November 6, 2019 / 10:16 AM / 11 days ago

Russian lender VTB's 2019 dividends may hinge on defence sector loans

MOSCOW, Nov 6 (Reuters) - Dividends of VTB, Russia’s second-biggest bank, on this year’s results would depend on the restructuring of loans to the defence sector, Deputy Finance Minister Alexei Moiseev said.

He also told reporters that the finance ministry did not expect a major write-down of defence sector loans. VTB was allowed to pay 15% of its net profit on last year’s results due to the central bank’s requirement to meet Basel III rules.

Finance Minister Anton Siluanov said earlier this year that his ministry expected VTB to return to dividend payments of 50% of net profit from 2019 results, after a Basel III one-off exemption.

Reporting by Darya Korsunskaya Writing by Katya Golubkova Editing by Louise Heavens

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