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Poland's Pekao to spend at least half of profit on dividend in 2020‍​
November 8, 2017 / 1:49 PM / 15 days ago

Poland's Pekao to spend at least half of profit on dividend in 2020‍​

WARSAW, Nov 8 (Reuters) - Poland’s second biggest bank Pekao does not rule out reducing its dividend payouts to at least half of its annual net profit in 2020, after it plans to distribute all of its 2017 and 2018 profits to shareholders, Chief Financial Officer Tomasz Kubiak said.

“One cannot spend 100 percent of profits (on dividend) and grow in the long term,” Kubiak told a news conference on Wednesday.

Earlier Pekao said it wanted to be able to pay out 100 percent of its 2017 and 2018 profits in dividends. ‍​ (Reporting by Marcin Goclowski; writing by Agnieszka Barteczko; editing by Jason Neely)

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