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Banca Transilvania pays special cash dividend in addition to free shares

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2016-03-20 12:01

Banca Transilvania’s Board of Directors has decided to propose to the General Meeting of Shareholders the distribution of the 2015 profit by granting a special cash dividend in addition to free shares, said the bank in a statement.

It is for the second time in the past 20 years of BT’s history when the bank is awarding cash dividends. The decision is based both on Banca Transilvania’s positive results in 2015, as well as on BT’s capital surplus.

Horia Ciorcilă, Chairman of Banca Transilvania’s Board of Directors, declared: “Over the past 20 years our bank has continuously supported hundreds of thousands of companies in achieving their business objectives. Banca Transilvania has only granted cash dividends once, in 2009, amounting to RON 50 million, pursuing a profit reinvestment policy meant to ensure sustainable growth. At the same time, during the crisis years, from 2008 to 2015, the bank was one of the largest contributors to the State budget, having paid direct and indirect taxes of RON 2.7 billion. In agreement with the remarkable results of 2015, due to the consolidation of BT’s business, we propose granting dividends to all of BT’s almost 28,000 shareholders, alongside our gratitude for their trust.”

Ömer Tetik, CEO of Banca Transilvania, stated: “Banca Transilvania has a capital surplus which, under the terms of a prudent and responsible approach, will allow for the achievement of good yields. Aside from this special dividend, BT will continue to invest in funding growth through profit reinvestment. BT has great plans and is entering a new stage of development, by consolidating itself as a platform for financing the economy, starting from individuals and up to large companies.”

Key information regarding BT’s proposed profit distribution:

– Net Profit to be distributed: RON 2,417,668,444
– Dividends to be granted: RON 1,200,000,000
– Share capital increase with the amount of RON 620,000,000, by issuing free shares

The gross dividend/share will be RON 0.39.

The General Meeting of Shareholders which is to approve this proposal has been convened for April 27, 2016, respectively April 28, 2016 (second call).

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