Dividend season on the Macedonian Stock Exchange is in full swing, and two decisions are drawing the eye. NLB Bank will pay shareholders a dividend totalling 35.7 million euros (2.19 billion denars), or 2,571 denars per share. The payout is set for June 29th, and the right to it goes to shareholders registered as of June 11th.

The figure isn't small. Last year the bank posted a net profit of 79.3 million euros, and the shareholders' assembly decided to split it three ways: dividend, retained earnings and reserve fund. In other words, nearly half the annual profit goes straight into shareholders' pockets.

At the same time, the construction company Granit announced a dividend too - 49 denars per share, a total gross amount of around 135.7 million denars, paid out of accumulated undistributed profit dating back to 2008. Two different stories, the same point: capital finds its way back to those who own it.

Dividends are legitimate and a sign of profitable companies - no argument there. What's worth arguing about is what rarely gets mentioned alongside these announcements: that while shareholders split millions, the average wage in the country barely touches the 800-euro mark. When a bank hands out 35 million euros and every citizen pays a fee on every transaction, it's worth asking whose profit is actually being celebrated.