VTB will discuss dividend payments when developing a strategy for 2024-2026
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VTB Management (MOEX: VTBR) will propose not to pay dividends for 2023, despite expectations of record profits, said First Deputy Chairman of the Board of VTB Dmitry Pyanov. VTB will discuss the resumption of dividend payments as part of the preparation of a new strategy for 2024-2026.
“No, despite the expected record profit for this year – it is clear that this is a decision of the shareholders – but management’s proposal will not distribute it based on the results of 2023 in the form of dividends,” Mr. Pyanov said during a telephone conference (quoted from RIA Novosti “).
As the first deputy chairman of the board of VTB explained, this decision is due to the need to increase capital starting next year as part of a gradual tightening of regulation. “I can promise that at the strategic discussion of the new strategy for 2024-2026, we – in my person for sure – will raise the issue of the need to include the first payment of dividends in the strategy. In what year and in what amount, I am not ready to detail now,” he noted.
In early September, VTB CEO Andrei Kostin predicted that the group would receive a record net profit of RUB 420 billion by the end of 2023. However, then Mr. Kostin also statedthat VTB “most likely will not pay dividends.” VTB net profit for three quarters of the current year amounted to RUB 375.9 billion At the end of 2022, the group’s loss under IFRS amounted to RUB 613 billion. because of sanctions.
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