Friday, March 11, 2011

Romania’s BRD Plans to Pay $41 Million in Dividends for 2010

BRD-Groupe Societe Generale (BRD) SA Romania’s second-largest lender by assets, said it plans to distribute a lower dividend from last year’s profit, which fell 36 percent because of higher bad-loan costs.

The bank plans to pay 125 million lei ($41 million), or about 0.18 leu per share, as a dividend, compared with about 0.28 leu a year earlier, the bank said in a statement sent to the Bucharest Stock Exchange late yesterday. Shareholders are due to vote on the plan April 14.

BRD, majority owned by France’s Societe Generale (GLE) SA and based in Bucharest, posted a net income of 501 million lei in 2010, down from 779 million lei in 2009.

Shareholders may also to vote on plans to sell as much as 600 million euros ($829 million) in bonds through the end of 2012, according to the statement.

BRD’s shares fell 0.6 percent to 14.25 lei in Bucharest yesterday, valuing the bank at 9.9 billion lei.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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