Shares of vtb 24 dividends. VTB and dividends

Current dividend table for 9 months 2017

Cutoffs on dividends for 6 months of 2017 ended last week. During December 2017, dividend cutoffs for 9 months of 2017 will take place and will continue in January 2018

In my last review, I already noted that a number of companies are in a hurry to pay increased dividends before the presidential elections.

But the reasons for paying dividends urgently now, may not only be the elections. For example, Mostotrest pays interim dividends for the first time in connection with the need to improve the performance of pension funds that own shares of PJSC Mostotrest.

The insistent request for the payment of these dividends by NPFs is related to the losses incurred by a number of NPFs in connection with the situation in Otkritie and B&N Bank. I quote from a top manager of one of the NPFs:

“By the end of the year, the funds expect to come up with“ average market indicators ”. "By the end of 2017 (when the profitability from the placement of savings and reserves is posted to clients' accounts. - Note by Kommersant), the NPF plans to provide its clients with a positive result in all areas of activity."

Of course, Mostotrest's dividends will not be superfluous for this.

Interesting dividend news came out last week:

Ekaterinburg. 15th of November. INTERFAX - Board of Directors of OJSC Kamensk-Uralsky Non-Ferrous Metals Processing Plant ( KUZOTSM, Sverdlovsk region, part of the Renova Group) recommended that shareholders decide to pay dividends for 9 months of 2017 in the amount of 2.03 rubles per share, the company said.

Dividends totaling 102 million 162.231 thousand rubles are proposed to be paid out of retained earnings "

There is KUZOTSM in Kvik, but there was no bidding on it, and I did not even see the quotes. T e div, there is no way to calculate the profitability and to buy under the cut-off too.

In this news, something else is interesting: now Renova is demanding the payment of dividends in all shares traded on the Moscow Exchange (Rusal, Khimprom, KUZOTSM). The only exception is OMPK. So far, no dividends have been paid there. Although the company has a significant NPP.

Renova owns OMPK on an equal footing with the company's management.

Fall in VTB quotes hit this week

I read many explanations of the reasons for this fall.

And since I myself am a shareholder of VTB24, which is now being merged into VTB, it goes without saying that I made an explanation for such a fall.

I considered the situation by analogy with the merger with VTB Bank of Moscow. I was also a shareholder of BM at the time of the merger.

Under the offer, VTB bought back more than 10% of BM shares, exceeded 95% of the ownership limit, and in November 2015 launched a procedure for compulsory buyback of Bank of Moscow shares from minority shareholders. The squeeze out price is 589.89 rubles per share.

The last additional capitalization of the Bank of Moscow took place in late 2011 - early 2012, when the bank placed additional shares for 102 billion rubles in favor of VTB Group. The offering price was RUB 1,111.77 per security

We look at how the quotes of the Bank of Moscow reacted to the corporate procedures for joining VTB

Now VTB is joining again. This time VTB24 bank.

And again the offer price for those who disagree is 3 rubles per 1 VTB24 share.

For those who will go for the conversion, a coefficient of 1/79 is offered.

We calculate the estimate: we divide 3 rubles by 79 shares = 0.038 rubles.

After such estimates, it was difficult to expect an increase in VTB quotes, which we can see on the chart of recent days.
It should also be taken into account that in mid-January 2018, when VTB24 shares will be converted into VTB shares, and this array of shares will go to the owners' depot, an additional offer of VTB shares will be created, t to those who held VTB24 shares in order to receive dividends from a normal dividend profitability is unlikely to be tempted to hold VTB shares with its meager DD.

It turns out that, at least until the end of January 2018, VTB stock quotes will be under pressure from the offer.

In one of the posts on the smart lab, I saw a rhetorical question: Has Gref ever mentioned an increase in dividends in Sberbank

Yes, specifically mentioned. I put the Government's proposals and Gref's proposal into a table and made the calculation of the expected dividends

Good luck with your dividend hunt!

