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Raiffeisen Bank plans to send all profits for 2021 excluding UAH 700,000 to reserve fund
KYIV. Sept 16 (Interfax-Ukraine) – Raiffeisen Bank (Kyiv) plans to send almost all of its net profit for 2021 in the amount of UAH 4.873 billion to the reserve fund, with the exception of UAH 700,000, which will be used to pay dividends on preferred shares, the corresponding proposal has been submitted to a remote meeting of bank shareholders scheduled for October 17.
"According to Point 1 of Paragraph 3 of NBU board resolution No. 23 on certain issues of the activities of banks and banking groups in Ukraine dated February 25, 2022, the distribution of the bank’s profit for the payment of dividends on ordinary shares is not to be made," the agenda says.
It clarifies that it is planned to direct the funds of the reserve fund to cover the losses of previous years in the amount that will be taken into account on the bank’s balance sheet as of the next day from the date of drawing up the minutes of the meeting.
The issuer at the beginning of the year planned to hold an annual meeting on April 21, but because of the war, it has not yet been convened.
Last year, Raiffeisen Bank allocated UAH 2.037 billion to pay dividends for 2020, or half of its net profit, and the other half to increase the reserve fund. As a result, the owners of ordinary registered shares (61,495,163,580 of them were issued in total) received 33.12% of the nominal value (UAH 0.1), or about 3.3 kopecks per share.
Raiffeisen Bank was founded in 1992. As of January 1, 2022, its largest shareholders were Raiffeisen Bank International with 68.1329% of shares and the European Bank for Reconstruction and Development (EBRD) with 30%.
According to the NBU, as of July 1, 2022, Raiffeisen Bank ranked fourth in terms of total assets (UAH 148.24 billion) among 68 operating banks. Its net profit for the first half of this year amounted to UAH 628.5 million.
