The Komercni banka AGM yesterday approved gross dividends of CZK 7.6bn or CZK 200 per share to be distributed out of the 2003 net profit (POR of 82%). The dividend record date is July 17 and the payout date August 17. The decision to pay a higher dividend was supported by KB's overcapitalization, excess of liquidity and declining financial leverage and ROE. Note that KB's long-term dividend policy calls for POR of 30-35%.
Jan Hajek