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Russia's Sberbank says board recommends record dividend for 2024 - Finance news and analysis from Global Banking & Finance Review
Finance

Russia's Sberbank says board recommends record dividend for 2024

Published by Global Banking & Finance Review

Posted on April 22, 2025

2 min read

· Last updated: April 22, 2025

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Sberbank Recommends Record Dividend Payout for 2024

MOSCOW (Reuters) -Russia's largest lender Sberbank said on Tuesday that its board recommended paying a record high 786.9 billion roubles ($9.68 billion) in dividends.

The dividend will amount to 34.84 roubles ($0.4285) per share for 2024. Russian banks' profits increased last year due to accelerated lending, which has since declined in response to the central bank raising its key interest rate.

"This is another record in both the history of Sber and the Russian market," Sberbank's CEO German Gref said in a statement.

"We will allocate half of this amount to the state, and the other half to our two million retail investors, for whom Sber's dividends remain an important source of income year after year," Gref said.

The state holds 50% plus one share in the lender, and the dividend will contribute to budget revenues at a time when oil prices are falling and economic growth is slowing.

Sberbank's dividend payout at 50% of the bank's net profit aligns with the Finance Ministry's expectations. Sberbank's net profit increased by 4.5% in 2024 to 1.58 trillion roubles.

($1 = 81.3000 roubles)

(Reporting by Elena FabrichnayaWriting by Gleb BryanskiEditing by David Goodman and Susan Fenton)

Key Takeaways

  • Sberbank's board recommends a record dividend of 786.9 billion roubles.
  • The dividend per share is set at 34.84 roubles for 2024.
  • Half of the dividend will go to the state, aiding budget revenues.
  • Sberbank's net profit rose by 4.5% to 1.58 trillion roubles.
  • The payout aligns with the Finance Ministry's expectations.

Frequently Asked Questions

What is the main topic?
The main topic is Sberbank's board recommending a record dividend payout for 2024.
Who benefits from the dividend?
The dividend benefits the state and Sberbank's two million retail investors.
How does this dividend impact the state?
The dividend contributes to state budget revenues amid falling oil prices.

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