On 9 March 2017, PKO Bank Polski SA obtained an individual recommendation from the PFSA to retain the entire profit generated in the period from 1 January 2016 to 31 December 2016.
On 22 June 2017, the Annual General Shareholders’ Meeting of PKO Bank Polski SA passed a resolution (No. 7/2017, Resolution on Profit Allocation) on the allocation of profit of PKO Bank Polski SA earned in 2016, according to which the entire profit of PLN 2 888 million was allocated to the equity as follows:
- supplementary capital of PLN 2 850;
- other reserves of PLN 38 million;
Retaining the profit for 2016 of PLN 2 888 million resulted effectively in an increase in own funds of PLN 1 299 million, because part of the profit generated in the period from 1 January 2016 to 30 September 2016 of PLN 1 589 million was already allocated to own funds upon the consent of the PFSA in 2016.
The general principle of the Bank’s dividend policy is the stable execution of dividend payments over a long period in keeping with the principle of prudent management of the Bank and the Bank’s Group, in line with the Bank’s and Group’s financial capabilities, taking into account the PFSA requirements and recommendations in respect of dividend policy. The applicable dividend policy assumes the possibility of making distributions from the surplus of the capital over the minimum level of capital ratios defined by the PFSA for dividend distribution purposes.