Australia's Solvar leaps most in 11 months on raising dividend payout ratio

Solvar

18/04/2023 01:53

** Shares of consumer lender Solvar Ltd  SVR.AX  soar as
much as 9.2% to A$1.965, their best intraday gain since May 11
    ** Stock hits highest level since March 7
    * Says it will raise maximum dividend payout ratio to 90%
from 70% of net profit after tax, after new capital management
framework 
    ** Managing Director Scott Baldwin says SVR has funding to
grow loan book by about 50% without needing additional capital,
while increasing shareholder returns 
    ** New payout ratio to begin with FY23 final dividend 
    ** As of last close, stock down 1.6% YTD 
    

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))