11.05.2015 
 

Erste Group: Annual General Meeting confirms financial year 2015

The most important agenda items at this year’s Annual General Meeting of Erste Group Bank AG were the presentation for the year-end 2015 results, the discharge from liability of the Management Board and Supervisory Board as well as on the amount of the dividend to be paid out.  

Erste Group posted a net profit of EUR 968.2 million in 2015 amidst a challenging banking environment. While the economy in the euro zone increased on average by 1.5% last year, the most important CEE economies for Erste Group achieved stronger growth rates. This not only confirms Erste Group’s strategic position but proves that Erste Group belongs to the group of banks that earn their cost of capital. Due to the solid capital position and the fact that the bank exceeds the regulatory requirements for Common Equity Tier 1 (CET 1), the Management Board proposed the distribution of a dividend of EUR 0.5 per share. This corresponds with a payout ratio of 22%. The proposal was approved by the AGM with 99,99% of the votes.

Another point on the agenda was the appointment of an additional auditor for the financial statements apart from the audit conducted by the Sparkassen-Prüfungsverband. The auditor selected is the auditing firm Price Waterhouse Coopers (PwC), which replaces Ernst & Young who have had this function for the last ten years.

The shareholders approved the release from liability of the Management Board with 99% of the votes.