Ak Bars Bank to increase 2011 dividends by 220%
KAZAN. May 25 (Interfax) - Shareholders in Kazan-based Ak Bars Bank , at their annual meeting on Friday, decided to pay dividends for 2011 at a rate of 0.6511 kopecks per common share at a face value of one ruble each, the bank told Interfax.
The dividend rate for 2010 was 0.2014 kopecks. Therefore, the payout for 2011 is an increase of 220%.
The bank's net profit according to Russian accounting standards (RAS) for 2011 came to 1.837 billion rubles (up 220% from 2010's result), which was driven by an increase in the loan portfolio.
The bank's charter capital comes to 28,215,396,326 rubles. Each come share comes to one ruble at face value. According to Ak Bars, its main shareholders include state-run OJSC Svyazinvestneftekhim with 18.5%, its subsidiary Sinek Investment Development Ltd - 9.2%, Tatarstan's Land and Property Relations Meeting - 15.3%, and Ak Bars Holding - 8.6% (the latter company is controlled by the government of Tatarstan).
Ak Bars Bank was 19th biggest bank in Russia by assets at the end of the first quarter of 2012 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis.
