REG - Bank of Cyprus Hldgs - Resumption of dividend payments

Bank of Cyprus HoldingsAnnouncement

13/04/2023 13:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230413:nRSM1599Wa&default-theme=true

RNS Number : 1599W  Bank of Cyprus Holdings PLC  13 April 2023

Announcement

 

Resumption of dividend payments

 

Nicosia, 13 April 2023

 

 

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014.

 

 

 

 

Bank of Cyprus Holdings Public Limited Company ("BOC Holdings", and together
with its subsidiaries, the "Group") has obtained today the approval of the
European Central Bank ("ECB") to pay a dividend.

 

Following this approval from the ECB, the Board of Directors of BOC Holdings
is pleased to recommend to the shareholders for approval at the Annual General
Meeting ("AGM") that will be held on 26 May 2023, of a final dividend of
€0.05 per ordinary share in respect of earnings for the year ended 31
December 2022 ("FY2022") (the "Dividend"). This proposed Dividend amounts to
€22.3 mn in total and is equivalent to a payout ratio of 14% of the FY2022
adjusted recurring profitability(1) or 31% based on FY2022 profit after
tax(2). Subject to approval at the AGM, the Dividend will be paid in cash on
16 June 2023 to those shareholders on the register on 5 May 2023 ("Record
date") with an Ex-Dividend date of 4 May 2023. Further details will be
provided in the AGM Notice that will be published on or around 25 April 2023.

 

The CET1 ratio, on a transitional basis and adjusted for the proposed
Dividend, stands at 15.2%(3) as at 31 December 2022 (compared to reported
15.4%(3)) which is comfortably in excess of regulatory requirements.

 

This proposed Dividend reflects the resumption of dividend payments after 12
years, underpinning the Group's position as a strong and well-diversified
organisation, capable of delivering sustainable shareholder returns.

 

 

Dividend Policy

 

The Board of Directors has today also approved the Group dividend policy. The
Group aims to provide a sustainable return to shareholders. Dividend payments
are expected to build prudently and progressively over time, towards a payout
ratio in the range of 30-50% of the Group's adjusted recurring
profitability(1) taking into consideration market conditions as well as the
outcome of capital and liquidity planning(4).

 

 

Mr. Takis Arapoglou, Chairman of the Group commented:

 

"Today we have delivered on our longstanding intention to recommence dividend
payments confirming our commitment to delivering sustainable value to our
shareholders.

 

The resumption of dividend payments is a significant milestone and represents
a new chapter for the Group. We are well capitalised, sustainably profitable
and digitally enabled such that we can support our customers, Cypriot society
and the growth of the Cypriot economy.

 

We are deeply grateful for the trust of our customers, the support of our
investors and the dedication of our employees, which were crucial during the
ten-year transformation of the Group. We look to the future with confidence
given our strength, our diversified business model, and the resilience of the
Cypriot economy."

 

 

Shareholders who hold shares on the London Stock Exchange through Euroclear
Bank and/or CREST should contact their brokers and/or consult the relevant
operating procedures of Euroclear Bank and/or CREST if they have any questions
regarding receiving the Dividend.

 

Holders of Depositary Interests on the Cyprus Stock Exchange ("CSE DIs")
representing shares in BOC Holdings will receive a letter with further
information regarding receipt of the Dividend and any steps that they need to
take. They can also access this information on www
(http://www.bankofcyprus.com/group) . (http://www.bankofcyprus.com/group)
bankofcyprus (http://www.bankofcyprus.com/group) .
(http://www.bankofcyprus.com/group) com (http://www.bankofcyprus.com/group) /
(http://www.bankofcyprus.com/group) group (http://www.bankofcyprus.com/group)
(Investor Relations/Shareholder information/Dividends).

 

For further information, please contact Investor Relations at
investors@bankofcyprus.com (mailto:investors@bankofcyprus.com) .

 

 

 

Group Profile

 

The Bank of Cyprus Group is the leading banking and financial services group
in Cyprus, providing a wide range of financial products and services which
include retail and commercial banking, finance, factoring, investment banking,
brokerage, fund management, private banking, life and general insurance. At 31
December 2022, the Bank of Cyprus Group operated through a total of 64
branches in Cyprus, of which 4 operated as cash offices. The Bank of Cyprus
Group employed 2,889 staff worldwide. At 31 December 2022, the Group's Total
Assets amounted to €25.4 bn and Total Equity was €2.1 bn. The Bank of
Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its
subsidiary Bank of Cyprus Public Company Limited and its subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

(1.      ) The Group's profit after tax before non-recurring items
(attributable to the owners of the Group) taking into account distributions
under other equity instruments such as the annual AT1 coupon.

(2.      ) Attributable to the owners of the Group.

(3.      ) Allowing for IFRS 9 and temporary treatment for certain FVOCI
instruments transitional arrangements.

(4.      ) Pursuant to 2022 SREP decision, dividend is subject to
regulatory approval.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DIVUOSUROUUSAAR