Reported 3 days ago
Novo Banco, Portugal's fourth-largest bank, posted a record net profit of €744.6 million ($804 million) ahead of its planned IPO. The bank announced plans to distribute 60% of its earnings in dividends, reflecting improved performance driven by increased interest margins. CEO Mark Bourke indicated that the IPO could range from 25% to 30% of the bank, depending on market conditions. The bank has also set a capital distribution target of over €3.3 billion over the next three years and is operating well above regulatory capital requirements.
Source: YAHOO