Top banks announce dividend distribution

Yields almost
unchanged from previous year

The Board of Directors of Bank Audi proposed on the Annual Ordinary General Assembly, the distribution of a dividend of LL603 (around $0.4) per common share for profits of 2013. The net amount, after deduction of the five percent tax, is LL572.85.

Subject to the General Assembly's approval, dividends will be paid around April 16, 2014 to holders of common shares on April 11 2014.

These dividends will not affect the 2012 payment ($0.4). Bank Audi’s net earnings in 2013 dropped by 15.6 percent, down to $305 million. “This fall is due to the initial launching stages of the Turkish banking subsidiary,” said the bank.

The dividend yield, as of the share price on March 21, is 6.15 percent.

Blom Bank also announced that the Board of Directors proposed on the General Assembly of Shareholders to pay a dividend of LL750 (nearly $0.5) for each listed ordinary share, and of $0.70 as a distribution for each listed series 2011 Preferred Shares, subject to income tax. In 2013 BLOM bank had a five percent increase in net profit, to $353 million

If the General Assembly’s approves, the payment will take place on April 16 for ordinary shares and April 15 for preferred shares.

Blom Bank had proposed to pay a dividend of $0.45 per common share (listed shares and GDRs) and of $0.7 per preferred share (class 2011) on 2012 profits.

The dividend yield of Blom Bank’s share is estimated at 5.5 percent, as per the share price on March 21.