Grupo Supervielle SA said its board approved a cash dividend of about 243.7 million Argentine pesos tied to its fiscal year 2017, according to a Form 6-K filed May 9.

The amount will translate to 53.359745388 centavos per outstanding company share and 2.66798726941 pesos per American depositary share. The dividend will be payable beginning May 22 to shareholders of record as of May 21.

The bank noted the distribution is not subject to withholding income tax, because it is derived from profits that were already taxed.

As of May 9, US$1 was equivalent to 22.58 Argentine pesos.