Komercni banka shareholders OK gross dividend of Kc91.30 per share

Prague, April 24 (CTK) - Komercni banka (KB) shareholders today approved the board's proposal to pay out dividend worth Kc91.30 per share before tax from last year's profit, thus distributing the entire net profit volume, the bank's spokeswoman Sarka Nevoralova told CTK.

KB's majority shareholder is French bank Societe Generale with a 60.4 percent stake. Komercni banka has more than 70,000 shareholders, most of them from the Czech Republic.

Shareholders holding KB shares as of May 6 will be entitled to the dividend. The dividend will be due on May 26.

Komercni banka's net profit rose by 10.4 percent year-on-year to Kc17.26bn last year. For 2023, the dividend was Kc82.66 per share, totalling Kc15.6bn and corresponding to 100 percent of the 2023 net profit.

The approval of the record-high dividend by the bank's general meeting was expected, XTB analyst Tomas Cverna told CTK. According to him, the bank now offers the highest dividend yield among the companies included in the Prague Stock Exchange's PX index. Given the current share price, it is 8.25 percent.

This stable and generous dividend policy may motivate other investors to buy KB shares in the future, said Cyrrus analyst Tomas Pfeiler.

The general meeting today elected Anne-Sophie Chauveau-Galas to the supervisory board with effect from April 24, Petr Dvorak with effect from June 4 and Alvaro Huete Gomez with effect from May 4.

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