By continuing to use our site, you consent to the processing of cookies, user data (location information; device type; ip-address) for the operation of the site, retargeting and statistical research and reviews. If you do not want to use cookies, please change your browser settings.

VTB Bank (PJSC) (VTB Bank). General license of the Bank of Russia No. 1000. License of a professional participant of the securities market for carrying out brokerage activities No. 040-06492-100000, issued on March 25, 2003.

1. The content of the site and any pages on the site (the "Site") is for informational purposes only. The site is not considered and should not be considered as an offer of VTB Bank to buy or sell any financial instruments or provide services to any person. The information on the Site cannot be considered as a recommendation for investing funds, as well as guarantees or promises in the future of investment returns.
None of the provisions of the information or materials presented on the Website are and should not be considered as individual investment recommendations and / or the intention of VTB Bank to provide investment advisor services, except on the basis of agreements concluded between the Bank and clients. VTB Bank cannot guarantee that the financial instruments, products and services described on the Site are suitable for all persons who have read such materials and / or correspond to their investment profile. Financial instruments mentioned in the information materials of the Site may also be intended exclusively for qualified investors. VTB Bank is not responsible for financial or other consequences that may arise as a result of your decisions regarding financial instruments, products and services presented in the information materials.
Before using any service or purchasing a financial instrument or investment product, you must independently assess the economic risks and benefits of the service and / or product, tax, legal, accounting consequences of concluding a transaction when using a specific service, or before purchasing a specific financial instrument or investment product, their willingness and ability to accept such risks. When making investment decisions, you should not rely on the opinions set forth on the Site, but should conduct your own analysis of the financial position of the issuer and all the risks associated with investing in financial instruments.
Neither past experience nor the financial success of others guarantees or determines that the same results will be obtained in the future. The value or income of any investment mentioned on the Site may change and / or be affected by changes in market conditions, including interest rates.
VTB Bank does not guarantee the return on investments, investment activities or financial instruments. Before making an investment, you must carefully read the conditions and / or documents that govern the procedure for their implementation. Before purchasing financial instruments, you must carefully read the terms of their circulation. Further

2. None of the financial instruments, products or services mentioned on the Site are offered for sale or sold in any jurisdiction where such activity would be contrary to securities laws or other local laws and regulations or would oblige VTB Bank comply with the requirement of registration in such a jurisdiction. In particular, we would like to inform you that a number of states have introduced a regime of restrictive measures that prohibit residents of the respective states from acquiring (assisting in the acquisition) of debt instruments issued by VTB Bank. VTB Bank invites you to make sure that you have the right to invest in the financial instruments, products or services mentioned in the information materials. Thus, VTB Bank cannot be held liable in any form if you violate the prohibitions applicable to you in any jurisdiction.

3. All digital and calculated data on the Site are provided without any obligation and solely as an example of financial parameters.

4. This Site is not advice and is not intended to provide advice on legal, accounting, investment or tax matters, and therefore should not rely on the content of the Site in this regard.

5. VTB Bank makes reasonable efforts to obtain information from sources it believes to be reliable. At the same time, VTB Bank does not make any assurances that the information or assessments contained in the information material posted on the Site are true, accurate or complete. Any information presented in the materials of the Site may be changed at any time without prior notice. Any information and assessments provided on the Site are not the terms of any transaction, including a potential one.

6. VTB Bank draws the attention of Investors who are individuals to the fact that funds transferred to VTB Bank as part of brokerage services are not subject to the Federal Law of 23.12.2003. No. 177-FZ "On insurance of deposits of individuals in banks of the Russian Federation."

