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Komerční ups per-share dividend, eyes 65% payout ratio on 2018 profit

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Komerční ups per-share dividend, eyes 65% payout ratio on 2018 profit

Komercní banka a.s.'s board of directors proposed to pay a dividend of 8.9 billion Czech koruny, or 47 koruny per share, on its 2017 attributable consolidated net profit of 14.9 billion koruny, up from 40 koruny per share offered a year earlier.

The proposed dividend, which is pending approval of the lender's shareholders, including parent Société Générale SA, puts the dividend payout ratio at 60% of the net profit, up from 55.5% in 2017. The lender's management will also propose to set the payout dividend ratio from its 2018 net profit at 65%, Komercní said in its Feb. 8 filing.

The bank eyes single-digit lending growth in 2018, while revenues are expected to be flattish although their structure will improve, Reuters reported the same day, citing the lender. In 2017, Komercní saw its total gross loans to clients expand by 1.8% to 606.1 billion koruny.

Komercní also noted in its filing that as of Jan. 1, PSA Finance Ceská Republika sro merged into ESSOX sro, in which Komercní has a 50.93% stake, while PSA Finance Slovakia sro changed its name to ESSOX Finance. Essox purchased PSA Finance Ceská Republika and Slovakia from members of Banque PSA Finance SA in 2016.

As of Feb. 7, US$1 was equivalent to 20.53 Czech koruny.