Japan PPI inflation slips to 11-mth low in July
ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S. (TGBD), one of Turkey’s prominent banks, has announced its Board of Directors’ decision to distribute a significant gross cash dividend following the financial results of 2024. The bank declared an after-tax profit of 92.17 billion Turkish Liras for the year ended December 31, 2024.
In a statement released on Wednesday, the bank detailed that it plans to distribute a gross cash dividend totaling 18.43 billion Turkish Liras. This figure corresponds to a striking 438.92854% of the bank’s paid-in capital. The distribution is composed of a first gross cash dividend of 210 million Turkish Liras, representing 5% of the paid-in capital, and a second gross cash dividend of approximately 18.22 billion Turkish Liras.
The proposed dividend distribution is scheduled for March 28, 2025, pending approval at the Ordinary General Meeting of Shareholders. Additionally, the bank will transfer 36.29 million Turkish Liras to its Extraordinary Reserves Account, which was recognized as income in the prior periods’ profit or loss account in 2024 due to Accounting Standards.
This announcement, based on a press release statement, reflects the bank’s compliance with Banking Law, Capital Markets Law, and related regulations, as well as Article 45 of the Articles of Association of the bank regarding profit distribution.
Investors and shareholders are advised to review the Profit Distribution Table for the year 2024, which is attached to the bank’s announcement for further details. The bank emphasizes that the information provided is in accordance with the principles included in the Board’s Communiqué and accurately reflects the bank’s financial records and documents.
The distribution represents a substantial return to shareholders and underscores the bank’s financial performance for the year 2024. Garanti Bankasi’s commitment to adhering to regulatory standards and transparent communication with investors remains evident in its latest financial disclosures.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.