Bulgarian Fibank shareholders vote for no dividend for 2021
SOFIA (Bulgaria), June 17 (SeeNews) – Bulgaria’s leading investment bank, or Fibank, [BUL:FIB] said its shareholders had approved a proposal to skip the 2021 dividend payout, instead capitalizing all of its net profit from last year.
Retained earnings will form part of the lender’s Tier 1 capital base, Fibank said in a stock exchange filing released after the general meeting held on Thursday.
Last year, the bank’s autonomous net profit increased to 100.1 million levs (53.7 million dollars / 51.2 million euros) from 38.9 million levs in 2020, when it also skipped the distribution of dividends.
The bank’s total after-tax profit rose to 111.4 million levs in 2021 from 45.5 million levs a year earlier, according to the filing.
Total income from banking operations since the beginning of 2022 amounted to 108.4 million levs, representing a year-on-year increase of almost 14%. Fibank’s capital adequacy ratio (CAR), a measure of a bank’s capital presented as a percentage of its risk-weighted credit exposures, reached 19.62% at the end of March. Its Common Equity Tier 1 (CET1) ratio, a measure of financial strength, stood at 16.09% at the end of the first three months of 2022.
Fibank’s consolidated assets exceeded 12 billion levs in the first quarter of the current year, he said.
Shares of Fibank, which have risen in value by 14.5% over the past 12 months, closed flat on Thursday at 1.97 lev.
(1 euro = 1.95583 levs)