INTERFAX. Shareholders of lending institution Devon-Credit decided at a March 24 AGM not to distribute 2007 net profit of Rub 296.84 mln (after taxes and payments to the budget and payout of interim dividends). As reported earlier, the lender’s FY07 net profit totaled Rub 511.94 mln, jumping 20.3% y-o-y. Devon-Credit paid out dividends of Rub 11.95 per share with Rub 50.00 par value each for a total of Rub 215.1 mln for 9M07.
For the first half of 2006 the bank paid out dividends equal to Rub 5.56 per share, spending Rub 100.08 mln for this purpose. In addition to H106 dividends, the lender paid Rub 70.02 mln or Rub 3.89 in per-share dividends for 2006. The AGM elected a new board of directors. All previous board members were re-elected, except for Olga Scherbakova, director of Bank Zenit’s legal department. Also, the bank’s shareholders determined the prices of transactions and approved deals that could be struck by Devon-Credit, Bank Zenit and parties concerned in the future for amounts not higher than Rub 2 bln per deal. Energy Consulting/Audit was appointed as auditor of the bank’s 2008 RAS books and Deloitte & Touche CIS will audit the lender’s IFRS financials.
Devon-Credit was established in 1992 as a lending institution to provide banking services to oil producer Tatneft, other enterprises in the oil industry in Tatarstan and their contracting parties. The bank’s charter capital equals Rub 900 mln and is divided in 18 mln common shares with Rub 50 par value each. Bank Zenit’s interest in Devon-Credit’s charter capital is 97.33%. In 2007, Devon-Credit ranked 104th in terms of assets in the Interfax-100 ranking, prepared by Interfax-CEA.
