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HomeNewsTunisia: Attijari bank to distribute dividend of 1.2 dinar, increase capital

Tunisia: Attijari bank to distribute dividend of 1.2 dinar, increase capital

According to the draft resolutions to be submitted for the approval of the Ordinary General Meeting (OGM) to be held on April 20, Attijari Bank proposes the distribution of a dividend of around 1.2 dinar for the 2017 financial year, against a dividend of 2 dinars for 2016.

The total amount of dividends to be distributed will therefore stand at 47.7 million dinars, i.e. a payout of 36.7% against 79.5 million dinars distributed a year earlier equivalent to a payout of 74.3%.

The reduction in the amount of dividends distributed is certainly correlated with the constraints of respect for the capital ratio.

After years of generous distribution, at the end of 2016, the bank posted a solvency ratio of 10.66% for a regulatory minimum of 10%.

In addition, the Bank will hold the same day an Extraordinary General Meeting (EGM) to decide on a capital increase by 4,968,535 dinars, from 198,741,450 to 203,709,985dinars, by incorporation of reserves to be taken from the “retained earnings” account.

This capital increase is carried out by the creation of 993,707 new shares with a par value of 5 dinars each, to be allocated free of charge to the shareholders owning the 39,748,290 shares participating on January 1, 2018, at the rate of 1 new share for 40 old shares.

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