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 14.5% and Total Capital ratio (“TCR") above 17%, according “Strategic Directions of Bank Pekao SA 2018-2020". 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 December 3, 2019, the Polish Financial Supervision Authority ("KNF") adopted the assumptions of the dividend policy of commercial banks in 2020, which are in line with the KNF position presented in March 2018 regarding the dividend policy of commercial banks in the medium term.
The PFSA recommends that dividends from the profit for the year preceding the decision should be paid only by banks that meet the following criteria at the same time:

  • 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: 4.5% + 56%*add-on + combined buffer requirement,
  • maintain Tier 1 (T1) ratio not lower than the required minimum: 6% + 75%*add-on + combined buffer requirement,
  • maintain Total Capital Ratio (TCR) ratio not lower than the required minimum: 8% + add-on + combined buffer requirement.

The PFSA recommends that banks that simultaneously meet the above criteria can pay out up to 50% of generated profit for the year preceding the decision. In addition, the the PFSA recommends the possibility of paying:

  • up to 75% of profit generated for the year preceding the decision by banks meeting all of the above criteria, taking into account, as part of capital criteria, an additional buffer of 1.5 pp,
  • up to 100% from the profit generated for the year preceding the decision by banks meeting all of the above criteria, taking into account, as part of capital criteria, the bank's sensitivity to an adverse macroeconomic scenario.

For banks involved in foreign currency loans (banks with more than 5% share of foreign currency housing loans for households in the portfolio), the dividend rate should be further adjusted in accordance with the following 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.

The total value of the correction is the sum of corrections resulting from both criteria.

The correction criteria will lose their importance as the currency loan portfolio continues to depreciate.

The abovementioned criteria relating to the payment of profit from the year preceding the decision should be met by banks at both individual and consolidated levels. At the same time, in the event of payment of profit from previous years, banks should take into account the provisions of Article 77 and 78 of CRR and Article 129 of the Banking Act.

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

  Bank Group
Minimum capital level for the Bank/Group CET1 T1 TCR CET1 T1 TCR
Minimum capital level 4,50% 6,00% 8,00% 4,50% 6,00% 8,00%
Total capital buffers 6,15% 6,15% 6,15% 6,16% 6,16% 6,16%
Capital conservation buffer 2,50% 2,50%
Countercyclical buffer* 0,01% 0,01%
G-SII/O-SII buffer 0,75% 0,75%
Systemic risk buffer* 2,89% 2,90%
SREP buffer (Group only) - - - 0,01% 0,01% 0,01%
Total 10,65% 12,15% 14,15% 10,66% 12,16% 14,17%
Total requirement for up to 50% net profit payout as dividend 10,65% 12,15% 14,15% 10,66% 12,16% 14,17%
Buffer resulting from Banking Law Act 1,50% 1,50% 1,50% 1,50% 1,50% 1,50%
Total requirement for up to 75% net profit payout as dividend 12,15% 13,65% 15,65% 12,16% 13,66% 15,67%
ST buffer 2020 2,26% 2,26% 2,26% 2,26% 2,26% 2,26%
Total requirement for up to 100% net profit payout as dividend 14,41% 15,91% 17,91% 14,42% 15,92% 17,93%

*as of 31 December 2019

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 of the Bank for 2018-20

On 19th November 2018, Bank's Management Board adopted a resolution specifying the following guidelines regarding distribution of the Bank's net profit for the years 2018-2020. These guidelines were updated on February 25, 2019, due to PFSA’s individual recommendation to increase the own funds of the Bank by retaining at least 25% of the Bank’s profit for the period from 1 January to 31 December 2018.

Taking into a consideration the abovementioned factors, the guidelines regarding distribution of the Bank’s net profit for the years 2018-20 are as follows:

  • allocation of PLN 1 732 302 224.4 to the dividend for 2018, implying dividend payout ratio of 75% of the stand-alone net profit
  • allocation of 60% -80% of the Bank's profit for 2019 to the dividend for 2019,
  • allocation of 50% -75% of the Bank's profit for 2020 for the dividend for 2020.


The guidelines regarding distribution of the Bank’s net profit for the years 2018-20 obtained positive opinion of the Bank’s Supervisory Board on November 19, 2018 and on February 25, 2019 (evaluation of the Management Board's motion regarding the payment of 75% of the Bank's net profit generated in the period from January 1 to December 31, 2018).

Guidelines regarding the distribution of the Bank's profit for the years 2018-2020 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,
  • 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 June 21st, 2018 the Ordinary General Meeting of the Bank made the resolution regarding the distribution of net profit of Bank for 2017, following the resolution GM made a decision on dividend payment for year 2017. The value of dividend paid in the amount of 7,90 PLN per one share.

Dividend for: No of shares Dividend
per share (PLN)
Total dividend
(PLN mil)
EPS (PLN) Divident yeld (%)*
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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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
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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
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