The management board of Polish brokerage house X-Trade Brokers Dom Maklerski SA recommended that the company's supervisory board and shareholders not make dividend payments on its 2017 net earnings.
The entire profit amounting to 87.4 million Polish zlotys will be allocated to the reserve capital, a move expected to increase capital adequacy ratios and facilitate the implementation of X-Trade Brokers' strategy, the company said.
It also noted that its dividend policy provides for the allocation of between 50% and 100% of the annual net profit for the payment of dividends, but the final amount is subject to the company's financial capabilities, as well as various legal restrictions, including those resulting from the guidelines of the Polish Financial Supervision Authority.
X-Trade Brokers paid a dividend of 37.6 million zlotys from its 2016 net profit of almost 73 million zlotys, equivalent to 32 groszy per share and in line with its dividend policy.
As of March 6, US$1 was equivalent to 3.37 Polish zlotys.
