Sberbank believes it is too soon to earmark 25% of net profit for dividends - Zlatkis
MOSCOW. May 30 (Interfax) - Top Russian bank Sberbank believes it is too soon to earmark 25% of its net profit for dividends, the bank's deputy CEO Bella Zlatkis told journalists on Wednesday.
"We think that would be incorrect now to put forward the idea of boosting dividends to 25%," she said.
Zlatkis said that Sberbank might earmark 15% of its net profit for 2011 according to Russian accounting standards (or 47.5 billion rubles). The bank's RAS net profit including events after the reporting date (EARD) came to 310.5 billion rubles.
Sberbank's shareholders will vote on paying dividends for 2011 at their annual meeting on June 1.
According to the new dividend policy, which should come into force within three years starting from the payment for 2011's results, Sberbank plans to boost the payout to 20% of its net profit according to international financial reporting standards (IFRS).