February 8, 2018 / 6:34 AM / 4 months ago

Komercni Banka proposes higher than expected dividend, Q4 beats estimate

PRAGUE, Feb 8 (Reuters) - Czech lender Komercni Banka posted a 22 percent rise in fourth-quarter net profit, beating estimates, and proposed paying out a higher-than-expected dividend from full-year earnings.

The bank, the third largest in the Czech Republic and majority owned by France’s Societe Generale, said on Thursday its attributable net profit rose to 3.71 billion crowns ($180.52 million) in the quarter, helped by the release of provisions for bad loans.

It said its board proposed paying out 47 crowns per share in dividend, representing its pledge to distribute 60 percent of full-year recurring net profit, which reached 14 billion crowns in 2017.

The bank said it intended to pay out 65 percent of its 2018 recurring net profit.

$1 = 20.5520 Czech crowns Reporting by Jason Hovet

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