Dividend - Investor relations

Dividend

Dividend

As part of strategy implementation, Bank Pekao S.A. (“Bank”) aims at effective capital management and maximization of return on equity for shareholders (ROE). Simultaneously, the Bank aims at maintaining  capital surplus above minimum level required by law while taking into account execution of growth objective of the Bank and the capital group of the Bank.

Level of dividend payout is strictly dependent on the current and planned level of capital adequacy. In particular, Bank aims to maintain the Tier 1 ratio above 14.0% and Total Capital ratio (“TCR”) above 17%, according “Strategic Directions of Bank Pekao SA 2021-2024”. When determining the target capital level, Bank takes also into consideration capital assessment of the Bank by ratings agencies.

Guidelines of the Polish Financial Supervision Authority regarding the dividend policy

On March 14, 2018 the Polish Financial Supervision Authority („KNF”), published statement regarding principles of dividend policy for commercial banks in the medium-term perspective which was updated by the KNF Statement regarding the position of the supervisory authority on the assumptions of the dividend policy of commercial banks, cooperative and associating banks as well as insurance and reinsurance companies in 2020 of December 3, 2019.

KNF recommends that dividend payout of up to 50% of generated profit could only be paid by banks that:

  • do not carry out the recovery program,
  • are positively evaluated as part of the Supervisory Review and Evaluation Process (BION) and achieve the final rate not lower than 2.5,
  • maintain leverage ratio (LR) above 5%,
  • maintain Common Equity Tier 1 (CET1) ratio not lower than the required minimum, i.e.: 4.5% + 56%*add-on + combined buffer requirement,
  • maintain Tier 1 (T1) ratio not lower than the required minimum, i.e.: 6% + 75%*add-on + combined buffer requirement,
  • maintain Total Capital Ratio (TCR) ratio not lower than the required minimum, i.e.: 8% + add-on + combined buffer requirement.

The KNF recommends  that up to 75% of profit  generated could be paid in dividends by those banks, that fulfil all above criteria, additional in the amount of 1,5 pp. buffer in the capital criteria  (ST).

The KNF recommends  that up to 100% of profit  generated could be paid in dividends by those banks, that fulfil all above criteria, including macroprudential stress test buffer in the capital criteria  (ST).
In addition, banks with a significant exposure to foreign currency mortgage loans (i.e. those with over 5% share of foreign currency mortgage loans of their total non-financial sector receivable portfolio) should adjust the dividend payment rate based on two additional criteria:  :

Criterion 1: Share of foreign currency mortgage loans in the entire portfolio of non-financial sector receivables:

 

  • banks with a share exceeding 10% - dividend payout ratio adjusted lower by 20 pp.
  • banks with a share exceeding 20% - dividend payout ratio adjusted lower by 30 pp.
  • banks with a share exceeding 30%- dividend payout ratio adjusted lower by 50 pp.

Criterion 2: Share of foreign currency mortgage loans granted in years 2007-2008 as a part of the entire foreign currency mortgage loan portfolio:

 

  • banks with a share exceeding 20% ​​- dividend payout ratio adjusted lower by 30 pp.
  • banks with a share exceeding 50% - dividend payout ratio adjusted lower by 50 pp.

Bank is obligated to meet the above criteria both on an individual and consolidated level.


KNF highlighted that the information presented was prepared taking into account ceteris paribus clause and has remained valid unless significant changes occur in macro or regulatory environment in the Polish banking sector. 

Minimum capital requirements for the Bank

Minimum regulatory capital levels as well as capital levels required to meet criteria of up to 50%, up to 75% and up to 100% of net profit payout are presented in the table below

 

CET1

T1

TCR

Minimum capital level resulting from Resolution 575/2013

4.50%

6.00%

8.00%

Combined buffer requirement:

3.26%

Capital conservation buffer

2.50%

Countercyclical capital buffer

0.00%[1]

G-SII / O-SII buffer

0.75%

Systemic Risk Buffer

0.00%

SREP buffer (Group only)

0.01%[2]

BANK PEKAO TOTAL – minimum requirement

7.75%

9.25%

11.25%

GRUPA PEKAO TOTAL – minimum requirement

7.76%

9.26%

11.26%

Expected buffer for payment up to 50% of the dividend - maintaining the current systemic risk buffer at 3%

