PBZ Shareholders to Receive Dividend of 10.16 Kuna per Share

Shareholders of Privredna banka Zagreb will receive a dividend of 10.16 kuna per share from last year’s profits, PBZ announced in a statement regarding the decisions made at the general assembly held on Friday.

At the assembly meeting, all decisions proposed in the notice for the general assembly were adopted, including the decision on the use of profits earned in 2015, which determined the payment of a dividend of 10.16 kuna per share. The dividend will be paid on April 21 of this year to PBZ shareholders who were recorded as holders of ordinary shares in the Central Clearing Depository (SKDD) on April 14, PBZ announced.

The bank also published its unconsolidated and consolidated audit report for the past year today.

– In 2015, the bank achieved a net profit of 193 million kuna, which represents a significant decline compared to the previous year, caused by a loss of 1.3 billion kuna due to the conversion of loans linked to the Swiss franc, the PBZ Management Board stated in the report explanation.

According to the notice for the general assembly, published on February 19, it was proposed to shareholders that from last year’s profit of 193.2 million kuna, 193.14 million kuna, or 10.16 kuna per share, be paid as dividends.

The remaining approximately 25 thousand kuna of profit from last year will be allocated to retained earnings. The total retained earnings of PBZ amount to more than 7.44 billion kuna, according to the data from the shareholders’ assembly notice.

PBZ explained in the assembly notice that the proposal for the dividend payment of 10.16 kuna is “based on the business results achieved in the previous year, in accordance with good liquidity reserves and high capital adequacy.”

The largest portion of the total amount allocated for dividend payment, nearly 189 million kuna, will be paid to the Italian banking group Intesa Sanpaolo, which currently owns 97.47 percent of PBZ shares.