BOV to freeze payment of dividends

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Bank of Valletta said in a statement this morning that in view of the current Covid-19 situation, the Board of Directors was withdrawing its original recommendation to its AGM to approve the payment of a final dividend for the Financial Year 2019. It said that this situation will be re-assessed next year.

The Bank said that this decision was taken in line with recommendations by the European Central Bank.

Originally, the Board had recommended a final gross dividend of €0.026 per share (net dividend of €0.017 per share) which, if approved by the Annual General Meeting, would make for a total gross dividend for the year of €15,384,615.

Earllier this year, the Board had announced its decision to follow the initial proposal for distribution of the dividend in respect of the year ended 31 December 2019, but to make the actual payment conditional to the reassessment of the situation once, as stated by the ECB in its recommendation of the 27 March 2020, the uncertainties caused by COVID-19 disappear, the earliest of which would be October 2020.

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