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Citigroup's Polish unit to earmark almost entire 2017 profit for dividend

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Citigroup's Polish unit to earmark almost entire 2017 profit for dividend

The management board of Bank Handlowy w Warszawie SA recommended that its shareholders approve a dividend payout of 4.11 Polish zlotys per share from its 2017 net profit.

The total amount of the proposed dividend will amount to 537 million zlotys, equivalent to 99.98% of the lender's stand-alone net profit, the bank said March 14. The dividend date was set for June 18, and the date of the dividend payout for June 25.

The management board's recommendation will be submitted to the supervisory board for consideration and then for approval at a general meeting of the lender's shareholders.

Bank Handlowy, which is controlled by Citigroup Inc., paid a dividend of 4.53 zlotys per share from its 2016 net profit.

As of March 14, US$1 was equivalent to 3.39 Polish zlotys.