Latvia's Swedbank to pay EUR 244 million in dividends

RIGA - Latvia's Swedbank will pay out a total of EUR 244 million in dividends from retained earnings of last year and previous years, the bank told LETA.

The bank's 2023 annual report says that a total of EUR 244 million will be paid out in dividends from Swedbank's EUR 235.598 million profit last year and EUR 406.839 million in retained earnings from previous years. The Bank's retained earnings after dividend payments will therefore amount to EUR 398.437 million.

Swedbank's representatives explained that the decision was taken based on the future development forecasts, capital adequacy requirements and changes in the tax regulation.

Since Swedbank has already transferred almost EUR 60 million of tax payments to the Treasury , as required by Latvian legislation, the dividend payment will also be made in the corresponding amount, the bank said.

The decision to pay the dividend was taken at Swedbank's shareholders' meeting on March 25 this year.

Swedbank's share capital consists of 575 million shares. The nominal value of a share is one euro.

In 2023, Swedbank paid out EUR 50.7 million or EUR 0.088 per share in dividends from 2022 profits.

Last year, Swedbank's audited profit was EUR 235.598 million, which is 2.3 times more than in 2022. Swedbank's assets at the end of 2023 were EUR 9.298 billion, up 9.1 percent or EUR 777.868 million compared to the end of 2022.

Swedbank is the largest bank in Latvia by assets.