Komercnf banka, a.s. Proposes Dividend, Payable on 22 December 2022
October 04, 2022 at 02:00 am EDT
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Komercnf banka, a.s. announced that With the aim to deliver on its standard dividend policy of paying out between 60-70% of the net profit generated, which had been suspended in the years 2020 and 2021 in accordance with restrictions applicable for all Czech banks adopted by the Czech National Bank (CNB) in March 2020 in response to outbreak of the Covid-19 pandemic, and taken the Bank's strong capital position and the surplus of capital accumulated during the pandemic dividend restrictions, the outlook for capital needs stemming from the growth of the Bank's business activities as well as the increase in capital requirements announced by the CNB, the Board of Directors of Komercnf banka proposes that the General Meeting resolves to distribute to the shareholders retained earnings of Komercnf banka in the amount of CZK 10,547,733,930, which represents CZK 55.50 per share, before taxation. The Board of Directors will ask the General Meeting to decide on the proposal remotely, in writing and using the remote communication electronic platform (per rollam). The proposal is subject to evaluation by the Supervisory Board.
Notice of remote decision making by the General Meeting with the proposal will be published on 10 October 2022. Upon approval, each shareholder holding a share of Komercnf banka on 30 November 2022 shall be eligible for the payment of the share in the retained earnings. The payment of the share in the retained earnings shall be due on 22 December 2022.
Komercni Banka a.s. is one of the largest Czech banking groups. Net interest income breaks down by activity as follows:
- retail bank (59.1%): sale of classic and specialized banking products and services (leasing, consumer loan, retirement funds management, insurance, etc.);
- business bank (33.1%);
- investment and market bank (5%): investment funds management, financial intermediation, etc.;
- other (2.8%).
At the end of 2021, the group had CZK 948.6 billion in current deposits and CZK 738.9 billion in current loans.
Products and services are ensured through a network of 242 branches located in Czech Republic.