The Management Board of the Romanian Bank for Development (BRD) set the deadline for the registration of shareholders on April 2. BRD Board has accepted the 752 billion lei dividend fund, meaning that the gross profit for one dividend will stand at 2,000-2,500 lei per share.
According to the brokers' opinion, the dividends distributed by the bank are a strong enough reason for the employees, which have been allowed to sell the shares starting today, to hold on to them.
On the other hand, if they intend to sell the shares after the deadline is due, the stock price might depreciate more than the value of the dividends.
BRD employees have purchased an 8.33% stake at the face value (over 29 million shares) and minority shareholders consider that the price currently offered by the Stock Exchange is good for selling.
BRD, whose main shareholder is Groupe Societe Generale, registered 1,371 billion lei in net profit last year, up almost 100% against 1999.
The bank's Management Board is satisfied with last year's liquidity increase. According to a BRD press release, deposits rose by 19.3% in real terms, of which 26% were hard currency denominated deposits.
BRD placements increased by 14.6% in real terms last year, of which 18.3% were hard currency denominated loans.
A share of 47% were credits granted to the economy, leading the bank to register a 19.7% market share as for the credits for legal persons last year, up from 9.9% in 1999.
BRD shares registered a low liquidity during the Friday trading session on the Stock Exchange, as only 1,700 shares were traded for the price of 30,000 lei.
The shares of Banca Transilvania, the second bank listed on the Stock Exchange, maintain stable, being quoted at 1,390 lei per share (down 0.7%) on Friday's trading session.
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