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15 In April, the Bank of Russia announced additional measures to support the financial sector and lending to the economy. The most important thing for private investors is that, that the Central Bank recommended banks to refuse to pay dividends in 2022.
Credit institutions in the current environment may not comply with capital adequacy ratios. Probably, refers to the capital adequacy premium and the systemic importance premium.
The Central Bank will not consider this non-compliance with regulations, but at the same time, banks should limit the payment of dividends and bonuses to management. Banks, complying with allowances, as well as non-credit financial institutions - brokers, MC and so on - it is also recommended not to pay dividends.
Similar recommendations have been made before.:
- 25 February, the Central Bank invited banks to consider postponing dividend and bonus payments to management. This was mandatory for banks., planning to use premiums to capital adequacy ratios;
- 7 April Finance Minister Anton Siluanov said, that the ministry will offer banks to refuse dividend payments for 2021. Banks, from his words, need a capital base, and they have lost a lot in the current conditions, especially those, that were included in the SDN sanctions list - Specially Designated Nationals. Such banks cannot work with American individuals and companies, and their assets abroad are blocked.
If Russian banks, primarily Sberbank and VTB, refuse to pay dividends, this will be an additional negative factor, affecting the share price. So, many private investors were interested in Sberbank shares because of dividends, and the dividend yield of these securities has risen after the share price has fallen in recent months. The absence of dividends can lead to, that investors will sell shares. However, the largest Russian banks have not yet announced, what will be done with dividends.
We have already written, which Russian companies and companies, mainly leading business in Russia, refused to pay dividends or postponed the decision on payments. 13 April, gold miner Polymetal was added to this list.
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