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The Bank can declare and pay quarterly, semiannual and annual dividends. Intermediate dividends cannot exceed 50% of the declared dividends in the previous financial year. Annual dividends cannot be less than the amount paid as intermediate dividends. If the annual dividend amount equals the amount paid as an intermediate dividend according to the decision of the General Meeting, then shareholders will not receive any further dividends during the year in question. If the annual dividend amount is declared at more than the intermediate dividend amount at a General Meeting, then the difference between the declared annual dividends and the intermediate dividends is paid to shareholders when the annual dividend is paid.
Annual dividend paid for the preferred certified shares is accounted at 5% interest rate to the share nominal value. The dividends on preferred shares, either partially or in full is not subject to payment if it leads to the violation of one of prudential standards of the Bank or deterioration of the Bank’s financial situation, meanwhile taking into account that:
a) full or partial payment of the dividends cannot be compounded for later repayment
b) No legal document can exist between the Bank and the preferred shareholder that will stipulate any restrictions for the Bank in the case of full or partial withholding of the payment, as well as no legal document can stipulate granting similar rights to the preferred shareholder, except the cases that restrictions apply to the payment of dividends for ordinary shares. Meanwhile the restrictions on the payment of the common shared dividends mentioned in this article could be applied only to the terms when the dividends of the preferred shares were not fully or partially paid.
A decision can be taken at a General Meeting that dividends may be paid only on an annual basis. Dividends are paid out of net profits on the basis of financial (accounting) year.
The decision of the payment and the amount of annual dividends is adopted by General Meeting of the Bank on the proposal of the Board. Common shares dividends are paid in AMD, and by other property, including shares of the Bank, envisaged by the Charter of the Bank. Preferred shares dividends are paid out of net profit of the Bank or /and/ from the relevant formed funds. Preferred shares dividends are paid only in AMD.
Dividends to shareholders are not guaranteed by the Bank. General Meeting of the Bank has right not to pay dividends to shareholders. General Meeting of the Bank determines the size of the dividends, the method of their payment and periods. The decision of the interim dividends payment is adopted by Bank Board. General Meeting also decides the date of payment of dividends and the Board decides the date of interim dividends payment but not late as after 30 days of the given decision. For each dividends payments Bank’s Board makes a list of shareholders having right to get dividends, and there should be included the following:
Matters relating to the payment of dividends on shares are regulated by RA legislation, the Bank's Charter and the Bank’s “Dividend Payment Procedure”.
The bank’s strategy for 2016–2020, approved by the Board of Directors, provides growth of its profits up to $10 million by 2020 and, accordingly, the proportionate payment of dividends.