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Report: VTB Bank plans to allocate half of 2018 profit for dividend payouts

VTB Bank (PJSC)'s management wants to recommend earmarking 50% of the lender's 2018 net earnings under International Financial Reporting Standards for dividend payments, Vedomosti reported Aug. 9, citing Senior Vice President Dmitry Pyanov.

The dividend plans are in line with the requirements of the Russian state, which controls the lender, the executive was cited as saying. VTB recently raised its forecast for 2018 IFRS consolidated net profit to 170 billion rubles, implying a potential dividend of 85 billion rubles, the report noted.

Separately, VTB Bank said Aug. 9 that it fully divested its 15% stake in PJSC SAFMAR Financial invts, which it owned indirectly. The name of the buyer and the financial details of the transaction were not disclosed.

As of Aug. 9, US$1 was equivalent to 66.27 Russian rubles.