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Proposed distribution of net profit for 2019

22 Apr 2020 07:00

RNS Number : 4166K
Bank Pekao S.A.
21 April 2020
 

UNOFFICIAL TRANSLATION

21.04.2020 - Report 18/2020: Information on the proposed distribution of net profit for 2019

Bank Polska Kasa Opieki Spółka Akcyjna (the "Bank") hereby informs that on 21 April 2020, the Management Board of the Bank adopted, in the form of a resolution, a proposal of the Management Board of the Bank regarding the distribution of the Bank's net profit for 2019 in the amount of PLN 2,247,466,618.97, assuming the allocation of PLN 562,409,000.69 (c. 25% of net profit of the Bank for 2019) to reserve capital.

The Management Board of the Bank also decided to propose to the Ordinary General Meeting of the Bank that the remaining part of net profit for 2019 in the amount of PLN 1,685,057,618.28 (c. 75% of net profit of the Bank for 2019) remains undistributed.

The justification for the above distribution of profit and leaving the undistributed portion of profit is the current situation in Poland related to the state of the coronavirus epidemic announced on 20 March 2020, possible negative economic consequences of this state, as well as their expected impact on the banking sector. The Management Board of the Bank also took into account the stance of the Polish Financial Supervision Authority (the "PFSA") expressed in its letter of 26 March 2020, according to which the PFSA expects banks to retain all profits generated in previous years. The reason for leaving the undistributed portion of net profit is the possibility of its potential use for the purpose of dividend payments in subsequent years, subject to any regulatory approval required for such payment.

The profit distribution proposal and leaving the undistributed portion of the profit received a positive opinion of the Supervisory Board of the Bank.

Legal basis: Art. 17 of (1) MAR - inside information

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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