According to the resolution of shareholders, the Bank has not paid dividends since 2004.
On 28 February 2009, the Extraordinary General Meeting of Shareholders resolved to use the part of the retained during 2003-2007 earnings in the amount of UAH 51.2 million for dividends with their further reinvestment to the share capital of the Bank. As a result, the share capital of the Bank increased to UAH 392.6 million with the par value of the shares reaching UAH 1.15.
On 28 April 2009, the Annual General Meeting of Shareholders approved the following distribution of the UAH 3.6 million profit of the Bank for 2008:
- 5.0% of profit (UAH 178.5 thousand) shall be directed to the Reserve fund of the Bank;
- UAH 3.4 million shall be retained unallocated.
On 28 April 2010, the Annual General Meeting of Shareholders decided to leave retained earnings of UAH 6.5 million unallocated.The Annual General Meeting of Shareholders held on 28 April 2011 also left retained earnings unallocated.
For more details about the general principles of the Bank’s dividend policy please read VAB Bank Articles of Association.
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