3.00%

Total requirement for up to 50% net profit payout as dividend

10.76%

12.26%

14.26%

buffer resulting from Banking Law Act

1.50%

Total requirement for up to 75% net profit payout as dividend

12.26%

13.76%

15.76%

ST buffer

2.26%[3]

Total requirement for up to 100% net profit payout as dividend

14.52%

16.02%

18.02%

 

[1] countercyclical capital buffer calculated as of 31.12.2020 at the level 0.0028% for Bank and 0.0029% for the Group

[2] results from KNF recommendation regarding holding by the Group own funds to cover the additional capital requirement to secure the risk resulting from mortgage-secured foreign currency loans and credits to households, amounts to 0.008% for TCR, which should consist of at least 75% of Tier 1 (which corresponds to 0.006 pp) and at least 56% of the Common Equity Tier 1 (which corresponds to 0.004 pp)

[3] the last buffer received from the KNF in 2019 specifying the bank's sensitivity to an adverse scenario, calculated as the difference between TCR in the reference scenario and the shock scenario at the end of the forecast period tested in stress tests (2022), including supervisory adjustments

General guidelines regarding net profit distribution

The Bank and the capital group of the Bank aim at maintaining own funds at a level ensuring solvency under normal conditions and in an event of extraordinary high losses.

When determining future net profit payout levels, both in the long and short-term, the Bank considers:

  • planned development targets (strategic targets) of the Bank as well as of the capital group of the Bank,
  • macroeconomic and financial markets conditions in Poland and globally,
  • current capital adequacy ratios of the Bank at the individual and consolidated level (both under Pillar 1 and also Pillar 2),
  • combined buffer requirement at the individual and consolidated level,
  • planned or possible changes to legislation that have or could have an impact on capital adequacy,
  • the stance of the KNF with regards to principles of dividend policy,
  • investor expectations.

Guidelines regarding distribution of the net profit

In the first place, the Bank's Management Board, when recommending payments from profits, will take into account the recommendations regarding profit distribution of the supervisory authorities, in particular the KNF and the EBA.

On 29th March 2021, Bank's Management Board adopted a resolution specifying the following guidelines regarding distribution of the Bank's net profit for the years 2021-2024:

  • allocation of 50% -75% of the Bank's profit for 2021 to the dividend for 2021,
  • allocation of 50% -75% of the Bank's profit for 2022 to the dividend for 2022,
  • allocation of 50% -75% of the Bank's profit for 2023 to the dividend for 2023,
  • allocation of 50% -75% of the Bank's profit for 2024 to the dividend for 2024.

Guidelines regarding the distribution of the Bank's profit for the years 2021-2024 received positive opinion from the Bank’s Supervisory Board.

Guidelines regarding the distribution of the Bank's profit for the years 2021-2024 may change, and the Management Board may recommend the distribution of net profit for a given year during this period that is different than the payout indicated above, in particular depending on:

  • recommendations of the KNF regarding the distribution of net profit or stance of the KNF regarding the distribution of net profit,
  • restrictions resulting from legal regulations, in particular the Act on macroprudential supervision over the financial system and crisis management in the financial system, the Act on the Bank Guarantee Fund, the deposit guarantee system and resolution, the Banking Law Act
  • significant change in risk-weighted asset growth,
  • significant deterioration of the macroeconomic and financial markets conditions in Poland or globally,
  • introduction of legislation that have or could have a significant impact on the capital adequacy of the Bank or the capital group of the Bank,
  • imposition of additional capital buffers on the Bank.
     

Dividend history

On May 22nd, 2020 the Ordinary General Meeting of the Bank made the resolution regarding the distribution of net profit of Bank for 2019, following the resolution GM made a decision on no dividend payment for year 2019.

