The management board of Bank Pekao has recommended a dividend of PLN 9 per share (up 21% y/y, compare to a dividend of PLN 7.4 per share last year) that equals to a payout ratio of some 84% and a dividend yield of 3.9%. The suggested date for a dividend right is May 16 and the dividend payment date is June 1.
Our view: We expect only slightly positive market reaction as this is in line with recent management comments and dividend policy of the bank.