Serbia's AIK Banka to pay 2011 dividend of EUR 1.76mn.

By bne IntelliNews May 21, 2012
Serbia's AIK Banka said it will distribute as 2011 dividend only some 6.7% of its last-year profit, which totalled RSD 2.97bn (EUR 26.2mn), and allocate the bulk of the remainder to reserves. The bank will thus pay an overall RSD 200mn in dividend (its equity is divided into some 8.72 million shares) and put RSD 2.46bn to reserves, it said in a Belgrade bourse filing. The remaining RSD 312mn will be transformed into share capital. The decision for the distribution of AIK Banka's 2011 profit was approved by its shareholders on May 10. Earlier in May, news service eKapija reported that Greek state-controlled ATEbank has opened a tender to sell its 20.3% stake in AIK Banka. ATEbank is the largest single shareholder in the Serbian lender. UniCredit Bank Austria comes next, with a 6.07% stake, while the remainder belongs to smaller shareholders. The Greek bank picked in February the Investment Bank of Greece and the European Privatisation and Investment Corporation (EPIC) to consult it on the AIK Banka stake sale. ATEbank bought its stake in AIK Banka at the end of 2006 at RSD 5,200 per share. AIK Banka is among the most traded companies on the Belgrade bourse and has the biggest weight in the bourse's 15-member blue-chip index. The Serb lender's first-quarter pre-tax profit rose 60.5% on the year to RSD 918mn although its revenue from core activities stagnated, brokerage firm Sinteza Invest Group reported earlier this month on its website. According to AIK Banka's unrevised Jan-March financial report, its interest income was almost unchanged at RSD 3.1bn, while its commissions and fees income fell an annual 9.2% to RSD 232mn. The bank's net provisions for bad debt jumped 51.2% on the year to RSD 1.3bn in the first quarter of 2012. Sinteza said that similar to other lenders AIK Banka has recorded high loss on exchange rate differences as dinar sank to all-time low against the euro. AIK Banka's assets rose 2.8% through the quarter to RSD 147.2bn at end-March.

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