2015 Annual Report

ru

Dividend policy

In March 2015, the Supervisory Board of Sberbank approved a new Regulation on the Dividend Policy The document is posted on the website at www.sberbank.com replacing the previous one effective to 2015.

The Regulation on Dividend Policy:

  • sets forth the aim to pay equal dividend on ordinary and preferred shares;
  • defines factors determining the dividend pay-out.
  • Conditions for dividend payment:
  • The dividend amount is set as not exceeding the dividend pay-out recommended by the Supervisory Board of the Bank.

When resolving the matter of making a recommendation to the General Shareholders’ Meeting of the Bank on the dividend pay-out, the Supervisory Board takes the following factors into consideration:

  • Recognised net profit determined on the basis of the consolidated financial reports of the Bank in accordance with International Financial Reporting Standards (IFRS) for the relevant period
  • The Bank’s demand for capital to develop business and implement its Development Strategy after dividend payments to comply with the current and expected requirements of the current legislation of the Russian Federation and Bank of Russia, local regulators in the countries of presence, and the Basel Committee recommendations
  • Significant deterioration of the macroeconomic environment or other internal and external developments that have or may have a negative impact on the Bank operations and force majeure circumstances, including acts of God and wars
  • Maintaining the balance of the interests of the Bank and its shareholders considering the need to increase investment attractiveness and to observe the shareholders’ rigths

Report on declared and accrued dividends

In 2015, based on the results of 2014 operations, the Bank allocated 3.5% of its net profit calculated on the basis of the annual consolidated financial statements under IFRS for the payment of dividends. In accordance with the Regulation on Dividend Policy of the Bank (new version), the specified amount of allocations from net profits will allow the Bank to pay the same dividend to the holders of common and preferred shares (RUB 0.45 per share). Given a high level of macroeconomic uncertainty, this dividend pay-out makes it possible to maintain capital adequacy of the Bank that experienced significant pressure amid the devaluation of the rouble.

Nevertheless, the Bank considers it practicable to keep its target dividend pay-out set in the Bank’s Development Strategy up to 2018 at the level of 20% of net profit under IFRS.

The issue of payment of dividend by the results of 2015 was considered by the Supervisory Board on 12 April, 2016. Upon consideration at the meeting, the Supervisory Board recommended to the annual General Shareholders’ Meeting to vote for dividend in the amount of RUB 1.97 per ordinary share and RUB 1.97. per preferred share. 20% of the IFRS net profit of the Bank will be payed out as dividend. Information on the resolutions approved by the General Shareholders’ Meeting will be made public in accordance with the legislation on Sberbank’s official website. Below is a history of dividend payment on Sberbank shares for the past two years:

Dividend payments history
Payment year Based on annual results Ordinary shares, RUB per share Nominal cost of an ordinary share, RUB Privileged shares, RUB per share Nominal privileged share cost, RUB
2010 2009 0.08 3 0.45 3
2011 2010 0.92 3 1.15 3
2012 2011 2.08 3 2.59 3
2013 2012 2.57 3 3.20 3
2014 2013 3.20 3 3.20 3
2015 2014 0.45 3 0.45 3