March 25, 2020 / 2:49 PM / in 8 days

Komercni Banka ready to return excess capital to shareholders once situation clears

PRAGUE, March 25 (Reuters) - Czech lender Komercni Banka will be ready to return excess capital to shareholders once the coronavirus outbreak that is hitting the economy clears, the bank’s officials said on Wednesday.

The bank, majority owned by France’s Societe Generale , announced this week its decision to propose retaining 2019 profit, cancelling a proposed dividend payout.

The Czech central bank has recommended the country’s banks refrain from payouts until the economic impact from the outbreak is clearer.

Chief Financial Officer Jiri Sperl said on a conference call with Reuters and Bloomberg news agencies the bank intended to reduce capital adequacy ratio levels “once the situation clears”.

“We are ready to return excess capital to shareholders,” he said.

Reporting by Jason Hovet

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