Dividend for: No of shares Dividend
per share (PLN)
Total dividend
(PLN mil)
EPS (PLN) Divident yeld (%)*
2019 no dividend
2018 262.470.034 6,6 1732 8,7 7,1
2017 262.470.034 7,90 2.074 9,43 6,7
2016 262.470.034 8,68 2.278 8,68 6,9
2015 262.470.034 8,70 2.283 8,73 7,0
2014 262.470.034 10,00 2.625 10,34 5,6
2013 262.470.034  9,96 2.614 10,61 4,7
2012 262.470.034 8,39 2.202 11,26 4,7
2011 262.383.129 5,38 1.412 11,05 3,2
2010 262.367.367 6,80 1.785 9,63 4,8
2009 262.359.543 2,90 761 9,20 1,6
2008 no dividend
2007 261.866.657 9,60 2.517 12,27 7,6
2006 166.808.257 9,00 1.504 10,72 2,5
2005 166.481.687 7,40 1.234 9,24 3,3
2004 166.481.687 6,40 1.065 8,08 3,7
2003 166.121.847 4,50 748 5,55 3,3
2002 165.748.203 4,18 693 4,64 3,9
2001 165.748.203 3,80 630 7,61 4,0

* Based on WSE Statistic Bulletin

Uprzejmie informujemy, że w ramach naszej witryny używamy plików cookies w celu świadczenia usług na najwyższym poziomie oraz w sposób dostosowany do Twoich indywidualnych preferencji. Korzystanie z witryny bez zmiany ustawień oznacza, że akceptujesz otrzymywanie plików cookies. Zmiany ustawień dla plików cookies możesz dokonać w każdym momencie użytkowania serwisu.
Zgadzam się na przetwarzanie w celach marketingowych, w tym poprzez profilowanie, oraz w celach analitycznych, moich danych osobowych pozostawianych przeze mnie w ramach korzystania ze stron internetowych, serwisów i innych funkcjonalności, w tym zapisywanych w plikach cookies, przez Bank Pekao S.A. w celu marketingu produktów i usług podmiotów trzecich oraz i przez podmioty współpracujące z Bankiem w tym podmioty z grupy kapitałowej Banku oraz Zaufanych partnerów. 

Wyrażenie zgody jest dobrowolne. Przyjmuję do wiadomości, że mogę  w dowolnym momencie wycofać tę zgodę np. poprzez jej odznaczenie pod klauzulą informacyjną cookies, znajdującą się na stronie. Wycofanie przeze mnie zgody nie ma wpływu na zgodność z prawem przetwarzania, którego dokonano na podstawie mojej zgody przed jej wycofaniem.

Podstawowe informacje dotyczące przetwarzania danych osobowych
Administrator danych
Bank Polska Kasa Opieki S.A.
Podmioty z Grupy Kapitałowej Banku - pełna lista dostępna jest tutaj
Zaufani Partnerzy - pełna lista dostępna jest tutaj

Cele przetwarzania danych
1. Marketing, w tym profilowanie oraz cele analityczne
2. Świadczenie usług Banku
3. Dopasowanie treści witryn internetowych Banku do Twoich zainteresowań
4. Wykrywanie botów i nadużyć w usługach Banku
5. Pomiary statystyczne i udoskonalenie usług Banku

Podstawy prawne przetwarzania danych
1. Marketing, w tym profilowanie oraz cele analityczne, dotyczący produktów lub usług Banku - prawnie uzasadniony interes Banku
2. Marketing, w tym profilowanie oraz cele analityczne, dotyczący produktów lub usług podmiotów trzecich (podmioty z grupy kapitałowej Banku oraz Zaufani Partnerzy) - Twoja dobrowolna zgoda
3. Usługi Banku - niezbędność przetwarzania danych osobowych do wykonania umowy
4. Pozostałe cele - Uzasadniony interes Banku

Odbiorcy danych
Podmioty przetwarzające dane na zlecenie administratora, w tym agencje marketingowe oraz podmioty uprawnione do uzyskania danych na podstawie obowiązującego prawa Podmioty z grupy kapitałowej Banku oraz Zaufani Partnerzy.

Prawa osoby, której dane dotyczą
Prawo żądania sprostowania, usunięcia lub ograniczenia przetwarzania danych; prawo wycofania zgody na przetwarzanie danych osobowych; sprzeciwu wobec przetwarzania, inne prawa, o których mowa w szczegółowej informacji o przetwarzaniu danych.

Więcej szczegółów
Klauzula Informacyjna Cookies
Polityka prywatności

Polityka prywatności Akceptuję