Sberbank Recommends Doubling Dividend Payment for Last Year

OAO Sberbank (SBER), Russia’s biggest lender, plans to more than double its dividends for 2011, in a payout equal to 15.3 percent of net income, Chief Executive Officer German Gref said.

Sberbank may pay 2.08 rubles a common share and 2.59 rubles a preferred share, Gref told reporters today in Moscow.

Net income under Russian accounting standards jumped about 79 percent last year to 310.6 billion rubles ($10.6 billion), according to Gref. That means the payout may be equivalent to $1.6 billion. Net income to international standards should be higher than under Russian accounting, Gref said.

To contact the reporter on this story: Anton Doroshev in Moscow at adoroshev@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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