February 14, 2019 / 8:39 AM / 6 months ago

VTB gets preliminary nod to pay 15 pct dividends on 2018 profits: sources

MOSCOW, Feb 14 (Reuters) - VTB, Russia’s second biggest bank, has received preliminary approval from the finance ministry to pay around 15 percent of its 2018 net profit as dividends, two state bankers familiar with discussions told Reuters.

A 15 percent dividend is a significant reduction on last year, when state-controlled VTB had to pay dividends on its 2017 net profit of more than 50 percent. Dividends from state firms are a significant source of revenue for the state budget.

One of the sources said there was not yet an official government decision on the 15 percent dividend, and that there were likely to be further discussions inside the government and the central bank.

VTB did not reply to a Reuters request for a comment. The finance ministry declined to comment. (Reporting by Tatiana Voronova Editing by Christian Lowe)

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