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Deutsche Bank revised its price target for Banque Centrale Populaire higher after its CEO said it would pay a dividend

Deutsche Bank revised its price target for Banque Centrale Populaire higher after its CEO said it would pay a dividend

The recommendation remained at “buy”, after CEO Miguel Maia confirmed that the Banque Centrale Popular (BCP) will indeed pay a dividend related to its 2023 results.

Deutsche Bank adjusted the “target price” for Banque Centrale Populaire shares by four cents from 0.35 euros to 0.39 euros, according to the Banque Centrale Populaire website.

Compared to Friday’s closing price (€0.2816), the new price represents an increase of 38.49%.

The recommendation remained at “buy”, after CEO Miguel Maia confirmed that the Banque Centrale Popular (BCP) will indeed pay a dividend related to its 2023 results.

In a seminar organized by Global Media, Miguel Maya, Director General of the Banco Central Popular, stated that the bank will certainly pay dividends to shareholders, but it will do so with appropriate prudence.

The Banque Centrale Populaire made profits of $650.7 million as of September, and the CEO declared, “We will certainly do so with appropriate caution given our reading of the context we face and the challenges that lie ahead,” recalling that it had only paid shareholders twice during the year. The past ten years.

The International Monetary Fund has advised European banks, including Portuguese ones, to avoid converting all of their rising profits into dividends, and instead called for a boost in capital buffers as a “cushion” against a potential surge. In bad debts and bankruptcy.

It should be noted that the Banque Centrale Populaire paid dividends twice during the past ten years, and the bank’s priority was to strengthen its capital ratio.

The Portuguese bank now has a capital ratio that is fully in line with its European peers, the CEO added.

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The 2023 Money Conference was held on Thursday at the Olisipo Lapa Palace Hotel.