Regarding the Banks Association of Turkey dividend restrictions as in international applications in the statement released by the industry that allowing a prudent rate of re-dividend and said it would be positive for the markets.
The Banks Association of Turkey, the banking sector in order to remain strong in 2018 and had not allowed the distribution of profits of equity in 2019. In 2020, the Association announced that a dividend of up to 10 percent of the 2020 net profit could be given within the framework of the special case, taking into account the capital adequacy ratio.
In the statement, “Thanks to its strong equity, healthy balance sheet structure, experienced management and prudent approach, the banking sector has successfully managed the recent shocks, and has continued to contribute to the financing of economic activity and the effective functioning of the payment system. Basic banking performance indicators are at the levels required by regulations and has been close to international averages. “expressions were used.
The statement made by the Banks Association is as follows:
“The Banking Regulation and Supervision Agency did not allow dividends in the banking sector in 2018 and 2019 with a prudent approach in order to keep the equity strong, taking into account the possible risks to be experienced due to the developments in global markets and the epidemic. It has been evaluated by the Authority that it would be beneficial not to distribute the profits and reserves that were acquired before 2020 but were not subject to distribution and kept under equity, in a way that would cause cash outflow.
However, it has been deemed appropriate to meet potential profit distribution demands up to 10 percent of the net profit of the year 2020 within the framework of the prudential principle and the special circumstances of the banks, especially the capital adequacy ratio. Thanks to its robust equity, healthy balance sheet structure, experienced management and prudent approach, the banking sector has successfully managed the shocks experienced in the recent period and continued to contribute to the financing of economic activity and the effective functioning of the payment system. Key banking performance indicators were at the levels envisaged by regulations and close to international averages. Within this framework, allowing a prudent redistribution of profit, as in international practices, is considered positive for the banking sector, investors and our markets. “
Source: News Global
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