World News: 17:31 GMT Monday 16th April 2018. [EQS Group via SPi World News]
JSC VTB Bank (VTBR)
16 April 2018
VTB Supervisory Council recommends to triple dividends on ordinary shares
On 16 April, 2018, VTB Bank Supervisory Council recommended to the Annual General Shareholders Meeting to approve 2017 dividend at RUB 0.00345 per one ordinary share with a nominal value of RUB 0.01. The minority shareholders will receive almost 200% more dividends compared to 2016, when dividend per one ordinary share was RUB 0.00117. The total dividend payments on ordinary shares will amount to RUB 44,759,117,915.11 compared to RUB 15,163,833,364.69 a year before.
VTB Supervisory Council also recommended to the Annual General Shareholders Meeting to pass a resolution to pay out the following dividends:
- on Type 1 preference shares RUB 11,804,188,555.41, or about RUB 0.000551 per share with a nominal value of RUB 0.01;
- on Type 2 preference shares RUB 16,952,578,170.61, or about RUB 0.00551 per share with a nominal value of RUB 0.1.
The 2017 dividend per each share type was calculated based on equal dividend yields on all types of shares: 5.51%. Dividend yield on ordinary shares was calculated based on average daily price in 2017.
The 2017 dividend payments will account for 73% of VTB Bank's net profit under Russian Accounting Standards, which amounts to RUB 101.3 billion, or 61% of VTB Group's consolidated net profit under International Financial Reporting Standards, which amounts to RUB 120.1 billion. Overall for 2017, the Bank will pay dividends in the amount of RUB 73.5 billion compared to RUB 62.3 billion in 2016.
VTB Supervisory Council has also recommended to the Annual Shareholders Meeting to approve 4 June 2018 as the record date for 2017 dividends.
Deputy President and Chairman of VTB Bank Management Board Herbert Moos said: 'This year, we intend to equalise dividend yields per all types of shares, that will allow us to considerably increase payments on ordinary shares. Thus, our minority shareholders will earn almost three times as much as last year. I am confident that this treatment will be an equal treatment to all shareholders, and will be seen favourably by the ordinary shareholders and increase the attractiveness of the Bank's securities.'
|End of Announcement||EQS News Service|
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