Banco Bradesco Stock- Brazil’s Bradesco proposes $1.95 bln extraordinary dividend payment -filing
SAO PAULO, Oct 7 (Reuters) – Brazil’s second largest private lender Banco Bradesco SA is proposing an 8 billion reais ($1.95 billion) extraordinary dividend payment, it said in a securities filing on Monday.
Bradesco’s proposal comes as the bank has retained more capital than required by banking regulators. The bank ended June with a tier 1 capital ratio of 15%.
In a note to clients, UBS’s analysts said they “do not rule out that the bank will adopt a higher dividend payout ratio in coming years.”
If approved by Bradesco’s board of directors on Oct. 17, the dividend will be paid on Oct. 23.
Preferred shares in Bradesco were down 0.71% in afternoon trading.
$1 = 4.1018 reais Reporting by Carolina Mandl Editing by Tom Brown