Net profit jumps to a record 5.8 bln zlotys
Earnings boosted by growth in banking, insurance
Analysts see dividend at 4.685.60 zlotys a share

GDANSK, March 21 Reuters Poland39;s biggest insurer PZU said on Thursday its net profit hit a record high last year, rising 52 on higher banking segment earnings and insurance profitability.

It reported profit of 5.77 billion zlotys 1.46 billion for the year ended Dec. 31, 2023, beating an analysts39; forecast of 4.67 billion zlotys in a companycompiled consensus.

The beat means the company may increase its dividend payout, currently estimated at around 3.30 zlotys, for last year, analysts say.

The maximal DPS dividendpershare may reach 5.60 zlotys… which covers the entirety of standalone annual net profit for 2023 and undivided profits from 2022, said Lukasz Janczak, analyst from Erste Group.

He added that he expects the insurer to keep about 20 of fullyear profits, which would result in a dividend of 4.68 zlotys per share and a dividend yield of 9.9.

The company has all the grounds necessary to continue paying a dividend, according to its policy, said PZU acting CEO Anita Elzanowska.

The standalone profit of PZU, which is key in determining the upper border for payout, has grown from 1.6 billion zlotys in 2022 to almost 4 billion zlotys, she added.

The insurer said in late November that its strong capital situation would permit it to continue its dividend policy, which allocates 50 of consolidated yearly profits…