Bank St. Petersburg will allocate from 20% to 50% of profits for dividends

The Supervisory Board of Bank Saint Petersburg (BSPB) approved the new edition of the dividend policy. Now the credit institution will allocate from 20% to 50% of the net profit of the reporting year according to IFRS to pay dividends. According to the previous version of the document, the bank allocated “at least 20%” of profits under IFRS for dividends, reported press service BSPB.

The press release also states that the supervisory board recommended that the annual general meeting of shareholders pay dividends for 2023 in the amount of 23.37 rubles. per ordinary share. The Supervisory Board recommended setting the payment amount for one preferred share at a level not lower than 0.22 rubles. Taking into account the interim dividends already paid, the total payment based on the results of last year should be 42.45 rubles. per one ordinary share and 0.44 rubles. to “pref”, the BSPB report notes.

The press service reported that the size of payments was determined by the decision of the supervisory board to allocate 40% of the bank’s net profit under IFRS for 2023 to dividends. The net profit of BSPB for last year according to IFRS amounted to 47.3 billion rubles. After the message from the supervisory board, BSPB shares on the Moscow Exchange sharply grew up in price. Today, March 21, the cost of the bank’s ordinary shares rose to 319.8 rubles. (+6.7% to the closing price of the previous trading day).

Erdni Kagaltynov