20 May 2019 19:33

Alfa-Bank board recommends dividends not be paid for 2018

MOSCOW. May 20 (Interfax) - The Alfa-Bank board of directors has recommended that shareholders not approve payment of dividends for 2018, the lender said in materials.

Based on the results of a board of directors meeting on May 20, the board recommended that no payments be made to the bank's reserve fund, as the volume of the fund had reached the volume envisaged in the bank's charter. The board recommended that shareholders allocate 2018 RAS profit in the amount of 106.6 billion rubles for increasing capital and towards unallocated profit.

Of 2017 net profit of 42.6 billion rubles, the bank allocated 33.6 billion rubles to increase capital. Dividends were paid in the amount of 151.04 rubles per shares, coming to 9 billion rubles.

Alfa-Bank's principal shareholders, are Mikhail Fridman, German Khan, Alexei Kuzmichev, Petr Aven, Andrei Kosogov, the Mark Foundation for Cancer Research and Unicredit S.p.A.

Alfa-Bank Bank was Russia's fifth largest bank by assets at the end of Q1 2019, according to the Interfax-100 ranking prepared by the Interfax Center for Economic Analysis.