BPI suspends payment of 2019 dividends

The BPI bank is to suspend the distribution of the 2019 dividends, making the necessary resources to face the impact of the Covid-19 Pandemic available to the Portuguese economy, it has said.

“BPI bank and CaixaBank Group have decided to suspend the distribution of the 2019 dividends of BPI bank. With this suspension, BPI strengthens its capacity to make the resources necessary to respond to the demanding challenges ahead available to the Portuguese economy, companies and households,” according to a joint communiqué from both institutions.

BPI stressed that the spread of Covid-19, as well as the measures adopted to halt its, will have an impact on the economy, adding that its solid solvency and liquidity position allows it to face the negative economic scenario, which should mark the rest of 2020 with confidence.

The bank wants and can make an important contribution to the recovery of the Portuguese economy to occur as quickly as possible, creating conditions for credit to reach where it is needed.

Since the beginning of the Pandemic, the Portuguese bank has shown its willingness to grant moratoriums on credit, extending them to all customers, regularly, without additional costs, having also provided digital solutions for access to banking services.

“Banco BPI will continue, with the extraordinary effort of all its teams, on this path of total commitment to its responsibilities, at such a decisive moment for all,” it pointed out.

BPI recorded profits of €327.9 million in 2019, a 33% decrease from €490.6 million in 2018.

The new coronavirus, responsible for the Covid-19 Pandemic, has caused more than 120,000 deaths and infected almost two million people in 193 countries and territories.

In Portugal, according to the results on Tuesday from the Directorate-General of Health, there have been 567 deaths, 32 more than on Monday (+6%), and 17,448 confirmed cases of infection, representing an increase of 514 (+3%).

Of those infected, 1,227 are hospitalised, 218 of them in intensive care units, and 347 patients have already recovered.

Portugal, where the first confirmed cases were registered on 2 March, has been in a state of emergency since 19 March and until the end of 17 April.