The FINANCIAL — PKO Bank Polski SA, Poland's largest bank by assets, would like to have a more flexible dividend policy, Chief Executive Zbigniew Jagiello told a press conference Monday, declining to provide details.
"The dividend policy at 40% of net profit is too inflexible," he said. "I think it should be changed. We'll take that into consideration when making a dividend recommendation at the turn of April," he said.
According to Borsa Italiana – London Stock Exchange Group, under the current policy, the bank pays 40% of its annual profit as dividend, but last year the treasury ministry, which controls the bank, requested a payout at 75%.
Polish daily Puls Biznesu reported Monday, without citing sources, that the bank would ask shareholders to agree to a dividend policy of 20%-60% of annual net profit.
The Polish government holds 51.23% of shares in PKO Bank Polski.
