West Bromwich Building Society Distribution Announcement CCDS (4970T)
November 24 2021 - 9:03AM
UK Regulatory
TIDMWBS
RNS Number : 4970T
West Bromwich Building Society
24 November 2021
24 November 2021
Distribution Announcement
West Bromwich Building Society
Core Capital Deferred Shares (GB00BYWR8Q80)
The Society announced its interim results today, reporting a
profit before tax of GBP14.6m, GBP11.7m higher than for the same
period in the prior year . Following publication of the results the
Board would like to provide updated guidance on its current
expectation for the Interim CCDS distribution due February 2022
(the 'Interim Distribution'), and publish an updated Distribution
Policy.
The Society increased the Final Distribution for the period to
31 March 2021 to GBP0.75p per CCDS, which was paid in August 2021,
and indicated an update would be provided alongside the interim
results. Profit levels have improved to around the levels envisaged
at the time the liability management exercise was completed in
April 2018, and the Society has maintained its capital strength
with a CET 1 ratio of 16.3% as at 30 September 2021. Taking account
of these and other relevant factors, the Board, whilst considering
the interests of the Society's members as a whole, currently
expects to increase the Interim Distribution to GBP1.50p per
CCDS.
Looking ahead, the Board intends to align future Distributions
with those originally anticipated when the Distribution Policy was
set in April 2018, and has updated its Distribution Policy
accordingly. The Board's objective remains to increase
distributions over time up to a semi-annual GBP2.25p per CCDS.
Under normal conditions, once distributions reach this level the
Board then intends to adopt a stable distribution policy, subject
to the Society's then-current and anticipated financial position
being viewed as satisfactory and any other factors considered by
the Board to be relevant.
Market Abuse Regulation
This announcement is released by West Bromwich Building Society
(the Society) and contains information that qualified or may have
qualified as inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing
information relating to the Society's CCDS as described above. For
the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is made by Ashraf
Piranie, Group Finance & Operations Director of the
Society.
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END
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