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OTP Bank board proposes no dividend on 2009

OTP Bank board will propose shareholders to pay no dividend on 2009 but plough back all last year's profits to increase reserves, the bank's proposals to the April 30 annual general meeting reveal.

The bank recorded unconsolidated after-tax profits of HUF 102.3 billion according to Hungarian accounting standards.

The board will propose to place HUF 92.1 billion of the after-tax profits - after the deduction of HUF 10.2 billion to be put in general reserves - into profit reserves.

If approved, this will be the third year without dividend. The bank last paid dividend, of HUF 145 per share, in 2007. (MTI – Econews)