7. VTB Bank hereby informs you of the possible existence of a conflict of interest when offering financial instruments considered on the Site. A conflict of interest arises in the following cases: (i) VTB Bank is the issuer of one or more of the financial instruments in question (recipient of benefits from the distribution of financial instruments) and a member of the VTB Bank group of persons (hereinafter referred to as a member of the group) simultaneously provides brokerage and / or trust management services (ii) a group member represents the interests of several persons at the same time in the provision of brokerage, consulting or other services to them and / or (iii) a group member has its own interest in performing transactions with a financial instrument and at the same time provides brokerage, consulting services and / or (iv) a member of the group, acting in the interests of third parties or the interests of another member of the group, maintains prices, demand, supply and (or) the volume of trading in securities and other financial instruments, acting, inter alia, as a market maker. Moreover, group members may and will continue to be in contractual relationships for the provision of brokerage, custody and other professional services with persons other than investors, while (i) group members may have at their disposal information of interest to investors and members the groups have no obligation to investors to disclose such information or use it in meeting their obligations; (ii) the terms of service and the remuneration of the group members for the provision of such services to third parties may differ from the conditions and remuneration for investors. When settling conflicts of interest, VTB Bank is guided by the interests of its clients. More detailed information on the measures taken by VTB Bank in relation to conflicts of interest can be found in the Bank's Conflict of Interest Management Policy posted on the Website.

8. Any logos other than the logos of VTB Bank, if any are given in the materials of the Site, are used solely for informational purposes, not intended to mislead customers about the nature and specifics of the services provided by VTB Bank, or to obtain additional benefits through the use of such logos , as well as promoting the goods or services of the copyright holders of such logos, or damaging their business reputation.

9. The terms and provisions given in the materials of the Site should be interpreted solely in the context of the relevant transactions and operations and / or securities and / or financial instruments and may not completely correspond to the values ​​determined by the legislation of the Russian Federation or other applicable legislation.

10. VTB Bank does not guarantee that the operation of the Site or any content will be uninterrupted and error-free, that defects will be corrected or that the servers from which this information is provided will be protected from viruses, Trojan horses, worms, software bombs or similar items and processes, or other harmful components.

11. Any expressions of opinion, estimates and forecasts on the site are the opinions of the authors as of the date of writing. They do not necessarily reflect the views of VTB Bank and are subject to change at any time without prior notice.

VTB Bank is not responsible for any losses (direct or indirect), including real damage and lost profits, arising from the use of information on the Site, for the inability to use the Site or any products, services or content purchased, received or stored on the Site ...

These materials are intended for distribution only in the territory of the Russian Federation and are not intended for distribution in other countries, including Great Britain, the countries of the European Union, the USA and Singapore, as well as, albeit in the territory of the Russian Federation, to citizens and residents of these countries. VTB Bank (PJSC) does not offer financial services and financial products to citizens and residents of the countries of the European Union. roll up

First of all, it is necessary to understand the structure of the authorized capital of the bank. According to the charter, VTB has 3 types of shares:

The first type of preference shares are held by the RF Ministry of Finance. Preferred shares of the second type are on the balance sheet of the Deposit Insurance Agency. Rosimushchestvo owns 60.9% of ordinary shares, and the remaining 39.1% are in free float.

Until 2018, the bank's dividend policy assumed large payments on preferred shares, therefore, most of the profit was received by the state, represented by the Ministry of Finance and the DIA. Since 2018, VTB has set payments for all three types of shares so that the dividend yield for holders of preferred and ordinary shares is equal. The state still continues to receive most of the profits, but through ordinary shares.

How dividends for 2017 were calculated

At the end of 2017, the bank calculated dividends as follows. The par value of preferred shares of the first (0.01 rubles) and the second type (0.1 rubles) was taken, as well as the average price of ordinary shares for 2017, which amounted to 0.06262 rubles. Further, 61% of net profit under IFRS was directed to payments for three types of shares so that the ratio of dividend to share price would be the same. At the end of 2017, the dividend yield for all shares was 5.51%.

* Relative to the average annual price for 2017.

This equalization of yields between common and preferred shares led to a threefold increase in dividend payments on common shares for 2017 compared to 2016.

