HCFB Bank may pay H1 dividends
MOSCOW. Sept 11 (Interfax) - The board of directors at HCF (home credit and finance) Bank recommended on Tuesday the payment of some distributable profits from earlier periods in the amount of up to 3.4 billion rubles prior to the withholding of taxes, a statement from the lending organization says.
The bank's press service told Interfax that the Home Credit group would be putting money towards the further development of the group's operations in various countries.
The payment of dividends for H1 is slated for this month, a bank representative said.
"Paying dividends will not lead to a significant worsening of the capital adequacy indicator, as at the present time the bank has relatively high capital adequacy, as well as high business profit indicators," the source said.
According to bank information posted on the Central Bank of Russia's (CBR) website, HCFB earned H1 net profits of 4.786 billion rubles.
The board recommended that the bank, as the sole stockholder in the Kazakh bank Home Credit and Finance Bank, make the decision to pay dividends on the subsidiary's ordinary shares for previous periods in the amount of up to 7 billion tenge prior to tax withholding.
The official exchange rate set by the CBR for September 11 is 21.53 rubles per 100 tenge, making 7 billion tenge a little more than 1.5 billion rubles.
HCFB, which is controlled by Czech billionaire Petr Kellner's PPF Group, was the 15th biggest Russian bank by assets as of the end of the first half of 2013 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
