2022-02-24

Legal basis:

Article 17.1 MAR Regulation

Contents of the Report:

The Management Board of PKO Bank Polski S.A. („the Bank”) informs that on 23 February 2022 it received the recommendation from the Polish Financial Supervision Authority („PFSA”) in which the PFSA recommends that the Bank should limit the risk occurring in its activity by:

  1. not paying a dividend from the profit earned in the period from 1 January to 31 December 2021 in the amount of more than 50%;
  2. not to take, without prior consultation with the supervisory authority, any other activities, in particular those beyond the scope of current business and operating activities, which may result in a reduction in own funds, including possible dividend payments from undistributed profits from previous years and buybacks of own shares.

PFSA also confirmed that the Bank fulfils the criteria for the payment of dividend up to 50% of the net profit for 2021.

The Bank’s Management Board decided that, within the scope of its corporate powers, will follow the recommendation of the PFSA and it decided to submit to the Bank’s Annual General Meeting a recommendation on net profit  distribution (earned by the Bank in the period from 1 January  till 31 December 2021 in the amount of PLN 4 596 336 372) including dividend payments of PLN 2 287 500 000 (49.77% of net profit).   The  remaining  part  of  the net  profit, amounting to  PLN  2 308 836 372, is proposed by the Bank’s Management Board to remain undistributed.

Additionally, the Bank’s Management Board recommends that the undistributed profit from previous years in the amount of PLN 5 500 000 000 should still remain as the undistributed profit.

Bank’s Supervisory Board decided to supervise the implementation of the recommendation of the PFSA and gave the positive opinion on recommended distribution of the profit earned by the Bank in 2021 and on recommendation that the undistributed profit from previous years should still remain as the undistributed profit.