{"id":4779,"date":"2024-03-20T11:00:47","date_gmt":"2024-03-20T09:00:47","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=4779"},"modified":"2024-03-20T11:00:47","modified_gmt":"2024-03-20T09:00:47","slug":"bank-of-cyprus-rewards-shareholders-with-generous-cash-dividend","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=4779","title":{"rendered":"Bank of Cyprus rewards shareholders with generous cash dividend"},"content":{"rendered":"<p>The <strong>Bank of Cyprus (BoC) on Wednesday announced that it has obtained approval from the European Central Bank (ECB) to pay a cash dividend and to conduct a share buyback programme<\/strong>, noting that this reflects the group\u2019s strong financial performance and strategic progress.<\/p>\n<p>\u2018Our ongoing commitment to delivering sustainable value to shareholders is demonstrated by our intended distribution comprising a <strong>significant cash dividend and our inaugural planned share buyback<\/strong>,\u201d Chairman of the Group Takis Arapoglou stated.\u201cThe total quantum of cash dividend is around<strong> five times higher than last year\u2019s dividend<\/strong> and reflects the group\u2019s<strong> strong financial and operational performance<\/strong> in 2023 which resulted in a rapid organic capital build-up,\u201d he added.The cash dividend and share buyback programme, which the bank refers to as the \u2018distribution\u2019, corresponds to a <strong>30 per cent payout ratio for the full year 2023<\/strong> and amounts to<strong> \u20ac137 million in total<\/strong>, comprising a cash dividend of<strong> \u20ac112 million<\/strong> and a share buyback of up to <strong>\u20ac25 million<\/strong>.In addition, the bank said that the payout ratio for the entirety of 2023 of 30 per cent is in line with its distribution policy and represents a material increase compared to the previous year, when the payout ratio stood at 14 per cent.\u201cThe distribution reflects the group\u2019s <strong>robust capital position<\/strong>, ample liquidity and continuation in the delivery of sustainable shareholder value,\u201d the announcement said.<\/p>\n<figure id=\"attachment_765889\" aria-describedby=\"caption-attachment-765889\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-765889 lazy\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/bank-of-cyprus-rewards-shareholders-with-generous-cash-dividend.jpg\" alt=\"bank of cyprus takis arapoglou Bank of Cyprus Group Chairman Takis Arapoglou\" width=\"2560\" height=\"1706\" data-sizes=\"(max-width: 2560px) 100vw, 2560px\"><figcaption id=\"caption-attachment-765889\" class=\"wp-caption-text\">Bank of Cyprus Group Chairman Takis Arapoglou<\/figcaption><\/figure>\n<p>Moreover, the bank said that the overall CET1 ratio on a transitional basis stands at 17.4 per cent as of December 31, 2023, reflecting the 30 per cent payout ratio for the year ended December 31, 2023.The announcement explained that the \u201cgroup aims to provide a<strong> sustainable return to shareholders<\/strong>\u201c.\u201cThe group\u2019s distribution is expected to <strong>build prudently and progressively over time<\/strong>, towards a payout ratio of 30-50 per cent, including cash dividends and buybacks, taking into consideration market conditions as well as the outcome of capital and liquidity planning,\u201d it added.In terms of the cash dividend, the announcement said that the board of directors of BOC Holdings has resolved to propose to the Annual General Meeting (AGM), which will be held on May 17, 2024, for approval, a final cash dividend of \u20ac0.25 per ordinary share in respect of earnings for the year ended December 31 2023. This represents a <strong>five-fold increase compared to \u20ac0.05 in the prior year<\/strong>.\u201cSubject to approval at the AGM, the cash dividend is expected to be paid on June 14 2024 to those shareholders on the company\u2019s share register on April 26 2024, with an Ex-Dividend date on April 25 2024,\u201d the bank said.In addition, the announcement noted that further details will be provided in the AGM notice that will be published on or around April 12 2024.What is more, the group confirmed that following the ECB\u2019s approval, it intends to commence a programme to buy back ordinary shares in the company for an aggregate consideration of up to <strong>\u20ac25 million<\/strong>.The bank explained that \u201cit is expected that, once launched, the programme will take place on both the <strong>London Stock Exchange<\/strong> and the <strong>Cyprus Stock Exchange<\/strong>\u201c.\u201cThe launch and implementation of the share buyback programme will comply with the company\u2019s general authority to repurchase the company\u2019s ordinary shares as approved by shareholders at the company\u2019s AGM on May 26 2023,\u201d the announcement stated.This will be subject to renewal at the AGM scheduled to take place on May 17 2024, and with the terms of the approval received from the ECB.The bank noted that further details concerning the proposed share buyback programme will be announced in due course.\u201cWe are proud that the Bank, now in its 125th year, is <strong>well-capitalised, diversified and generates sustainable profitability<\/strong>,\u201d Arapoglou stated.\u201cWe remain focused on delivering<strong> shareholder value<\/strong> whilst continuing to support our customers, <strong>Cypriot society<\/strong> and the growth of the<strong> Cypriot economy<\/strong>,\u201d he concluded.Follow the<br \/>\nCyprus Mail  on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Cyprus has received approval from the European Central Bank to pay a cash dividend and to conduct a share buyback programme. This decision reflects the bank&#8217;s strong financial performance and strategic progress. The total distribution amounts to \u20ac137 million, with a cash dividend of \u20ac112 million and a share buyback of up to \u20ac25 million. This represents a 30 per cent payout ratio for the full year 2023, a significant increase from the previous year&#8217;s 14 per cent. The cash dividend proposed is \u20ac0.25 per ordinary share for the year ended December 31, 2023, which is five times higher than the previous year&#8217;s dividend. The share buyback programme is intended to be conducted on both the London Stock Exchange and the Cyprus Stock Exchange. The bank&#8217;s CET1 ratio on a transitional basis was 17.4 per cent as of December 31, 2023.<\/p>\n","protected":false},"author":3,"featured_media":4780,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1902,39,2619,1512,2630,3,641,50,26,51,250,1823,450,1346,2631,1358],"class_list":["post-4779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-bank","tag-bank-of-cyprus","tag-buyback","tag-cash","tag-cash-dividend","tag-cyprus","tag-earnings","tag-ecb","tag-economy","tag-european-central-bank","tag-google","tag-increase","tag-london","tag-meeting","tag-share-buyback-programme","tag-support"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank of Cyprus rewards shareholders with generous cash dividend<\/title>\n<meta name=\"description\" content=\"dividend and share buyback. 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