November 19, 2018 / 7:40 PM / a month ago

Poland's Pekao to earmark 90 pct of profit for dividends

WARSAW, Nov 19 (Reuters) - Poland’s leading lender, state-run Bank Pekao SA, plans to earmark at least 90 percent of its net profit for its 2018 dividend, and 60-80 percent of net profit a year later, it said on Monday.

“... If the bank achieves in 2018 the net profit of at least the same value as in 2017, the dividend amount for 2018 will not be lower than the sum for 2017,” it added in a statement.

Pekao also said it plans to pay out 50-75 percent of 2020 net profit for dividends.

The bank said it wanted to spend the rest of its cash to develop the company further in order to offer investors benefits from dividends as well as the bank’s growth. Analysts have said that Pekao needs huge investments in IT, as it lags competitors when it comes to its information infrastructure.

This year Pekao spent 2.07 billion zloty ($547.4 million), more than 99 percent of net profit for its 2017 dividend. ($1 = 3.7815 zlotys) (Reporting by Marcin Goclowski; editing by David Evans)

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