BAKU, Azerbaijan, Jun. 3
By Nargiz Sadikhova - Trend:
VTB Bank Kazakhstan will not distribute the net income to pay 2019 dividends as a result of the decision of its sole shareholder - VTB Bank PJSC, Trend reports with reference to the VTB Bank PJSC.
“The report of an independent auditor, Ernst & Young Company said that the net income of VTB Bank Kazakhstan for 2019 amounted to 4.6 billion tenge ($11.4 million), which exceeds the result of the previous year by almost 10 percent. As compared with the data as of Dec. 31, 2018, the bank's assets increased by 19 percent, amounting to 209 billion tenge ($519.4 million), capital increased by 2.2 percent to reach 21.4 billion tenge ($53.1 million),” the report said.
Dmitry Zabello, Chairman of the Board of VTB Bank (Kazakhstan) said that in accordance with global trends and recommendations of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, the shareholder of VTB Bank (Kazakhstan) decided not to distribute net income and not to pay dividends for 2019.
“This additional margin of safety will help the bank increase the pace of lending to the country's economy,” Zabello said.
The bank said that the volume of the deposit portfolio of the bank increased by 28 percent in 2019 and amounted to 123.5 billion tenge ($306.9 million). The advances portfolio grew by 25.6 percent to the level of 122.9 billion tenge ($305.4 million).
“According to S&P Global Ratings, VTB Bank (Kazakhstan) has one of the highest credit ratings among the country's banks: long-term at “BB +”, short-term at “B”. The outlook for the rating is stable,” the report said.
Subsidiary VTB Bank JSC (Kazakhstan) is a member of the VTB international financial group. The Bank has been successfully operating on the financial market of Kazakhstan for 10 years already, providing a full range of financial services to any categories of customers in all regions of the country.
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