The management board of Komercni Banka has recommended a dividend of CZK
150 per share (down 40.0% y/y, compare to a dividend of CZK
250 per share last year) that equals to a payout ratio of some 62.9% and a dividend yield of 3.7%. The dividend proposal has to be approved by GSM
which will take place on April 25
Our view: The propose dividend is in line with our expectation and slightly above market expectation. We expect slightly positive impact on the stock price today.