Financial Daily from THE HINDU group of publications
Friday, Jan 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 23, 2004 |
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Money & Banking
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Public Sector Banks Vijaya Bank adopts new dividend policy Our Bureau
Bangalore, Jan. 22 VIJAYA Bank has reduced its PLR to 11 per cent from 11.5 per cent. It also announced a new dividend payout policy, which ensures a minimum payout ratio of 25 per cent of the bank's net annual distributable profits (net profit as reduced by mandatory appropriations). Mr M.S. Kapur, Chairman and Managing Director of the Bank, said payout ratio of 25 per cent would be inclusive of dividend tax and surcharge. Vijaya Bank is among only a few banks which have come out with such dividend payout policy as a part of its endeavour towards better corporate governance. These decisions were taken at a board meeting held to adopt the third quarter results.
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