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Skandiabanken to pay FY'16 dividend

Skandiabanken ASA's board of directors proposed to pay a dividend of 1.50 Norwegian kroner for 2016, representing 20.3% of the company's net profit for the year.

The dividend marks the company's first since its IPO in 2015. The bank aims to raise its dividend payout ratio to up to 30% of net profit in the 2017-2019 period.

Skandiabanken posted full-year 2016 profit attributable to shareholders of 768.3 million kroner, up from 370.2 million kroner in 2015.

In addition to increasing its dividend payout ratio, the bank also aims to achieve a return on equity of 14% in the 2017-2019 period, compared to 12.7% in the fourth quarter of 2016, and a common equity Tier 1 capital ratio of 13.5%, compared to 14.9% at the end of 2016.

As of March 31, US$1 was equivalent to 8.59 Norwegian kroner.