According to an interview in PAP with Jozef Wancer, the CEO of Bank BPH, the bank is likely to maintain its high payout dividend policy this year.
Our view: While this is in line with the policy of the bank (in 2006 payout ratio reached 85%), giving the change in the shareholding structure of Bank BPH, pending spin off as well as merger with Bank Pekao, it is not clear what would be the decision concerning dividend this year. However, we would underline the UniCredito’s high payout dividend policy (with Bank Pekao 80% payout ratio in 2006), and expect Bank BPH to deliver a payout ratio of some 90%.