KB bank shareholders OK dividend of Kc55.50 per share before tax

KB bank shareholders OK dividend of Kc55.50 per share before tax

Prague, Nov 24 (CTK) - Shareholders of Czech bank Komercni banka (KB) approved remotely (per rollam) the board of directors' proposal to pay out a dividend of Kc55.50 per share before taxation from retained earnings, with the total at Kc10.55bn, the bank told CTK today.

The holders of KB shares as of November 30 will be entitled to the dividend payable on December 22.

Shareholders with 78.2 percent of the total vote were in favour and 21.8 percent voted against the dividend.

The bank said it wanted to pay the dividend to comply with its standard dividend policy, that is payment of 60 to 70 percent of the net annual income, which was made impossible due to the restrictions imposed on the banks by the regulator after the coronavirus outbreak in March 2020.

The Czech National Bank (CNB) has sent a statement to KB, saying it had no objections to the proposed dividend.

Komercni saw its net profit soar by 56 percent last year, with total revenues rising by 5.7 percent to Kc31.3bn. Total operating expenses added 0.7 percent to Kc15.1bn.

On June 30, 2022, KB had 64,384 shareholders (6,533 more yr/yr), 58,349 of whom were natural persons from the Czech Republic (6,203 more). The stake of strategic shareholder Societe Generale stayed unchanged at 60.4 percent. Minority shareholders owned 39 percent of the shares and KB held a 0.6 percent share.

vr/er