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Proposed distribution of net profit for 2020

6 May 2021 07:00

RNS Number : 6976X
Bank Pekao S.A.
05 May 2021
 

UNOFFICIAL TRANSLATION

05.05.2021 - Report 15/2021: Information on the proposed distribution of net profit for 2020

Bank Polska Kasa Opieki Spółka Akcyjna (the "Bank") hereby informs that on 5 May 2021, 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 2020 in the amount of PLN 1,126,424,269.10, assuming the allocation of PLN 283,895,459.96 (ca. 25% of net profit of the Bank for 2020) 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 2020 in the amount of PLN 842,528,809.14 (ca. 75% of net profit of the Bank for 2020) remains undistributed.

The justification for the above distribution of profit and leaving the undistributed portion of profit is recommendation of the Polish Financial Supervision Authority (the "PFSA") regarding:

1. to withhold by the Bank payment of dividend in the first half of 2021 (including undistributed earnings from previous years),

2. not to undertake by the Bank, in the first half of 2021, without prior consultation with the supervisory authority, other actions beyond the scope of current business and operational activities that may result in a reduction of the capital position, including buyback of own shares,

about which the Bank informed in the report 3/2021 dated 14 January 2021. The reason for leaving the undistributed part of the net profit for 2020 is the Bank's intention to pay it in the future in the form of dividend in case that such a possibility arises from the relevant recommendations or positions of the PFSA.

Bank took into account current situation in Poland related to the state of the coronavirus epidemic and possible negative consequences of this state.

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

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

 

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