Bank of Cyprus proposes five-fold increase on 2023 dividend, buyback

Bank of Cyprus Holdings

20/03/2024 09:50

NICOSIA, March 20 (Reuters) - Bank of Cyprus  BOCH.CY 
plans to pay a total cash dividend of 112 million euros ($121.44
million) to shareholders on 2023 results and start a share
buyback worth up to 25 million euros, the lender said on
Wednesday.
    The board of directors of the bank said it had recommended a
final dividend of 0.25 euros per ordinary share, a five-fold
increase compared to 0.05 euros a year earlier. It would seek
shareholder approval for the dividend payout at its annual
meeting on May 17, it said.
    The proposed dividend payout and buyback corresponds to a
30% payout ratio on 2023 full-year results, up from a 14% payout
ratio from 2022, the bank said.
    The plans have been approved by the European Central Bank,
it said.
    It said it planned to provide a sustainable return to
shareholders, with its distribution expected to build 'prudently
and progressively' over time towards a payout ratio of 30-50%
including cash dividends and buybacks, subject to market
conditions as well as the outcome of capital and liquidity
planning.
    

($1 = 0.9223 euros)

 (Writing by Michele Kambas, Editing by Louise Heavens)
 ((michele.kambas@thomsonreuters.com;))