Bancolombia SA said its board has agreed to propose dividend payments of 1,020 Colombian pesos per share for 2018, with the total payment to reach about 2.262 trillion pesos.

The bank will pay 255 pesos per share for each quarter, with the payment dates set at April 2, July 3, Oct. 1 and Jan. 2, 2019, according to a regulatory filing.

The proposal also includes the establishment of a legal reserve for retained earnings in the amount of about 1.281 trillion pesos. In the filing, the company noted that its net profit for full-year 2017 reached approximately 2.204 trillion pesos. The lender is expected to report fourth-quarter 2017 results on Feb. 21.

The bank's shareholders previously approved a board proposal for 2017 dividends of 950.40 pesos per share.

As of Feb. 19, US$1 was equivalent to 2,834.90 Colombian pesos.