Polish PKO chief says would rather not pay out dividend on 2007 profit |
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Published
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Thu, 20 Dec 2007 08:17
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WARSAW (Thomson Financial) - Poland's second largest bank, state-controlled PKO BP should hold onto all of this year's profit to invest in further growth, the bank's chief executive was quoted as saying.'The strategic target for next year is to keep up our dynamic development,' Rafal Juszczak told daily Parkiet.'From this point of view the best option would be to keep the whole profit for 2007 in the bank.'Juszczak said previously he was in favour of a dividend payout of less than 50 pct of profits in this and future years by PKO, which has sought more capital this year to meet high demand for loans.In practice, PKO dividend payouts are determined by the Polish state treasury, which holds a 51 pct share in the bank.The paper quoted Deputy Treasury Minister Michal Chyczewski as saying: 'I hope I will receive an analysis from the bank soon. Since in the case of this bank, its needs for capital are large, applying an aggressive dividend strategy would not be appropriate.'patrick.graham@thomson.com *48 22 447 2430pjg/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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