What to expect at the end of 2018

First, you need to understand what financial result can be expected in 2018. In the bank's presentation, the forecast profit for 2018 is set at 150 billion rubles. However, according to the results of the first half of the year, VTB earned 98.5 billion rubles. Moreover, according to the deputy chairman of the board of VTB, Dmitry Olyunin, the bank revised its profit forecast for 2018 to 170 billion rubles. after the publication of the semi-annual results.

Secondly, it is necessary to determine what proportion of the net profit for 2018 will be directed to dividends. Taking into account VTB's plans to implement the Government's directives for state-owned companies, one can expect at least 50% of the bank's profit as dividends for 2018. The payout ratio for 2017 was slightly higher and amounted to 61% of the net profit for IFRS - consider this option as well.

Finally, for the calculations, we need the average price of VTB shares for 2018, which is currently about 0.05 rubles.

Thus, depending on the payout ratio and the amount allocated for dividends, we have four main options for the development of events:

Pessimistic scenario. VTB's profit in 2018 is RUB 150 billion. and 50% of the profit is sent to dividends;

Basic scenario. VTB's profit in 2018 is RUB 170 billion. and 50% of the profit is sent to dividends;

Optimistic scenario # 1. VTB's profit in 2018 is RUB 150 billion. and 61% of the profit is directed to dividends;

Optimistic scenario # 2. VTB's profit in 2018 is RUB 170 billion. and 61% of the profit goes to dividends.

Pessimistic scenario

We draw up the equation, taking into account that the dividend yield should be the same for all types of shares. We get the following formula:

Type 1 prefs par value (RUB 0.01) * Number of shares (21,404 billion shares) * Dividend yield (х) + Type II prefs par value (RUB 0.1) * Number of shares (3,074 billion shares) units) * Dividend yield (х) + Average cost of ordinary shares (0.05 rubles) * Number of shares (12,961 billion units) * Dividend yield (х) = The Bank's profit for 2018 (150 billion rubles) .) * Payout ratio (50%)

As a result, we get a dividend yield (x) equal to 6.4% for the pessimistic option, or 0.003205 rubles. per share. Now let's calculate the remaining options in the same way.

Basic scenario

If the bank earns 170 billion rubles. and will send 50% of net profit to dividends, then by the end of 2018 the dividend yield to the average price for 2018 will be 7.2%, which is 0.03635 rubles. per share.

In our opinion, this scenario is the most likely.

Optimistic scenario # 1

If VTB decides to focus on the ratio of last year (61% of profit), with a profit of 150 billion rubles, the dividend per share could be 0.00391 rubles, which implies 7.8% yield.

Optimistic scenario # 2

The latter option is possible if the planned profit level is exceeded up to 170 billion rubles. and maintaining the payout ratio at 61%. In this case, the yield is almost 9%, assuming RUB 0.004435. per share.

Taken together, we get the following:

* Dividend yield is calculated based on the accepted average price of RUB 0.05.

It should be noted that these calculations remain relevant while maintaining the following assumptions:

VTB continues to adhere to a policy of equal dividend yield on three types of shares;

The bank's net profit reaches the target value;

Government directive on payment of 50% of profits is being implemented;

Lack of crushing sanctions and other force majeure.

The analysis revealed the following patterns:

1) The dividend per share at the end of 2018 may be less than last year, with VTB's forecasted profit growing by 25% to RUB 150 billion. (for a pessimistic scenario). At the same time, the dividend yield in this case is 1% higher compared to 2017.

2) A decrease in the average price of an ordinary share reduces the dividends received. This means, at a lower price, the absolute amount of the dividend per share may be lower to provide the same relative yield.

3) Preferred shares benefit from the fall of ordinary shares, at which the price is fixed. From point 2 it follows that redistribution in the event of a fall in the market price occurs in favor of preferred shares, and in case of an increase, vice versa.

As part of the calculations, we were guided by the dividend yield relative to the average annual price of 0.05 rubles. Today, August 9, quotes are at the level of 0.0442 rubles. Thus, the potential profitability is higher relative to today's values.

