Report No. 37/2022

15.12.2022 14:52
Adoption of a dividend policy by PKO Bank Polski S.A.

Legal basis:

Article 17 section 1 of the Market Abuse Regulation

Report content:

The Management Board of PKO Bank Polski S.A. („Bank”) hereby informs that on 15 of December 2022, the Bank adopted a dividend policy for the Bank and the Bank’s Group (“Dividend policy”).

The currently adopted Dividend policy is in its fundamental provisions consistent with the existing policy in this respect, about which the Bank informed in the report No. 7/2021.

The Dividend policy takes into account the Bank’s intention to provide stable dividend payments in the long term, in accordance with the principle of prudent management of the Bank and the Bank's Group.

The objective of the Dividend policy is to optimize the capital structure of the Bank and the Bank's Group, while considering the return on equity, the cost of capital and the capital needs for development, and maintaining an appropriate level of the capital adequacy ratios and meeting the minimum requirement for own funds and eligible liabilities (MREL).

In the Dividend policy the Bank extended the provisions regarding the purchase of own shares as well as waived the price condition. Thus, the Dividend policy indicates that the General Meeting shall consent to the acquisition of own shares by the Bank, after prior approval of the Supervisory Board, specifying the terms of the acquisition, including the maximum number of shares to be acquired, the period of authorization to acquire shares, which may not exceed five years and the maximum and minimum amount of consideration for the acquired shares, if the acquisition takes place for consideration. Purchase of own shares for redemption in each case requires the Bank to obtain the prior consent of the Polish Financial Supervision Authority. The acquisition of own shares may also be made in a situation in which the book value of shares is lower than their current market price.

The conditions for the Bank's ability to pay dividends have been adjusted according to the PFSA’s requirements in the Recommendation Z. These requirements also apply to the purchase of own shares by the Bank.

Contact for Investors

Dariusz Choryło

Director of Investor Relations
dariusz.chorylo@pkobp.pl

Investor Relations Department
ir@pkobp.pl