Bulgaria's c-bank extends ban on dividend distribution

Bulgaria's c-bank extends ban on dividend distribution

The Bulgarian National Bank (BNB) said that it has decided to extend its decision to force local banks to fully capitalise their profit for 2020 and skip dividend distribution.

"In relation to the continuous uncertainty and the challenges relating to the economic effects from the spread of COVID-19 and the restrictive measures imposed, the Governing Council of the Bulgarian National Bank (BNB) made a decision to maintain the implementation of the macroprudential measure for capitalisation of the full extent of banks’ profit for 2020," the central bank said in a statement last week.

With banks in Bulgaria generating a profit of 789 million levs ($486 million/403 million euro) last year, its capitalisation will increase the common equity tier 1 (CET 1) capital ratio of the banking system by 1.23 percentage points to 23.1%, the BNB said.

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