Russia VTB board approves hefty 2007 dividend-source

MOSCOW, April 28 (Reuters) - The board of Russia's second-largest bank, state-controlled VTB (VTBR.MM: Quote, Profile, Research) approved 2007 dividend payout of 50.12 percent of net profit, a source close to the board said on Monday.

VTB bank reported this month net profit of 18 billion roubles ($762.7 million), calculated to Russian accounting standards. The figure does not consolidate profit of other firms in the VTB Group.

The entire VTB Group posted this month a 28.4 percent rise in 2007 net profit to $1.51 billion, exceeding analysts' expectations of $1.41 billion. (Reporting by Darya Korsunskaya, writing by Gleb Bryanski)