Bank of Cyprus Boosts Investor Payout to 30% After Profit Jump
- Lender also gets nod to conduct share buyback program
- 2023 final dividend at €0.25 an ordinary share, up from €0.05
A Bank of Cyprus branch in Nicosia, Cyprus.
Photographer: Sean Gallup/Getty Images EuropeThis article is for subscribers only.
Bank of Cyprus Holdings Plc, the country’s largest lender, will pay a cash dividend on 2023 income and conduct a share buyback program following approval by the European Central Bank.
“The distribution corresponds to a 30% payout ratio for full year 2023 and amounts to €137 million ($148.9 million) in total, comprising a cash dividend of €112 million and a share buyback of up to €25 million,” the lender said Wednesday. The payout ratio for 2023 “represents a material increase” compared to the 14% payout ratio for 2022, the bank said.