Bank of Valletta plc’s (BOV) €26.6 million in net dividend has obtained regulatory approval, an announcement from the bank on Monday stated.

The dividend was first announced when BOV’s Annual Report for the financial year ended 31st December 2023 was released. During the period, the bank reported a pre-tax profit of €251.6 million.

The payment of a gross cash dividend of €0.07 per share for the second half of 2023 was announced, resulting in a net dividend of €0.0455 per share, amounting to a total of €26.6 million.

In its latest announcement, BOV said that the cash dividend will be paid on 12th June 2024 to shareholders appearing on the bank’s Register of Members, as maintained by the Central Securities Depository at the Malta Stock Exchange, on 1st May 2024.

When coupled with the €17.5 million in net ordinary dividend paid in December 2023, the highest interim dividend in 10 years, the total net dividend for the year amounted to €44.1 million.

In the Annual Report, the Board of Directors had said that the dividend distribution was recommended after taking into consideration BOV’s future capital requirements, supported by a fully articulated dividend policy which seeks to balance out dividends payout with future growth of the bank’s equity base. It also takes into consideration the sustainability of further dividend payouts in the future.