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 position with respect to commercial bank dividend policy in the second half of 2021 adopted by the Polish Financial Supervision Authority on June 24, 2021

The dividend up to 50% of the profit from 2020 can only be paid by the bank:

  1. not in the middle of recovery program or recovery plan,

  2. having overall BION rate not worse than 2.5,

  3. having a leverage ratio (LR) at above 5%,

  4. having Common Equity Tier 1 (“CET1”) ratio not lower than the required minimum: 4.5% + 56% * add-on + combined buffer requirement, taking into account the systemic risk buffer at the level of 3%,

  5. having Tier 1 (“T1”) ratio not lower than the required minimum: 6% + 75% * add-on + combined buffer requirement, taking into account the systemic risk buffer at the level of 3%,

  6. having Total Capital Ratio (“TCR”) not lower than the required minimum: 8% + add-on + combined buffer requirement, taking into account the systemic risk buffer at the level of 3%

The above criteria should be met by the bank at the end of March 2021 and on the date of the resolution of the bank's general meeting on dividend payment, both on an individual and consolidated level.

A dividend of up to 75% of the 2020 net profit may be paid only by a bank that meets all the criteria for a dividend payment of up to 50% of profit, with the additional incorporation within capital criteria the bank's sensitivity to an adverse macroeconomic scenario ("ST1 parameter"), measured by supervisory stress tests. The sensitivity level is captured as the difference between TCR in the reference scenario and the TCR in the shock scenario at the end of the forecast period (2021), taking into account supervisory adjustments. According to the Supervisory Letter, after the above adjustments, the ST1 parameter for the Bank was set at the level of 0.9 percentage point

The dividend up to 100% of the net profit for 2020 may be paid only by the bank that meets all the criteria for the payment of the dividend up to 50% of the profit, while additionally taking into account the level of the bank's sensitivity to an unfavorable macroeconomic scenario ("ST2 parameter"), measured by supervisory stress tests. The sensitivity level is calculated as the difference between the TCR in the reference scenario and the TCR in the shock scenario at the end of the forecast period (2021), taking into account supervisory adjustments, with the reservation that the T1 and T2 capital issues assumed by the bank are not taken into account in the shock scenario. According to the said Supervisory Letter, after the above adjustments, the ST2 parameter for the Bank was set at the level of 2.28 percentage points.

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

 

  • banks with a share exceeding 5% - dividend payout ratio adjusted lower by 20 pp.
  • banks with a share exceeding 10% - dividend payout ratio adjusted lower by 40 pp.
  • banks with a share exceeding 20% - dividend payout ratio adjusted lower by 60 pp.
  • banks with a share exceeding 30%- dividend payout ratio adjusted lower by 100 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%

G-SII / O-SII buffer

0.75%

Systemic Risk Buffer**

0.00%

SREP buffer (Group only)***

0.00% 0.01% 0.01%

BANK PEKAO TOTAL – minimum requirement

7.76%

9.26%

11.26%

GRUPA PEKAO TOTAL – minimum requirement

7.76%

9.26%

11.26%

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

10.76%

12.26%

14.26%

TWS (1) 2020 Buffer****

0.90%

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

11.66%

13.16%

15.16%

TWS (2) 2020 Buffer****

2.26%

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

13.04%

14.54%

16.54%

 

* Countercyclical buffer calculated as of May 31, 2021 for the Group was 0.0082%

** Due to the published Regulation of the Minister of Finance, the systemic risk buffer was lifted on March 19, 2020. The value effective until that date was 3% of the total risk exposure amount for all exposures located only in the territory of the Republic of Poland.

*** Pillar II buffer imposed by the Polish Financial Supervision Authority to cover the risk of foreign currency mortgages, at the level of 0.008 pp. for TCR, which should consist of at least 75% of Tier 1 capital (which corresponds to 0.006 pp) and at least 56% of Common Equity Tier 1 capital (which corresponds to 0.004 pp)

**** In accordance with the letter of the Polish Financial Supervision Authority of June 30, 2021 on the dividend policy, for banks willing to pay 100% of the dividend, a buffer was imposed that determines the bank's sensitivity to an adverse scenario, calculated as the difference between the total capital ratio in the reference scenario and the shock ratio at the end of the forecast period tested in the tests stress conditions. For the Bank, this buffer amounted to 0.90% (1), taking into account supervisory adjustments and without taking into account the T1 and T2 capital issues assumed by the Bank in the shock scenario, it amounted to 2.28% (2).

 

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

In accordance with the resolution of the Ordinary General Meeting of Shareholders held on June 11, 2021, the payment of the dividend for 2020 by the Bank will depend on: (i) the position of the Polish Financial Supervision Authority regarding the dividend policy of commercial banks in the second half of 2021 and (ii)  the supervisory recommendation of the PFSA regarding the Bank's dividend policy in the second half of 2021. The Bank's intention is to pay out 75% of the Bank's net profit for 2020, i.e. PLN 3.21 / share, if the KNF's recommendation allows it.

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

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Administrator danych
Bank Polska Kasa Opieki S.A.
Podmioty z Grupy Kapitałowej Banku - pełna lista dostępna jest tutaj
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