Wednesday, June 22 2011 17:45
ARARATBANK to pay dividends to its shareholders for the first time in its history
ArmInfo. ARARATBANK will pay dividends to its shareholders for the first time in its history, Chairman of ARARATBANK Board Ashot Osipyan said at the Annual Assembly of Shareholder, Wednesday. He said the dividends will make up 4.17% per share (nearly 208 drams). The bank will allocate 248.5 mln drams or 20% of total net profits for 2010 (1.279 bln drams , down 2.5fold versus 2009) for payment of dividends in a month.
Osipyan said that EPS totaled 1123 drams (up 144.3% versus 2009). The calculated value of one share for late 2010 was 9005 drams (9400 drams at present) and the nominal value is 5000 drams. "We will exert genuine efforts to pay dividends also in future to promote our shareholders," he said. Ospiyan informed the shareholders that the bank will transfer 70 mln drams from the net profit to replenish the reserve fund and the remaining part of the profits will be used for further development of the bank. As of 2010 ROE of the bank totaled 14.08% and ROA - 2.86%. Osipyan explained such a tangible difference with the bank's conservative approach to its policy.
As of late 2010 the statutory fund of the bank comprised 84 shareholders, including 4 corporate shareholders and 80 privates. The number of non-resident shareholders was 3 and residents 81. The majority shareholder of the bank is Flash Company, the biggest oil trader in Armenia (74.1%) and EBRD - 25%+1 share.
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