Annual meeting of shareholders took place in AK BARS Bank on May 27, 2009
The shareholders of the Bank adopted the annual report, annual financial statements and studied distribution of profits of AK BARS Bank according to the results of 2008 offered by the Bank’s Board of Directors and made a decision not to pay the dividends for AK BARS Bank shares according to the results of 2008 within the framework of the agenda. Prime-Minister Rustam Minnikhanov and the Chairman of National Bank of the Republic of Tatarstan Evgeniy Bogatchev took part in the meeting.
Chairman of the Bank’s Board Robert Minnegaliev summarized the results of the activity of the Bank in 2008. The Bank showed assets growth in 2008 at 38,1%, the figure turned out to be the highest among average indices in Russian banking sphere.
Assets of the Bank grew up by 59,9 bln RUR and reached 217,1 bln RUR. The main accretion of the assets was provided by increase of net loan liabilities by 40,8 bln RUR or 34,3%. The result of the financial activity of the Bank in the reporting year was balance sheet profit in the amount of 2,2 bln RUR. Such evolution of the indices of the Bank’s activity in the accounting year testifies its sound position in the sphere.
Raised funds of the legal entities grew up by 17,0 bln RUR or by 25,7%. The share of AK BARS Bank in this segment of Russian banking sector rose from 0,97% at the beginning of the year to 0,99% at the end of the accounting year.
The amount of credits issued for legal entities and individual entrepreneurs compared to 2007 grew up by 12% and made up 238,6 bln RUR. Market position of AK BARS Bank in corporate lending in the banking sphere of Russian Federation grew from 0,99% at the beginning of the year to 1,03% at the end of the year.
Net profit according to outcomes of 2008 (after taxation) totaled 2,103 bln RUR and a decision was made to distribute it the following way: to direct 89% of 1 871,282 mln RUR to accumulation funds; to distribute 6% or 126,816 mln RUR to the funds of special purpose, including: 60 mln RUR – to the fund of sponsor support, 36,816 mln RUR – to the fund of corporate management, 20 mln RUR – to the fund of social protection of the employees, 10 mln RUR – to the fund of financial incentives, to direct 5% or 105,163 mln RUR – to the surplus fund.
The auditors of AK BARS Bank ‘PricewaterhouseCoopers’ and “Srednevolzhskoye Expert Bureau” LLC were also asserted at the meeting. The shareholders sanctioned the Regulation concerning the Board of Directors and Regulation concerning the Management Board in the new edition. Moreover, the shareholders determined the quantitative composition of the Board of Directors, the auditing committee and the calculating committee of the Bank.