CEO: Sberbank’s board recommends 6 rbl/share in divs for 2016

MOSCOW, Apr 20 (PRIME) -- The supervisory board of Russia’s top bank Sberbank has recommended more than tripling the dividend payout on the year to 6 rubles per share on 2016 results, or 25% of the net profit calculated under International Financial Reporting Standards (IFRS), CEO German Gref told reporters on Thursday.

“We’ve had a long discussion on the issue on the dividend payment. We’ve decided to pay 25% of our net profit under IFRS…or 27% of the net profit under RAS (Russian Accounting Standards),” he said.

The record date for dividends is set for June 14, he said.

Previously, Sberbank paid 1.97 rubles per share, or a total of 44.5 billion rubles, in dividends for 2015.

The bank’s IFRS net profit more than doubled on the year to 541.9 billion rubles in 2016.

Russia’s central bank owns a controlling stake in Sberbank, foreign companies 45.60% , local companies 1.5% and other private investors 2.9%.

(56.1753 rubles – U.S. $1)

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