Following the approval, the company will operate with a capital adequacy ratio of 17.6%.

NLB published an announcement on the Ljubljana Stock Exchange stating that obtained permission from the ECB to include the subordinated notes in the calculation of its Tier 2 capital.

As a reminder, in February NLB issued EUR 120m worth of subordinated notes intended for the inclusion into additional capital to strengthen and optimize its capital structure. The interest on the principal of the subordinated notes will accrue at the interest rate of 3.40% per annum and the issue price will be equal to 100% of their nominal amount.

Following the approval, the company will operate with a capital adequacy ratio of 17.6%, indicating an excess capital of roughly EUR 307m. Note that such a CAR is still quite above the requirement of 14.25%.

At the current share price dividend yield is 15%.

Addiko Bank proposed their first dividend payment since their public offering last year on the Vienna Stock Exchange. The bank proposed a payment of EUR 40m, which translates into a dividend of EUR 2.05 per share, which is in line with the company’s initial dividend policy. Such a dividend was proposed as the regulator cuts SREP P2R capital add-on to 4.1% (20bp reduction from the draft SREP). Note that as of 2019, the company operates with a CAR of 17.7%

At the current share price, dividend yield is 15%, which is quite higher yield when compared to regional banks.

The dividend is subject to approval at the GSM which will be held of 21 April 2020.

Dividend Policy for 2020

Addiko announced that they reconfirm their initial guidance to distribute another EUR 40m for the year 2020, and an annual dividend payout of 60% of net profit in the following years. The distribution of any excess capital will follow the annual SREP decision (drat expected in autumn 2020) and will be included in the dividend proposal to the AGM for the respective financial year. Addiko further states that they continue to pursue its capital optimization by issuing eligible capital instruments (AT1, Tier 2) reflecting the development of future capital requirements.

In February 2020, Croatia observed 0.29m tourist arrivals (+4.6%) and 0.73m tourist nights (+8.6%).

According to the Croatian Tourist Board, in February 2020, Croatia observed 287,326 tourist arrivals, representing an increase of 4.59%. Of that, foreign tourists account for 61%. Meanwhile, tourist nights amounted to 727,198 which is an increase of 8.63% YoY. Foreign tourists observed an increase of 9.3% YoY and account for 65% of  the total tourist nights realized (+9.21%).

Tourists from Slovenia recorded the most tourist nights, accounting for 11.33%. Tourists from Bosnia & Herzegovina and Austria follow, accounting for 9% and 6%, respectively. Meanwhile most tourist arrivals were observed by also tourist from Slovenia, which accounted for 18.8% of foreign arrivals. 

When observing the arrivals and nights realized by the type of accommodation, one can observe that hotels lead the list with 208,665 arrivals (+1.6%) and 416,817 tourist nights (+6.76%). Such figures put hotels at 73% of total arrivals and 57% of total tourist nights. Private accommodation follows with 36,483 arrivals (+17.5%) and 165,851 tourist nights (+13.9%).

When observing the arrivals realized by county, Zagreb leads the list with 19.6% of the total arrivals. The counties of Istria and Kvarner follow, accounting for 17,9% and 12,8% of total arrivals, respectively. Meanwhile, when looking at tourist nights, Istria  comes first with 23.2%, followed by Zagreb 15.9%.