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Bank Pekao to lower dividend

Bank Pekao SA's management and supervisory boards proposed to pay a per-share dividend of 6.60 zlotys from the lender's 2018 net profit, down from 7.90 zlotys offered from its 2017 net earnings.

The total dividend payment proposed by the boards will amount to 1.7 billion zlotys, equivalent to 75% of Pekao's unconsolidated net profit for the 2018 financial year.

The 75% payout ratio is lower than that presented in Pekao's dividend guidelines, as it takes into account the recommendations of the the Polish Financial Supervision Authority regarding profit distribution.

The proposed dividend day has been set for July 10, and the dividend payment date is July 30, Pekao said, noting that the dividend proposal will be presented for approval at the upcoming shareholder meeting.

As of Feb. 25, US$1 was equivalent to 3.82 Polish zlotys.