Bank Severnaya Kazna loses 4.6bn

8 June 2010 (09:00)

Bank Severnaya Kazna’s stockholders thought it best not to pay any share dividend for 2009 because the bank sustained losses last year. According to the company’s official report released at the AGM on June 1, 2010, Bank Severnaya Kazna’s losses amounted to 4.63 billion RUR in 2009.

The stockholders decided that the losses should be partially covered by the leftovers of profits left undistributed in the previous years; namely, 117.2 million RUR worth of losses will be compensated in this way. Also, 699.6 million RUR worth of share-issuing profits and 30.83 million RUR from the bank’s reserve fund will be directed to making up for last year’s loss as well. Nevertheless, the better part of the loss – over 3.78 billion RUR – still remains uncovered.

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