Bank of Shanghai proposes 2024 profit distribution plan

Shanghai Bank (SSE:601229) is seeking shareholder approval for its 2024 profit distribution plan. According to the plan, the bank proposes a cash dividend of CNY 4.60 (tax included) per 10 shares, payable to ordinary shareholders as of the record date. The bank will also earmark 10% of its after-tax profit for the statutory surplus reserve and 20% for the discretionary surplus reserve. Furthermore, the board is seeking authorization to decide on the terms for an interim dividend in 2025, the amount of which would not exceed the parent company's ordinary shareholders’ distributable profit for the period. The shareholders will meet to vote on the proposal on May 16, 2025.