Banque Cantonale Vaudoise said its dividend distribution policy will be extended for a further five years, beginning with the 2018 reporting period, as it posted a year-over-year increase in its full-year 2017 profit.
The Swiss group reported full-year 2017 net profit attributable to shareholders of CHF320.2 million, up from CHF309.6 million a year earlier.
The board of directors will propose an ordinary dividend of CHF23 per share and a special distribution of CHF10 per share out of paid-in reserves, both unchanged from a year ago, at its annual shareholders' meeting set for April 26. The dividends will be paid May 3, with a record date of May 2 and an ex-dividend date of April 30.
Considering the planned reduction in the corporate tax rates of the canton of Vaud, the group aims to pay an ordinary per-share dividend of between CHF34 and CHF38 for 2018, barring significant changes in the economic or regulatory environment or the lender's situation. The bank is roughly two-thirds owned by Vaud canton.