The Bank of Cyprus, is the first bank in Cyprus and Greece to receive approval from the European Central Bank (ECB) to pay dividends. The lender is expected to resume paying dividends to its shareholders after 12 years.

Following the ECB’ s approval last Thursday, the Bank of Cyprus’ Board of Directors, will propose to the shareholders for approval, at the Annual General Meeting (AGM), which will take place on May 26,  the payment of a final dividend of €0.05, per ordinary share, from the profits for 2022.

As announced by the Bank of Cyprus, the proposed dividend totals €22.3 million and is equivalent to 14% of adjusted earnings before non-recurring items for 2022, or 31% of earnings after taxation for the same year.

“The proposed Dividend reflects the resumption of dividend payments after 12 years and supports the Group's position as a strong diversified organisation, capable of providing a stable return to shareholders,” the Bank said.

The dividend, which is subject to approval by the AGM, will be paid in cash on June 16, 2023 to shareholders registered in the shareholder register on May 5, 2023 (Record Date), while the Ex-Dividend date has been set as May 4 2023. Further information will be given in the AGM Invitation to be published on or about 25 April 2023.

In addition, the Bank states that its Board of Directors has also approved the Group's dividend policy, the objective of which “is to provide a stable return to shareholders”.

Commenting on the decision, Takis Arapoglou, Chairman of the Group, emphasises that “the resumption of dividend payments is an important milestone and marks a new chapter for the Group.”