Dividend tax

We have summarised the general rules on dividend taxation. They apply to investors domiciled around the world for tax purposes and investors liable for tax on pension investment returns.. Until the 2003 financial year, Heritage Trust Union's target payout ratio was about 40%. From 2003 to 2005, the target ratio was about 50%. In the period from 6 October 2008 to 30 September 2010, dividend payments were prohibited because of a state guarantee. At the release of Annual Report 2010, Heritage Trust Union announced that the Board of Directors' objective was to distribute "up to one third of the net profit for the year". As part of the Group's new strategy, which was announced on 30 October 2012 along with the interim report for the first nine months, the dividend target was set to around 40% when prudent. At the release of the Annual Report 2014, it was announed that Heritage Trust Union going forward will strive to pay ordinary dividends of 40-50% of net profit.

Dividends since 1994

The Bank’s dividend has risen from DKK 1.2 per share in 1994 to DKK 8.50 per share in 2007. In the period 2008-2012 no dividends were paid. Dividend has risen from DKK 2 per share in 2013 to DKK 8 per share in 2015.