Credit SuisseCS shareholders have approved the payment of the second and final dividend of 0.1388 Swiss francs per share for 2019, despite the economic uncertainty induced by the coronavirus pandemic.
The payment will be made at half of the retained earnings and the rest of the capital contribution reserves. Payment of the distribution in cash will be made as of December 7, 2020.
Urs Rohner, Chairman of the Credit Suisse Board of Directors, said: “Based on our proven strategy, strong capital position and well-executed crisis response, and in line with our intention to increase the dividend by at least 5% per annum. , had proposed to approve the second distribution of the 2019 dividend, to allow the full distribution of the dividend for fiscal year 2019 ”.
This April, at the request of the Swiss Financial Market Supervisory Authority, amid the continued spread of the coronavirus in Switzerland, Credit Suisse had agreed to pay the dividend of CHF 0.2776 for the financial year 2019 in two installments. The bank had paid 0.1388 Swiss francs in May.
However, the bank suspended its 1.5 billion Swiss franc share buyback plan for 2020 in April as the pandemic continued to disrupt economic conditions.
UBS Group UBS also paid dividends in two installments and was the first European bank to pay the full-year 2019 dividend after receiving approval from majority shareholders.
Among others, Barclays BCS, Royal Bank of Scotland RBS, HSBC Holdings, Standard Chartered and Lloyds Banking Group also suspended their outstanding 2019 dividend payments when the pandemic was at its peak in March and April.
Credit Suisse shares have gained 39.8% over the past six months compared to industry growth of 28.2%.
The company is currently rated Zacks # 3 (wait). You can see the full list of Zacks # 1 current rank stocks (strong buy) here.
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