15 Apr 2010 11:09

VTB supervisory board recommends dividends of 25.5% of net profit

MOSCOW. April 15 (Interfax) - The VTB supervisory board recommended on Wednesday that the company shareholders confirm the payment of dividends for 2009 with 25.544% of the year's net profits, or 6.067 billion rubles for dividends, a bank statement says.

That percentage means net profits for 2009, including events after reporting date, totaled 23.751 billion rubles. Earlier reports said VTB turned 2009 net profits to Russian Accounting Standards (RAS) of 27.961billion rubles.

The supervisory board recommended that the shareholders vote at their June 4 AGM to pay dividends of 0.058 kopecks per common share (par value 1 ruble). The register for the meeting closes on April 16.

Deputy VTB CEO Herbert Moos said in March that the bank planned to increase dividends significantly, paying more than 25% of net profit for 2009.

VTB paid 11.18% of net profit to Russian Accounting Standards (RAS) for 2008 (3.006 billion of 26.89 billion rubles, 0.044 kopecks per share).

The bank's shareholders will also address at the AGM the issue of reorganization by means of absorbing VTB North-West . The VTB supervisory council recommended that shareholders vote to confirm this move. Also on the meeting agenda will be a vote on paying compensation to independent supervisory board members.