41. Dividends per share
On 25 February 2019, the Bank received an individual recommendation from the Polish Financial Supervision Authority to increase its own funds by retaining at least 50% of the profit earned in 2018
At the same time, the PFSA confirmed that the Bank had met the requirements for the distribution of dividend at 50% of the 2018 net profit. The PFSA also expected the Bank’s Management Board and Supervisory Board to present their position on the recommendation received by the Bank.
Zarówno Zarząd, jak i Rada Nadzorcza Banku podjęły uchwały, iż w granicach swoich kompetencji każdy z tych organów będzie realizował ww. zalecenie KNF.
2019
Both the Bank’s Management and Supervisory Boards passed resolutions stating that each of the authorities would implement the recommendation within the scopes of their respective responsibilities.
On 28 March 2019, the Bank’s Management Board passed a resolution on submitting the recommendation for the appropriation of profit earned in 2018 of PLN 3 335 302 049 to the General Shareholder’s Meeting of the Bank as follows:
- dividend to the shareholders of PLN 1 662 500 000;
- reserves of PLN 5 151 025.
Moreover the Bank’s Management Board proposed retaining PLN 1 667 651 024 as unappropriated profit. The retention of a portion of the profit is justified by the potential option to use it for the distribution of dividend in the following years.
The above decision is consistent with the decision declared by the Bank to comply with the recommendation of the PFSA.
On 4 April 2019, the Bank’s Supervisory Board issued a positive opinion about the recommendation of the Bank’s Management Board.
On 6 May 2019 the Bank’s Annual General Shareholders’ Meeting passed a resolution on the appropriation of the Bank’s profit for 2018 (resolution no. 6/2019), pursuant to the above recommendation put forward by the Management Board of the Bank.
Thus, dividend amounted to 49.8% of the profit for 2018, which constitutes PLN 1.33, gross, per share. Moreover, the Annual General Shareholders’ Meeting of PKO Bank Polski SA set the dividend date (date of vesting rights to dividend) at 31 July 2019, and the dividend payment date at 14 August 2019.