16 Dividends

Due to economic uncertainties caused by the COVID - 19 pandemic, the European Central Bank (ECB) recommended financial institutions including banks not to pay out dividends for financial year 2019 and 2020 till October 2020. As a result, in the Annual General Meeting (AGM) of Shareholders in April 2020, the proposal for the appropriation of profit for the 2019 financial year was postponed at least till October 2020. The proposed amount of distributable amount of the net profit amounts to €2.7 million. 

On July 28, 2020, the ECB published an update and extended the recommendation not to pay out dividends till January 1, 2020