HNB’s total dividend for 2011 will be Rs. 7.50 per share

HNB at its board meeting held on February 21 announced a final dividend of Rs. 6 per share in addition to the interim dividend of Rs. 1.50 per share paid to shareholders in December 2011.

The proposed final dividend will have two components, where 50% will be paid by way of cash and the remaining 50% through issuance of scrip dividend.

The attractive dividend announcement for 2011 was in addition to the one for two share split the Bank carried out early last year.  Accordingly the total dividend paid and proposed for 2011 has grown by 77% compared to the previous year.

The payment of the proposed final dividend will be subject to shareholders approving same at the Bank’s next Annual General Meeting scheduled for late next month.

 HNB Managing Director/CEO Rajendra Theagarajah commenting on the proposed final dividend stated “HNB has always strived towards adding value to all its stakeholders and the Board, recognising the support extended to the Bank by its valued shareholders despite bearish market conditions last year, decided to reward same by proposing an attractive dividend of Rs. 7.50 per share for 2011.