At the forum in Davos, the head of VTB Kostin said that he expects net profit at the end of 2017 at the level of 107 billion rubles, in 2018 about 150-170 billion rubles. For 2019, Kostin pledges 200-220 billion rubles, in the absence of an obvious negative. At the same time, the management set RUB 100 billion as a target. for 2017, 150 and 200 billion rubles. for 2018 and 2019, respectively.

Meanwhile, there is no clarity on the 2017 dividends yet. The government did not make any recommendations. The Ministry of Finance insists on a 50% payment, the head of VTB declares support and readiness to pay 50% of profit under IFRS (we are talking about dividends per share), but under certain conditions. In the meantime, he proposes to count them on the basis of last year's level (22%). Last year, a total of 64% of net income including preferred shares was paid out. In addition to ordinary securities, VTB issued two more issues of preferred shares, which are fully owned by government agencies and are not traded on the stock exchange.

The Central Bank believes that more attention should be paid to the bank's capital, the payment of high dividends is premature. At the end of 2017, the bank had to additionally reserve 50 billion rubles. for bad loans after a 10-month audit by the Central Bank. But the profit plan, according to Kostin, will be fulfilled. In 2017, the bank allocated 118.2 billion to reserves, which is 19% less than in 2016. But the head of VTB says that the Central Bank may request reserves for some more loans, which are now being closely monitored. Until the end of 2019, the management does not plan to raise additional funds in capital, everything necessary can be covered from profit.

Thus, there are three forecasts of dividends per vol. shares of VTB for the last year. Base, which includes 22% profit, 0.0018 rubles. on paper. Based on the current value of the shares, this is approximately 3.6% dividend yield.

In the meantime, given the desire of management and the Ministry of Finance to increase payments, there is a reason to consider optimistic scenario, at which the ratio can be about 35% (a compromise between the current ratio and 50%, by analogy with Sberbank). This is RUB 0.0029. on paper, or 5.8% dividend yield. But there are a number of questions here.

First, if the difficult funding situation persists due to the sanctions, there is no need to expect increased dividends. In the coming weeks, new sanctions restrictions may be announced. Secondly, the amount of dividends will be influenced by further additional provisioning as directed by the Central Bank.

Third, over-optimistic scenario assumes payment of 53.5 billion rubles. (50%). However, given that his opponents are the regulator, as well as questions about the quality of a number of loans, this scenario is the most unrealistic.

Summary

According to the statements of the management and the requirements of the Ministry of Finance, one can cautiously hope for dividends based on 35% of profit (0.0029 rubles). The chances of such payments will be higher in the absence of additional reserves in the next 2-3 months, the absence of new sanctions, one way or another affecting the bank. Taking into account the position of the Central Bank and questions about the quality of loans, 50% payments at the end of 2017 are very unlikely.

Konstantin Karpov

BCS Express

Like any joint stock company, VTB Bank pays remuneration to the holders of its securities. At the same time, the owners of shares can earn not only by receiving dividends from VTB, but also due to the exchange rate difference. The company's securities are traded on the Moscow Exchange in the form of ordinary (non-privileged) shares and on the London Stock Exchange in the form of depositary receipts.

VTB dividend policy

VTB Bank shares are traded on the stock market. Their price changes under the influence of various factors - the size of profit, positive and negative news, liquidity of securities, investor sentiment, and the general state of the economy.

To a large extent, the attractiveness of this security is determined by the size of VTB24's dividends. The higher the investor's remuneration in relation to the average annual value of the share, the more interest in it and the higher the demand for it (which in turn leads to an increase in the price).

Despite the fact that the level of profit and capitalization of the company is growing every year, and its securities are classified as “blue chips,” VTB's dividends for 2015 amounted to only 1.9% of the average annual value of the issuer.

