30th Mar 2020 12:04
(Alliance News) - AIB Group PLC said Monday it is cancelling its final dividend payment for 2019.
The Irish lender said it is following advice from the European Central Bank, which recommended not paying dividends during the Covid-19 pandemic.
AIB continues to have capital ratios materially in excess of minimum regulatory requirement, it said, with a CET 1 at the end of December of 16.4% which included a 40 basis point reduction for the dividend accrual.
Chief Executive Colin Hunt said: "AIB is strongly capitalised and well positioned to support the Irish economy and our customers at this critical time. As the health and safety of everyone is our top priority, we hope that shareholders will understand the constrained circumstances under which our AGM must take place this year.
"However, we look forward to conducting the business of the AGM as thoroughly as possible within the current unavoidable limitations. AIB, meanwhile, is fully focused on supporting our customers and the wider economy through this unprecedented crisis."
Shares in AIB Group were 6.9% lower in London on Monday at EUR1.01 each.
By Paul McGowan; [email protected]
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