BZ WBK will not pay out dividend

The board of commercial lender BZ WBK has changed their decision regarding the allocation of profits and has decided to not pay out dividends for 2014.

“The board of the bank proposed to allocate an amount of PLN 1.041 billion as spare capital, and to leave the remaining part of the total net profit (PLN 1.994 billion) undistributed,” a press release read.

At the beginning of April, BZ WBK received a recommendation from the financial watchdog (KNF) to withhold from paying out dividends for 2014, until the watchdog determines the level of additional capital requirement.

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