2 Dec 2009 19:35

VTB Northwest to pay all 2008 profit as dividends

ST. PETERSBURG. Dec 2 (Interfax) - VTB subsidiary VTB Northwest will pay all of its 2008 net profit to shareholders, the bank said in a statement.

It said the sole shareholder VTB had reversed a decision of June 26, 2009 and decided to use the profit for development purposes.

That profit was 6.044 billion rubles.

VTB decided in September that it would take net profit of 2.148 billion rubles for H1 2009 as dividends.

VTB Northwest was Russia's 18th largest bank by assets, according to the Interfax-100 ranking at the end of the third quarter of 2009.