Government to get 644.3 mln euro dividend from BoG earnings

The Bank of Greece (BoG) will transfer to the government a total of 644.3 million euros from the earnings of the financial year ending 31.12.2018, it announced on Monday.

The bank’s net income for financial year 2018 amounted to 1,199.4 million euros, while expenses, including provisions, amounted to 541.8 million euros.

The gross dividend per share that will be proposed to the general meeting of the Bank’s shareholders for distribution is 0.6720 euro, unchanged from the year 2017.

Income showed a decrease of 16.8 pct, totalling 1,199.4 million euros from 1,441.7 million in 2017. The drop was mainly due to credit institutions’ reduced recourse to ELA funding by the Bank of Greece.

Total expenses decreased to 343.4 million euros, from 391.3 million euros in 2017, due to the fact that 2017 expenses included a non-recurring charge of 52.4 million euros, stemming primarily from the Bank’s payment of the extraordinary levies (Laws 3808/2009, 3845/2010) for the years 2008 and 2009 respectively, as well as relevant surcharges.

Provisions in financial year 2018 amounted to 198.4 million euros. Adequate provisioning aims to strengthen the Bank’s financial position, so that it can best fulfil its mandate and address the risks to which it is exposed.

Total accumulated provisions, as of 31 December 2018, amounted to 7,805.8 million euros, the Bank of Greece said.

Source ANA-MPA
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