The Bank’s dividend policy is based on a balance between the need to reinvest in further development and observance of the right of shareholders to receive net profits. This balance is a key factor for long-term increase in the Bank’s shareholder value. The Bank’s dividend policy envisages annual dividend payments of up to 10% of net profit earned in the previous financial year. Dividends on preferred shares must be 20% of their face value, according to the Bank’s Articles of Association. All dividends are paid in monetary form, net of taxes, within 60 days of the approval of their payment by the General Meeting of Shareholders.
The text of the Provision on Dividend Policy is available on the Bank’s website: http://www.vbank.ru/en/investors/cmanagement/internal/.
In accordance with the decision of the General Meeting of Shareholders dated 25 June 2010, shareholders as of the record date on 6 May 2010, at 7 pm Moscow time (the date for establishing the list of persons eligible to participate in the Annual General Meeting of Shareholders), are eligible to receive dividends for 2009.
The Dividends declared for last year were:
The total amount of accrued dividends was RUB14,463,357.
Declared and accrued dividends as % of the share’s face value |
Amount of declared and accrued dividends, RUB ‘000 | |
---|---|---|
Ordinary shares |
5 |
11,874 |
Preferred shares (fixed dividend) |
20 |
2,589 |
Total |
14,463 |