The Dividends Policy of the Bank is a tool for implementation of the Bank’s strategic development plan. It regulates the process of dividend payment in the Bank. The Dividends Policy is subject to review at least once a year and may be amended, if required. The basic provisions and principles of the Dividends Policy may be amended due to the change of economic conditions and/or the objectives envisaged by the Bank’s strategic development plan.

The Bank may declare and pay out dividends on quarterly, semi-annual (interim) or annual basis, except when payment of dividends results in breach of the key banking and/or other economic prudential standards stipulated by the Republic of Armenia legislation. The Bank’s Board of Directors or the General Meeting of Shareholders defines amounts for interim and annual dividends, which may be paid out in the amount of up to 100% of the Bank’s profit as of the respective period. The amount of interim dividends may not exceed 50% of the dividends paid out and/or calculated for the previous fiscal year, as well as 100% of the Bank’s net profit as of the date of payment of dividends.

For more detailed information you may read our Dividend-Policy (Edition 4, effective from August 31, 2015).