bulgarian banking system.“
Dividends’ payment will be launched after 19.12.2016. The needed info is available to UBB shareholders at the especially designed page in the Bank’s corporate website.