Marfin Popular Bank gives generous dividend

The Board of Directors of Marfin Popular Bank Ltd (CPB) decided to proceed with a generous distribution of profits despite the uncertain global environment. Following the approval of the final audited financial results for the year ended 2008, the Board is recommending to the AGM of the shareholders a dividend payment of EUR 0.15 from 2008 earnings.
CPB reported profit after tax of EUR394.6 mln for 2008, compared to EUR563.3 mln in 2007, which included a one-off income from the disposal of the Group’s stakes in HB and UL, while 4Q08 earnings were boosted by a EUR68 mln gain from the sale of the bank’s insurance units to CNP.
The AGM will be held on 19 May 2009, with the ex-dividend day set on 25 May 2009. The BoD has approved a dividend reinvestment plan with the exercise price being set 10% lower than the stock’s average closing price on the CSE and the ASE between 26 May 2009 and 1 June 2009.
Based on current levels, the dividend yield amounts to 9-10%.