As for VTB's dividend policy, investors should consider several factors:

• The decision on how much and when the dividends will be paid is taken by the general meeting of shareholders, it is held annually and usually in the summer;
• Funds are credited to a nominee holder within 10 days after the payment of dividends through a broker or trustee, for other shareholders - in 25 days;
• Since 2014, dividends of VTB shares have not been paid in cash; money can be received to a brokerage or bank account, or by postal transfer (in the form of a check).

The bank issues two types of shares:

• Ordinary with the ticker VTBR, which are traded on the Moscow Exchange;
• Privileged ones that cannot be found in free circulation. They were issued twice in favor of certain purchasers: in 2014 - in favor of the Ministry of Finance; in 2015 - in favor of the Deposit Insurance Agency.

Receiving dividends on VTB shares in 2015 was no exception. Consequently, in the future, investors are more likely to expect to receive a stable income.

Despite some nuances, VTB Bank shares are one of the most stable financial instruments on the Russian stock market, and the company itself is the largest in its segment and is actively supported by the state. Therefore, we can talk about a special attitude of investors towards these securities.

Amount of dividends by years

It should be noted that dividends are distributed by the company for the past year. So, if we say that payments were made in 2015, then we mean that the profit received in 2014 was distributed.

2017 expectations

What will be the size of VTB's dividends for 2017 per share is not yet known, it will be decided at the annual meeting of shareholders, which will tentatively take place in the summer of 2017. However, given the previous statistics, you can expect the same reward.

Payouts 2015

For example, for VTB 2015 dividends, the register was closed on June 24, 2017. All payments were made to persons holding VTB securities at the time of the register closing on July 4, 2017.

Dividends on preferred shares amounted to 0.000004 and 0.005 rubles per share, depending on the type. VTB dividends for 2015 per share with a par value of RUB 0.01 were fixed at RUB 0.00117. Investors have the opportunity to view the results of 2014 and compare the profitability.

Profitability 2014

In 2014, holders of ordinary shares were paid more than RUB 15.1 billion, and preferred ones - RUB 2.8 billion. The profit on dividends of VTB for 2014 per one ordinary share with a par value of 0.01 rubles is fixed at the level of 0.00117 rubles, for a preferred share - 0.00013. When calculating the amount, rounding is made to the nearest kopecks.

As you can see, both in 2014 and in 2015 the amount of dividend profit was equal. At the end of 2013, investors received 0.00116 rubles per share, at the end of 2012 - 0.00143 rubles. The minimum payments were recorded in 2009 based on the results of 2008 - only 0.000447 rubles per share.

How to buy VTB shares

Access to the stock market is closed for an ordinary individual. In order to be able to purchase the bank's shares and count on the payment of VTB dividends, you must have an account with any broker that provides access to the Moscow Stock Exchange.

Records of the ownership of shares by a private individual are kept in a special depository. Therefore, after changing the broker, nothing bad will happen to the securities - the new company will simply request information about the owner from the depository. If the investor does not have a brokerage account for the period of receiving dividends, he will be able to receive dividends from VTB Bank and any other companies whose securities he owns later.

Upon receipt of dividends, they will be credited to the trader's account within 10 days. The recipient will be able to dispose of the funds at his own discretion: buy another lot of shares on them, cash out or transfer to a bank account.

You can indirectly purchase VTB Bank shares and receive dividends on them by investing in the VTB Global Dividend Fund. Managers of mutual funds work with Russian and foreign issuers, the strategy is based on receiving dividends on the global stock market. The number of mutual fund issuers necessarily includes shares of VTB itself.

Conclusion

Thus, you can invest in VTB shares in two ways: by earning on exchange rate differences or by receiving dividends. In recent years, the bank's policy has been aimed at preserving the amount of remuneration, but what exactly VTB's dividends for 2017 will be, investors will only know next year. To buy shares, you must resort to the services of brokers. You can indirectly invest in the stock market by purchasing shares of the Global Dividend Fund, entrusting trading on the stock exchange to professional traders.

To become a shareholder and receive dividends means to significantly increase your level of well-being.